HomePolicies and Risk Coverages

Policies and Risk Coverages

The purpose of insurance throughout history has been to protect people from loss and uncertainty. Basically, it is a social device that reduces or eliminates the risk of loss of life or property.

The importance of Insurance

  • Protecting oneself and one’s family
  • Reducing stress during difficult times
  • Having a secure financial future
  • Having peace of mind
  • Legacy we leave behind

It is very critical to understand the risks associated with choosing an insurance policy.

A basic understanding of each policy is provided here through the details of risks covered.

Risks covered by policies

S. No.Type of InsuranceCoverage Extension
1Fire & allied perils only
The Insurance Policy broadly covers losses due to fire, lightning, explosion and implosion, aircraft damage, riot, strike, malicious damage and terrorism, storm, tempest, flood and inundation, impact damage, subsidence and landslide/rockslide, bursting and/or overflowing of water tanks, apparatus and pipes, missile testing, leakage from automatic sprinkler installations and bush fire.EQ, Terrorism, Architecture surveyor & consulting engineers fee, Removal of Debris, Deterioration of Stocks, Forest Fire, Impact Damage due to insured own vehicle, Spontaneous Combustion, Omission to insured, Temporary Removal of Stocks, Loss of Rent, Additional expenses of rent for alternative accomodation, Start up expenses, Spoilage material damage cover, Leakage & contamination Cover, Escalation
2BurglaryThe Insurance Policy broadly covers loss and/or damage by Burglary,
Housebreaking (Theft following upon actual, forcible and violent entry
of and/or exit from the premises) including hold-up risk and damage
caused to premises. For further details please refer to the Policy. Can
be insured on first loss basis, declaration basis, Floater basis.
Theft, Riot, strike & terrorist damage
3Industrial All RiskFire(Material Damage) + CLOP(Business interruption) + MB(Free Covers: Deterioration of Stocks, Forest Fire, Leakage & Contamination cover, Spoilage material damage cover, Subterranean Fire, Spontaneous Combustion, Burglary, Transit of material within factory)MLOP, FOUS(gas, electricity, water supply) at terminal ends, Option to buy back BI(Engg. Portion) viz, BI due to MB, Boiler Explosion, EEI
4Fire loss on profitThe Insurance Policy broadly covers loss of Net Profit on account of interruption of business, consequent upon Material Damage to property due to Fire or any other insured peril under the Standard Fire and Special Perils Policy. It also covers standing charges which continue to be incurred during the period of interruption and the increase in cost of working necessarily and reasonably incurred to maintain the business as far as possible at its normal level, so that loss under net profit and standing charges is avoided or at least minimised.1) Policy can be extended to suppliers’ and customers’ premises or public utilities, on which the business is dependent and cost of Auditors fees required to submit claim on Insurer.
2) Accidental failure of public electricity/gas/water supply
3) Insured's property stored at other situations
5Machinery BreakdownThe Insurance Policy broadly covers loss due to all kinds of accidental, electrical and mechanical breakdowns due to internal and external causes. Cover is granted during the time the machinery is in operation or rest or in the process of dismantling, overhaul or during subsequent re-erection at the same premises.Air Freight, Express Freight(excluding Air Freight) Overtime & Holiday Wages, Insured's own surrounding propery, Third Party Liability
6Machinery Loss on ProfitMachinery loss of profit policy gives cover against consequential losses following loss or damage to the property insured under machinery breakdown and/or boiler and pressure plant insurance. This policy covers actual financial losses suffered by the insured due to business interruption arising from:
1) Reduction in Turnover
2) Increase in cost of working
3) Standing charges
Wages, Indemnity Period, Continuing overhead expenses
7Public Liability ActThis Insurance Policy broadly covers the Owner’s statutory liability on no-fault principle for death or injury to any person or damage to property resulting from an accident while handling any hazardous substance . Premium charged on limits of indemnity selected & annual turnover
8Public Liablity (Industrial Risk)This Policy broadly covers legal liability of the Insured towards damages to third party in respect of accidental death or bodily injury or disease and loss or damage to property. It also covers legal costs and expenses incurred with prior consent of the Insurer and within the limit of indemnity.1. Industrial Seepage, Pollution and Contamination Extension
2. Carriage of Effluents (Outside the Premises) Extension
3. Transportation Extension
4. Technical Collaborators Extension
5. Act Of God Perils Extension
9Public Liablity (Non Industrial Risk)This Policy broadly covers Legal Liability of the Insured towards damages to Third Party in respect of accidental death or bodily injury or disease and loss or damage to property arising out of such accidents. It also covers legal costs and expenses incurred with prior consent of the Insurer and within the limit of the indemnity.1· Goods Kept in Custody of Insured Extension
2· Food and beverages Extension
3· Sports facilities, Swimming Pool and other facilities Extension
4· Industrial seepage, pollution and contamination Extension
5· Act Of God Perils Extension
6· Transportation Extension
10Professional IndemnityThis Policy broadly covers legal liability towards claims arising out of losses and/or damages due to any breach of professional duty by reason of any negligent act, error or omission. It also covers legal costs and expenses incurred in investigation, defence or settlement of such legal liability.Special provision for dishonesty & fraud
1) Indemnity to director & employees
2) Estate & Legal Personal Representatives
3) Loss of Documents
11 All Risk InsuranceThis policy broadly covers loss or damage to insured property by fire, riot and strike, terrorist activity, theft, accident, any of which arising from any fortuitous cause anywhere within the geographical limit stated.Electrical and mechanical breakdown, Theft Cover
12Electronic Equipment InsuranceThis policy is suitable for electronic equipment like computers, industrial electronic machines and sophisticated medical equipment. It encompasses perils like Fire, Burglary, Acts of God and Accidents

