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Category: Insurance

How is Home Insurance Calculated?

Post author By parastar
Post date June 16, 2021

How is Home Insurance Calculated?

Your home is your temple. It’s important to not only ensure its wellbeing and security but also its financial aspect. It is a prudent choice to insure your home against uncertainties like fire, theft, damages, loss, natural calamities, etc. Home insurance will provide protection against these uncertainties and ensure continuity of your lifestyle. But before you buy a home insurance policy, wouldn’t it be wise to know how is your home insurance calculated? We’ll help you understand the premium calculation process as well as the coverage calculation process, so you have complete clarity and command over it. Let us dive in!

How is the coverage of a home insurance policy calculated?

The coverage provided under a home insurance policy is calculated based on the following points:

Type of home insurance policy: The coverage will primarily depend of the type of home insurance plan you opt for. Whether you are insuring the entire building or insuring just your flat. Further, the coverage will depend on whether you are insuring just your flat or the contents within the flat as well. The type of policy you choose will impact the coverage.

Content valuation: The value of the contents of your home will also play a part in determining the home insurance coverage. The more expensive the contents of your home, the more coverage the company will provide you. Expensive jewelry and furniture will increase the coverage further.

Building valuation: Coverage will also depend on the reconstruction cost of the building in case a major event occurs.

How is home insurance premium cost calculated?

Area of home: The larger the area of your home, the larger will be its repairing cost. This will impact the premium of your home insurance policy.

Value of internal contents: If you have expensive internals like antique furniture, designer marbles, high-tech gadgets, etc, the cost of insuring them will merit a higher premium.

Approximate repair costs: Potential repair costs play a key role in determining the premium amount.

Location of the home: If your home is located in a plush neighborhood, the cost of insurance will be higher.

Riders: The premium will increase if you choose additional riders within your home insurance policy.

Benefits of a home insurance

A home insurance policy will provide the following benefits:

Protection: Home insurance will protect you against man-made and natural uncertainties. It will provide coverage against theft, fire, floods, acts of terror, etc.
Continuity of lifestyle: Your lifestyle will have continuity after an uncertain event, as you will receive the claim amount. You may use this amount to continue your existing lifestyle.
Temporary living expenses: The insurance company will provide you with temporary living expenses in the event that your home is uninhabitable. You may use this amount to arrange for temporary shelter.
Peace of mind: You can sleep peacefully knowing that your home and its contents are insured.

Life Insurance

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Insurance

Freight insurance

Post author By parastar
Post date June 16, 2021

Freight insurance

Millions of tons of goods and products move across the maritime routes every year. These routes bring with them certain perils like storms, pirates, icebergs, etc. Marine insurance helps in mitigating these risks. Thus it is imperative that goods and products transported using seas are insured for. These goods can not only be insured by shipping companies and individuals, but also freight forwarders. So, An Insurance agreement between freight forwards and insurance companies is called freight insurance.

Following aspects of freight insurance will be discussed below:

What is freight insurance
Freight insurance cost
Difference between cargo insurance and freight insurance

What is freight insurance?

Freight insurance is an agreement between a freight forwarding company and an insurance company. The insurance company agrees to indemnify the freight forwarding company against losses. In return of this indemnification, the insurance company receives a fee.
Freight insurance indemnifies the freight forwarder’s liability in the event the freight forwarder damages the trader’s goods due to the freight forwarder’s fault. That means, the trader will only receive compensation if it is proven that his goods are damaged due to the forwarder’s fault/negligence.

Further, coverage provided to the trader within a freight insurance contract does not cover the real value of the goods. The coverage is based on the good’s weight. So, the freight insurance coverage will be the same for a ton of flour as it is for a ton of precious metals.
The cost of freight insurance is passed on to the end trader and will reflect in his bill as “Freight Insurance Charges”

Freight insurance cost

Freight insurance premium is based on the weight and the value of the cargo. The higher the value/weight, the higher the premium payable. Remember, freight insurance does not cover the real value of the goods. If you need an insurance policy that provides coverage against the real value of your goods you will need to consider a cargo insurance policy. A cargo insurance policy will cover the real value of the goods.

Difference between cargo insurance and freight insurance

Freight insurance and cargo insurance are usually used synonymously. This should not be the case. Mentioned below are the distinctions between the both.

