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INSURANCE AWARENESS IN EDUCATIONAL INSTITUTIONS
With reference to FUTURE GENERALI INDIA INSURANCE Co. Ltd, Visakhapatnam
A Project Report submitted in partial fulfillment of the requirement for the award of
MASTERS DEGREE IN BUSINESS ADMINISTRATION
By
UTTIYA SEN GUPTA
(Roll No: 1225112155)
Under the Guidance of
Dr.U.V. Adinarayana Rao
GITAM INSTITUTE OF MANAGEMENT
GITAM UNIVERSITY
(Establi shed U/S 3 of UGC Act, 1956)
VISAKHAPATNAM
(2012-14)
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Certificate by the company on their letter head
This is to certify that UTTIYA SEN GUPTA, MBA student (Enrollment No
1225112155), GITAM Institute of Management, GITAM University has done the
project from 03 May 2013 to 12 June 2013 on Future GeneraliIndia Insurance Co.
Ltd in our Organization for submission in partial fulfillment for the award of Post
Graduate Degree of Master of Business Administration by GITAM University and
his/her work has been satisfactory.
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ACKNOWLEDGEMENT
It is my pleasure to acknowledge and express my gratitude to all those who helped me
throughout in the successful completion of this project.
I am very thankful to Sri. S.Rajesh,Branch Manager of Future Generali India Insurance
(Visakhapatnam) Co. Ltd, Waltair Uplands, Visakhapatnam, for extending support
throughout the project.
I wish to express my gratitude to Prof K Siva Rama Krishna, Dean & Principal, GITAMInstitute of Management, GITAM University, Visakhapatnam, for giving me this valuable
opportunity to experience the work culture in an organization.
I am grateful to Prof U.V. Adinarayana Rao, GITAM Institute of Management, GITAM
University, Visakhapatnam for his/her continuous guidance to accomplish this project work,
successfully.
UTTIYA SEN GUPTA
1225112155
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DECLARATION
I, UTTIYA SEN GUPTA a student of Masters of Business Administration (M.B.A.), GITAM
Institute of Management (GIM), GITAM University, hereby declare that the project work
initiated on Insurance Awareness In Educational Institutionsat Future Generali India
Insurance Co. Ltdis a genuine work done by me in partial fulfillment for the requirement
of the degree of Masters of Business Administration. I confirm this has not been published or
submitted elsewhere for the award of any degree in part or in full.
UTTIYA SEN GUPTA
Date:
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CERTIFICATE
This is to certify that the project Report titled Insurance Awareness In Educational
Institutions is an original work carried out by UTTIYA SEN GUPTA (Enrollment No
1225112155), under my guidance and supervision, in partial fulfillment for the award of the
degree of Masters of Business Administration by GITAM Institute of Management, GITAM
University, Visakhapatnam. This report has not been submitted to any other University or
Institution for the award of any Degree/Diploma/Certificate.
Signature of Guide
Name and Address of the Guide:
U. V. ADINARAYANA RAO
Program coordinator, MBA
GITAM Institute of Management
Visakhapatnam
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Chapter -1
Introduction to Insurance
Insurance may be described as a social device to reduce or eliminate risk of life and property.
Under the plan of insurance, a large number of people associate themselves by sharing risk,
attached to individual. The risk, which can be insured against include fire, the peril of sea,
death, accident and burglary. Any risk contingent upon these may be insured against at a
premium commensurate with the risk involved.
Insurance is actually a contract between two parties whereby one party called insurer
undertakes in exchange for a fixed sum called premium to pay the other party happening of
certain event. Insurance is a contract whereby, in return for the payment of premium by the
insured, the insurers pay the financial losses suffered by the insured as a result of the
occurrence of unforeseen event. With the help of insurance, large number of people exposed
to a similar risk makes contributions to a common fund out of which the losses suffered by
the unfortunate few, due to accidental events, are made good.
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Insurance in India
The insurance sector in India has come a full circle from being an open competitive market toNationalization and back to a liberalized market again. Tracing the developments in the
Indian Insurance sector reveals the 360 degree turn witnessed over a period of almost two
centuries. A brief history of the insurance sector. The business of life insurance in India in its
existing from started in India in the year 1818 with the establishment of the Oriental Life
Insurance Company in Calcutta.
Some of the important milestones in the life insurance business in India are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about life and non-life insurance business.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies taken over by the
central government and nationalized. LIC formed by an Act of parliament, viz., LIC
Act, 1956, with a capital contribution of Rs. 5 crores from the government of India.
The General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.
Some of the important milestones in the general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. Set up, the first company to transact all
classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India,
frames a code of conduct for ensuring fair conduct and sound business practices.
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1968: The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act 1972 nationalized the
general insurance business in India with effect from 1
st
January 1973. 107 insurersamalgamated and grouped into four companies viz., the National.
The Generali Insurance Corporation of India:
The entire general insurance business in India was nationalized by General Insurance
Business (Nationalization act), 1972(GIBNA). The Government of India (GOI), through
nationalization took over the shares of 55 Indian insurance companies and the undertaking of
52 insures carrying on general insurance business.
General Insurance Corporation of India was formed in the pursuance of section 9(1)
of GIBNA. It was incorporated on 22 November 1972 under the companies act, 1956 as a
private company Limited by shares. GIC was formed for the purpose of superintending,
controlling and carrying on the business of the general insurance.
As soon as GIC was formed, GOI transferred all the shares it held of the general
insurance companies to GIC. Simultaneously, the nationalized undertakings were transferred
to Indian insurance companies. After a process of mergers among Indian insurance
companies, four companies were left as fully owned subsidiary companies of GIC.
1. National Insurance Company Limited,
2. The New India Assurance Company Limited,
3. The Oriental Insurance Company Limited,
4. United India Insurance Company Limited.
The next landmark happened on 19 April 2000, when the insurance regulatory and
development authority act, 1999 (IRDAA) came into force. This act also introduced
amendment to GIBNA and the insurance act 1938. An amendment to GIBNA removed the
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exclusive privilege of GIC and its subsidiaries carrying of general insurance in India.
In November 2000, GIC is re-notified as the Indian Reinsurance and through
administrative instruction, its supervisory role over subsidiaries was ended. With the general
insurance business (nationalization) Amendment Act 2002 came into force from march 212002 GIC ceased to be the holding company of its subsidiaries. There ownership was vested
with Government of India.