The Insurance Policy broadly covers material damage to electronic equipment (which can include systems software) due to sudden and unforeseen events, under Section I, cost of external data media, including cost of reconstruction of data under Section II, as also increased cost of working under Section III. While Section I is compulsory, Section II and Section III are optional.
Fire & Burglary Cover
13Mega Risk Insurance PolicyCovering all risk of the industry and it’s completely RI based product with no named perils
14Comprehensive General Liability InsuranceThis Insurance Policy broadly covers the
a) Owner’s statutory liability on no-fault principle for death or injury to any person or damage to property resulting from an accident while handling any hazardous substance.
b) Legal Liability of the Insured towards damages to the Third Party in respect of accidental death or bodily injury or disease and loss or damage to property on account of an accident. It also covers legal costs and expenses incurred with prior consent of the Company and within the limit of indemnity
c) Legal Liability of the Insured towards damages to its employees (present or former) in respect of administration of the various employees benefit program
d) Legal liability of the insured towards third party arising out of advertising injury or personal injury
15 Contractor All RiskThis Policy broadly covers the risk of accidental physical loss or damage in respect of the contract works, during the execution of a civil project.
CAR insurance provides an ‘all risk ‘cover. All perils are covered unless specifically excluded.
Cover incepts from the commencement of work or after unloading of first consignment at project site, whichever is earlier and terminates on handing over of works to the principal or expiry of policy, whichever is earlier
 Owner’s Surrounding Property.  Third Party Liability.  Maintenance Cover.  Escalation
 Clearance and Removal of Debris.
 Contractor's Plant and Machinery.
16 Erection All RiskThis policy covers risks associated with storage, assembly/erection and testing of Plant and Machinery. EAR insurance provides comprehensive cover. All perils are covered unless specifically excluded.
Cover incepts from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the Principal, or the period chosen, whichever is earlier.
 Escalation.
 Maintenance
 Clearance and Removal of Debris.
 Damage to Owner’s Surrounding Property.  Third Party Liability  Additional Customs Duty.
 Express Freight.
 Holiday and Overtime rates and Wages.

It is possible to integrate transit insurance (inland/overseas) on project materials with EAR policy and opt for a combined Marinecum-Erection policy.
17Marine/Storage Cum ErectionThe policy comprises of 2 Sections :
Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.
1) clearance and removal of debris
2) damage to owner's surrounding property
3) maintenance visit / extended maintenance
4) additional customs duty
5) civil works
6) express freight
7) air freight
8) deletion of duration clause under marine
18Contractor Plant & MachineryThis Policy broadly covers loss or damage to the contractor’s property due to any cause that is accidental and external in nature. Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection. Third Party Liability.  Owner’s Surrounding Property.  Clearance and Removal of Debris
 Overtime, Express freight.
 Additional Customs Duty.
19Credit InsuranceThe Credit Insurance (Globalliance) Policy is designed for companies that are selling their goods and/or services on credit to domestic and/or overseas buyers. Credit Insurance provides companies with coverage for outstanding receivables that are within approved credit terms, protecting the Insured against risk of non-payment by its buyers. Covers loss due to following risk:
1) Insolvency of buyer
2) Non-payment or protracted default by a private buyer
3) Political risks(for export only)
4) Pre-shipment risk i.e. inability to fulfill contractual obligations.
Political Risk
1. Charges for evaluating credit rating of a prospective buyer
2. Charges for debt collection services provided by the Company for debts that are not covered under the scope of the Policy
20Commercial Crime InsuranceCommercial Crime Insurance Protects Your Company from Fraud, Theft, Forgery and More
Business fidelity insurance is designed to protect your company from many types of crime. Because crime is a common worry for businesses, Nationwide offers business protection to cover your company when employees decide they are entitled to the company’s inventory or a thief robs you of your cash. Working through such losses takes time and money – resources that would be better spent running your business.
Business crime insurance coverage from Nationwide offers business protection and more. We offer coverage for:
1)Employee dishonesty
2)Forgery or alteration
3)Theft of money and securities
4)Burglary or robbery
5)Computer fraud
6)Cash register
21Director & Officer Liability PolicyDirectors and Officers Liability Insurance (often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization(s) itself, to cover damages or defense costs in the event they suffer such losses as a result of a lawsuit for alleged wrongful acts while acting in their capacity as directors and officers for the organization.
It has become closely associated with broader management liability insurance, which covers liabilities of the corporation as well as the personal liabilities for the directors and officers of the corporation
Such coverage can extend to defense costs arising out of criminal and regulatory investigations/trials as well; in fact, often civil and criminal actions are brought against directors/officers simultaneously.
22Office Protection Insurance PolicyKey Benefits