Particulars	Cargo Insurance	Freight Insurance
Meaning	Cargo insurance is an agreement between the trader and the insurance company.	Freight insurance is an agreement between the freight forwarder and the insurance company.
Maximum Coverage	Cargo insurance can provide coverage up till the real value of the goods.	Freight insurance will only provide coverage based on the weight of the goods.
The Cost of Premium	Premium is generally higher compared to freight insurance.	Premium is generally lower compared to cargo insurance.
Calculation of Premium	Premium is calculated on the basis of weight, size, and real value of the insured goods.	Premium is calculated based on the weight of the insured goods.
Claims	Claims can be made based on specific policy terms	Claims can only be made if the fault is of the freight forwarder
Is it Mandatory?	Not Mandatory	Not Mandatory

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Insurance

Features of marine insurance

Post author By parastar
Post date June 16, 2021

Features of marine insurance

Marine insurance is an important contract that you need to understand if you wish to move goods from one part of the world to another, using the maritime route. Marine insurance is a contract between the insurer and the insured, where the insurer agrees to insure a particular object of the insured for a certain fee.
The scope of this article is to understand some of the features of marine insurance so you feel comfortable while navigating through your next marine insurance policy. We will be discussing the following marine insurance features below:

Agreement
Consideration
Period
Coverage and indemnity
Legal document
Principles of insurance

Agreement

As mentioned above, a marine insurance contract is an agreement between an insurer and the insured. There are various terms within this agreement that need to be honored and adhered to. Terms within a marine insurance agreement may be unique but the underlines remain the same. Mentioned within are some of the common features of a marine insurance agreement:
Plurality: A marine insurance agreement requires two or more parties.
Offeror and Offeree: The insurance company is the offeror as it offers indemnity in exchange for a fee. The insured is the offeree as he has been offered the offer to be indemnified. Offer terms will be clear and concise and both parties must be on the same page.
The sanity of Mind: The agreement will only be valid if both parties are of a sane mind.

Consideration

No insurer will provide indemnity to the insured without consideration. This consideration is called an insurance premium. The insurance company provides coverage in exchange for a premium. This premium can be used by the insurance company to expand its operations and grow its business.

Coverage and Indemnity

What does the insured receive in exchange for paying a premium to the marine insurance company? They receive coverage and indemnity. The insured will be indemnified against any losses that may occur up to a certain coverage amount. This provides protection to the insured and ensures continuity and stability of their business.

Period

A marine insurance contract can be of varied periods. There are contracts that last for a single voyage, to contracts that last for a year. There are certain contracts that even last for multiple years, but they are relatively rare.

Legal Document

A marine insurance document is a legal document. This document can be used to file a suit in the courts of the lands by either party if they deem it worthy.
Note: A wager policy is not a legal document and cannot be used to file a suit.

Principles of marine insurance

Every marine insurance contract is governed by certain principles. Let us briefly talk about them:

Indemnity: The insurance company will only indemnify and insured up to the extent of the damage caused.

Utmost good faith: Both, the insured and the insurer have to be transparent and honest with each other. There should not be any intentional falsification from either party.

Subrogation: Once a claim is passed, the insurance company will assume ownership over the insured object.

Proximate cause: In the event that the loss is caused by two or more causes, the first cause will be considered while handling the claim. The claim will only be passed if the first cause is covered under the policy.

Loss minimization: An insured must attempt to minimize loss to an insured object. He should not sit by ideally just because the object is insured.

Insurable interest: The insured must have an insurable interest in the insured object. That means that he can only avail insurance on an object if the loss or damage of that object would affect him adversely.

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Features of Fire Insurance

Post author By parastar
Post date June 16, 2021

Features of fire insurance

A fire can occur anywhere. It can be highly unpredictable and the damage it can cause can be catastrophic. Fire insurance provides protection to the policyholder during these tumultuous times.
It is imperative that you are aware of the various types of fire insurance policies so that you are in the post possible position to protect yourself and your finances in the event of the unthinkable.
Further, it is not only important to be well versed with the types of fire insurance policies, but also its features. This article will talk about some of the general features of fire insurance.

Features of fire insurance

The following general features are shared by most fire insurance policies:

Coverage: The insurance company will decide on the coverage provided to you by analyzing the following:

Type of fire insurance policy
Location of property
Potential repair and restoration cost
Additional riders

Premium: The insurance company will be entitled to an insurance premium in exchange for indemnifying the policyholder against fire hazards.

Legal Document: The fire insurance policy will be a legal document that can be challenged in a court of law. If either party chooses, he/she can knock on the courts of the country and ask for a settlement.

