Monthly Archive November 11, 2018

Commercial Taxi Insurance

A commercial taxi insurance plan provides financial aid to the insured when the taxi undergoes damages and requires repair due to covered events. A commercial taxi insurance plan is an important element of the stable financial portfolio of any taxi owner. It can help you bear the cost of repairs and ensure that you do not receive any sudden financial jolt when your taxi is damaged. 

What is commercial taxi insurance?

When you own a taxi that is used for commercial purposes, there may be situations where the taxi gets involved in an accident or incurs damages due to one unpredictable event or other. These damages cause a lot in terms of repair and may put a dent in your business revenues if the damage is too severe. Therefore, a well-structured commercial taxi insurance plan can be a great financial aid for a taxi owner. 

Two types of commercial taxi insurance

There are primarily two types of commercial taxi insurance: third-party taxi insurance and a comprehensive taxi insurance policy.

Third-party taxi insurance

As per the Motor Vehicles Act of 1988, it is legally mandatory for every vehicle to have third-party insurance coverage to be eligible to be driven on Indian roads. Third-party taxi insurance covers the insured in situations where they are liable to a third party during an accident. With the third-party taxi insurance policy, you can purchase the personal accident cover add-on.

Comprehensive taxi insurance

A comprehensive taxi insurance policy offers the insured coverage against a variety of unpredictable events such as natural calamities, theft, fire, burglary, riots, and so on. A comprehensive taxi insurance plan also provides coverage against third-party liabilities. Add-ons such as NCB Protector, zero depreciation add-on, and so on can also be opted for with a comprehensive taxi insurance policy. 

Benefits of buying comprehensive taxi insurance online

1It is paperless

Buying commercial taxi insurance online is a completely paperless process. You do not have to collect any paperwork in large bunches and submit them. All you will be required to do is upload soft copies of the required documents. 

2It is easier and convenient

A comprehensive passenger vehicle insurance policy provides coverage against damages caused to a third party in case of an accident.

3You can do it anywhere

The best part about buying commercial taxi insurance online is that it can be done anywhere as long as you have a device and a stable internet connection, whether you are in your office, home, or a vacation hotel. 

Health

The plans and policies offered by us ensure health protection and also include various medical insurance schemes. Mediclaim Insurance is one of the best ways to secure the future and save the hard earned money over expensive treatments. This policy covers the entire hospitalization charges including doctor’s fee, medicines as well as other medical 

Marine insurance is a crucial aspect because through this policy, shipowners and other transporters can be sure of claiming damages in case of a mishap. Sometimes, it happens that despite following all the safety regulations, losses or damages arise. Along with natural hazards which have the potential to disrupt the cargo and vessel, there are other incidents and attributes which could also cause a major financial loss to the transporter. For instance, incidents like piracy and possibilities of cross-border shootouts are more prevalent when it entails water transportation and therefore, to avoid any such loss or damage, it is in the interest of the transporter to buy a marine insurance.

Here are some of the features of a marine insurance policy –

• Open Policy– The inland marine insurance policy covers the inland movement of a consignment for a specified duration of time, which is generally of one year. The policy is apt for companies which are indulging in numerous transactions around the year as it also offers continuous cover.
• Comprehensive Protection – The policy offers protection against various types of losses or damages like a total loss of goods, partial loss of goods, related expenses while still in transit, etc.
• Customization – As per your business requirement, it is feasible to customize the policy.
• Mark up Value– The policy allows a portion of profit to be included in the sum insured. It is known as a mark-up in the marine insurance industry.

In the eventuality when goods are destroyed, damaged or stolen, it becomes important to file a marine insurance claim immediately with the insurer. Then the insurer will take all efforts to find out whether the reasonable care was taken while transporting goods or not in order to ensure no deliberate efforts were made in order to file a claim.

Here, it is important to understand that just because you have a marine insurance policy, it doesn’t mean you can act carelessly. You are expected to take care of your goods in the same manner you would have done in the absence of a marine insurance policy. Also, there is a time-window of usually one year for filing a claim with a marine insurance company at the time of any loss or damage.

Though, marine insurance offers comprehensive cover, there are some instances which are not covered under the policy, like,

• Loss or damage due to willful negligence
• Loss or damage due to improper packaging
• Removal of wreck
• Contamination due to radioactive rays
• Loss or damage due to riot, strike, civil commotion, etc.

Why you need home insurance?

With the expensive items that are present in our homes these days, home insurance has become a necessity for ensuring their security. A home insurance policy covers a wide range of house contents such as TV, washing machine, air conditioner, jewelry and so on. These items are covered from theft as well as damage arising due to a number of scenarios making home insurance a smart security cover for your house. Ever wondered what would happen if there’s a break-in at your home and all your valuables including your LED TV, diamond set, etc. gets stolen? Re-buying all this stuff could cost you a fortune!

Thankfully, content insurance is there to cover such a loss. So, whether you own a house or stay at a rented one, all your personal property including jewelry, furniture and electrical goods are protected against risks such as fire, theft, flood, etc.

What does my policy cover?

We’ve tried to cover all the basic elements in our home insurance policy, so if your home is damaged due to any of the following reasons, we have it covered!

• Protection of content against fire, flood,  earthquake,  and lightning​.
• Domestic Mechanical, Electrical, and Electronic appliances.
• Jewelry and valuables against accident or misfortune.
• Burglary and House Breaking​.
• Personal Accident coverage for earning member and spouse.
• Television set as well as accessories such as DVD and VCR.
• Accidental breakage of fixed plate glass.

The purpose of a fire insurance policy is to shield you from various losses or damages which can arise after a fire accident. In this case, if you would have a fire insurance policy, you can approach the fire insurer who would settle your claim and thus, curtail your financial expenses to a great extent.