General Insurance Public:
1. National Insurance,
2. New India Assurance,
3. Oriental Insurance,
4. United India Insurance,
5. Agriculture Insurance Company of India Ltd.
General Insurance Private:
1. Future Generali Insurance,
2. Bajaj Allianz General Insurance,
3. ICICI Lombard General Insurance,
4. Reliance General Insurance,
5. Alliance Insurance,
6. TATA AIG General Insurance,
7. Export Credit Guarantee Corporation.
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General Insurance:
Although efforts were made to maintain an open market for the general insurance industry
amending the insurance act of 1938 from time to time, malpractice escalated beyond control.Thus the general insurance industry was nationalized in 1972. The General Insurance
Corporation (GIC) was set up as a holding company. It had four subsidiaries: New India,
Oriental, United India and the National Insurance companies (collectively known as the
NOUN). It was understood that these companies would compete with one another in the
market. It did not happen. They were supposed to setup their own investment portfolios. That
did not happen either. It began to happen after 29 years.
The GIC has a quarter of a million agents. It has more than 2,500 branches, 30 million
individual and group insurance policies and assets of about USD 1,800 million at market
value (at the end of 1999). It has been suggested that the GIC should close 20-25 % of itsnonviable branches (Patel, 2001). The GIC has so far been the holding company and re-
insurer for the state-run insurers. It reinsured about 20% of their business. Two Committee
Reports: One Known, One Unknown Although Indian markets were privatized and opened
up to foreign companies in a number of sectors in 1991, insurance remained out of bounds on
both counts. The government (at the time, dominated by the congress party) decided to set up
a committee headed by Mr. R. N. Malhotra (the then Governor of the reserve bank of India).
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1. B PERSONAL ACCIDENT POLICY (P. A)
This Policy is issued to you based on Your Proposal to Us and Your payment of the
Premium. This Policy records the agreement between us and sets out the terms of insurance
and the obligations of each party.
1. OPERATION OF COVER
a. The cover provided by this Policy will only apply during the Policy Period stated in the
Schedule.
b. The Policy does not provide coverage for any insured person unless he or she at the date of
the claim is under 70 (Seventy) years of age.
c. The policy will not be valid unless a Schedule signed by one of Our Authorized
Representatives is attached.
2. DEFINITIONS
Following words are phrases whenever they appear in italics in this policy wording havespecial meanings as defined below against each of them:
You, your, yourself The policyholder shown in the schedule
We, our, us, insurer Future Generali India Insurance Company Limited
Schedule That portion of the policy which sets out your personal
details, the type of insurance cover in force, the period andthe sum insured. Any Annexure or Endorsement to the
schedule shall also be a part of the schedule.
Proposal The application (Proposal) from for insurance cover
submitted to us along with all information which has
enable us in considering whether and on what terms to
offer this insurance.
Policy The complete documents consisting of the proposal,
policy wording, schedule and endorsements and
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attachments if any.
Occupation Occupation of Insured persons as shown in the schedule or
as declared to us in the proposal.
Policy Period The period commencing with the start date mentioned in
the schedule till the end date mentioned in the schedule.
Accident, Accidental A sudden, unintended and fortuitous external and visible
event.
Accidental Bodily Injury Any injury to you caused by an accident which occurs
during the Policy Period but does not include any
condition which is also a sickness or illness or disease or
any degenerative condition provided that the injury results
in any of the events specified in the table of events within
12 calendar months from the date of such injury.
Doctor / Physician A qualified medical practitioner holding a valid and
subsisting license granted by the appropriate licensing
authority and acting within the scope of his license.
Permanent Total
Disablement
Means disablement which entirely prevents an insured
person from attending to any business or occupation ofany and every kind and which lasts 12 months and at the
expiry of that period is beyond hope of improvement.
Permanent Partial
Disablement
Doctor certified total and continuous loss or impairment of
a body part or sensory organ specified.
Temporary Total
Disablement
Means disablement which temporarily and totally prevents
the insured person from attending to the of his usual
business or occupation and shall be payable for a
maximum period of 100 weeks during such disablementfrom the date on which the insured person first became
disabled.
Total Sum Assured The amount stated in the schedule, which the maximum
amount we will pay for claims is made by you in one
policy period irrespective of the number of claims you
make or the number of years that you have had personal
accident policy with us.
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Principle sum insured The highest of the sum insured mentioned for death or
permanent total Disability or permanent partial disability
benefit.
Reasonable and Customary
Charges
A charge incurred for medical treatment that are medically
necessary to treat your condition and not exceeding theusual level of charges for similar medical services in the
locality where expense is incurred and excludes any
charge that would not have been made if there was no
insurance.
Hospital A legally recognized establishment which holds a valid
license to practice medicine and provide for the care and
treatment of injured persons, with minimum of 10 beds,
one or more physicians available at the premises at all
times and provides 24 hour nursing service with at least
one qualified and registered professional nurse present and
on duty at all times.
Fingers or Toes Whether in the singular or plural, means the digits of a
hand or foot.
Insured Person Whether in singular or plural means the person(s) who
come within the description of insured persons stated in
the schedule, who are nominated by you from time to timeand for whom premium has been paid.
Policy Holder Organization stated in the schedule.
Limb Whether in singular or plural, means an arm at or above
the wrist or a leg at or above the ankle.
3. WHAT WE WILL PAY FOR
Following an Accidental Bodily Injury to You which results in any of the events listed in the
Table of Events, we will pay You or Your nominee such percentage stated against the event
in the Table of Events of the sum insured stated in the Schedule provided that the
Schedule mentions that you have opted for coverage against that event and paid premium for
the same.
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PRIMARY COVERS
The Primary Cover includes the following benefits. We will make payment for the benefits as
specified in the Schedule.
A. Accidental Death
B. Permanent Total Disablement
C. Permanent Partial Disablement
D. Temporary Total Disablement
For any other Permanent Partial Disablement event not provided above. We shall pay an
appropriate percentage of principal sum insured as decided by us.
If a claim has already been settled for any of the primary covers the amount payable for the
subsequent claims/s under any other primary covers shall be reduced by the amount/s already
paid.
Regardless of one or more claims during the policy period, the maximum amount payable
towards the Primary Cover shall be restricted to the Principal Sum Insured.
If more than one loss results from any Accident, only the one amount the largest, will be paid.