Indemnity: The insurance company will indemnify the policyholder only till the extent of the damage suffered. That means that if you have taken a fire insurance policy worth Rs 10 Lakhs and damages caused to you via a fire is 5 lakhs, the insurance company will only pay you Rs 5 Lakhs even though you have coverage of Rs 10 Lakhs.

Riders: A policyholder can choose additional riders to add to their policy. This will increase the premium component. For instance, a person can add a rider that states that the insurance company will provide an additional temporary income that the person can use as rent money.

Governed by the principles of insurance: A fire insurance policy is governed by the following principles of insurance:

Utmost good faith
Insurable interest
Proximate cause
Indemnity
Subrogation
Loss minimization
Contribution

All parties are expected to honor these principles of insurance. A policy can be voided if these principles are dishonored.

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Insurance

Coverfox Insurance Broking Private Limited

Post author By parastar
Post date June 16, 2021
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What is Coverfox Insurance Broking?

Coverfox Insurance Broking Pvt Ltd is an Indian insurance aggregator and insurance broking website. The company provides a rich list of insurance products and services to its clientele.

Coverfox provides an aggregation of health, life, motor, and ULIP based insurance products.

This article will talk about the following:

Company details
Company management
Insurance products and services
Customer care

Company Details

Date of Founding	Authorized Capital	Paid-up Capital	CEO
2013	Rs.85 Lakhs	Rs.73.4 Lakhs	Mr. Sanjib Jha

Company Management

Name	Designation	Linkedin
Mr. Sanjib Jha	Chief Executive Officer	https://in.linkedin.com/in/sanjib-jha-97b1798
Mr. Manish Sultania	Chief Executive Officer	https://in.linkedin.com/in/ca-manish-sultania
Mr. Piyush Ranjan	Chief Technology Officer	https://in.linkedin.com/in/piyushranjanindia
Mr. John Mayne	Executive Director	https://in.linkedin.com/in/john-mayne-7814331

Insurance Products and Services

Coverfox deals with a plethora of insurance based products. Let us list below.

Product	Vertical
Car Insurance	Motor
Bike Insurance	Motor
Third-Party Car Insurance	Motor
Comprehensive Care Insurance	Motor
Third-Party and Comprehensive Bike Insurance	Motor
Zero Depreciation Car Insurance	Motor
Individual Health Insurance	Health
Floater Health Insurance	Health
Mediclaim	Health
Critical Illness Cover	Health
Arogya Sanjeevani	Health
Covid Plans	Health
Term Insurance	Life
Life Insurance	Life
Endowment Plan	Endowment
Pension Plan	Pension
ULIP Plan	ULIP

Customer Care

Toll-Free Number	Email ID	Facebook	Twitter
1800 209 9930	help@coverfox.com	https://www.facebook.com/Coverfox.Insurance/	https://twitter.com/coverfox?lang=eng

Safeway TPA

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Safeway TPA

Post author By parastar
Post date June 16, 2021

Learn about Safeway TPA (A Guide)

Safeway Insurance TPA is an India TPA company that provides claim management, hospital management, and customer care services to customers.

Safeway TPA acts as a link between the insurance companies and the policyholders, and has tie-ups with numerous Indian insurance companies like GIC, Royal Sundaram, ICICI Lombard, National Insurance, HDFC Life, Mahindra & Mahindra to name a few.

This article will aim to talk about the following important aspects pertaining to Safeway TPA:

Services
Network hospitals
Claims process
Claim status
How to get e-card
Customer care

Services

Safeway TPA provides the following services to its clientele:

Claim management: This is the core service of the company. Once a policyholder raises a claim with the TPA, it is the TPA’s responsibility to process the claim and ensure that the policyholder receives his claim amount in accordance with the terms of his policy.

Hospital management: This is also one of the most important services of Safeway TPA. Once a policyholder gets admitted to a networked hospital, it is the job of the TPA company to ensure that the entire billing and admission-related tasks are taken care of (if the policyholder decides to avail cashless service).

Issuance of e-cards: The company also issues E-cards on their portal that the policyholder can present to a network hospital during admission.

Customer care: 24/7 customer care is provided to the policyholders for any kind of assistance and grievance redressal (1800-102-5671).

Network Hospitals

It is very important to know whether your preferred choice of hospital is affiliated with your insurance company as only an affiliated hospital will provide you with cashless claims. You can use our Safeway TPA Network Hospital Tool to check if your preferred hospital is a network hospital.

Claims process

Safeway TPA offers both cashless claims and reimbursement claims. The process is slightly different for both. Let us understand the claims process for both in simple terms.