In case, the loss arises due to utilities like an accidental failure of power, gas, water, telecommunications, etc.; a standard fire insurance policy would offer a monetary shield against losses or damages if you buy an additional cover, i.e., utility cover for it. If you would expand your cover with utility cover, you can enjoy more benefits at the time of fire loss.

What is ‘Travel Insurance’

Travel insurance is a type of insurance that covers the costs and losses associated with traveling. It is a useful protection for those traveling domestically or abroad.

BREAKING DOWN ‘Travel Insurance’

Many companies selling tickets or travel packages give consumers the option to purchase travel insurance, also known as travelers insurance.  Some travel policies cover damage to personal property, rented equipment, such as rental cars, or even the cost of paying a ransom.  Frequently sold as a package, travel insurance may include several types of coverage. The main categories of travel insurance include trip cancellation or interruption coverage, baggage and personal effects coverage, medical expense coverage, and accidental death or flight accident coverage.

Coverage often includes 24/7 emergency services, such as replacing lost passports, cash wire assistance, and re-booking canceled flights. Also, some travel insurance policies may duplicate existing coverage from other providers or give protection for costs that are refundable by other means.

Trip Cancellation or Interruption Coverage

Trip cancellation insurance, sometimes known as trip interruption insurance or trip delay insurance, reimburses a traveler for prepaid, nonrefundable travel expenses. Providers vary on acceptable cancellation and interruption causes and the amount of reimbursement available. The most common acceptable reasons include illness, a death in the immediate family, sudden business conflicts, and weather-related issues.

Policies often offer protection if the airline, cruise line, or tour operator goes out of business and may include additional coverage against an act of terrorism and calls for jury duty. A few policies offer “cancel for any reason” coverage at an additional cost.

Trip cancellation is beneficial when paying more upfront than what you’re comfortable losing. For example, if you pay $2,000 for a package tour and the tour’s cancellation policy stipulates that all but $100 is refundable upon cancellation. The insurance will cover only the nonrefundable $100.  Also, there is no need to protect a refundable airline ticket.

Baggage and Personal Effects Coverage

Baggage and personal effects coverage protects lost, stolen, or damaged belongings during a trip. It may include coverage during travel to and from a destination.  Most carriers, such as airlines, reimburse travelers if baggage is lost or destroyed because of their error.  However, there may be limitations on the amount of reimbursement.  Therefore, baggage and personal effects coverage provides an additional layer of protection.

The possibility of baggage and personal belongings being lost, stolen, or damaged is a frequent travel problem. Many travel insurance policies pay for belongings only after you exhaust all other available claims. Your homeowners or renters insurance may extend coverage outside of your domicile, and airlines and cruise lines are responsible for loss and damage to your baggage during transport. Also, credit cards may provide automatic protection for things like delays and baggage or rental car accidents if used for deposits or other trip-related expenses.

Short-Term Medical and Major Medical Coverage

The two primary types of medical travel insurance policies are short-term medical and major medical coverage. Short-term policies cover a traveler from five days to one year, depending on the policy chosen. Major medical coverage is for travelers who are planning to take longer trips ranging from six months to one year or longer.

Medical coverage can help with medical expenses, help to locate doctors and healthcare facilities, and even assist in obtaining foreign-language services. As with other policies, coverage will vary by price and provider. Some may cover airlift travel to a medical facility, extended stays in foreign hospitals, and medical evacuation at home to receive care.

The U.S. government urges Americans to consult their medical insurance providers before traveling to determine whether a policy extends its coverage abroad. For example, medical insurance may cover the insured in the U.S. and Canada, but not in Europe. Also, some health insurance providers may require prior approval for coverage to remain valid.

Before purchasing a policy, it is imperative to read the policy provisions to see what exclusions, such as preexisting medical conditions, apply and not assume that the new coverage mirrors that of an existing plan.

Emergency medical coverage may be redundant. Most health insurance companies pay “customary and reasonable” hospital costs if you become sick or injured while traveling, but few will pay for a medical evacuation. Note that Medicare does not cover any expenses outside the U.S.

Accidental Death and Flight Accident Coverage

If an accident results in death, disability, or serious injury to the traveler or a family member accompanying the traveler, an accidental death and flight accident policy pays benefits to surviving beneficiaries.  Flight accident insurance provides coverage for accidents and deaths occurring during flights on a licensed commercial airliner.  General exclusions will apply such as death caused by drug overdose, death resulting from sickness, et al.

Accidental death coverage may not be necessary if you already have a life insurance policy. However, benefits paid by your travel insurance coverage may be in addition to those paid by your life insurance policy, thus leaving more money to your beneficiaries.

Purchasing Travel Insurance

Travel insurance will vary by the provider on cost, exclusions, and coverage. The buyer should be aware of reading all disclosure statements before they purchase the insurance. Coverage is available for single, multiple and yearly travel. Per-trip coverage protects a single trip and is ideal for people who travel occasionally. Multi-trip coverage provides protection for numerous trips occurring in one year, but none of the excursions can exceed 30 days. Annual coverage is for frequent travelers. It provides protection for a full year.

In addition to the duration of travelers insurance coverage, premiums are based on the type of coverage provided, a traveler’s age, the destination, and the cost of your trip. Standard per-trip policies cost between 5% to 7% of the trip’s cost. Specialized policy riders focus on the needs of business travelers, athletes, and expatriates.

Also, when traveling, it is suggested that a traveler register travel plans with the State Department through its free online service Travel Registration website. The nearest embassy or consulate can contact them if there is a family emergency or a state or national crisis.