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Table of Events
Event Percentage of Sum insured
Death 100%
Permanent Total Disablement 100%
Permanent Partial Disablement As follows
Permanent Total Loss of sight of both
eyes
100%
Permanent Total Loss of sight of one
eye and physical separation of or theloss of ability to use either one hand or
one foot
100%
An arm at the shoulder joint 75%
An arm above the elbow joint 70%
A hand at the wrist 50%
An arm beneath the elbow joint 60%
A thumb 25%
An index finger 10%
Any other finger 5%
A leg above mid-thigh 75%
A leg up to mid thigh 60%
A leg up to beneath the knee 50%
A leg up to mid-calf 45%
A foot at the ankle 40%
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A large toe 5%
Any other toe 2%
Permanent Loss of sight of one eye 50%
Hearing of one ear 25%
Hearing of both ears 75%
Sense of smell 10%
Sense of taste 5%
Shortening of leg by at least 5% 7%
Temporary Total Disablement As per the benefit plan
This policy shall cease for the particular Insured Person on payment of a claim for Death or
Permanent Total Disablement of that Insured Person.
4. ADDITIONAL COVERS
We will make payment for the following additional benefits if the Schedule mentions that
you have availed the same and paid the additional premium applicable.
(a) Child Education Support
In the event of We making payment for a claim for Death or Permanent Total Disablement,
We will also be making payment towards the education support of Your child upto 21 years
of age for the sum insured mentioned against this benefit per month for the maximum period
as stated in the Schedule .This benefit shall be limited to the maximum as stated in the
Schedule irrespective of the number of children.
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(b) Life Support Benefit
In the event of We making payment for a claim for Permanent Total Disablement, We will
also make payment towards your life support the sum insured mentioned against this benefit
per month for the number of months mentioned in the Schedule.
(c) Accidental Medical Expenses
In the event of valid claim under this policy for Death, Permanent Total Disablement,
Permanent Partial Disablement, Temporary Total Disablement We will reimburse the
Reasonable and Customary charges, subject to Deductibles if any shown in the Policy
Schedule, towards Hospitalisation expenses incurred for medical treatment for the injury
sustained, as an inpatient in a Hospital in India for a minimum period of 24 hours. Themaximum amount payable towards this cover shall be the sum insured shown in the Schedule
against this cover.
(d) Hospital Cash Allowance
In the event of us paying a claim for Accidental Medical Expenses, we will also make
payment of the sum mentioned in the Schedule for each completed day of hospitalization for
a maximum period mentioned in the Schedule.
(e) Loan Protector
In the event of us making a payment for Death or Permanent Total Disablement, We will also
pay the sum mentioned in the Schedule against this benefit per month or the actual Loan EMI
you are liable to pay, whichever is less for the maximum period mentioned in the Schedule.
We will also make payment towards this benefit for each completed month of hospitalization
in the event of you meeting with an Accident and getting hospitalized. The maximumpayment during the policy period shall be the number of months mentioned in the Schedule.
(f) Repatriation Benefit and Funeral Expenses
In the event of We making payment for a claim for Accidental Death we will also make
payment towards
I. Expenses incurred for preparing your body for burial or cremation and transportation of
your body to your city of residence provided the place of death is not less than 100 kms from
your normal place of residence.
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II. Your funeral expenses.
The maximum towards a & b together shall be limited to 1% of the Principal Sum insured
subject to maximum of Rs 12500/-.
(g) Adaptation Allowance
If You are required to modify Your vehicle or make some changes in Your house as
necessitated by a Permanent Total Disablement which resulted from an accident covered
under this Policy, We shall reimburse such expenses up to a limit of 10% of the Principal
Sum Insured subject to a maximum of Rs.50,000 provided we have paid the claim towards
Permanent Total Disablement.
(h) Family Transportation Allowance
Following an accidental injury which results in Death, Permanent Total or Permanent Partial
Disablement indemnifiable under this policy, if the Insured Person is confined in a hospital
outside 100 kms of his normal place of residence, within 12 months from the date of accident,
and the attending physician recommends the personal attendance of an immediate family
member, we shall reimburse the expenses incurred for the immediate family member for
transportation by the most direct route by a licensed common carrier to the place of
confinement of the Insured Person.
The maximum amount payable for this cover shall be limited to 10% of the Principal Sum
Insured subject to maximum Rs.50,000/-.
5. WHAT IS NOT PAYABLE
We will not pay for any compensation, benefit or expenses in respect of Death, Injury or
Disablement, Accidental Medical Expenses of the Insured person as a consequence of the
following
a) Intentional self injury (including but not limited to the use or misuse of any
intoxicating drugs or alcohol)
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b) Accident while under the influence of alcohol or drugs.
c) Participation in an actual or attempted felony, riot, crime, misdemeanor or civil
commotion
d) Any accident of which a contributing cause was your actual or attempted commission
of, or willful participation in, an illegal act or any violation or attempted violation of
the law or your resistance to arrest.
e) Whilst engaging in Aviation or Ballooning or whilst mounting into, dismounting from
or traveling in any balloon or aircraft other than as passenger (fare paying or
otherwise) in any duly licensed standard type of aircraft.
f) Participating in motor racing or trial run as a driver, co-driver or passenger
g) Curative treatments or interventions that you carry out or have carried our on your
body
h) Pregnancy and childbirth, miscarriage, abortion or complications arising out of any of
these
i) War, invasion, acts of foreign enemies, hostilities (whether war be declared or not),
civil war, commotion unrest, rebellion, revolution, insurrection, military or usurped
power or confiscation or nationalization or requisition of or damage or under the order
of any government or public authority
j) Nuclear energy, radiation
k) Any existing disablement prior to the inception of the policy
l) Venereal or sexually transmitted diseases, HIV (Human Immunodeficiency Virus) or
HIV related illness including AIDS (Acquired Immune Deficiency Syndrome) and /
or mutant derivatives or variations however caused.
m) Any medical expenses, services, supplies or treatment or hospital stay which were not
recommended or approved as medically necessary by a Physician.
n) Any expense incurred which is not exclusively medical in nature
o) Expenses incurred for emergency medical evacuation
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6. THINGS YOU SHOULD DO
1. If you meet with an accidental bodily injury that may result in a claim, then
You must immediately consult a Doctor and follow the advice and treatment that he
recommends
a) You or someone claiming on your behalf must inform us in writing immediately and
in any event within 15 days
b) You must take reasonable steps to lessen the consequences of your bodily injury.
c) You or someone claiming on your behalf must promptly give us the documentation
information we ask for to investigate the claim or our obligation to make payment for
it.
d) You must have yourself examined by our medical advisors if we ask for this and as
often as we consider this to be Necessary
e) In case of your death, someone claiming on your behalf must inform us in writing
immediately and send us a copy of the Post Mortem report, FIR or any other
document as required by us within 15 days.