Cashless Claims

Cashless claims with Safeway TPA can be handled using the following simple steps:
Step 1.) Ensure that you check whether the hospital you intend to get admitted to is a network hospital.

Step 2.) Inform your insurance agent about the hospitalization.

Step 3.) Present Safeway TPA health card to the hospital admission office.

Step 4.) Hospital corresponds with Safeway TPA about the treatment costs, treatment requirement, billing, etc.

Step 5.) You get admitted

Reimbursement Claims

Reimbursement claims with Safeway TPA can be handled using the following simple steps:

Step 1.) Inform your insurance agent about the hospitalization. You can also directly inform Safeway TPA if you choose so.

Step 2.) Ensure that you keep original copies of all important documents like bills, invoices, medical reports, medical certificates, admission reports, discharge summary, etc. Originals will need to be submitted to the insurance company while filing the claim.

Step 3.) Upon discharge, dully fill your claim form with detailed and accurate information. Submit the form along with original copies to the insurance agent / Safeway TPA.

Step 4.) Your claim will now be vetted and checked against policy terms and conditions.

Step 5.) Reimbursement will be issued to you if all documents are in order.

Claim Status

You can know your claim status on the Safeway TPA website in 3 simple steps.

Step 1.) Visit the Safeway TPA website

Step 2.) Click on “Our Services”

Step 3.) Click on “Claim Status” under their navigation bar

Step 4.) Enter your claim no or card ID in the form and press “Login”

How to get E-card

Step 1.) Navigate towards their services page and click on “E-Cards”

Step 2.) Fill in your details

Select either corporate or individual radio button (based on your policy) and enter your policy details, and press “Get Card”

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Frequently asked questions about Safeway TPA

New Delhi, India

support@safewaytpa.in
011-45451300
Feedback form

Mr. Mahesh Sharma

Insurance

Marsh India Insurance Brokers Pvt. Ltd

Post author By parastar
Post date June 15, 2021

Marsh India Insurance Brokers Pvt. Ltd

Marsh India Insurance Brokers Pvt. Ltd is the Indian arm of global insurance broker and advisory company, Marsh & McLennan (MMC) Group. Marsh India dabs in risk management, risk consultancy, insurance broking, reinsurance, and risk financing.

The company has also won numerous awards, including the “Broker of the Year” award at the Asia Insurance Industry Awards in 2018,2019,2020.

The article will aim to shed some light on the following:

Company details
Company management
Products and services

Company details

Company Name	Marsh India Insurance Brokers Pvt. Ltd
Company Registration Number	138276
Date of Incorporation	2002
Authorized Capital	Rs 10 crores
Paid-up Capital	Rs 5 crores
Number of Employees	500+
Premium Received	Rs 4500 crores
Principal Officer/CEO	Mr. Sanjay Kedia
Registered Address	1201-02, One Indiabulls Centre, Tower 2, Elphinstone, Mumbai, 400013
Email ID	Ashish.Rathi@marsh.com

Company management

Name	Designation	Linkedin
Mr. Sanjay Kedia	CEO	NA
Mr. Raghav Arora	Executive VP	https://in.linkedin.com/in/raghav-arora-83562b6

Ms. Deeksha Hora	Vice President	https://in.linkedin.com/in/deeksha-hora-77487864

Ms. Avni Shah	Executive Vice President	https://in.linkedin.com/in/avni-shah-05893710a?trk=public_profile_browsemap_mini-profile_title

Mr. Gaurav Pagare	Senior Vice President	https://in.linkedin.com/in/gaurav-pagare-b7220621

Ms. Neha Trivedi	Vice President	https://in.linkedin.com/in/neha-trivedi-42a372145

Products and services

Marsh India Insurance Brokers provides insurance-related products and services to the following sectors:

Healthcare
Construction
Aviation
Marine
Mining
Real estate
Energy
Communications
Aerospace
Retail
Manufacturing
Life Sciences
Hospitality
Gaming and casinos
Transportation
Infrastructure
Cyber Security

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Insurance

Magma HDI General Insurance

Post author By parastar
Post date June 15, 2021
No Comments on Magma HDI General Insurance

Magma HDI General Insurance

Magma HDI General Insurance is a JV between Magma Fincorp Ltd and HDI Global, a German insurance company. The company has a variety of insurance products and services ranging from health insurance to motor insurance, and everything in between.

Magma HDI General Insurance has a Pan-India presence across 70+ cities in India and has over 500+ full-time employees. The company also boasts of an impressive product list of over 240+ unique insurance products.

