GENERAL INSURANCE BLOG

“I don’t want to go on a holiday!” SAID NO ONE EVER.

Did you know that the research suggests that the work efficiency improves tremendously once we’re back from holidays!

Anyway enough with the preaching,  we all love the idea of sipping margheritas on the beach and say you’ve decided to take off to your dream destination this World Tourism Day.

The excitement is always so overwhelming that we forget to pack some essentials that are required on your much needed vacation.

Worry not we have compiled a checklist of all the travel essentials depending on the kind of trip you are taking. Solo? Family? Or a road trip with friends? 

Before you leave on a Vacation

• Passport, Visa, Boarding pass (any other documents)
• Travel plan – Make sure you set it up on your phone
• Luggage regulations – This one come’s as a surprise most of the time, make sure you check the luggage limitations before booking a flight or mode of travel
• Personal gadgets – Chargers, Power banks etc

While travelling with kids!

• Entertainment – Games, tablets etc (these are a must unless you want a cranky kid on board)
• Snacks and eatables
• Medicines 
• Infant seat at the back of your car
• Diapers and wet wipes

With your better half or bae

• Travel Guide
• First aid
• Sunscreen
• Travel pillow

On a road trip:

• Roadside emergency kit
• Phone stand for Maps/GPS/Navigation
• Fluids (if you have an older car)
• Flashlight

Bonus!

• An AUX cable for the music curated.
• Make sure you keep your car protected from the damage while travelling get a car insurance now, Click Here. Go on now and explore!

Are you wondering why it's important to renew your two-wheeler insurance on time? Well firstly, you are required by law to have insurance for any motorised vehicle on road, so that in itself is reason enough to renew your insurance on time. But beyond that, timely renewals have a lot more to offer to you. If you fail to renew your policy on time, your vehicle is completely unprotected for that period of time. And with so much that could happen to your two-wheeler, it's not wise to take that kind of risk.

The process of online renewal

If you wait until the expiry of your Bike Insurance, you’ll expose your two-wheeler to unnecessary risks. In most of the cases, insurers give a grace period to renew your policy. However, if you raise a claim in the grace period, it will not be honored because the policy does not exist during this period.

So, follow this simple procedure to stay ahead of the curve and avoid any repercussions of a lapsed policy.

• You can either go to your insurer to renew your policy, or you can pay your policy premium and renew your two-wheeler insurance online.
• To do it online, l5ogin to the website of your insurer and enter details of your previous policy as well as your bike.
• Select the insurance policy that you need.
• Choose the insured declared value (IDV) and add-ons if you need any.
• Make payment through NEFT/ Debit/Credit card etc.
• You have successfully renewed your policy!

The rate of renewal depends on the day when your policy comes into effect and the duration of the policy period.

Benefits of renewing your two-wheeler insurance online

Renewing your bike insurance is fairly simple if you understand the process. With a little help, you can renew your insurance policy online from anywhere. If you still aren't convinced, here are a few benefits that will definitely make you favour renewing your Two-Wheeler Insurance Online:

• Renew the policy without new inspection.
• No fresh documentation required.
• It only takes a few minutes to renew the policy without any extra charges.
• You can compare the best deals and choose an appropriate one.
• The insurers provide complete chat and phone support to clear your doubts.

Most importantly, it’s necessary to stay updated about the expiry time and renewal conditions of your bike insurance before it’s too late. With the ease of online renewal, you no longer have any excuse for delays. So head over to an insurance provider like Magma HDI to renew your policy now.

Accidents happen. Sometimes due to negligence and sometimes due to sheer bad luck.

What if a customer slips and falls at your premise and breaks a bone? Or purchases an electrical device from you which causes a short circuit at their home resulting in a fire? In either of these incidents, as a business owner, you can be liable to compensate for the loss/damage to life, property and the legal fees a third party incurs.

An Example

A famous incident that highlights the need for public liability insurance is the 'hot coffee lawsuit' of 1992. The plaintiff, 79-year-old Ms Liebeck accidentally spilt hot coffee on her lap, (while in her car) purchased from a renowned fast-food retailers outlet. She spent eight days in the hospital because of third-degree burns, had to undergo a skin graft and two years of follow up treatment. Her attorney argued that the coffee served at 82-88 degrees was significantly hotter than what other outlets served (60 degrees) and was a burn hazard even if consumed immediately.

The jury initially awarded Ms Liebeck US$160,000 as compensation and coverage for medical expenses in addition to US$2.7 million in punitive damages. After a prolonged court battle and multiple appeals, the parties settled out-of-court in 1994 for an undisclosed amount, said to be under US$600,000.