1)Single policy to enhance convenience
2)Specially designed structure to meet the insurance requirement of your office
3)Judicial management of loss assessment and fund allocation based on clear indemnity guidelines
4)Option to customise the policy from a list of 12 specific covers
5)Terrorism cover available with additional premium
1) Fire & allied perils
2) Burglary & Housebreaking
3) Machinery Breakdown
4) Electrical & Electronic Appliances
5) Money insurance
6) Baggage
7) Fixed plate glass & sanitary fittings
8) Neon Sign/Glow sign/Hoarding
9) Personal Accident
10) Infidelity/Dishonesty of Employees
11) Legal liability-To Employees
12) Legal Liabliity-To Third Parties
13) Additional rent for alternative accomodation.
23Money Insurance
The Insurance Policy broadly covers loss of money[Money shall mean Cash including coins , currency notes, bank drafts, treasury notes, cheques, postal orders and current postage stamps] in transit by the insured or insured’s authorized employee(s) occasioned by robbery, theft or any other fortuitous cause. The policy also covers loss by burglary or house breaking, robbery or Hold Up whilst money is retained at the Insured’s premises in safe(s) or strong room.Riot, Strike and Terrorism
24 Event InsurancePay to the Insured a sum as compensation for any loss or damage caused, as described under
1) Cancellation of Event
2) Material damage to Props, Sets, Stage, Seats, Equipment, Studio,
Costume/ wardrobe etc.
3) Material damage to tapes/ negatives
4) Public Liability & Litigation Expenses
5) Personal Accident
Add Ons
1) Alternate Accommodation
2) General Litigation
3) Non-Appearance of Named Person(s)
25Fidelity Guarantee InsuranceThe Company agrees to indemnify the insured against a direct pecuniary loss sustained by reason of any act of fraud/dishonesty committed

1)On or after the date of commencement of this policy
2)During uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof
3)In the case of death, dismissal or retirement of the Employee with twelve calendar months of such death, dismissal or retirement whichever of these events shall first happen.
Basis of Coverage:
1) Named Basis
2) Position Basis
3) Blanket
26Group Medical InsurancePolicy covers cashless/reimbursement of hospitalization expenses incurred for diseases contracted or injuries sustained in India.

Medical expenses upto 30 days for Pre – hospitalization and upto 60 days for post – hospitalization are also admissible
1) Pre-existing diseases
2) 30 days & 2 years exclusion waiver
3) maternity cover along with pre & post natal expenses, baby cover from day one, 9 months waiting period waiver
4) Domiciliary hospitalisation
5) OPD
6) Corporate Buffer
27Group Personal AccidentThe Insurance Policy compensates the Insured in case of Accidental Death, Loss of limbs and eyes, Permanent Total Disablement and Permanent Partial Disablement.1) Temporary Total Disability
2) Terrorism
3) Medical Extension
28Individual Mediclaim PolicyPolicy covers cashless/reimbursement of hospitalization expenses incurred for diseases contracted or injuries sustained in India.

Medical expenses upto 30 days for Pre – hospitalization and upto 60 days for post – hospitalization are also admissible
1) Critical Illness Cover
29Family Floater Medical PolicyPolicy covers cashless/reimbursement of hospitalization expenses incurred for diseases contracted or injuries sustained in India.

Medical expenses upto 30 days for Pre – hospitalization and upto 60 days for post – hospitalization are also admissible
1) Critical Illness Cover
30Individual Personal Accident PolicyThe Insurance Policy compensates the Insured in case of Accidental Death, Loss of limbs and eyes, Permanent Total Disablement and Permanent Partial Disablement.1) Temporary Total Disability
2) Terrorism
3) Medical Extension
31Product LiabilityCover Insured for their legal liability due to claims arising out of any defect in the Product(s) during the period of insurance first made in writing against the Insured during the Policy period and the Insured is indemnified in accordance with the scope of cover for and/or arising out of injury, damage or pollution but only against claims arising out of or in connection with any products as covered in policy. This policy provides defense cost (legal costs & related expenses) incurred by the insured Named limited vendors liability (for your distributors)
 North American Jurisdiction clause
 Technical collaborators clause
32Marine Sales Turnover PolicyMarine Sales Turnover Policy (STOP)
STOP is a designer product for the discerning customer, an Open Policy in the real sense of the term. The premium for the policy is charged only on your sales turnover.
STOP provides you Transit insurance coverage on:
Imports + Customs Duty (Actual or Deemed / Contingent)
+ Domestic purchase of raw materials, consumables & stores
+ Any number of inter- factory / inter-depot / to & fro job worker movements + Exports (FOB/CIF) + Domestic sales of finished goods Temporary storage cover at intermediate locations like Job workers / C & F premises etc.
Intermediate storage extension, WAR & SRCC cover
33Marine Specific Inland Transit PolicyThis Policy broadly covers the risk of physical loss or damage to the Insured’s goods (machinery, raw materials, finished goods etc., ) during transit under a contract of affreightment.This Policy broadly covers the risk of physical loss or damage to the Insured’s goods (machinery, raw materials, finished goods etc., ) during transit under a contract of affreightment.
34Marine Open Inland Transit InsuranceThis Policy broadly covers the risk of physical loss or damage to the Insured’s goods (machinery, raw materials, finished goods etc., ) during transit under a contract of affreightment.
The “Basic Risk Policy” covers loss or damage to specified goods caused by fire, lightning, breakage of bridges, overturning of vehicles, collision with or by carrying vehicle, subject to specified exclusions.

The “All Risks Policy” covers all risks of loss or damage to specified goods, subject to exclusions.
Extensions available include strike, riot and civil commotion.
35Marine Open EXIM InsuranceThe coverage is generally defined by reference to clauses known as Institute Clauses.
The ICC (C), ICC (B), ICC (A) and ICC (Air) Clauses define different levels of coverage against marine risks and the cargo may be covered subject to any one of these clauses
On payment of additional premium, Insured can opt for certain extensions to the cover provided under the policy. Extensions available are War, Strike, Riot and Civil Commotion and Duty Insurance Cover.
36Marine Single transit EXIM PolicyThe coverage is generally defined by reference to clauses known as Institute Clauses.
The ICC (C), ICC (B), ICC (A) and ICC (Air) Clauses define different levels of coverage against marine risks and the cargo may be covered subject to any one of these clauses
On payment of additional premium, Insured can opt for certain extensions to the cover provided under the policy. Extensions available are War, Strike, Riot and Civil Commotion and Duty Insurance Cover.
37Plate Glass InsuranceThe policy is designed for buildings with glass doors, windows, glass panels and showcases.
It is an annual policy that covers all kinds of accidental breakages of the plate glass fixed to display windows or show cases of commercial establishments.