2. We have agreed to issue this policy based on the occupation that you have declared to us
while taking this policy. If you change your occupation then you must tell us in writing
within 30 days of the change. If you do not do this, then this insurance will cease as far as
you are concerned from the date that you changed your occupation.
3. You should send any communication meant to us in writing to our address shown in the
Schedule.
4. If you wish to cancel this policy you should give us 15 days notice in writing. We shall
refund you balance premium after retaining premium as per the scale shown below:
Policy period not exceeding % of annual rate
1 month 25%
3 month 40%
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6 month 75%
9 month 90%
7. THINGS WE WILL DO THINGS
We will send any communication meant to you to your address shown in the Schedule.
a) We will make claim payment to you or Your Nominee. If there is no Nominee and
you are incapacitated or deceased, we will pay your heir, executor or validly
appointed legal representative and any payment we make in this way will be acomplete and final discharge of our liability to make payment.
b) We will make all claim payments in Indian rupees within India only.
c) If we cancel this policy we will give You 15 days notice in writing. In such cases we
shall make you pro rata refund of premium for the balance period.
d) If you renew this policy with us within 7 days of expiry of the policy we shall give
you 5% increase on the primary covers for each continuous claim free year.
Maximum increase shall be 25% of the original policy sum insured. You will be
eligible for this benefit only if the Schedule mentions that such benefit is included in
the plan opted by You.
e) If you renew this policy continuously with Us, You may become eligible for Renewal
Discount in the renewal premium payable as per our guidelines.
f) This Policy may be renewed by mutual consent every year and in such event, the
renewal premium shall be paid to us on or before the date of expiry of the Policy or of
the subsequent renewal thereof.
However we shall not be bound to give notice that such renewal premium is due.
Incurred claim Ratio under the Group Discount Percentage (%)
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Up to 20% 25
21% - 35% 15
36% - 50% 10
51% - 60% 5
8. Loading Percentage for high claim ratio (MALUS):
The total premium payable at renewal of the group policy will be loaded at the following
scale depending upon the incurred claims ratio for the entire group insured under the group
personal accident policy for the preceding 3 completed years excluding the year immediately
preceding the date of renewal. Where the group personal accident policy has not been in force
for the 3 completed years, such shorter periods of completed years excluding the year
immediately preceding the date of renewal will be taken in to account.
Incurred claim Ratio under the Group Policy Loading Percentage (%)
Between 80% and 100% 25
Between 101% and 125% 55
Between 126% and 150% 90
Between 151% and 175% 120
Between 176% and 200% 150
Over 200% Cover to be reviewed
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9. WHAT YOU SHOULD NOT DO
a) You should not make any claim knowing it to be false or fraudulent in any way.
b) You should also not conceal, misrepresent intentionally or otherwise any fact or
circumstance that we consider as material to this insurance.
c) If you do so then the policy shall be void and all claims or payments due under it shall
be lost.
10. DISPUTE RESOLUTION
a) Any dispute regarding the claim amount, liability otherwise being admitted, are to be
referred to arbitration under the Arbitration & Conciliation Act 1996. The law of the
arbitration shall be Indian law and the seat of the arbitration and venue for all the
hearings shall be within India.
b) If these arbitration provisions are held to be invalid, then all such disputes or
differences shall be referred to the exclusive jurisdiction of the Indian courts.
11. COMPLIANCE WITH POLICY PROVISIONS
Failure by You to comply with any of the provisions in this Policy may invalidate all claims
hereunder.
12. USE OF MASULINE PRONOUN
A masculine personal pronoun as used in this Policy includes the feminine, wherever the
context requires.
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13. TERRITORIAL LIMITS AND LAW
We cover Accidental Bodily injury sustained by you during the Policy Period anywhere in
the World (subject to the travel and other restrictions that the Indian Government may
impose), but we will make payment within India and in Indian Rupees. The construction,
interpretation and meaning of the provisions of this Policy shall be determined in accordance
with Indian Law.
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Chapter-2
ABOUT THE COMPANY
ABOUT THE COMPANY:
Future Generali is a joint venture between the India-based Future Group and the Italy-
based Generali Group.
Future Generali is present in India in both the Life and Non-Life businesses as Future
Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.
FUTURE GROUP:
Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of
Indias leading business houses with multiple businesses spanning across the consumption
space. While retail forms the core business activity of Future Group, group subsidiaries are
present in consumer finance, capital, insurance, leisure and entertainment, brand
development, retail real estate development, retail media and logistics.
Led by its flagship enterprise, Pantaloon Retail, the group operates over 12 million
square feet of retail space in 71 cities and towns and 65 rural locations across India.
Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is
listed on the Indian stock exchanges. The company follows a multi-format retail strategy that
captures almost the entire consumption basket of Indian customers. In the lifestyle segment,
the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls.
In the value segment, its marquee brand, Big Bazaar is a hypermarket format that combines
the look, touch and feel of Indian bazaars with the choice and convenience of modern retail.
The groups specialty retail formats include sportswear retailer, Planet Sports,
electronics retailer, eZone, home improvement chain, Home Town and rural retail chain,
Aadhaar, among others. It also operates popular shopping portal,www.futurebazaar.com.
Future Capital Holdings, the groups financial arm, provides investment advisory to
assets worth over $1 billion that are being invested in consumer brands and companies, real
estate, hotels and logistics. It also operates a consumer finance arm with branches in 150locations.
http://www.futurebazaar.com/%20/%20_blankhttp://www.futurebazaar.com/%20/%20_blankhttp://www.futurebazaar.com/%20/%20_blankhttp://www.futurebazaar.com/%20/%20_blank -
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Other group companies include, Future Generali, the groups insurance venture in
partnership with Italys Generali Group, Future Brands, a brand development and IPR
company, Future Logistics, providing logistics and distribution solutions to group companies
and business partners and Future Media, a retail media initiative.
The groups presence in Leisure & Entertainment segment is led through, Mumbai-
based listed company Galaxy Entertainment Limited. Galaxy leading leisure chains, Sports
Bar and Bowling Co. and family entertainment centers, F123. Through its partner company,
Blue Foods the group operates around 100 restaurants and food courts through brands like
Bombay Blues, Spaghetti Kitchen, Noodle Bar, The Spoon, Copper Chimney and Gelato.
Future Groups joint venture partners include, US-based stationery products retailers,
Staples and Middle East-based Axiom Communications. Future Group believes in developing
strong insights on Indian consumers and building businesses based on Indian ideas, as
espoused in the groups core value of Indianness. The groups corporate credo is, Rewrite
rules, Retain values.