Most businesses do not have the time, resources and deep pockets to weather such lawsuits.

Thus, every business needs to protect its interests and that's what a Public Liability Insurance can help them do. Here are six things you should know about Public Liability Insurance (PLI) in India:

1) Who needs it

Enterprises that regularly entertain the public such as restaurants, shops, educational institutes, sporting areas, etc. should get public liability insurance. It also applies to businesses that work in public spaces or private homes such as building contractors, electricians, etc.

2) Scope of coverage

The insurance covers the cost of damage/medical treatment and legal fees if any third party sues your business. This includes customers, vendors, and general members of the public excluding your staff (that comes under workers compensation).

3) Domicile of coverage

The coverage is not geographically restricted. It covers incidents at your premises or those at a customer/ clients location.

4) Cost

The cost of your PLI depends on the nature, size and scale of your business. Enterprises that deal with hazardous substances or have multiple outlets/ franchisees, etc. will have to pay more due to greater probability of a mishap.

5) Customizations

You can customize the coverage after assessing your needs. For example, a small café would probably need a considerably lower cover than a 5-star hotel complex. You may also choose add-ons for extra protection. For instance, the act of gods covers situations such as floods, lightning etc. which end up being frequent causes of dispute.

6) Legal Requirement

Even though businesses are not legally bound to opt for a PLI, certain lease agreements or trade associations make it binding on the lessee/partner to obtain the insurance. Many private parties too may not contract services to a business or tradesman without a PLI.

7) Exclusions

Like any other insurance policy, Public Liability Insurance In India is also subject to exclusions. Some common exclusions of insurance providers in India are- disputes related to pollution, slander, fines and penalties. Please refer to your plan's policy wordings for a better understanding of the same.

Many-a-times businesses fail to realize the damage to goodwill due to an incident is greater than the cost of financially alleviating the situation. To know how you can secure your business and do right by all stakeholders, have a look at what Magma HDI has to offer.

Your car insurance comes with an annual premium, which helps you bear the financial losses that may arise due to an accident. While a claim-free year may seem like a waste of money since you paid the premiums but didn't really use the benefits, it's really not the case. Firstly, having insurance provides you with mental peace that in the case of any mishap, your finances will be covered. Secondly, your insurance provider offers you discounts on your next year's premium if don't make a claim in the previous year. This is what is known as a No-Claim Bonus (or NCB). Keep reading to find out more on how to maximize savings on your Private Car Insurance In India.

What should you know about NCB?

Car insurance companies reward vehicle owners who drive safely with no-claim bonuses. The bonus becomes applicable if you get through one policy year without making a claim. The company pays the discount on Own Damage (OD) premium for each claim-free year

Typically, the amount can vary from one insurer to another. But, discounts begin at 20% per year and can go up to 50% for five claim-free years or more.

How does NCB work?

When a policyholder does not file any claim in the past one year, a no-claim bonus is initiated by the insurer.

As a result of this, you’ll get a discount on your annual premium amount subject to increase with every succeeding year.

Things to remember about NCB in India

An essential feature of NCB is that it relates to the policyholder, not the vehicle as it rewards you for precautions taken on your end. So, you can retain your NCB even if you replace your existing vehicle. Other prominent features of a no-claim bonus are:

• Applies even when you switch the insurer

When you switch from one insurer to another, the no-claim bonus remains unaffected. For example, if you have a policy from company X for the last five years with no claims made and you shift to company Y later on, the company Y will give you a benefit of 50% discount on your annual premium as NCB.

• Bonus increases every year

The insurance companies calculate your no-claim bonus in the range of 20%-50% on an annual incremental basis.

• Doesn’t apply on third-party cover

Keep in mind that the no-claim bonus applies to the own damage or OD cover on your auto insurance. So, if you have only the third-party (TP) cover, you’re not eligible for NCB. However, if you have both OD and TP protection, you’ll receive the discount proportionately.

Protecting your NCB

As NCB policyholders, you are entitled to a maximum discount of 50% for five claim-free years. However, this discount expires if you make even a single claim. In such a case, to protect your NCB, insurers give you the option of opting for an add-on cover. It covers your claim in order to protect your NCB.

Another great hack to keep your NCB would be to avoid making claims for smaller damages.

Head over to Magma HDI to find out more about NCB available with your private car insurance in India.

Driving around in a new car is an exciting feeling. But with owning a car, comes the responsibility of keeping it safe on the roads. In case of an event involving accident, theft, or fire, you may need compensation for damages sustained. Weather is also one of the primary factors due to which your car may suffer damage. Getting car insurance is a great way to provide a cover for your financial losses, especially during the monsoon season.