The policy covers the cost of making good accidental breakage of insured glass by any reason whatever, except those that are specifically excluded.
Strike and Riot at additional 5% loading Frames or Frameworks
38Boiler & Pressure Plant InsuranceThe Insurance Policy broadly covers boilers and other pressure vessels, both fired and unfired against losses due to explosion or collapse• Surrounding property of the Insured (including the property held in trust or on commission)
• Legal liability for third party bodily injury and property damage
• Express Freight, Air Freight and Additional Customs Duty can also be covered by payment of additional premium.
39Merchant Cover Insurance PolicyCovers:
1) Fire & allied perils
2) Burglary
3) Burglary of Cash in safe
4) Cash in transit
5) Glass breakage
6) Damage to neon sign
7) Cheque forgery
8) Fidelity
9) Tenant's legal liability
10) Employer's liability
1) Health-Family Floater
2) Hospital Cash
3) Double Benefit
4) Medical Expenses to Insured
5) Personal Accident
6) Professional Indemnity
7) Terrorism Cover
40Commercial Vehicle Package PolicyThe policy covers you for *-
Loss Of or Damage To The Vehicle Insured:
Loss or damage to your vehicle caused by any one of the following events Accident by external means Burglary, house break-ins or theft Fire, explosion, self ignition, lightning Terrorism, riots, strikes, malicious acts Transit by road, rail, inland waterways, air or lift Earthquake, flood, storm, landslide or rockslide

Liability To Third Parties:
The policy covers you for the legal liability for injury / death and/or property damage caused to a third party in the event of an accident caused by or arising out of the use of the vehicle. Personal Accident Cover For Owner-Driver:
There is personal accident cover for the owner/driver in case of accidental death or permanent total disability.
1) Electrical / non-electrical items can be insured separately
2) Personal accident cover for named / unnamed passengers
3) Personal accident cover for paid driver / employee
4) Legal liability for paid driver in connection with the operation of the insured vehicle
5) Legal liability to non-fare paying passengers
6) Legal liability to employees in connection with the operation of the insured vehicle
7) Cover for lamps tyres / tubes mudguards bonnet / side parts bumpers headlights and paintwork of the damaged portion only
8) Use of commercial type vehicles for both commercial and private purposes
41Car InsuranceLoss or Damage to your vehicle against Natural Calamities Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
42Two wheeler InsuranceLoss or Damage to your vehicle against Natural Calamities Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
43Workmen's compensation Insurance PolicyThe policy, provides for two forms of insurance viz,
Table ‘A’ - Indemnity against legal liability to all employees (whether or not coming within the definition of the term Workmen) under the W.C.Act 1923 and subsequent amendment to the said Act prior to the date of issue of the policy, the Fatal Accidents Act, 1855 and at Common Law.”

Table ‘B’ - Indemnity against legal liability under the Fatal Accidents Act, 1855 and Common Law. (Table ‘B’ policies may not be issued to cover employees who fall within the definition of “Workmen” under the Workmen’s Compensation Act, 1923 as amended).
 Medical Expenses : premium depend on limit per case
 Occupational Diseases: 25% of book rate
44Product Recall InsuranceCover is available for the Products Recall insurance under a Claims Made Annually Renewable Wording. For the cover to respond to a claim:-
1) there has to be a defect in a product supplied etc., due to manufacture etc.
2) unqualified acceptance of the product by a Customer has to have occurred
3) a recall or the need to replace, rework etc., the defective product has to have occurred
4) the product has to be supplied after the Retroactive Date stated within the Policy - this is usually inception of the cover.
5) the Assured has to be legally liable for the loss
45Brand protection/ contamination recall insuranceProvide both protection & assistance against the economic damage caused by product contamination
Coverage is provided for:
1) Malicious Contamination
2) Accidental Contamination by Assured
3) Products Extortion
Premium is based on
1) Your revenue/turnover
2) Your Policy Limit
3) Business/Industry Type
4) Product Lines
5) Brand Profile
6) Quality Control Procedures
7) Crisis management planning
46 Cyber LiabilityCyber Liability addresses the first- and third-party risks associated with e-business, the Internet, networks and informational assets. Cyber Liability Insurance coverage offers cutting edge protection for exposures arising out of Internet communications.1) Liability to a third party due to libel contained in an e-mail.
2) Liability to a third party due to a virus transmitted by you.
3) Liability to members of your staff due to them being exposed to sexual harassment via electronic.
4) Systems i.e. pornographic images unintentionally viewed on a colleague’s PC .
5) Damage to your computer network due to harmful virus or hacker.
6) Loss of revenue due to downtime of a computer system caused by a virus or hacker.
7)Theft of your money (or your clients) due to hacking or employee electronic theft Threat or extortion relating to your computer system.
47Clinical Trials Liability Insurance (CT)The clinical trial liability is a specific, high-risk area that requires unique coverage to provide the maximum insurance protection. A company needs to purchase additional liability insurance specifically designed to cover clinical trials.
48Kidnap and Ransom Insurance (K&R)Coverage:
1) Ransom/extortion money
2) Expenses associated with the crises
3) loss of ransom money in transit
4) Legal liability for alleged negligence in not preventing a kidnapping or incompetence in handling the crisis
5) Death or dismemberment, medical cost etc.
6) Interest on loan for ransom payment
49Errors and Omissions Liability Insurance (E&O)Errors and omissions (E&O) insurance, which may exclude negligent acts other than errors and omissions ("mistakes"), is most often used by consultants and brokers and agents of various sorts, including notaries public, real estate brokers, insurance agents themselves, appraisers, management consultants and information technology service providers (there are specific E&O policies for software developers, website developers, etc.), architects and engineers, attorneys, third-party business administrators, quality control specialists, nondestructive testing analysts, and many others. A mistake which causes financial harm to another can occur in almost any transaction in many professions
50Special Contingency Insurance PolicyThis policy is specially designed for those business concerns who want to integrate all the possible risks/damages that are related to their machineries/equipments under one single insurance policy. Under Special Contingency Policy all the losses/damages that arises due to the lightning, fire, burglary and so on are fully covered. The Premium rate of this policy generally varies from 1% to 2% of the value of the machineries/equipments to be covered. Damage or financial loss caused due to fire, lightning, burglary etc. are covered.