THE GENERALI GROUP:
The Generali Group is a leading player in the global insurance and financial markets.
Established in Trieste in 1831, today the Group is one of Europes largest insurance providers
and the European biggest Life insurer. It is also one of the worlds top asset managers with
assets totaling more than 400 billion. With an employed sales force of more than 100,000
people serving 70 million clients in 68 countries, the Group occupies a leadership position in
Western Europe and an increasingly important place in Eastern Europe and Asia.
The Group strategy aims to consolidate Generalis pre-eminence on its key markets
and achieve a premier position on markets with high growth potential, establishing itsleadership in profitability.
IDENTITY CARD:
Since its establishment, the Generali Group has always held a reputation for its capital and
financial strength. Its solidity derives from prudent investment management and a focus on
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achieving a correct match between risk and medium/long-term profitability.
Generali Group is one of the leading insurance groups in Europe, with a 2009 total
premium income of more than 70 billion
It is present in 68 countries
It has 70 million clients worldwide
It has 85,322 employees (15,956 in Italy)
It has over 400 billion of assets under management
High rating assigned by the international rating agencies:
A.M. BEST: A+ STABLE
Standard & Poors: AA- STABLE
Fitch Ibca: AA- NEGATIVE
Moodys: Aa3 STABLE
Vision Statement:
"Pledged to provide financial security to all people & enterprises through total insurance
solutions"
Values:
Respect:for all our stakeholders- employees, customers, for all rules and regulations
both internal and external.
Indianness:We understand India in all its diversity and different facets and will use
for our local understanding to respond to our specific markets, design our products
and craft our processes.
Nimbleness:A combination of speed and quality, and ability to overcome all
obstacles which come in the way of the achievement of our vision.
"Can Do:An attitude which demonstrates our passion, entrepreneurship, and
positive thinking.
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Positioning
Knowledge Organization with Leadership Approach
One Stop Total Insurance Solutions & Services Provider
Customer Centric Model embracing Passion, Convenience and Service Excellence
Objective
To provide superior customer service through our knowledge-based business partners and
employees supported by innovative products and services.
Family DNA
Pioneering spirit
Passion for clients
Responsibility
Respect
Integration
Professionalism
Transparency
Indianness
Visionary
Lifetime learning
Products:
Retail Products
Motor
http://www.futuregenerali.in/GeneralInsurance/RetailProducts/MotorInsurance/Motor.aspx%20/%20_selfhttp://www.futuregenerali.in/GeneralInsurance/RetailProducts/MotorInsurance/Motor.aspx%20/%20_selfhttp://www.futuregenerali.in/GeneralInsurance/RetailProducts/MotorInsurance/Motor.aspx%20/%20_selfhttp://www.futuregenerali.in/GeneralInsurance/RetailProducts/MotorInsurance/Motor.aspx%20/%20_self -
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Motor Suraksha
Motor Add-on
Accident & Health
Future Accident SurakshaFor Individuals & Family
Health SurakshaFor Individuals & Family
Future Criti-careFor Individuals & Family
Travel
Travel Suraksha
Individual Travel Plan
Multi- Trip Plan
Asia Travel Plan
Superior Care Plan
Schengen Travel
Home
Future Home Secure
Commercial Products
Business Suraksha
For Shopkeeper
For Office
Education Institutes
For Housing Societies
Hotel & Restaurants
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Corporate Products
Fire
Standard Fire & Special Perils Policy
Fire Loss of Profit
Industrial All Risk
Engineering Insurance
Erection All Risk
Contractors All Risk
Machinery Breakdown
Contractors Plant & Machinery
Boiler & Pressure Plant
Electronic Equipment
Machinery Loss of Profits
Marine Cargo Insurance
Accident & Health
Group Health Insurance
Group Personal Accident
Liability
Public Liability (Industrial)
Public Liability (Non Industrial)
Products Liability
Directors & Officers Liability
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Errors & Omissions
Commercial General Liability
Workmens Compensation
Miscellaneous
Burglary
Money
Rural Products
Rural Products
Cattle & Livestock
Poultry
Other Animals
Camel
Dog
Elephant
Horse
Agricultural Pump-set
Farmers Package
Future Secure Motor Insurance:
The difference between driving safe and driving secure. You stop at every signal; you
slow down when you are supposed to, and follow every rule to the letter. Unfortunately, your
vehicles fate doesnt depend on you alone. Future Motor Suraksha takes care of any damage
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your vehicle might suffer. This plan, which is in its first year of operations; overs everything,
including third party expenses. So now when you drive, rest assured; we take just as much
care of your car as we do of you.
Types of Motor Insurance Solutions:
Private Car Insurance
Two Wheeler Insurance
Commercial Vehicle Insurance
Benefits
Instant policy issuance
Toll-free assistance number for customer service and claims registration
Prompt and timely claims survey
Cashless / direct settlement at our approved workshops
Claims finalization within seven working days from receipt of all documents
Accidental towing assistance (within city limits only)
Automated renewal reminder service
Private Car Insurance/Two Wheeler Insurance:
Coverages
Vehicle damage: This benefit covers any damage to your vehicle on account of an
accident, burglary, theft or housebreaking. It also protects your vehicle against
damage due to fire, lightning, self-ignition, explosion, riot, strike, malicious act,
terrorism, earthquake, flood, cyclone and inundation. This cover encompasses
protection against any damage caused to your vehicle while in transit by road, rail, air,
elevator and lift
Third party liability: This benefit protects you against any third party liability that youmay incur due to the death of, or bodily injury to, any person; or damage to property.
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The policy also covers the legal expenses you might incur to defend this claim. This is
a mandatory insurance coverage for your vehicle
Additional coverages
1. Personal accident cover:
The motor insurance provides compulsory personal accident cover of Rs. 1 lakh for
individual owners of the vehicle while driving. This is not applicable for a Company owned
Vehicle. You can also opt for a personal accident cover for passengers (named or un-named)
up to a maximum Capital Sum Insured of Rs. 2 lacs per person
Available only if the owner of the vehicle holds a valid driving license.
2. Additional Legal liabilities:
The following additional legal liabilities may also be opted for at an additional premium
Paid Driver/conductor/Cleaner employed in operation of vehicle.
Employees traveling in/driving the vehicle other than paid driver.
