national insurance policy

ASSIGNMENT

NATIONAL INSURANCE COMPANY LIMITED

SUBMITTED TO

DR. B. CHARUMATHI

SUBMITTED BY

SHAILENDRA KUMAR

SECTION ‘B’

DMS, PU

National Insurance Company Limited was incorporated in 1906 with its registered office in Kolkata.

Consequent to passing of the General Insurance Business Nationalization Act in 1972, 21 Foreign and

11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance

Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the

General Insurance Business (Nationalization) Amendment Act, on 7th August 2002, National has been

de-linked from its holding company GIC and presently operating as a Government of India undertaking.

National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India,

carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 offices,

manned by more than 16,000 skilled personnel, is spread over the length and breadth of the country

covering remote rural areas, townships and metropolitan cities. NIC's foreign operations are carried out

from its branch offices in Nepal.

Befittingly, the product ranges, of more than 200 policies offered by NIC cater to the diverse insurance

requirements of its 14 million policyholders. Innovative and customized policies ensure that even

specialized insurance requirements are fully taken care of.

Awards

The company received the Best Auto Insurer 2010 award from J. D. Power and Associates in the Asia

Pacific for customer satisfaction. The criteria evaluated for the award included interaction, claims,

product/policy offerings, renewal/purchase process, billing/payment process and premium/price.

Product and Services

NICL has a range of coverage policies targeting different sectors

1. Personal Line Insurance2. Rural Line Insurance3. Industrial Line Insurance4. Commercial Line Insurance

1. Personal Line Insurance

Personal Line Insurance is meant to cover risks of person and property of individuals or group of individuals or liability developing upon them. Insurance of persons would include Personal Accident, Mediclaim, Critical Illness, Amartya Siksha Yojana, among others. Insurance of property would include Householders', NiwasYojana, Motor etc. Insurance of liability would include liability devolving on a person arising out of his personal actions / inactions or out of the practice of his/her profession, such as, Personal Liability, Professional Indemnity for a Doctor / Lawyer etc.The personal Line is further classified as following:

i) Motor Policy – Two Wheelers

Policy indemnifies bona fide owner of Two wheeler, used for personal purposes against the loss due to damage / theft / burglary of vehicle or any part there of, electrical accessories and also includes cover against liability towards third party personal injury and property damage.

Salient features

Motor Insurance Contracts are subject to the basic principles applicable to property and liability insurance in general. The owner of the vehicle must bear a legal relationship to the vehicle whereby he or she stands to benefit by the safety of the vehicle, right, interest or freedom from liability and stands to lose by any loss, damage, injury or creation of liability.

Scope of cover

There are two types of policies available..... Policy A - to cover Act liability. Policy B - to cover both own damage losses and Act liability. Section I of Standard form of Private Car Policy (B) or Motor Cycle/Scooter Policy covers against loss or damage to the insured vehicle and/or its accessories whilst thereon.a) By fire, explosion (both external and internal), self-ignition or lightening;b) By burglary, housebreaking or theft;c) By riot and strike;d) By earthquake (fire and shock damage);e) By flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm;f) By accidental external means;g) By malicious act;h) By terrorist activity;i) Whilst in transit by road, rail, inland waterway, lift, elevator or air. Section II covers Liability to third parties which means this section provides indemnity to the Insured in the event of accident caused by or arising out of the use of the motor vehicle against all sums, including claimants costs and expenses, which the insured shall become legally liable to pay in respect of --

Death of or bodily injury to any person, including occupants carried in the motor vehicle, provided such occupants are not carried for hire or reward , but not where such death or injury arises out of and in the course of the employment of such person by the Insured. Limits of Liability under this section as per M V Act , 1988 is unlimited ;

Damage to property other than property belonging to the insured or held in trust or in the custody or control of the insured. Limits of Liability is Rs.6000/- in respect of any one claim or series of claims arising out of one event but Tariff however provides for increased limits up to unlimited liability for TP ( Third Party ) property damage, at an additional premium.

ii) Householders Policy

Policy covers risks of different types and protects the house as well as personal effects and household goods.

Salient Features

Personal effects and household goods belonging to individual householders can be covered under this Insurance. It covers under single policy a number of risks.