The article will aim to talk about the following important aspects of Magma HDI:

Company details
Insurance related facts and figures
Company management
Products and services
Contact details

Company details

Company Name	Magma Hdi General Insurance Company Ltd
Date of Incorporation	2009
Registration Number	136327
Authorized Capital	Rs 2,000,000,000
Paid up Capital	Rs 1,547,072,510
Registered Address	Development House 24 Park Street Kolkata Kolkata WB 700016 IN
Email	companysecretary@magma-hdi.co.in
MD & CEO	Mr. Rajive Kumaraswami

Insurance related facts and figures

Claim Settlement Ratio	91.85% (FY 18-19)
Number of Customers	2484143+
Number of Insurance Products	248
Awards and Recognitions	Best BFSI Brands 2019 by The Economic Times
	Golden Peacock Award for Risk Management in 2019
	‘Rising Star Company of the Year’ at India Insurance Awards in 2020

Company management

Name	Designation	Linkedin
Mr. Rajive Kumaraswami	Managing Director and CEO	https://in.linkedin.com/in/rajive-kumaraswami-955805

Mr. Vikas Mittal	Deputy CEO	https://in.linkedin.com/in/vikas-mittal-7121798

Mr. Gaurav Parasrampuria	Chief Financial Officer	https://in.linkedin.com/in/gaurav-parasrampuria-4945b416

Mr. Anand Roop Choudhary	Chief Compliance Officer	NA
Mr. Jinesh M. Shah	Chief Investment Officer	https://in.linkedin.com/in/jinesh-shah-4ba1457

Mr. Shivendra Tripathi	Appointed Actuary	https://in.linkedin.com/in/shivendra-tripathi-b0220510

Products and Services

The company has a wide variety of products and services. Let’s have a brief look at each of their offerings.

Health insurance
Motor insurance
Marine insurance
Engineering insurance
Fire insurance
Liability insurance
Miscellaneous insurance

Health Insurance

Magma HDI has 5 health insurance plans. Let’s investigate each of them briefly.

OneHealth Insurance policy

This is Magma HDI’s primary comprehensive health insurance policy.

Policy Eligibility	18 years – 65 years
Sum Insured	2 Lakh – 1 Crore
Policy Benefits	Maternity cover
	Ayush cover
	Pre and post hospitalization cover
	No claim bonus
	OPD cover
	Restoration of sum insured
	Worldwide coverage
Discount	10% discount on 2 year prepayment, 12.5% discount on 3 year prepayment.
Policy Brochure	https://www.magmahdi.com/documents/20127/291040/OneHealth+Brochure_0920.pdf
Policy Wordings	https://www.magmahdi.com/documents/20127/291040/Policy+wordings_OneHealth.pdf

Individual Personal Accident Policy

This policy will only provide coverage in case of accident-related hospitalizations.

Policy Eligibility	18 years+
Sum Insured	Variable
Policy Benefits	Accident cover
	Total disablement cover
	Partial disablement cover
	Temporary partial disablement cover
	Temporary total disablement cover
	Hospital allowance
Policy Brochure	NA
Policy Wordings	https://www.magmahdi.com/documents/20127/289120/Individual+Personal+Accident+Policy+wordings.pdf

Loan Guard Policy

This policy will provide a lump sum amount to the policyholder in case of an accident or critical sickness. The policyholder/nominee can use this amount to clear any outstanding debt that he may have. This policy is usually taken along with a comprehensive health insurance policy. Individuals who have opted for a loan can opt for this policy.

Policy Eligibility	18 years+
Sum Insured	Variable
Policy Benefits	Accident cover
	Critical illness cover
	Lump sum payment
Policy Brochure
Policy Wordings	https://www.magmahdi.com/documents/20127/310726/Loan+Guard_Policy+Wordings.pdf

Group Health Policy & Group Accident Suraksha Policy

These health insurance policies are usually taken by employers for their employees. Benefits include coverage against death, accidents, partial and complete disablement, etc.

Motor Insurance

Magma HDI offers the following motor insurance plans:

Private car insurance
Commercial vehicle insurance
2-wheeler insurance
Third-party 2-wheeler insurance
Tractor insurance
Motor trade policy
Motor act only policy
Motor trade internal risk policy
Motor insurance riders

Private Car Insurance

This is Magma HDI’s comprehensive car insurance policy.