Non-fare paying passengers
Bonus and Discounts:
No Claim Bonus:If you do not make a claim during the policy period, a No Claim
Bonus (NCB) is offered on renewals. This discount can go as high as 50%. (NCB will
only be allowed provided the policy is renewed within 90 days of the expiry date of
the previous policy.)
Transfer of NCB:You can transfer full benefits of No Claim Bonus when you shift
your motor insurance policy to another company.
Voluntary Excess discount:A further discount on the premium is available if you
opt for a Voluntary Excess (available only for Private cars and two wheelers) in
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addition to the Compulsory Excess. (Compulsory Excess is the amount of loss which
the insured has to bear in each and every claim.).
Automobile Association Membership:You can also avail of additional discount if
you are a member of a recognized Automobile Association in India (available only forPrivate cars and two wheelers).
Anti-theft devices:In case you have installed an ARAI approved anti theft device in
your vehicle, you get a discount of 2.5 % on the OD Premium to a maximum of Rs.
500 for four-wheelers and Rs 50/- for two wheelers
Motor Add on:
With growing needs and dynamic external factors, the regular car insurance is no
longer sufficient. Future Generali offers you unique Add on covers for additional
protection to your vehicles
1. Depreciation Cap
This cover offers full claim without any deduction for depreciation on the value of parts
replaced. The cover is available for vehicles up to 3 years old and operates for maximum 2
claims during the policy period.
2. IDV comprising of On Road Price
This cover offers IDV equal to Invoice value plus Registration plus Road Tax for the new
vehicle.
3. Reimbursement of Consumables.
This cover reimburses the cost of consumables up to 2% of the admissible claim amount
subject to a maximum of Rs 3000/-
1. Personal Accident of Rs 50 lakhs Death only for registered owner.
2. Loss of Personal Belongings including owners laptop from locked vehicle up to Rs
50,000/-
3. Loss of keys up to Rs. 50,000/-
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4. Inconvenience Allowance of Rs. 3000/- per day for 15 days
5. This cover pays a fixed sum towards hiring a transport while the vehicle is under
repair for a valid claim and the repair time is more than 3 days. Period of Daily
Allowance may extend beyond the policy period depending upon the date of loss.
6. Personal Liability of Rs 5 lakhs worldwide for registered owner
You may also choose from Pre-determined bundles below
Add on Covers Silver Gold Platinum
Depreciation Cap
IDV comprising of On Road Price
Reimbursement of Consumables
Personal Accident Death only
cover for Registered owner
Loss of Personal Belongings
Loss of keys
Inconvenience Allowance
Personal Liability
Commercial vehicle Insurance:
Your vehicle is most critical to your business. Any damage to it can be a huge loss to
you. In todays times of uncertainties, you need a comprehensive insurance cover which not
only covers you for the liability arising out of the Third party but covers you against the loss
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or damage to your vehicle.
Benefits
Covers all the features as per the Motor Vehicle tariff
Coverage for Partial Loss & total loss arising out of accident, Fire & allied perils,
burglary & theft, riots and strikes, damage in transit by air, rail, road and sea.
Discount (NCB) for claim free experience.
Predefined depreciation for the parts needing replacement on account of accident.
Third Party Legal Liability: Covers Third party property damage and Third party
Bodily injury.
Future Accident Suraksha:
External sunshine of a tranquil mind. Wouldnt it be nice to never wonder, what if...?
To never have misgivings? To be prepared for absolutely anything? Heres where we come
in. With Future Accident Suraksha - Well take care of any financial consequences that an
unforeseen event might incur. So go on and live a life without worries. After all, when
youre insured even against the unforeseen, peace of mind comes easy.
Scope of cover
The Plan covers risk of Accident
Accidental Death
Permanent Total Disability
Permanent Partial Disability
Temporary Total Disablement
Health SurakshaFor Individuals & Family
Always within reach. Your health is your most important asset. And with Future Health
http://www.futuregenerali.in/GeneralInsurance/RetailProducts/HealthInsurance/HealthSurakshaIndividual.aspx%20/%20_selfhttp://www.futuregenerali.in/GeneralInsurance/RetailProducts/HealthInsurance/HealthSurakshaIndividual.aspx%20/%20_selfhttp://www.futuregenerali.in/GeneralInsurance/RetailProducts/HealthInsurance/HealthSurakshaIndividual.aspx%20/%20_selfhttp://www.futuregenerali.in/GeneralInsurance/RetailProducts/HealthInsurance/HealthSurakshaIndividual.aspx%20/%20_self -
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Suraksha, we ensure that you will never have to go too far to protect it. Our network of
hospitals across the nation will handle any medical problem that arises. Its our way of
protecting you even against the unpredictable.
Benefits
In house Claims processing
Cashless settlement
Innovative covers offered
Family Floater
Quick settlement of claims
Renewal discount
No Claim Bonus
Future Criti-careFor Individuals & Family
Future Criti-Care is a standalone critical benefit plan that insures you against twelve critical
illnesses. Should you ever be diagnosed with one of these, you will be provided with a fixed
sum, regardless of your actual medical expenses and other health indemnity policies.
Subsequent to 90 days from the policys commencement, Future Criti-Care shall cover the
following major medical illnesses and procedures; subject to survival of 28 days from thedate of diagnosis/ procedure. You can apply for this plan in addition to your othermedical
plans.
Cancer*
Kidney Failure*
Primary Pulmonary Hypertension*
Liver Failure*
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Multiple Sclerosis*
Major organ transplant*
Coronary artery bypass surgery*
First heart attack*(myocardial infarction)
Coma*
Total blindness*
Aorta graft surgery*
Stroke*
Travel Suraksha:
195 nations.7 continents.1 policy to keep you safe. World travel made easy. Wherever you
go, we keep you safe. Future Travel Suraksha takes care of any contingencies that might arise
during your journey; like misplaced papers, sudden illnesses, lost luggage etc. So travel theworld. Leave the worries to us.
Benefits
Cashless claims settlement
Claims turnaround time of less than seven working days
Global service and hospital network
Worldwide emergency, medical and travel assistance
Universal International Free Number (UIFN)
Flexibility of choosing a travel insurance plan as per your need
Child escort benefit
Specially designed plan for senior citizens (i.e. 7180 years of age)
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Ease and convenience of purchase
Instant policy issuance
Cover extension in India, up to 90 days for medical expenses on evacuation
Future Generali Home Suraksha:
Protect what protects you. Insure your home and everything in it. In todays busy life; we
need someone who protects our worries about unfortunate loss of hard earned money,
property, etc. Future Generali's Home Protection Policy protects you from all your worries.