Protect an insured (a tenant, for example) in case the primary insurance cover taken by another party (a landlord, for example) does not respond to the loss for one reason or another. Insurance policy that covers several remote risks, and is bought generally where legal remedies to a loss are slow, uncertain, or nonexistent.
1) Riot, strike and civil commotion can be covered on payment of additional premium
2) Earthquake, flood sometimes covered on payment of additional premium
51Political Risk InsurancePolitical risk insurance is a type of insurance that can be taken out by businesses, of any size, against political risk—the risk that revolution or other political conditions will result in a loss.

Political risk insurance is available for several different types of political risk, including (among others):
1) Political violence, such as revolution, insurrection, civil unrest, terrorism or war;
2) Governmental expropriation or confiscation of assets;
3) Governmental frustration or repudiation of contracts;
4) Wrongful calling of letters of credit or similar on-demand guarantees;
5) Business Interruption; and
6) Inconvertibility of foreign currency or the inability to repatriate funds.
Premium rates vary by country depending on the industry, the structure of your contract and the risk involved.
52Contract Frustration InsuranceContract Frustration Insurance covers Canadian companies for up to 90 per cent of costs incurred or receivables lost in association with a specific export contract for services, capital goods or projects.
It protects you against a range of commercial and political risks, including:

1) buyer insolvency;
2) cancellation of export or import licenses and permits;
3) host government’s moratorium on debt;
4) non-conversion of currency or inability to transfer funds;
5) non-payment or default by your customer;
6) termination or cancellation of the contract by your customer; and
7) war, revolution, insurrection or other political disturbances.
Pricing is based on a number of factors including policy liability, length of policy, payment terms, buyer risks and other contract-specific risk factors.
53Performance Security InsurancePerformance Security Insurance (PSI) covers up to 95 per cent of your losses if your customer demands payment of a bond issued by your bank without valid reason. When a customer demands payment on a bond (an irrevocable letter of credit (ILC) or letter of guarantee), your bank must pay immediately.Pricing is based on a number of factors including policy liability, length of policy and, customer and country morality risks.
54Accounts Receivable InsuranceAccounts Receivable Insurance (ARI) covers your full book of business for up to 90 per cent of your losses against such commercial risks as your customer refusing to pay. Coverage can be flexible to accommodate your unique needs including ARI for your foreign affiliates.
Other risks covered may include:

1) refusal to accept the goods;
2) bankruptcy or insolvency;
3) cancellation of import or export permits;
4) currency transfer;
5) war, revolution, or insurrection; and contract cancellation.
Premium rates vary based on a variety of factors including products or services sold, shipping location, and terms of payment. An initial set-up fee applies and premiums are payable monthly based on sales volumes during that month. No premiums are payable on outstanding receivables that carry over from one month to the next.
55Single Buyer InsuranceSingle Buyer Insurance covers export sales to the same customer for a 180 day period on shipments or services. The policy insures up to 90 per cent of your losses if a customer does not pay after accepting the goods for reasons that may include:
1) bankruptcy or insolvency;
2) currency conversion and transfer; and
3) war, revolution, or insurrection.
A one-time premium, payable up-front, is calculated based on the amount of coverage you need and on buyer risk.
56Builder's Risk InsuranceBuilder's risk insurance is a special type of property insurance which indemnifies against damage to buildings while they are under construction. Builder's risk insurance is "coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause Builder's risk insurance usually indemnifies against losses due to fire, vandalism, lightning, wind, and similar forces. It usually does not cover earthquake, flood, acts of war, or intentional acts of the owner. Coverage is typically during construction period only,[3] and is intended to terminate when the work has been completed and the property is ready for use or occupancy.
57Crop InsuranceThis insurance policy is a relief scheme for the farmers whose crops get spoiled during natural catastrophe. The insurance amount that is offered to the farmers is equal to the loan amount that has been disbursed to them. A certain amount of premium is charged against the crop insurance. Risk Covered:
1) Fire & lightning
2) Storm, Cyclone, Hailstorm, Typhoon, Tempest, Hurricane, Tornado
3) Flood, inundation & landslide
4) Drought, Dry Spells
5) Pests/Diseases
58Landlord InsuranceLandlords insurance is an insurance policy that covers a property owner from financial losses connected with rental properties. The policy covers the building, with the option of insuring any contents that belong to the landlord that are inside.