Covers	Loss of vehicle
	Theft of vehicle
	Damage to the vehicle
	Natural calamities like fire, floods, earthquakes, etc
	Man-made calamities like acts of terror, vandalism, riots, strikes, etc
	Third-Party Liability
Exclusions	Regular wear and tear
	Depreciation
	Damage caused due to being intoxicated
	Nuclear or war risk
	Electrical breakdown
	Mechanical breakdown
	If the driver is driving without a license
Policy Brochure	NA
Policy Wordings	https://www.magmahdi.com/documents/20127/289120/Policy+Wordings+-+Private+Car+Package.pdf

Commercial vehicle Insurance

The company also provides comprehensive car insurance packages for commercial vehicles like taxis, trawlers, transporters, buses, etc.

Covers	Loss of vehicle
	Theft of vehicle
	Damage to the vehicle
	Natural calamities like fire, floods, earthquakes, etc
	Man-made calamities like acts of terror, vandalism, riots, strikes, etc
	Third-Party Liability
Exclusions	Regular wear and tear
	Depreciation
	Damage caused due to being intoxicated
	Nuclear or war risk
	Electrical breakdown
	Mechanical breakdown
	If the driver is driving without a license
Policy Brochure	https://www.magmahdi.com/documents/20127/327442/Prospectus+-+Commercial+Vehicle+Package.pdf
Policy Wordings	https://www.magmahdi.com/documents/20127/327442/Policy+Wordings+-+Commercial+Vehicle+Package.pdf

2-Wheeler Comprehensive Insurance and Third-Party Insurance

Magma HDI also provides 2-wheeler comprehensive and Third-Party insurance for your bikes and scooters. You can either opt for a comprehensive plan or a third-party plan, based on your preference.

Covers	Loss of vehicle
	Theft of vehicle
	Damage to the vehicle
	Natural calamities like fire, floods, earthquakes, etc
	Man-made calamities like acts of terror, vandalism, riots, strikes, etc
	Third-Party Liability
Exclusions	Regular wear and tear
	Depreciation
	Damage caused due to being intoxicated
	Nuclear or war risk
	Electrical breakdown
	Mechanical breakdown
	If the driver is driving without a license
Policy Brochure	https://www.magmahdi.com/documents/20127/327442/Policy+Wordings+-+Two+Wheeler+Package.pdf
Policy Wordings	https://www.magmahdi.com/documents/20127/327442/Prospectus+-+Two+Wheeler+Package.pdf

Tractor insurance

A tractor is a pivotal tool in a farmer’s life. Farmers can avail this insurance policy to secure their tractors and thereby ensure continuity of farming operations.

Motor Trade Internal Risk Policy

This policy covers the individuals riding with you in your vehicle. If anything happens to them, this policy covers their legal liability.

Covers	Accidental Death
	Damage to the insured vehicle
	Property of insured
Exclusions	Regular wear and tear
	Depreciation
	Damage caused due to being intoxicated
	Nuclear or war risk
	Electrical breakdown
	Mechanical breakdown
	If the driver is driving without a license
	Defective workmanship, among others.
Policy Brochure	https://www.magmahdi.com/documents/20127/327442/Prospectus+-+Motor+Trade+Internal+Risk.pdf
Policy Wordings	https://www.magmahdi.com/documents/20127/327442/Motor+Trade+Internal+Policy+Wordings.pdf

Motor insurance riders

The company also includes a host of riders that can be bought along with your regular motor insurance policy. These rides enhance the coverage of the policy for a small fee. Riders include:

Tire coverage rider
Engine coverage rider
Additional legal liabilities rider
Overturning rider
IMT 23 rider, etc

Marine Insurance

The company has 2 marine insurance policies. They are:

Marine cargo open insurance policy
Marine cargo specific voyage policy

Marine cargo open insurance policy

The marine cargo open insurance policy will cover the risks of the sea, transportation risks, loading, and offloading risks. Regular traders that use the maritime route can benefit from buying this policy.

Marine cargo specific voyage policy

This policy is only valid for specific pre-determined routes that the vessel traverses through. So, if you’re a trader that has a one-off shipment coming in or going out, you can avail of a specific voyage policy.

Engineering Insurance

Magma HDI also offers a wide variety of engineering policies that cover various engineering risks. Let us briefly understand some of their engineering insurance policies.

Contractors All Risk (CAR): This is a comprehensive policy that covers most risks during the construction phase, including third-party liabilities.

Erection All Risk (EAR): This is a policy that covers risks during the erection of plant and machinery.

Machinery Breakdown Insurance: This policy protects against the sudden breakdown, damage, loss of integral machinery.