Why should you get Car Insurance In India?

Remember that a car is made up of a complex system of mechanical components and accessories. With comprehensive car insurance, you can easily get coverage for:

• Damage after a road accident, fire, or vandalism
• Damages that take place due to a natural disaster such as floods
• If the vehicle is stolen
• Unforeseen circumstances such as waterlogging

Accidents happen, but when you’re covered for the financial losses, it helps reduce your stress and brings you peace of mind.

Why do you need car insurance for the monsoons?

During the monsoon season, its even more important to consider securing your vehicle with a proper car insurance policy. Natural disasters like cyclones and flash floods can cause severe damages to property, including your car.

During monsoon water also collects in low lands and potholes making it really difficult to tell their presence. This often leads one to drive into potholes or park their cars in waterlogged areas. While the first one can cause damage to the body of the car, the latter can cause the engine to seize. But with the right insurance and the right add-on, both can be covered.

What would your car insurance policy cover during monsoons?

In the rainy season, no matter how cautious you are, there is always a risk of accidents due to poor visibility and slippery roads. Moreover, water damage like rusting, engine water-logging etc. are also quite common during heavy rains. Waterlogging happens if you drive through or start your car in deep water and the water gets into the engine. This leads to damage to the engine as well as electrical components. Sometimes, car insurers may exclude damage to the engine, but an engine protect add-on can offer you the required coverage. Similarly, roadside assistance add-on can be vital in ensuring you have help even during heavy rains.

While you have no control over the weather and road conditions, you can always be prepared to face them without any worries. Choose a good auto insurance policy such as Magma HDI's Private Car insurance and drive through monsoon worry-free.

A world without general insurance is a world with millions of financially unprotected people. It may even be compared to a person without vaccination! The going is good as long as you don’t contract major diseases.

Why is insurance important?

It's not always possible to prevent falling sick. No matter how careful you are, someone can still break into your house. This uncertainty is what makes insurance important. It's a safety net that ensures that even if something happens, your finances don't suffer. At least not too severely. You can think of insurance as that vaccine that safeguards you against any future issues. After all, it is better to be safe than sorry.

General insurance in India covers an entire gamut of important aspects like health, home, vehicle, travel etc. Thus, to overcome the risks of everyday living, we need its security.

But what happens if there was no insurance?

You never realize the value of something until it isn’t available to you. That’s just good old human nature. So let’s appreciate insurance for what it does for us today.

Scenario 1:

You are driving back home, and it feels like every other day. However, a novice driver, driving a car with an L sign, hits your car and then speeds off. It leaves you with a broken headlight, dents and a damaged bumper.

Without motor insurance, now you need to pay everything out of your pocket. 

Motor Insurance would have covered you by paying for damages to the vehicle and its owner. You could even increase your coverage by opting for add-ons such as personal accident cover and engine protection. Sounds much better than just lamenting at your loss right?

Scenario 2:

Your family has had a history of heart disease and you know you also run the risk of getting it. But there's no way to prepare for it. Later down the line, you need to get an expensive surgery done. While you manage to pay for it with all your savings, now you aren't left with much. You also are required to quit your work to recover.

This would not only affect you but your family's lifestyle as well. Health Insurance, in this case, could not only have taken care of your surgery but pre and post hospitalization expenses as well. It covers our hospitalization, OPD treatments and even alternative treatments like Ayurveda. It is truly a necessity with rising prices of healthcare these days.

Scenario 3:

You are returning from a vacation in the U.S. However when you arrive in India, you find that your luggage has not reached. After contacting the airport officials, you realize that your luggage is lost. Not much you can do about it except hope that the airline reimburses you for your loss.

This is where travel insurance comes to your aid. It ensures that you get a predecided amount in case your luggage is lost by the airline. Not just that, it can also cover you for flight delay, missed flights and more.

It should be clear enough now how our world would be affected if there was no insurance. You may or may not need it, however, the risks of remaining uninsured are far more disastrous. A world without General Insurance would be far more costly in every aspect that you can imagine. To find more about your options for general insurance in India, you can click here.

Connectivity has become the fourth pillar of our rations today. Each one of us, at least, own three gadgets, in which we store and share critical data. Whether it is business-related information or personal details, our gadgets hold a lot of information that, if leaked, could cause serious damage. Besides the implications of a security breach, these gadgets come at a high cost, and replacing a lost or stolen one may seriously burn a hole in the pocket.

