GENERAL INSURANCE BLOG

A good marine insurance guards you and your consignment from a variety of hazardous and unforeseen disasters and events. Below are all the clauses that are pivotal to marine insurance in India-

1. Institute Cargo Clause A- This clause covers all kinds of risks involved from loading and unloading to risks during the voyage.

2.Institute Cargo Clause B- This clause covers lesser risks compared to clause A and must be meticulously checked before buying as it may exclude key risks your type of work may be exposed to.

3.Institute Cargo Clause C- This clause covers the least number of risks and might even be the cheapest. However, the risks are higher at sea and if this clause is being adhered to, then one must research thoroughly before buying.

4.Valuation Clause- In this case, both parties namely, the insurance provider and the customer mutually agreed upon a said value. In case of damages, the compensation will be equal to the value and not any more than that. This ensures that both parties are convinced and arrive on common ground.

Art and Form' Clause- This clause usually states the time when the risk will start and be covered. This is important as most people don't read through the specific marine insurance clauses provided by their insurance provider. For example, if the marine insurance states, 'at and from Chennai' then only risks considered will be post-arrival to Chennai port and when it leaves the port.

Sue and Labour Clause - According to this clause, if an insurance holder has spent money to save goods from impending loss, then he or she is to be compensated for those charges by the insurance company. Additionally, unlike the 'change in voyage clause' here, any deviation does not have anything to do with saving the 'subject matter', the insurance company policy will not become void even in cases of a deviation or change in the voyage.

Warehouse to Warehouse Clause- The marine insurance policy mentions the warehouses that the goods are taken and delivered to. This means the company will take charge if any uncertainties occur while goods are being bought from hinterland to port and also during the voyage.

8. Change of Voyage- Any marine insurance mentions the details and the ports of arrival and departure accordingly. Insurance policies also provide said routes that are to be adhered by and followed. In cases of a deviation, marine insurance companies are not liable to settle the claim. If the route is later revered to, then this change is considered as a deviation. However, the insurer is not liable to secure against losses occurred in any change in the original route.

9. Touch and Stay Clause - This clause ensures that ships stay at the ports mentioned in the marine insurance policy. If a certain port is not mentioned, a ship must follow the routes given in policy and stay at the mentioned ports only. Only emergencies and justifiable reasons will be considered for calling at ports.

10. Inchmaree Clause - Under this clause, the negligence of the master or crew members are also covered under the insurance policy. Apart from this, other losses occurred during loading and unloading operations will also be duly recovered.

11. Jettison - In certain circumstances, shops may have to throw excessive luggage when it's the only way to save them. This is called Jettison and must be done intentionally and immediately.

12. Memorandum Clause - Under this clause, the insurance company does not have to pay for the losses of perishable goods. These losses will not have to be paid by the policyholder either.

With the awareness of the above clauses, you can be prepared to obtain a good Marine Insurance in India and be certain that the cover includes the above clauses. This will also help you in obtaining a good deal.

The outbreak of COVID 19 has affected millions of people across the world. This infectious disease is caused by a family of viruses that results in acute respiratory illnesses and might also include pneumonia, kidney, and lung failure. In critical and severe conditions, it might also lead to multiple organ failures. In such a situation, you must have coronavirus insurance, which can act as a protective cover. For this, you must look for the best insurance policy in India, which will help you to deal with any medical emergency.

What is the importance of Coronavirus health insurance?

Coronavirus Health Insurance is an insurance policy that covers the medical expenses that will be needed during the treatment of COVID 19. It is designed in a way so that it can cover your hospital expenses from the time the ailment is diagnosed until the time you have fully recovered. Since this is a viral infection, the health insurance policy will pay the hospitalization expenses that will include both in-patient and out-patient expenses for the treatment of COVID 19. With the rapid spread of this disease, the world has been witnessing events that it has not seen before. It has also restricted people from moving out of their houses, which has affected the business operations as well. In times like this, there will be financial problems, and having to deal with medical emergencies can be challenging. Therefore, staying prepared is a wise idea so that you do not have to worry about the treatment. So, to secure yourself and your families at the time of such pandemic, you need to subscribe to the Best Insurance Policy In India . Most of the people have a question if the Coronavirus health insurance is already covered in their existing health insurance policy. However, if a person opts for a policy after contracting the disease, they will not be entitled to get coverage of the treatment.

Useful information about Coronavirus Health Insurance

• Since COVID 19 is a highly infectious disease, people with weak immune systems and older people are at higher risk of contracting the disease. So, having a family health cover with a high sum insured is highly recommended, especially at times when the healthcare facilities have become expensive.
• The next thing to know is the waiting period as medical insurance policies come with an initial period of 30 days. This means that for getting the treatment, except for emergencies, the policyholder will have to wait for 30 days.
• Also, the Coronavirus health insurance plans provide you with a range of medical costs from 60 days before getting hospitalized, usually for a period of 30 days, which also covers ambulance, OPD and ICU charges, etc.

How to claim the Coronavirus health insurance?