Scope of Cover

Section I: Fire & Allied Perilsa) Buildingb) Contents

This covers loss of or damage to the building/contents by fire & allied perils, such as riot, strike, lightning, explosion, flood, cyclone, and inundation earth quake etc. (for further details please contact nearest office)

Rate of Premium: Rs. 0.50 per mille.

Section II: Burglary & Housebreaking including larceny and theft

This covers all contents in the premises against the above risks. The Sum insured on contents under this section as well as Section I will be the same.


Section III : All Risks This covers loss or damage to jewelry & valuables caused by accident whilst anywhere in India. Recent invoice/receipt or valuation Certificate should be obtained for items valued at more than Rs.5000/- each.

Rate of Premium: Rs.10.05 per mille.

Section IV: Plate Glass This covers loss of or damage to fixed plate glass in the insured premises by accidental breakage.


Section V : Breakdown of domestic appliances

This Section Covers Loss or damage to domestic appliances caused by mechanical and/or electrical breakdown. Sum Insured in respect of each item should be its new replacement value.

Excess: One percent of the Sum Insured in respect of each domestic appliance separately or Rs.50/- whichever is higher.

Rate of premium: Rs.2.50 per mille.

Section VI: Television Sets & VCR/VCP This covers:

Loss of or damage to the television apparatus and VCR/VCP in insured premises by fire and allied perils, burglary and/or housebreaking or theft, accidental external means and mechanical or electrical breakdown.

Legal liability up to a limit of Rs.25,000/- Damage to Insured’s property caused by breakage of the antenna fittings up to a limit of Rs.3,000/-.


Section VII: Pedal cycleThis covers:

Loss of or damage to pedal cycle belonging to Insured by Fire and allied perils, burglary, housebreaking or theft and accidental external means.

Legal liability up to a limit of Rs.10,000/-

Rate of premium: Rs.20.05 per mille.

Franchise: Rs.10/- of each and every loss due to accident, i.e. if the loss or damage exceeds Rs.10/- the full claim is payable.

Section VIII: Baggage This covers loss or damage to Insured’s accompanied baggage by accident or misfortune whilst the Insured is on tour or holiday anywhere in India.


Section IX: Personal Accident

The Insured, his spouse and his children, all between the age of 5 and 70 years can be covered under this section.

The insurance covers death, permanent total disablement, permanent partial disablement and Temporary total disablement.

Additional Benefits:

1. Expenses incurred for carriage of dead body of Insured (death due to accident only) to place of residence subject to a maximum of 2% of Capital Sum Insured of Rs.1,000/- whichever is lower.

2. Medical expenses arising out of an accident up to 10% of Capital Sum Insured or 40% of the admissible claim whichever is lower against an additional Premium of 20% of basic Premium.

Rate of premium: Ranging from Rs. 0.40 to Rs.3.00 per mille (for details Please refer Policy literature for our Personal Accident Policy).

Section X: Public Liability

The Insured is indemnified in respect of legal liability up to a limit of Rs.25,000/- The Insured is indemnified against the compensation to his employees that he becomes legally liable

to pay under the Workmen’s Compensation Act 1923, Fatal Accidents Act, 1855 or at Common Law in respect of death of or bodily injury to such employees arising out of and in the course of employment.

iii) Personal Accident Policy

Policy compensates individuals against accidental injuries resulting in disability or death.

Salient features

The policy compensates individual against death, loss of limbs, loss of eyesight, permanent total disablement, permanent partial disablement and temporary total disablement, solely and directly resulting from accidental injuries.

Scope of Cover and Premium Rating

Serial Contingency and Benefit Table Benefits Rate (Rs. Per mile)

No. Payable as % of CSI Covered Normal Medium Heavy

Risks Risks Risks

1. Death only - 100% I 1 0.40 0.60 0.90

2. Loss of two limbs, two eyes

or one limb and one eye-100%

3. Loss of one limb or one eye-50%

4. Permanent Total Disablement IA 1 to 4 0.45 0.65 1.50

from injuries other than those

named above (PTD-100%)

5. Permanent Partial Disablement II 1 to 5 0.90 1.25 1.90

% of CSI as Detailed in the Policy

6. Temporary Total Disablement III 1 to 6 1.50 2.00 3.00

1% of CSI per week up to 104 weeks

maximum. Weekly benefits not to

exceed Rs.5,000/-

iv) Critical Illness Policy

Policy provides exclusive benefit to individuals in the age group 20-65 years who are unexpectedly diagnosed for treatment of critical ailments like Coronary Artery Surgery, Cancer, Renal Failure, Major Organ Transplant, Stroke or Multiple Sclerosis.

