Assets & Liabilities Insurance
We tend to believe that we are safe and secure after having a Life Insurance & Health Insurance Policy, however that is not the case. We all have assets and liabilities which are not insured and can still wipe out our savings if left uninsured. Most NRIs usually have their general insurances in their country of residence but neglect the same for their assets back in India. Some people believe that they don’t need a general insurance policy because they can save enough money to replace their assets but, consider a situation where you have to wipe out all your life savings, only to pay for the damage to your property such as repairs or restoration.
NRI assets in India are more prone to theft, fire and other activities since they are not regularly used hence it is imperative that a NRI should have general insurance for all his assets and liabilities in India. General Insurance helps us to protect our assets like our homes, our cars, our other valuable materials from fire, flood, storm, earthquake, theft etc.
Why is it necessary to take Assets & Liabilities Insurance?
To protect valuable assets from accidental loss
Assets insurance covers the damages from natural calamities
The liability to accidental damage to the third-party member caused by you in your property premise is also covered.
The cost of repair or restoration against damage to the property is covered.
Can NRIs Take General Insurance?
NRIs can take general insurance if the insurance company’s terms and conditions are fulfilled.
Various Types Of General Insurance:
FIRE INSURANCE:
In such cases you need financial help. The insurance company offers fire insurance for such a situation in advance. This insurance protects against damage from natural disasters in addition to fire damage. Fire insurance can be taken for like Building, Furniture Fixture and Fittings, electrical items, electrification, stock, machinery, etc.
MOTOR INSURANCE:
Motor insurance is a unique insurance coverage meant for vehicle owners to shield them from incurring any monetary losses which can stand up because of damage or theft of the vehicle. Whether you have a private vehicle, a commercial vehicle, or a two-wheeler, you can purchase a motor insurance coverage.
You will come across two unique kinds of insurance coverage within the marketplace that provides coverage for motor vehicles:
Third-party insurance policy: Obtaining this insurance policy is a statutory requirement. Without this policy, it’s miles illegal to force your motor vehicle in India. The chief objective of this policy is to provide coverage for any injury, loss or damage caused to a third party by your vehicle. Therefore, in case of an injury or death of a third party, the third party can raise a claim under such a policy and receive the insured amount.
Comprehensive insurance policy: This type of insurance policy provides you the best of both worlds as it provides both third-party cover and own damage cover. Even if your car gets stolen, you can file a claim under such a policy and get compensated. Typically, most policyholders prefer purchasing a comprehensive insurance policy and also take on various add-on covers such as zero depreciation cover, personal accident cover, etc., to make it more useful.
PROPERTY INSURANCE:
Householders insurance, also known as home insurance or property insurance, secures the structure and content against unforeseen events like theft, fire, natural calamities (storm, cyclones, etc.) or man-made activities (riots and terrorism). With the mercury level rising to the peak this summer, it is advisable to invest in a home insurance policy, as it will secure your resident’s structure and content. High power outages in India can damage your air-conditioners, refrigerators, and other electronic appliances. Hence to avoid such unfortunate incidents leading to financial losses, it is wise to buy home insurance.
WORKMEN COMPENSATION:
Workers’ compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.
Policy is required by all manufacturing/trading/servicing setups for all floor workers and office staff as well. Most of the contractors’/Sub contractors stands benefited by this policy.
Policy can be taken by Individual/Public or Private companies/ Partnership firms or by any of business/Trading entity operating in the Country. The Workmen’s Compensation policy provides payment for legal compensation to Employees or their dependants in case of injury and accident of the employees at workplace (including certain occupational disease) arising out of and in the course of employment and resulting in disablement or death.
MARINE INSURANCE:
Marine insurance protects against unforeseen losses when any material, machinery or goods are ordered or shipped by road or by train or by sea for commercial purposes outside the country or within the country.
This insurance covers the loss incurred during the transfer of insurance and also from untoward perils like- sinking, collision, burning, weather conditions, navigation errors, theft, jettison, improper stowage by the carrier, hook damage, strikes, war, and natural perils.
CYBER SAFE INSURANCE:
Cyber security insurance, additionally called cyber legal responsibility coverage or cyber coverage, is a agreement that an entity can buy to help reduce the economic dangers associated with doing enterprise on-line.
Cyber risk insurance becomes a necessity as various organizations rely on Internet based technology to reach out their prospective customers and pursue their digital marketing goals. All digital tools expose these organizations to the risk of cyber threats.
SHOPKEEPER’S INSURANCE:
This insurance protects against damage to items and equipment in the shop. The shopkeeper has to bear huge financial loss due to fire, theft, earthquake or sudden shutdown of the equipment in the shop and a lot of money is required to compensate for the loss so that such sudden loss cannot be reached.
Now we think how good it would be if someone could compensate us for such a sudden loss, then what would you think if it could happen! This is very true. It can happen. The insurance company will compensate you for such sudden loss. You only have to pay a small insurance premium and then the insurance company will compensate you for such sudden loss. For this a new and different type of insurance is taken which is called shopkeeper’s insurance.
BURGLARY INSURANCE:
A burglary insurance is one of the more important coverage included in a Property Insurance, that helps protect your home or business property from losses and damages that can be caused due to a potential burglary.
Whether you have an independent house, commercial factory, live in a gated community apartment or own an independent shop or office space; a burglary insurance is extremely vital in protecting, and covering your property from losses that an unforeseen burglary can bring.
INDEMNITY INSURANCE (LIABILITY INSURANCE):
The term indemnity insurance refers to an insurance policy that compensates an insured party for certain unexpected damages or losses up to a certain limit usually the amount of the loss itself. These policies are commonly designed to protect professionals and business owners when they are found to be at fault for a specific event such as misjudgment or malpractice. They generally take the form of a letter of indemnity.
Certain professionals must carry indemnity insurance. These professionals include those involved in financial and legal services, such as financial advisors, insurance agents, accountants, mortgage brokers, and attorneys. Indemnity insurance is a supplemental form of liability insurance specific to certain professionals or service providers.
Indemnity insurance protects against claims arising from possible negligence or failure to perform that result in a client’s financial loss or legal entanglement. A client who suffers a loss can file a civil claim. In response, the professional’s indemnity insurance will pay litigation costs as well as any damages awarded by the court.