The policy will normally cover standard perils such as fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft and malicious damage
Optional coverage might include accidental damage, terrorism, legal protection, alternative accommodation costs, contents insurance, rent guarantee insurance, and liability insurance.
59 Flood Insurance
Flood insurance denotes the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands and floodplains that are susceptible to flooding.
60Aviation InsuranceAviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different from those for other areas of transportation and tend to incorporate aviation terminology, as well as terminology, limits and clauses specific to aviation insurance. The aviation portfolio encompasses following type of covers.
1) Hull all risk insurance policy
2) Spares all risk insurance policy
3) Hull/spares war risk insurance
4) Hull deductible insurance
5) Aviation personal accident(crew member) insurance
6) Loss of license insurance
divided into several types of insurance coverage available
1) Public Liability Insurance
2) Passenger Liability Insurance
3) Combined single limit
4) In flight insurance
5) Ground Risk hull insurance
61Supplemental natural disaster insuranceSupplemental Natural Disaster Protection (SNDP) provides additional financial support to homeowners if their covered property is damaged by a natural disaster that is covered under the insured’s primary homeowner's policy.
62Boat InsuranceYour boat is probably one of your most treasured and valuable possessions. Unfortunately, a boat can also be vulnerable – to accidents, storms, and theft. In addition to giving you peace of mind, boat insurance coverage provides protection for you, your passengers and your boat.
63Surety bond insuranceSurety Bond Insurance is actually a misnomer. A surety bond, though associated with insurance companies, is a line of credit. According to JW Surety Bond Consultants, a surety bond is a guarantee.
A contractor will present a bond to a client to prove that he or she is financially able to take on a particular job. The client is also assured that if the contractor fails to perform accordingly, the client will have finances available to hire a new firm to finish the job.
64Windstorm InsuranceWindstorm insurance is a type of coverage available to residents in areas that are at risk for suffering wind and hail damage to their home. Many homeowner insurance policies do not cover property damage caused by high winds, so this type of coverage is essential to residents in areas that frequently experience hurricanes. Although windstorm insurance coverage is mandated by state government, it is still operated in the same manner as traditional insurance plans. Consumers must pay premiums to obtain the insurance and there are restrictions on the claims the companies will pay. Many of the state-mandated companies are referred to as providers of last resort and will offer coverage to even the highest-risk areas.
65Environmental Liability InsuranceEnvironmental liability insurance protects the insured from bodily injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants.
66Prize Indemnity Insurance (Hole in one Insurance)Prize indemnity insurance is indemnification insurance for a promotion in which the participants are offered the chance to win prizes. Instead of keeping cash reserves to cover large prizes, the promoter pays a premium to an insurance company, which then reimburses the insured should a prize be given away.
67Lenders Mortgage InsuranceLenders Mortgage Insurance (LMI), also known as Private mortgage insurance (PMI) in the US, is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan. It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property
68Business Interruption InsuranceBusiness Interruption Insurance (also known as Business Income Insurance) covers the loss of income that a business suffers after a disaster while its facility is being rebuilt. A property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the profits that would have been earned. This extra policy provision is applicable to all types of businesses, as it is designed to put a business in the same financial position it would have been in if no loss had occurredThe following are typically covered under a business interruption insurance policy:
1) Profits- Profits that would have been earned (based on prior months' financial statements);
2) Fixed Costs- Operating expenses and other costs still being incurred by the property (based on historical costs);
3) Temporary Location- Some policies cover the extra expenses for moving to, and operating from, a temporary location;
4) Extra Expenses- Reimbursement for reasonable expenses (beyond the fixed costs) that allow the business to continue operation while the property is being repaired.
69Collateral Protection InsuranceCollateral Protection Insurance, or CPI, insures property (primarily vehicles) held as collateral for loans made by lending institutions. CPI may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the borrower.
1) Collision & Comprehensive
2) Automatic Coverage
3) Confiscation Coverage
4) Instrument Non-Filing Coverage
5) Conversion or Secretion (Skip) Coverage
6) Repossessed Property Coverage
7) Mechanics Lien Reimbursement Coverage
8) Repossession and Return Expense Reimbursement
9) Repossession Storage Expense
10) Repossession Expense Reimbursement Without Loss
11) Mechanical Breakdown
12) Insufficient Insurance Coverage
Covered Collateral

Light Trucks
Heavy Trucks
Commercial Vehicles
Wheeled Equipment
Recreational Vehicles
Motor Homes
70Expatriate InsuranceExpatriate insurance policies are designed to cover financial and other losses incurred by expatriates while living and working in a country other than one's own.

Insurance should be arranged prior to relocating to a new country or destination. Policies will generally cover the duration of your stay and can be purchased on a 6 month to annual basis. It is important to purchase this insurance from a reputable company.
The most common insurance policies purchased by expatriates include:
1) Personal property
2) Automobile insurance
3) Personal liability insurance
4) Emergency evacuation
5) Medical and dental coverage
6) Short-term travel insurance In some cases, specialty insurance can be purchased for high-risk areas of the world that provide coverage for:
1) War and terrorism
2) Kidnap and ransom
3) Casualty insurance
71Legal Expenses InsuranceLegal expenses insurance (LEI), also known as legal protection insurance (LPI) or simply legal insurance, is a type of insurance which covers policyholders against the potential costs of legal action brought against the policyholder by another individual or institution. There are two main forms of such insurance, before-the-event and after-theevent ("the event" being some eventuality which triggers legal action)
72Locked Funds InsuranceLocked Funds Insurance is a little known hybrid insurance policy jointly issued by governments and banks. It is used to protect public funds from tamper by unauthorised parties. In special cases, a government may authorise its use in protecting semi-private funds which are liable to tamper. Terms of this type of insurance are usually very strict. As such it is only used in extreme cases where maximum security of funds is required.
73Livestock Insuranceproviding protection mechanism to the farmers and cattle rearers against any eventual loss of their animals due to death and to demonstrate the benefit of the insurance of livestock to the people and popularize it with the ultimate goal of attaining qualitative improvement in livestock and their products.
74Media Liability InsuranceMedia liability insurance is designed to protect you against claims arising from gathering and disseminating information. Otherwise known as Errors and Omissions insurance, Media liability insurance may provide coverage against defamation including libel or slander, invasion of privacy and copyright and/or Trademark infringement claims.

