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Fire and Perils Policy is an insurance contract that safeguards the insured against unforeseen contingency caused by accidental fire, lightning, explosion/implosion, destruction or damage caused by aerial devices, man made perils in the form of riots, strike etc, natural calamities like storm, cyclone, flood etc.
The insurer guarantees to pay for the loss and damage happen to the property for the specified period of time (normally the fire policy is a one year policy and renewable annually). The valuation of assets is made according to the market value. The value factors in both the depreciation as well as the appreciation of assets due to inflation.
This Insurance is completely different from property insurance, where the inclusion list includes the expenses incurred during reconstruction, repair or replacement of not only the insured property, but also nearby affected structures if any.
Other coverages include damage to the personal property other than the insurred and expenses of those who are affected due to the property damage.
- Fire Insurance offers complete protection against damage, due to fire explosion, caused to movable or immovable property.
- Fire Insurance includes damages to the properties including an office building, furniture, plan, stock, machinery etc.
- Other than fire preils, this policy also includes damages due to natural disaster, landslide, explosion, bursting of water tank etc.
- Specific Policy
- Comprehensive Policy
- Valued Policy
- Floating Policy
- Valuable Policy
- This Insurance is meant for any person / organisation / institution / firm who may suffer or want to protect his/her business from an unanticipated loss in the event of a fire.
- Anyone who owns a building, furniture, household articles etc.
- Retailers or shopkeepers, godown keepers.
- Banks, financial, education, research institutes, trustee, charitable institute.
- Services providers including hotel owners, hospitals, lodging, clinic etc.
- Manufacturing and industrial firms, transporters.
Marine Insurance is very important because through marine insurance, ship owners and transporters can be sure of claiming damages especially considering the mode of transportation used.
Of the four modes of transport – road, rail, air and water – it is the latter most which causes a lot of worry to the transporters not only because there are natural occurrences which have the potential to harm the cargo and the vessel but also other incidents and attributes which could cause a huge loss in the financial casket of the transporter and the shipping corporation.
Here are the key benefits of Marine Insurance :
- Comprehensive all-risks coverage
- Worldwide claims survey and settlement assistance
- Flexible coverage options
- Customized covers suitable for individual needs
- Extensions for riots, strikes and other preils
The different types of marine insurance are elaborated as :
- Cargo Insurance
- Hull Insurance
- Liability Insurance
- Freight Insurance
The Marine Insurance plan covers any damages or looses due to :
- Fire or explosion, stranding, sinking etc.
- Collision, overturning or derailment of land conveyance
- Discharge of cargo at port of distress
- General average sacrifice salvage charges
- Earthquake or lightning
The Marine Insurance plan doesn't cover any damages or looses due to :
- Loss or damage attributed to willful misconduct of the insured
- Insufficiency or unsuitability of packaging of the cargo insured
- Loss or damage due to any financial default or insolvency of the shipowner etc.
- Ordinary leakage or wear and tear of the goods insured
- Loss caused due to delay of the cargo
- War and SRCC (Strikes, Riots and Civil commotion)
The workmen's compensation insurance is the primary method by which an employer can demonstrate the ability to meet the obligations imposed by the worker's compensation statutes. It is compensation payable under a scheme set out in the Workmen's Compensation Act of India, monitored by the Ministry of Labour.
The Policy covers statutory liability of an employer for death or bodily injuries caused to employees due to accidents arising out of and during the course of employment.
- To pay all sums for which the insured is legally liable to pay the employees with respect to personal injury by accident or diseases arising out of and during the course of the employment.
- Insured's liability arising either under common law or under the laws set out in the schedule Workmen's Compensation Act 1923.
- Costs or expenses incurred by the insured with the consent of the company to defend any claims are paid in addition.
The Workmen Compensation covers :
- Death
- Permanent total disablement
- Permanent partial disablement
- Temporary disablement
- Legal cost and expenses incurred with the company's consent
- Any injury which does not result in fatality or partial disablement for a period exceeding 3 days
- Liability to employees of contractors of the Insured (unless separately declared and covered)
- Liability of the Insured assumed under an agreement
- Diseases mentioned in Part ‘C’ of Schedule III of the Workmen’s Compensation Act, 1923
- Any change in statute provisions after the policy has commenced
- We at Alliance Services compare and find the best policies to protect your business.
- We have a complete understanding of Workmen's compensation requirements in the jurisdictions applicable to your business.
- Our experienced Agent will counsel you in ways to implement safety controls that can help lower your Insurance Permiums.
- Get a quote, compare and buy.... best suites Policy.
Professional Indemnity Insurance is also known as professional liability insurance and also as errors & omissions (E&O;) in the United States. It is a type of liability insurance that works to protect businesses and individuals who provide consultation and services with the compensation for full and hefty costs arising from the loss that they have caused to their client.
The coverage provided by the insurance company focuses on the alleged failure of the service delivery by the company, which has led to the financial loss due to errors and omissions in the service or consultation.
The Professional Indemnity Benefits are :
- Specially designed for requirements of different professionals and professional services
- Exhaustive coverage against different risks
- Provides for legal expenses and cost incurred with the prior consent of the insured
- Hassle free documentation
- Mid-term increase or decrease in the sum insured allowed
The Professional Indemnity Policy provides the following covers :
- Legal liability due to bodily injury or death caused by breach of professional duty by; The insured, The predecessors in business of the said firm if covered, Any person at any time employed by the Insured or by such predecessors in business in the conduct, by or on behalf of the said firm or such predecessors of any business conducted in their professional capacity.
- Payment of defense costs, fees and expenses anywhere in India in accordance with Indian Law
- In respect of industry bodies' regulatory requirements, many business sectors require PI insurance - accountancy, engineering and surveying to name but a few. Professionals working on a contract basis - such as management consultants, business consultants and IT contractors - will almost certainly need PI insurance in order to be awarded a contract.
- No matter how large or small a business, without PI cover your financial position could be left vulnerable if a claim is brought against you. Although most professionals strive to provide the best service possible, people do make mistakes; knowing that adequate insurance is in place will give you peace of mind that your organisation is covered.
- If you provide advice, designs or a service to your clients, you should give serious consideration to professional indemnity insurance.
- While most firms enjoy good relationships with their clients, a mistake in a project can change working dynamics overnight. The chances are that if a client suffers a significant financial loss as a result of your negligence, they are likely to seek recompense. Professions that may need PI cover include consultants, IT professionals, teachers and private tutors, recruitment professionals, designers, fitness professionals and dance teachers.
We are professional Indemnity Insurance experts and will be happy to help you with cover options available. To find out more about Professional Indemnity Insurance, call us