Electronic Equipment Insurance (EEI): This policy protects against the sudden breakdown, loss of electronic equipment on site. Items covered could be microprocessors, super-computers, software systems, etc.

Fire insurance

The company offers 3 fire insurance policies for its clients.

Standard Fire & Special Perils (SFSP)

This is a standard fire insurance policy offered by the company.

Covers	Fire
	Aircraft Damage
	Explosions
	Riots and Strikes
	Storms, cyclones, floods, etc
	Missile testing operations
	Bush fire
	Malicious damage

Exclusions	War
	Nuclear damage
	Damage caused due to being intoxicated
	Damage caused due to malfunctioning electrical equipment
	Theft, among others.
Policy Brochure	NA
Policy Wordings	https://www.magmahdi.com/documents/20127/289127/4.2._standard_fire_and_special_perils_-_policy_wordings.pdf

Industrial all risk (IAR)

The IAR policy is a policy that provides a more comprehensive coverage compared to the Standard Fire & Special Perils Policy. The IAR policy covers risks such as theft, accidental damage, machine breakdown, and business instability.

Fire loss of profit (FLOP)

A Fire Loss of Profit (FLOP) policy will provide compensation towards the lack of economic activity caused due to a fire incident.

Liability insurance

A liability insurance policy is especially important to B2C businesses. These types of policies provide protection against lawsuits made by customers, and even other businesses. Liability insurance will cover the legal costs plus pay any court-ordered compensation to the affected party. Magma HDI General Insurance provides quite a few liability insurance offerings for a variety of different needs.

Directors & officers liability insurance

This policy provides coverage against any losses caused to anyone by Directors or Officers of a company. For instance, an aggrieved customer files a suit against the directors of a company due to damages caused due to a faulty product. The insurance company will provide protection against the same.

Covers	Own legal expenses
	Claimants legal expenses
	Court ordered compensation


Exclusions	Contractual liabilities
	Loss of goodwill
	Damage to the image of the company
	Punitive damages
	War
	Nuclear damage
	Defamation
	Slander, libel, shock, etc.
Policy Brochure	https://www.magmahdi.com/documents/20127/781434/3.9+Directors+Loss+Policy.pdf

Errors and omissions insurance policy

This policy will protect the company against errors of omissions and negligence that may have been caused by the senior officers of a company. The insurance company will pay liable costs and legal charges after due investigation.

Covers	Civil liability
	Breach of duty
	Acts of omission
	Acts of negligence
	Acts of error
Exclusions	Wilful negligence
	Intentional non-compliance
	Loss of goodwill
	Damage to a company’s brand value
	Nuclear damage
	Among others

Public liability (industrial) and public liability (non-industrial)

These policies provided protection against public liabilities arising out of faults of the company’s actions.

Covers	Accidents on company property
	Damage caused during conducting business
	Legal costs
	Court ordered costs
Exclusions	Acts of nature
	Wilful non-compliance
	Punitive damages
	Nuclear risks
	Among others
Policy Brochure	https://www.magmahdi.com/documents/20127/781434/3.5+Public+Liability_Industrial+Policy.pdf
Policy Wordings	https://www.magmahdi.com/documents/20127/289127/3.3._public_liability_non_-_industrial_-_policy_wordings.pdf

Cyber insurance

This policy covers against damages caused due to high-tech cyberattacks like hacking, Distributed Denial of Service (DDoS) Attacks, theft, Phishing, Ransomware, etc.

Miscellaneous Insurance

The following additional insurance policies are also available:

Burglary insurance policy
All risk insurance policy
Shopkeepers package policy
Householders package policy

Other insurance related products

Here is a complete list of all insurance-related products offered by Magma HDI.

Contact details

Registered Office	Email ID	Toll-Free Number
Development House,24 Park Street, Kolkata	Customer Care: customercare@magma-hdi.co.in	1800 266 3202
700 016	Senior Citizens Email ID:
	Namaskar@magma-hdi.co.in

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Insurance

Importance of Insurance to Business

Post author By parastar
Post date June 15, 2021

Importance of Insurance to Business

Being a businessman is hard enough, dealing with uncertainties makes it even harder. This makes buying insurance for your business a prudent choice. An appropriate insurance policy can shield your business and yourself from unwarranted and unexpected shocks, and help you and your business stay on track.
Continue reading to find out the importance of insurance to business.