Important features of various sections of this policy are:
Section I - Protection of your assets against fire and allied perils and earthquake
I-A Buildings
I-B Contents (excluding valuables)
I-C Cost of alternative accommodation
I-D Loss of rent
I-E Terrorism
I-F Purchase protection
SectionII Burglary / housebreaking and theft
This section provides protection against the loss or damage to the contents and / or building
of insured premises by burglary and / or housebreaking. The contents may either be insured
on 100% basis or first Loss limits (25% or 40%). The sum insured value of contents should
be on market value basis.
Section III: Protection of your valuables
III-A Jewellery / Valuables
III-B Portable ComputerAll risk excluding breakdown
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Section IV: Protection of your electronic equipment
IV-A Audio visual equipments (electronic equipment)all risk
IV-B Computers (electronic Equipment)all risk
Section V: Protection of Your household mechanical / electrical equipment
V - Household appliancesbreakdown
Section VI-An Accidental compensation (personal accident)Death / PTD / PPD
VI-A Permanent Partial disability
VI-B Hospital confinement allowance
Section VII: Protection against your liability
VII-A your legal liability as a tenant - Tenants legal liability
VII-B Workman's compensationDomestic employees
VII-C Public liability
Section VIII: Enhanced protection covers (Other covers)
VIII-A Baggageall risk
VIII-B Plate glassall risk
VIII-C Pedal cycle
VIII-D ATM cash withdrawalall risk
VIII-G Veterinary costroad accident
Commercial Products:
Scope of cover
This policy is applicable to land-based properties. Our policy is intended to cover
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unforeseen events like fire, earthquake, breakdown, burglary, etc. It does not cover wear and
tear and damage which happens gradually over a period of time which would normally be
described as maintenance. We offer Business Suraksha policy to
Shopkeepers
Office
Educational Institutions
Hotels & Restaurants
Housing Societies
Benefits
1. Fire and Special PerilsBuilding and Contents:
This section broadly covers the damages caused by following risk,
Fire ,Lightening, Explosion, Aircraft damage
Riot/Strike, Malicious damage
Storm, Cyclone, Flood and Inundation
Impact Damage, Subsidence and Landslide including Rock slide, Bursting & or
overflowing of water tanks, apparatus & pipes
Earthquake
Terrorism (Optional)
Also following can be extended to cover the losses consequent to damage / loss by charging
an additional premium...
Rent for Alternate Accommodation.
Tenants Legal Liability (Fire Damage- Building)
Note: Building and Contents value shall be shown separately. Contents sum insured is
mandatory. Sum insured value of building; FFF should be on reinstatement basis. Contents
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(stocks) should be on Market Value basis. Adequacy of sum insured of Building and
Contents to be ensured to avoid underinsurance.
2. Burglary and Housebreaking:
This section provides protection against the loss or damage to the contents and / or building
of insured premises by Burglary and / or Housebreaking. Contents can be insured on First
Loss Limits. Sum Insured value of contents (Stocks) should be on Market Value basis.
3. Electrical and Mechanical Appliances:
This section protects you from accidental mechanical or electrical breakdown of machineries
or equipment whilst installed in the Insured Premises. The sum Insured of each equipment
should be on Reinstatement Basis.
4. Electronic Appliances:
This section of policy covers the repair or replacement costs of your Electronic Equipment
caused by any unforeseen and sudden physical loss. The sum Insured of each equipment
should be on Reinstatement Basis.
5. Money Insurance (Money in Transit/ Money in Safe/ Money in Counter):
In business, transferring the money from one place to another often causes anxiety for
everyone. This section protects your risks by:
Money in Transit between the insured premises and specified bank and vice versa.
Money in Safe.
Money in Counter.
6. Infidelity / Dishonesty of employee:
Employees are our greatest assets. Yet you face instances where your employees cheat you,
this section cover such unusual events. This section covers you against:
Any direct loss caused by act of fraud committed by any salaried employee in the
insured premises.
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7. Fixed Plate Glass:
This section covers accidental damage to fixed plate glass, frames, and frameworks.
8. Neon Sign / Glow Sign:
This section covers accidental damage to Neon Sign / Glow Sign by Fire, lightening, external
explosion, theft, riots, strike & natural calamities, accidental external means.
9. Personal Accident:
This section covers you, in case of Accidental Death, Permanent Total Disablement, and
Permanent Partial Disablement. Maximum Limit for shopkeeper owner is Rs.10 Lacs and for
each employees Rs 2 Lacs.
10. Workmen Compensation:
This section covers the liability towards your Workmen under the Workmen Compensation
Act, Fatal Accidents Act and at Common Law under this section.
11. Public Liability:
This section will compensate you, for the claims arising out of the third parties bodily injury
or property damage occurring in your premises. This is in accordance with Indian Law.
12. Pedal Cycle:
This section covers the repair or replacement costs in respect of the Pedal Cycle caused by
any unforeseen, accidental and sudden physical loss.
13. Baggage:
This section covers accidental loss caused to your personal baggage while traveling anywhere
in India beyond 25 km radius of the insured premises.
14. Business Interruption (Fire Loss of Profit):
This section provides cover against the loss of income following the loss or damage bystandard fire and special perils.
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Corporate Products:
Fire:
Standard Fire and Special Perils Policy:
Fire insurance policy is suitable for the owner of property, one who holds property in trust or
in commission; individuals/ financial institutions who have financial interest in the property.
All immovable and movable property located at a particular premises such as buildings, plant
and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process
along with goods held in trust or in commission including stocks at suppliers/ customer'spremises, machinery temporarily removed from the premises for repairs can be insured.
Coverage Includes
Fire
Lightning
Explosion/Implosion
Aircraft Damage
Riot, Strike, Malicious Damage
Storm, Typhoon, Hurricane, Tornado, Flood and Inundation
Impact damage
Subsidence and landslide including Rock slide
Bursting and overflowing of water tanks, apparatus and Pipes
Missile testing operations
Leakage from Automatic Sprinkler Installation
Bush Fire
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Non Motor Claims Process
Insurance policies are contracts of insurance between the insured and Insurer. The insured
needs to understand the policy issued to him before the loss occurs.
Filing the Claims:
Contact the Call center immediately.
The intimation of the loss can be made through Broker / Agent / FG representative in
any office of FG.
It is desirable that the call be placed on our call center to avoid the loop in the
communication.
Kindly ensure that as far as possible the policy details are available with you before
you intimate the loss.