A Media liability insurance policy specifically covers exposures as they relate to a financial loss. In recent years the concept of Media has expanded way beyond its intended use. Originally created to protect entertainment types of risks since the late 1990’s and the acceleration of the internets success, a Media liability insurance policy should be obtained by any company promoting, advertising, informing or soliciting their businesses products and services. In other words, if you have a company you probably need Media liability insurance.
75Nuclear Incident InsuranceNuclear insurance is insurance carried by companies which work with nuclear reactors, primarily utilities which generate power with the use of a reactor, to protect them from liability claims in the event of a nuclear incident.
76 Pet InsurancePet Insurance is the insurance which pays the veterinary costs if one's pet is ill, injured due to an accident, or in case it has died, or is lost or stolen (all payment towards a claim have to be made by the pet owner). It does not cover veterinary treatment like vaccination and neutering.

Pet insurance largely means insurance for dogs and cats, with some special insurance available for horses. (Insurance agency like Veterinary Pet Insurance covers other exotic animals also like chameleons and turtles). Such insurance are more practiced in developed countries and insurance cover policies differ from company to company.
Nature of Pet Insurance Policies :
Generally pet insurance policies limit the (insurance) amount payable by either:
• capping the total sum payable annually
• placing limit per illness or accident
• placing cap per claim (after limiting the claim period to a year)
77Pollution InsurancePollution insurance is a type of insurance that covers costs related to pollution. This can include the costs of brownfield restoration and cleanup, liability for injuries and deaths caused by pollution.
78 Title InsuranceTitle insurance is indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens.
79No-fault Insurance"No-fault" insurance refers to medical coverage which you are required by state law to carry on your automobile insurance. Not all states have "no-fault" statutes, though almost all insurance companies sell some type of medical coverage for their auto policies. Basically, if you have an accident, regardless of whether or not you are at-fault, your own autoinsurance must pay a portion of your medical bills. The "no-fault" part comes from the fact that even though someone, say, plowed into the rear of your car while you were stopped at a red light, your own carrier must pick up the ambulance, hospital, rehabilitation, etc.
80Liquor Liability InsuranceLiquor liability insurance provides coverage for establishments involved in the alcohol business. Liquor liability is a type of insurance which covers businesses in the event that claims related to liquor are made against the business. Most classically, such claims involve damages as a result of the actions of an intoxicated person, such as a lawsuit filed by someone involved in a crash caused by someone who was drunk. Although damages in such suits can be substantial, businesses often lack adequate liquor liability coverage, and this can expose them to very high liability.
81Taxicab Liability ProductAs a taxi driver you have a responsibility to transport your passengers as safely as possible, and for the safety of the general public. Taking out a business insurance policy will give your passengers confidence when they are in your care and Simply Business can help you to get the right insurance covers for your taxi business.
82Jewellery & Precious Item Insurancejewellery insurance to ensure that your most valuable items are protected at all times; wherever you are in the world
83PhotoGraphers InsurancePhotographers face a unique set of circumstances when running their business and whether you’re starting out in the industry or have many years of experience behind you it is important that you are covered for all eventualities. Insurance is one way to help achieve this, and professional photographers insurance is tailored to meet the very specific demands that you and your business have. You can protect equipment including photography and office equipment, and you can also enjoy public liability coverage as well as professional indemnity coverage.
84Camera InsuranceCamera Equipment Insurance provides superb, low cost cover

1) Policies for amateur and professional photographers
2) Choice of cover: Room Only and All Risk
3) Theft, damage and accidental loss, replacement hire, personal accident and public liability cover included as standard
Optional extensions: Unattended vehicle cover (all risk policy only); Unlimited worldwide cover (all risk policy only)
85Hull InsuranceHull insurance covers losses to the vessel itself from specified perils. Usually there is a provision that the marine hull should be covered only within specified geographic limits. Hull insurance is boat insurance that covers damage to a boat, its machinery and its equipment.
86Weather InsuranceWeather insurance is an indemnity for losses that may arise due to abnormal weather conditions. These abnormal weather conditions can be events such as excess of rainfall, shortfall in rainfall or variations in temperature, wind speeds and humidity.

