{"id":2362,"date":"2016-03-05T05:28:21","date_gmt":"2016-03-05T05:28:21","guid":{"rendered":"http:\/\/securenow.in\/blog\/?p=2362"},"modified":"2023-05-01T11:31:14","modified_gmt":"2023-05-01T11:31:14","slug":"deductible-is-the-amount-of-loss-borne-by-the-insured","status":"publish","type":"post","link":"https:\/\/securenow.in\/insuropedia\/deductible-is-the-amount-of-loss-borne-by-the-insured\/","title":{"rendered":"Deductible is the amount of loss borne by the insured"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p><em>Published in Mint on 14th October 2014, Written by Abhishek Bondia<\/em><br \/>\n<strong>Someone recently told me about event insurance. Is it absolutely necessary to take this sort of insurance for my daughter\u2019s wedding?<br \/>\n\u2014Satish <\/strong><strong><br \/>\nApart from third-party liability insurance for your car, no other insurance is mandatory in our country. However, I recommend buying event insurance for wedding.<br \/>\nThis is because I have seen a few cases wherein a fire\/burglary incident on the day of marriage has caused financial havoc for the family.<br \/>\nWedding functions are exposed to a number of risks including injury to the bride or groom leading to wedding cancellation, jewellery theft, fire at the venue or injury to third-party (guests or neighbours) at the venue.<br \/>\nEven though these risks are less frequent, they have a severe financial impact.<br \/>\nThe cost of event insurance is reasonable and varies between 1% and 2% of the sum assured depending on the covers that you have opted.<br \/>\n<strong>With regards to an <a href=\"https:\/\/securenow.in\/individual-insurance\/travel-insurance\">overseas travel insurance policy<\/a>, what does the term deductible mean?<br \/>\n\u2014Jatin Shah <\/strong><br \/>\nDeductible is the amount of loss that has to be borne by the insured herself. The insurer deducts this amount from the total claim. The intent behind the deductible is to discourage small claims and cover the cost of processing a claim.<br \/>\nAlso, such losses are considered to be normally expected in the usual course of business. For example, in typical travel insurance, flight delays have a deductible of 12 hours. This means that any loss arising out of the first 12 hours of delay is not covered.<br \/>\n<strong>I am a vegetable oil manufacturer. Is it possible to cover my sundry debtors through an insurance policy? How does it work?<br \/>\n\u2014Gaurang Khanna<\/strong><br \/>\nYou can cover your trade receivables through <a href=\"https:\/\/securenow.in\/commercial-liability-insurance\/trade-credit-insurance\">trade credit risk insurance<\/a>. In case the buyer fails to pay within the stipulated time, insurer will pay the debt and recover directly from the buyer. Under this policy, a credit limit is approved for each buyer.<br \/>\nAny outstanding up to this limit is covered by the insurer. The credit limit for each buyer is approved based on a thorough financial background check. If you have several small buyers, you can negotiate a pre-approved credit limit for all buyers based on their past trading history.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Published in Mint on 14th October 2014, Written by Abhishek Bondia Someone recently told me about event insurance. Is it absolutely necessary to take this sort of insurance for my daughter\u2019s wedding? \u2014Satish Apart from third-party liability insurance for your car, no other insurance is mandatory in our country. However, I recommend buying event insurance [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2639,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_lmt_disableupdate":"","_lmt_disable":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[383,319],"tags":[1642,1643,1644],"class_list":["post-2362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newspaper-columns","category-media","tag-trade-credit-risk-insurance","tag-overseas-travel-insurance-policy","tag-event-insurance"],"acf":[],"modified_by":"Aishwary Mishra","_links":{"self":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/2362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/comments?post=2362"}],"version-history":[{"count":3,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/2362\/revisions"}],"predecessor-version":[{"id":26159,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/2362\/revisions\/26159"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/media?parent=2362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/categories?post=2362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/tags?post=2362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}