The first way to claim this insurance is through cashless claims. Most of the health insurance policies offer cashless treatment, which means that you do not have to make the payment, and the insurance company will settle the treatment bills directly.

Another way is through the reimbursement claims, which are meant for policyholders who receive treatment at a non-network hospital of the insurance provider. In this process, you will have to pay hospital bills in full at the time of your discharge.

The benefits of having the best health insurance in India is evident from the above analysis. So, make sure that you continue to pay your premiums on time to continue enjoying the protection cover.

Does your company rely on some huge equipment to generate revenue? Even one failure or breakdown will lead to costly repairs to the extent that a company can even be forced to shut down indefinitely. So, how would you possibly have operated, without these key pieces of machinery like heavy machinery or specialized manufacturing equipment?

Usually, considering other things, companies overlook the importance of manufacturing power. The machinery is the backbone that keeps the force running. They're also a major investment and if not insured, any damage can cause not only hindrance but could also stop workflow altogether and huge loss. Therefore, it's important to opt for a machinery breakdown insurance policy. It is a form of property insurance designed to transfer unexpected breakdown risks associated with a company's mechanical and electrical equipment.

This insurance will cover physical damage from the unanticipated breakdown of machinery. By repairing or replacing the additional costs, this insurance will keep your work going and ensure it doesn't halt in the light of such unforeseen events.

Unfortunate and unforeseen circumstances caused due to carelessness, short circuit, electric overpressure, failure of safety device operation, defects in assembly, structural or mechanical, loosening of parts or excessive speed, falling, impact, collision and entry of foreign goods in the machinery are covered. Under this policy, the sum insured includes the following:

• Replacement value of the equipment
• Erection costs
• Freight charges
• Duties paid
• Value of brickwork

These policies are usually flexible and help organizations recoup financial losses related to property damage, interruption and spoilage. The premium, however, is calculated once the type of equipment and factors like their capacity and price are taken into consideration. There is a different premium for different machinery used. The machines that can be insured are-

• All stationery machinery equipment
• Electrical equipment
• Mechanical plant equipment
• Process machinery in industries

The eligibility criteria are that the owner or lessor of the machinery can get the insurance.

Mechanical loss of engineering insurance policy includes compensation for the cost of repair and replacement arising from unforeseeable circumstances. The cover is effective even if the equipment is not in use. The machinery is also covered if the equipment has been dismissed for maintenance and overhauling or is moved to a different location.

Usually, with an additional premium, the machinery breakdown insurance policy also covers third party liability, additional customs duty, air freight, escalation, property surrounding machinery, overtime, holiday wages etc. This makes it an essential complete package.

Since machinery breakdown insurance policy is for electrical and mechanical equipment, electronic material such as computers are not protected or covered. Specific risks that are not included in this policy are wear and tear, war, fire, gross negligence, damage due to overload and known pre-existing defects.

Machinery breakdown insurance is now crucial for businesses of all kinds and provides protection. However, secure the right policy to ensure your business is covered before, during and after an equipment breakdown.

Every hospitalization insurance policy comes with a stipulated waiting period which signifies the number of days that must lapse before the policy coverage begins for specific health conditions. The exact duration of the waiting period varies according to insurance companies. Before you opt for any Health Insurance Policy For Family , the concept of this waiting period must be understood adequately as different coverage have different waiting periods and different rules. There are several cases where customers subscribe to insurance policies offering wrong details. To avoid losses caused by wrongful claims or misrepresented medical history, the concept of the waiting period was introduced by the insurance companies.

Types of waiting periods

• The first is the Initial waiting period, which means that if a person gets hospitalized in the first 30 days from the start of the policy, they won't receive any claim benefit from the insurance. Only after the said waiting period has lapsed would the policy cover the specified health conditions; otherwise, no claim will be entertained by the company. Also, note that this 30 days waiting period is for illnesses but not applicable for injuries.
• Second type of waiting period is the pre-existing waiting period. This waiting period id relevant only for specific health conditions that have been disclosed by the policyholder while subscribing to the policy. This waiting period is the type of waiting period that involves a condition within four years before signing up for health insurance. The length of this waiting period can, however, vary from 12-48 months. Thus, the pre-existing waiting period will be covered under the plan after the passing of the timeframe mentioned in the insurance policy.
• Please check the specific disease waiting period, while taking a policy which applies to specified illnesses as listed in your health policy. In critical illness policy, there is a lump sum amount paid if the ailment is covered under the critical illness section in your policy. However, COVID-19 is not covered under critical illness, except for specifically designed products that were introduced in the market recently.

There are various questions raised as to illnesses like H1N1, Ebola, and the latest one being the Coronavirus are included in the health insurance and whether or not they have a waiting period associated with it. However, many of the policy providers mentioned that COVID 19 could be covered in the health insurance policy, which will ensure that there is no dent on your savings. It is advisable to check with your insurer about the terms, conditions and exclusions.

Health crisis can occur to anyone at any point in time, so it is wise if you take up health insurance plans to keep yourself and your family financially secure. Several companies offer different critical illness plan with different hospitalization, and so before you choose the health insurance plans health insurance for family, you need to research thoroughly to make an informed decision.