Key Benefits
1) The benefits that weather insurance offers are:
2) It is transparent and thus leads to high level of client comfort.
3) It is easy to administer and thus leads to low management expenses.
4) It is scientifically developed and objective.
87Redundancy InsuranceA redundancy insurance, also known as unemployment cover, is essentially the first assistance you obtain soon after having fired from your employment. You may be assured an source of income right after becoming unemployed until you come across brand new job. Typically the insurance coverage covers a period about 12 months, but there are businesses that have offeres for so long as two or three years. That, in return means higher premiums, but it could repay in the end.
88Salary Protection Insurancepaying benefits to policyholders who are incapacitated and hence unable to work due to illness or accident
The Income Protection Insurance offers the policy holder some income stream if the individual falls ill, gets injured and cannot work.
89Payment Protection InsurancePayment protection insurance, (also known as PPI, credit protection insurance, loan repayment insurance, not to be confused with income protection or credit card cover) is an insurance product that is often designed to cover a debt that is currently outstanding(only income payment protection, or the Competition Commission preferred term "short term IP" is not specific to a debt but covers any income). This debt is typically in the form of a loan or an overdraft, and is most widely sold by banks and other credit providers as an add-on to the loan or overdraft product. It typically covers the borrower against an accident, sickness, unemployment or death, circumstances that may prevent them from earning a salary/wage by which they can service the debt.
90Rent Guarantee InsuranceRent Payment Protection Insurance will make your rent payments for up to 12 months if you are unable to work due to accident, sickness or unemployment.
91Neon Sign/Glow Sign InsuranceInsurance will provide cover for loss or damage to the neon glow sign fixed in your premises
92Pedal Cycle InsuranceCovers loss or damage to pedal cycle and liability to third party

Section I- Loss or Damage Indemnify the Insured against loss or damage to any pedal cycle caused by
1) by accidental external means
2) by fire external explosion or lightning or burglary, housebreaking, larceny or theft, accidental external means or by malicious act.

Section II- Liability to Third Party Indemnify the Insured against all sums including claimant's costs and expenses, which the insured shall become legally liable to pay in respect of:
1) Death of or bodily Injury to any person
2) Damage to property
93Cellular Network Package Insurance PolicyScope of Cover:
Section I-MATERIAL DAMAGE (Erection and Operational phase)


94Public Offering of securities insuranceThe policy provides coverage to -
1) The Directors, Officers or Employees of the Offering company
2) If the Offering company indemnifies its Directors and Officers then the company itself in relation to that indemnification.
3) The Offering company itself for Securities claims against it or them arising from their Wrongful Acts on account of the Offering.
The insurance covers legal costs incurred in defending civil and criminal proceedings relating to prospectus liability as well as any judgements or settlements entered into.
95Civil Engineering Completed Risk InsuranceThe policy offers cover against loss or damage due to :
Fire Lightning Explosion/implosion Riot, strike, malicious damage & terrorism Impact by any rail, road or water borne vehicle or animal Storm, cyclone, typhoon, tempest, hurricane, tornado, flood & inundation, wave action Subsidence, landslide and rockslide Earthquake, fire and shock, tsunami Frost, avalanche, ice
Further hazards depending on the location and type of risk can be included like bush fire, volcanic action, blasting operations, cover for removal of debris following a loss at additional premium.
96Wedding InsuranceCoverage:
1) Wedding Cancellation Cover – Damage of the wedding venue due to fire & allied perils. Riots, curfew near the wedding venue. Death or accidental injury to the bride, groom and immediate family members.
2) Insured Property Protection cover – This can cover your house or your wedding venue.
3) Personal accident cover – This is for the bride, groom and immediate family.
4) Money Cover – Keeping in mind large sums of money kept in the house during this wedding this can cover theft.
5) Valuables Cover – This can cover all jewelery kept at your house during the wedding.
6) Public Liability Cover – This can cover the legal liability that can arise incase third party property is damaged during the wedding or third party bodily injury caused due to accidents/ damage to the venue and food poisoning during the wedding.
97Comprehensive Project InsuranceCoverage:
1) Strike, riot and civil commotion
2) Extra costs for airfreight
3) Property insured taken into use or operation
4) Liability consequent upon vibration, removal or weakening of support
5) Guarantee maintenance 1205 Nuclear fuel elements 1206 Costs of decontamination
6) Reactor pressure vessels with internals
7) Costs for leak search
8) Oil, gas and/or geothermal drilling rigs and equipment
9) Delay in start-up following marine cargo
Special Conditions
1) Contract time schedule
2) Structures in earthquake zones
3) Underground services
4) Fire protection
5) Open trenches, pipes, cables and ducts
6) Loss prevention in respect of flood and inundation
7) Directional drilling
8) Serial losses
9) Erection of storage tanks
10) Marine 50/50 loss sharing
11) Flue gas purification plants
98Hurricane InsuranceHurricane insurance is meant to protect you in the event of damage or loss due to one of these catastrophic storms.

Hurricane insurance can be in the form of homeowners insurance, which will cover the structure and contents in the face of the storm. But, because hurricanes can cause a great deal of rainfall, your hurricane insurance may need to include flood insurance to protect you in the case of rising water.
99Fine Art Insurance – Art Dealers & Gallery OwnersAccidental loss or damage to the insured art piece(s), including when the art is in transit.
This coverage is available to all private individuals or entities collecting and maintaining an art collection on a non commercial basis. This would also include business houses maintaining their private art collections.
100General Partnership LiabilityThe policy will cover all general partners of the limited partnership, as well as the directors and officers of your corporate subsidiaries.
101Delay in Start Up (DSU) / Advance Loss of Profits (ALOP)The projections are made for the revenue flow from the date of project completion / commissioning. Invariably there may arise situations where in the entire project gets delayed due to a mishap in the project site or due to accident to the vessel carrying machinery vital to the commissioning of the plant. Both principals and contractors are being confronted with increasing financial risk exposure.
What is covered?
o DSU is the terminology used by the Marine insurance market for the consequential loss risk arising from loss or damage to materials whilst in transit en - route to the contract site from the place of origin. o ALOP similarly is the cover provided during the construction stage for consequential losses incurred in being unable to complete or commissioning the project due an insured peril.
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