Contact on Phone / email / fax.
In case of Fire loss:
Contact the fire brigade / police.
Try to minimize the loss and protect the property.
In case of Theft/ Burglary claims:
Loss should be reported to Police Authorities.
In case of Marine transit loss:
If you observe the damage to packing insist on open delivery.
Qualify the BL/LR/RR/MTD/AWB.
Submitting Documents:
In support of your claim the insured may be required to submit the following documents:-
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In case of Fire Policy Claims:
Claim form, duly filled in & signed by the Insured.
Inventory of loss.
Repairs bills.
Lab. Test reports, if required
Photographs, if taken by the Insured
Departmental Note about the incident
Fire Brigade Report
FIR & Police Panchanama.
In case of Marine Claims:
Policy/ Certificate of Insurance duly endorsed
Invoice
Packing List
Surveyors Report
Contract of Carriage i.e. Bill of lading, Air Way Bill, Lorry Receipt (Consignment
Note), Railway Receipt (Original in case of Non - delivery)
Documents pertaining to recovery.
In case of Engineering Claims:
Claim Form
Photographs
Police report (first and final)
Fire Brigade report
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Note:3 & 4 may be waived where the survey report is clear and does not cause any doubt on
occurrence as well as extent of loss. Where Occurrence of riot is in public knowledge,
production of Final Police Investigation Report and Fire Brigade report may be waived.
Give your contact details i.e. Phone Number / Cell number / Email Id and addresswhere you are available.
Maintain all the records of expenses incurred and all the copies of documents and
correspondence exchanged in respect of the loss.
Do not dispose of the damaged item before the surveyor has seen the damaged goods
and permits to dispose it.
Stock Loss:
Try and make the detailed list of the stock damaged.
If possible try to minimize the loss by segregating the damaged goods from the
undamaged goods.
Try to ascertain if the damaged goods can be restored to its original shape / state if so
try to take steps to do so but in consultation with the surveyor.
Keep the details of stock statement ready as on date of loss (before loss).
Segregate the stock position into Raw materials, Stock in process, semi finished goods
/finished goods/ others.
Property Loss:
Make detailed lists, of all damaged items identifying make and model numbers.
Identify where and when you bought the item and its original purchase price.
If it is safe to do so, take a good look around your property and make a note of any
structural damage. Dont forget to look at all structures on the property such as sheds,
fences, garage, etc.
Obtain detailed written repair estimates from reliable, licensed contractors. The
estimate should clearly give detail of labour and material needed.
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Liability Loss:
Inform FG of the happening of an event which may give rise to a claim under the
policy.
Dont forget to take down the Name, address and telephone number of the witness
which will help us if contributory negligence is there and to be proved.
Property Damage
Nature and extent of loss / damage, valuation, depreciation
Contributory negligence
Loss of use, loss of profits, increased cost of working, etc. as claimed.
Bodily Injury / Death
Age, Occupation, status, Income, Dependency, Age of the Dependents etc.
Percentage of Disability supported by Medical Certificate.
Contributory negligence.
Forward the notice of the claim that may be received without admitting the liability to
FG.
Inquiry Procedure:
As your Insurer, FGI strives to maintain the highest standard of service at all times. If you
have an inquiry or concern regarding your policy or claim we encourage you to
Ask us or your insurance broker and agent for an explanation.
Have all the pertinent information and documentation available.
Make sure that you keep a record of who you talked to and what was said.
If your concern is still not addressed to your satisfaction we urge you to write to the Claims
Head of the FGI office that issued you the policy.
We will of course make every effort to resolve any problem in a fair and reasonable manner.
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Settling Your Claim:
Once we agree on the terms of the settlement, payment will be sent promptly
Additional covers:
Earthquake (Fire & Shock)
Spontaneous Combustion
Deterioration of Stocks in cold Storage premises due to accidental power failure
consequent to damage at the premises of Power Station due to an insured peril
Deterioration of stocks in cold storage premises due to change in temperature arising
out of loss or damage to the cold storage machinery in the Insureds premises due to
operation of insured peril.
Forest Fire
Impact Damage due to Insureds own Rail/Road Vehicles, Forklifts, Cranes, Stackers
and the like and articles dropped there from.
Omission to Insure additions, alterations or extensions clause
Removal of Debris (in excess of 1% of claim amount)
Architect, Surveyors & Consulting engineers fees in excess of 3 % of claim amount.
Spontaneous Combustion
Spoilage Material Damage Cover
Leakage and Contamination Cover
Temporary Removal of Stocks
Loss of Rent
Rent for an Alternate Accommodation
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General Exclusion:
Fire due to own fermentation, natural heating or spontaneous combustion of the
stocks or by their undergoing any heating or drying process
Burning by order of any Public Authority
Explosion of boilers or steam generating vessels & machinery subject to centrifugal
force by its own explosion or implosion
Pressure waves generated by aircraft
Total or partial cessation of work/retarding/interruption of any process or operations
arising out of riot, strike, malicious damage
Burglary, house breaking, theft, larceny arising out of riot, strike, malicious damage
Impact damages by rail/road vehicle/animal belonging to the insured or employee or
any occupier of the premises
Normal cracking, settlement, bedding down, up heaving of land/structures, coastal or
river erosion, defective design, workmanship or use of defective materials
Destruction or damage caused by forest fire
Excess amount
Loss or damage caused by war or war like situations
Loss or damage by pollution or contamination except due to insured peril
Loss or damage to electrical machine/apparatus, which is the source of fire
Architects, Surveyors & Consulting Engineer's fees exceeding 3% and debris removal
expenses
Any consequential losses
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Rating:
Rating depends on
The type of occupancy-whether industrial or otherwise
Claim experience
Fire Protection System
Deductible
Loss of Profits (Consequential Loss) Policy
The Consequential Loss (fire) policy covers Loss of Gross Profit and/or increase in cost of
working due to reduction in turnover/output due to operation of peril covered in the Standard
Fire & Special Perils Policy.
Coverage Includes
Loss of Net Trading Profit
Standing Charges
Loss in Respect of Wages other than those covered by the Standing Charges
Increased Cost of Working
Auditor's Fees
Industrial all risk:
Scope of Cover
A comprehensive coverage for the Industrial risks having overall Sum Insured of Rs. 100
crores and above in one or more locations in India. The Policy covers not only the Physical
Losses or damage but also consequential losses arising out of the business interruption due to
accidental unforeseen physical loss or damage to property.
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Policy Structure
Section I - Material Damage which includes Fire & Allied perils, the