Top 7 Importance of Insurance to a Business

Keyman insurance
Business stability
Employee welfare
Uncertainty reduction
Liability protection
Protection against lawsuits
Ensures continuity of business

Keyman insurance

A keyman insurance policy provides protection against the death/disability of certain important company executives. For instance, a company can take a keyman insurance policy for their CEO, if something happens to him, the insurance company will furnish the company with the agreed compensation. The company can use these funds to hire a suitable replacement.

Business stability

The correct insurance policy can bring stability to a company in times of crisis. For instance, a company may have taken a fire insurance policy for their factory, and later suffers a fire incident at that same factory. Had the company not take insurance, their business would have been greatly destabilized. The compensation the company got was used to rebuild the factory and thus provided stability to the business operations.

Employee welfare

A company’s strength lies with its employees. It is the duty of the employer to look after the welfare of his employees. There are a variety of employee insurance products in the market catering to life insurance, health insurance, and beyond.

Uncertainty reduction

Business, by its nature, is uncertain. Insurance can provide a cushion of certainty in grave uncertain times. One should know which insurance policy to buy to reduce the uncertainties of business.

Liability protection

Liability protection is especially important to B2C businesses. There could be times where a customer gets harmed due to your business’s negligence or mistake. This aggrieved customer has the right to sue you for damages. A Liability protection insurance policy can come to the rescue at these times. It would be the insurance company’s obligation to pay the damages, not your company’s.

Protection against lawsuits

Corporate lawsuits can be an extremely expensive affair, and companies can face lawsuits from other companies, rivals, and even customers. Liability insurance can also shield a company against these.

Ensures continuity of business

A business needs to continue in the face of adversity. It simply can’t be expected to shut shop and wait till the storm blows over. Continuity is everything in business. Insurance can provide continuity to a business.

For instance, let us say a businessman bought marine cargo insurance to protect his exported shipment. Let us assume that the ship carrying his products met with an accident and all goods are lost. He now has the ability to raise a claim with the insurance company and recover the full value of the lost goods.

He can use this amount to further manufacture similar goods, this ensures continuity of business. Had he not taken marine cargo insurance, the businessman would be staring at massive losses and potential bankruptcy.

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Insurance

How does insurance work?

Post author By parastar
Post date June 15, 2021

How Does Insurance Work?

So, you’ve recently purchased an insurance policy or are looking to purchase one. Smart choice!
That being said, it is not enough to just buy an insurance policy, you should also have a grasp on how does insurance work? You may have a variety of questions about insurance. This article will attempt to answer each of the following questions about insurance:

Who are the participants to an insurance contract?
What are the components of an insurance contract?
How does insurance work?
Who regulates the insurance industry?

Who are the participants to an insurance contract?

An insurance contract generally has 2 participants, the insurer and the insured.
Insurer: The insurer agrees to indemnify the insured against losses incurred by him. In exchange for this protection, the insured provides a fee to the insured. This fee is commonly referred to as an insurance premium.
Insured: The insured is protected by the insurer, in the event of an unforeseen incident.

What are the components of an insurance contract?

The insured and the insurer need to adhere to the components of an insurance contract. It is these components that decide the scope of the insurance contract. One must stringently go through these components with a keen eye. Some of the general components of an insurance contract include:

Definitions
Conditions
Exclusions
Payment terms
Insuring agreement
Other conditions

How does insurance work?

Understanding how insurance works is quite simple actually. Let us illustrate this through a simple example.

Example 1: Let us assume, Mr. Ricky bought a car insurance policy for his brand new Honda City. A few weeks later, his car got stolen. Mr. Ricky intimates the insurance company, files an FIR, and requests a claim. The insurance company now does its due diligence and furnishes Mr. Ricky with his claim amount.

Example 2: Let us state, Mr. Hari has purchased a ULIP life insurance policy from an insurance company on his 50th birthday. The insurance company invests his premium in equity/debt markets. Upon policy maturity, the insurance company will return the invested premium to Mr. Hari, along with any appreciation of capital.

Who regulates the insurance industry?

The insurance sector cannot be a completely self-governing industry. It needs a strong regulator that looks after the overall benefit of the industry and all its players. Most importantly, the regulator looks after the interests of the policyholders.

The insurance industry in India is regulated by the IRDA. Policyholders can approach the IRDA anytime they feel they have been wronged by an insurance company. It would then be the IRDA’s job to investigate and look into the matter.

Throughout the course of this article, we have understood the participants, components, regulators, and other important aspects of how insurance works. We trust that you will use this information to make a more prudent insurance decision in the future.

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