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Other Insurance

   
Agriculture Insurance
India is an agrarian society with 75% of the population depending on it, for their livelihood. Agriculture or crop insurance has assumed importance with large scale damage caused due to pest attacks, crop diseases and vagaries of weather. The objective is to provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities, pests & diseases.

The list of crops being covered for insurance differs from state to state. Generally quite a few Kharif and Rabi season crops are covered. These crops are insured at the community/block/gram panchayat levels. Agriculture insurance schemes are of immense help to farmers, providing them with financial security.
   
Calculation of Agriculture Insurance Amount/Premium:
The amount of premium depends on a number of factors like size of land of the farmer, his financial standing, number of crops being insured and the sum insured.
   
Agriculture Insurance Claim Procedure:
Farmers can claim from the banks by submitting a claim form. The claim representative will analyse the extent of damage caused to the crops. Based on the report of the surveyor, the claim is given to farmers within a month.
   
Documents Required for Agriculture Insurance Claim:
1. The farmer must approach the designated branch / PACS and submit the proposal form in the prescribed format.
2. The farmer must provide documentary evidence in regard to the possession of cultivable land (copy of the pass book and extract.
3. Land revenue receipt should be enclosed.

The farmer must furnish area sown confirmation certificate, if required.
   
Fire Insurance
It is governed by All India Fire Tariff effective from 31.3.2001 issued by Tariff Advisory Committee, a Statutory Body. It is a commercial policy covering building, offices, machinery, contents and personal belongings of the office. It mitigates the risk of loss of customers arising from fire breakout. The insured should take all possible steps to minimize the loss
   
Calculation of Fire Insurance Amount/Premium:
The market value of the property is considered while insuring the sum. The amount of premium depends on a number of factors and individual policies of different insurers.
   
Fire Insurance Procedure:
• Individuals/corporates must inform insurer as early as possible , in no case later than 24 hours.
• Provide relevant information to the surveyor/claim representative appointed by the insurer.
• The surveyor then analyzes the extent/ value of loss or damage.
• The claim process takes anywhere between one to three weeks.
   
Documents Required for Fire Insurance Claim:
1. True copy of the policy along with schedule.
2. Report of fire brigade.
3. Claim Form
4. Photographs
5. Past claims experience
   
Industrial Insurance
Industrial insurance is a comprehensive policy covering a gamut of products. This is a specially designed policy covering any kind of loss or damage caused to the products it covers.
   
Calculation of Industrial Insurance Amount/Premium:
The sum insured is generally equal to the market of the equipment/machinery being insured. The insured amount also includes cost of installation, duty, taxes, freight etc. If the amount insured is less than the market price, then the claims are paid proportionately.
Industrial Insurance Claim Process:
• Insured should inform the insurer's office by phone, letter or fax
• Necessary steps should be taken to minimise the loss
• Obtain estimate of repair from repairer of your choice
• The claim process takes anywhere between one to three weeks.
• Submit this repair estimate and claim form to the surveyor deputed by the insurance
• After getting clearance from the surveyor, proceed for repairing machine or ordering for replacement as the case may be
• Submit actual bills of repair/replacement with proof of payment to the surveyor The claim process
   
Documents Required for Industrial Insurance Claim Process:
1. Copy of FIR
2. List of loss/damage of stock/equipment
3. Claim Form
   
Marine Insurance
It falls under commercial insurance. The policy is taken to reduce business risks. It caters to small scale business organisations to large corporates. Policy does not cover loss or damage due to willful misconduct, ordinary leakage, improper packing, delay, war, strike, riot and civil commotion.
   
Different types of Marine Insurance are available:
• Marine import transit insurance
• Marine export transit insurance
• Marine inland transit insurance
• Marine Hull
   
Calculation of Marine Insurance Amount/Premium:
Amount of premium depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience. Premium can be paid on a monthly/quarterly/half-yearly/yearly basis.
   
Marine Insurance Claim Procedure:
• In case of loss/damage in transit, a monetary claim should be lodged with the carrier within the time limit to protect recovery rights
• Appointment of surveyor or claim representative in agreement with the insurer to determine the nature, cause and extent of loss/damage
• The surveyor informs the insurer of the approximate value of loss incurred
• The claim procedure takes from one to three weeks
   
Documents Required for Marine Insurance Claim:
1) Original Invoice & packing List - if forming part of Invoice
2)Document of declaration of consignment
3)Damage Certificate from the carrier
The farmer must furnish area sown confirmation certificate, if required.
   
Shop Insurance
It is specially designed to meet the needs of small shopkeepers. It is a comprehensive insurance, catering to different insurance needs of shopkeepers. One policy per shop is generally given by insurers. It covers damage/ loss to shop due to fire, burglary, riot, strike, loss of money in transit, fraud committed by client's employees etc. The policy is meant for shops only, hence restaurants and tea /coffee shops cannot be insured under this insurance policy.
   
Calculation of Shop Insurance Amount/Premium:
The shop is generally insured on a market value basis less than the depreciation cost. Articles in the shop are insured on cost price. Premium amount may vary from insurer to insurer and the number of sections a person is availing under the policy. Discount in premium is sometimes given by companies depending upon the number of sections opted for by the insured. Premium can be paid on a monthly/quarterly/half yearly/ yearly basis.
   
Shop Insurance Claim Procedure:
1) Take necessary steps to minimize the loss/damage
2) Report the claim to insurer
3) A surveyor appointed by the company will analyse the damage /loss incurred
4) The claim process takes anywhere between 7-21 days
   
Documents Required for Shop Insurance Claim:
1) Copy of FIR in case of theft
2)List of articles loss/damage
3)Proof of ownership of shop
4)Claim form
   
   
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