Therefore, it’s prudent to secure your gadgets by taking Electronic Equipment Insurance (EEI). EEI extensively covers loss of electronic good, and subsequently, helps to meet unavoidable costs. Depending on the coverage that will be best suited for you, there are different types of EEI to choose from. Before we get into the different types, let’s take a true look at the scope of the cover.

What’s Covered?

• Damaged equipment coverage, including replacement expenses, such as freight, installation cost, customs duty, etc.
• Damaged data media coverage, including expenses incurred in restoring lost information, external data media, damaged/lost data media, etc.
• Increased cost of working, caused due to employing more manpower to substitute for the work that would have otherwise been done by the equipment.
• Any damage caused to the equipment’s software as a result of the damage to the hardware is also factored in.

Types of Electronic Equipment Insurance

All risks included

Give your gadgets complete protection from perils, including those caused by natural and man-made causes. For instance, damage due to natural calamities includes the ones caused by fire, landslide, or storm, whereas manual perils include terrorism, strikes, and riots.

External data media

This option covers the losses partly and includes expenses arising due to data loss on external media devices, such as hard discs, etc.

Increased cost of working

This type of EEI is usually taken by organizations that rely heavily on data processing units. In the event of any loss or damage to the unit, the expenses incurred to employ any additional/alternative tool or manpower, are covered by the insurance policy.

What are the types of electronic equipment that can be secured with EEI by Magma?

Electronic Equipment Insurance is suitable for a range of equipment, including, but not limited to:

• Computer and allied peripherals
• Audio visual equipment
• Auxiliary equipment, such as voltage stabilizer, UPS, etc.
• Electronic control panels
• Navigation equipment
• Telecommunications equipment
• Electronic equipment used for research and testing materials
• Medical equipment, such as MRI scan machines, X-Ray machine, ultrasound devices, etc.

Who should take an EEI by Magma?

Practically, anyone who owns and operates electronic equipment should secure their gadgets with an EEI.

• Owners and businesses owning electronic equipment
• Organizations that are involved in leasing electronic equipment
• Third-parties, such as financiers or bankers who ultimately bear the purchase cost of the equipment

While an Electronic Equipment Insurance secures your gadgets from multiple threats, note that there are certain cases, such as normal wear and tear that do not fall under the purview of the policy.

Insurance provides the safety net required to protect the financial integrity of your personal and professional needs. If you are in the business of sending or receiving physical goods from one destination to another, insuring your goods and business interests inevitably becomes your priority. 

Therefore, the simple answer to whether or not you need marine insurance is 'yes'. Read along to understand why that is so: 

What is marine insurance?

‘Marine’ insurance is a colloquially used term for any kind of transport insurance, not just restricted to waterways. Whether your cargo or goods are moving over land, railways, or a combination of multiple transport modes, marine insurance provides cover for any loss or damage to your goods while in transit from source to the point of delivery.

Marine insurance can be purchased by sellers, buyers, and even financiers of the goods. So, whether you’re a small trader, moving materials interstate or a manufacturer sourcing raw materials or a large import/export house, marine insurance can protect your stock against any unforeseen eventualities.

Why marine insurance?

Depending on the mode of transport, distance, size, and value, your cargo could take days or months to get from one point to another. In the interim period, your goods are at the risk of damage due to accidents, improper packaging/ storage, seepage of water, mishandling by personnel and natural disasters such as floods, fire, and storms. They could also be lost due to theft, piracy, or be lost at sea. The carrier, in most cases, cannot be held liable for any damage or loss either. Hence, it becomes imperative to opt for additional security.

All natural calamities and human errors can be covered by marine insurance. There are various types of policies such as valued, unvalued, floating, time, voyage, etc. that you can choose from basis your needs, irrespective of whether the cargo is moving for domestic trade or across international waters.

Magma, for example, provides comprehensive coverage through its Marine Cargo Open Insurance Policy. Whether you are sending a small parcel via airmail or a huge consignment via cargo, Magma has your peace of mind covered.

In some instances, taking marine insurance may be obligatory basis the terms of the shipping or business contract. This helps bring in clarity over service delivery and safeguards the interest of all parties. 

Alternatively, the insurance helps you gain a lot more control over the jurisdiction and language if in case the need for a claim arises. Imagine dealing with an insurer based out of Japan speaking a language alien to you while you are trying to get the information and paperwork through. It can be both time-consuming and exasperating.

In conclusion, marine insurance is extremely pocket-friendly. The premium depends on the value of the goods and the mode of transport. For a fraction of the cost of the shipment, you can secure your peace of mind. In case the need for a claim arises, a dependable insurer like us is just a phone call away.