Published in Mint on 17th January, 2018 In 2015 the rules for settling death claims for the life insurance industry changed significantly. As per the Insurance Laws (Amendment) Act, 2015, life insurance companies have to compulsorily pay all claims made 3 years after the commencement of a policy. Earlier, insurers had a 2-year window to investigate […]
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It is possible to insure gold lying in your bank locker as well as that at your house
Published in Mint on 18th December 2017. Written by Abhishek Bondia I am planning a trip to Indonesia, which is currently in the news for volcanic eruptions. If the airport is shut and my travel plans are delayed, will my insurance cover my hotel and food expenses? What is the cap on such expenses, in […]
What is the difference between Liability cover and Medical Expense cover in a Commercial General Liability policy?
A typical commercial general liability insurance policy covers claims of bodily injury or property damage. Your company may become liable to pay for such claims. A CGL insurance policy comes with comprehensive coverage. Under commercial general liability insurance, there are two coverages available- liability cover and medical expense cover. The liability cover provides coverage for […]
What are the differences between commercial general liability, general aggregate, and umbrella liability?
Overview When managing business risks, understanding the differences between Commercial General Liability (CGL), General Aggregate Limits, and Umbrella Liability Insurance is crucial. ✅ Key Differences: Feature CGL (Commercial General Liability) General Aggregate Limit Umbrella Liability Purpose Covers basic third-party liabilities Maximum amount payable during policy Extends limits beyond CGL & other policies Coverage Type Premises, […]
What is a retroactive date and how does it apply to a professional indemnity policy?
Most of the insurance policies that we know start their cover from a given date as stated in the policy document. Otherwise, insurers would run out of money paying past claims. However, most professional indemnity insurance works a bit differently. These professional indemnity insurances can cover incidents from the past as well. The use of […]
Distribution Landscape Set To Change Dramatically
Published in Business Word on 7th November 2017 In this interview, Kapil Mehta speaks to BW Businessworld on SecureNow’s business model and growth plans, emerging trends in the insurance space in India, and the challenges of an evolving Health Insurance landscape Kapil, what led you to leave a successful corporate career as the CEO of […]
Who can take the construction all-risk policy?
If you are into the construction business or have been associated with it in any way, you might have a fair idea of how susceptible your construction site is. A construction site is vulnerable to various kinds of losses or damages which can arise from theft, legal claim, damages, and more. Key Takeaways The Scope […]
Are losses arising out of theft and burglary covered under the Standard Fire and Special Perils policy?
If a loss arises out of theft and burglary, the standard fire and special insurance policy usually excludes it, unless stated otherwise. Usually, most fire insurance companies think that burglary, theft, or housebreaking are not linked with fire accidents. And therefore, the insurer prefers to deny any claim that arises out of theft and burglary […]
Cap on exit penalties for traditional plans
Published in Mint on 9th October, 2017. High exit penalties on Ulips added to insurance companies’ profits, till they were capped. However, they still exist for traditional insurance plans. We asks the experts if exit loads on traditional plans too need to be capped. Sanket Kawatkar, principal and consulting actuary, life insurance (India), Milliman India […]
What damages are covered by a Commercial General Liability policy?
An organization interacts with its employees, contractors, clients, vendors, and other parties during its course of business operations. If any of these parties suffer an injury or loss due to the business premises or its operations, a claim can be filed for the same. Having a commercial general liability or CGL Insurance can help protect […]