Salient Features

Critical Illness Policy is an exclusive benefit policy for individuals in the age group 20-65 years covering The following critical ailments :- - Coronary Artery Surgery.- Cancer- Renal Failure i.e. Failure of both Kidneys.- Stroke- Multiple Sclerosis- Major organ transplants like kidney, lung, pancreas or bone marrow.

Scope of Cover

The Sum Insured under the policy will have four levels: Level I - Rs. 5 Lacs Level II - Rs. 10 Lacs Level III - Rs. 20 Lacs Level IV - Rs. 25 Lacs The amount chosen will be available in lump sum to the individual to take care of medical expenses incurredIn case of the above illness Compensation for Coronary Artery Surgery shall be limited to 20% of the limit of indemnity.

v) NRI accident Policy

Policy covers Non-Resident Indians and family against loss arising from accidental injuries including death.

Salient Features

Policy covers Non-Resident Indians in the age range of 5 and 70 years.

Scope of Cover

There would be three schemes based on Capital Sum Insured for the Insured to choose one 10% Discount on premium is allowed if the family of the NRI is insured under the policy.

vi) Amartya Siksha Yojana Policy

Policy covers cost of education of student/students in the age group of 4 to 25 years in the event of death of Parent/Guardian thus providing for continuation of studies.

Salient Features

The policy is basically intended for covering expenses to be incurred after happening of the accidental contingency to the insured parent/guardian of the insured student child for continuation of the insured student’s education in respect of the covered course till completion of the course.

Scope of Cover

The Policy will also cover the first admission fees but will excluded Donation /Capitation Fees if any. A maximum of two student children can be covered under one Policy in respect of one particular

insured Parent and within the limit of one Sum Insured only. The duration of the Policy issued will be limited to the duration of the covered course. The student children to be covered under the Policy must be in the age group of 4 to 25 years. For Group Policy covering 26 and more students, applicable group discount would be allowed as

under :Group Strength DiscountUpto 100 10%101 - 500 25%501 - 5000 30%5001 - 10000 40%

On cancellation of policy during the currency, applicable refund as per scheme would be allowed. Minimum Premium under Ind. Policy is Rs.50/- and Group Policy Rs.100/-

vii) Rajrajeshwari Mahila Kalyan Yojna Policy

It is specially designed to protect the welfare of women mainly in rural and semi-urban areas.

Salient Feature

Welfare of women mainly of rural and semi-urban irrespective of income, occupation.

Scope of Cover

DEATH Of Husband in case of married women Compensation Rs.25,000/- to the wife. (Death of married

women not covered) Of unmarried Women Rs.25,000/- to the nominee, legal heir. Death of married woman not covered.

PERMANENT TOTAL DISABLEMENT OF THE INSURED WOMEN ONLY Permanent Total Disablement Rs.25,000/- Loss of one limb of one eye or loss of two limbs or both eyes Rs.25,000/- Loss of one limb/sight in one eye Rs.12,500/- DEATH OR DISABILITY BY ACCIDENT WOULD INCLUDE death and P.T.D. arising out of : Slipping /falling off mountainous terrain. Biting by (a) Insects (b) Snakes, (c) Animals Drowning/Washing away by (a) Floods, (b) Landslides, (c) Rockslides (d) Earthquake, (e) Cyclone,

(f) Other Convulsions of nature/calamities Murder Terrorist activities Any other accidental causes DEATH IN CASE OF WOMEN (it also includes death and or P.T.D.)Caused by Surgical Operations such as Sterilization Caesarian Hysterectomy Cancer Operations arising from removal of breasts Child Birth, not beyond a period of seven days from the date of surgical operations.

viii) Bhagyashree Child welfare Policy

Policy provides protection to the girl child in the event of death of either or both the parents.

Salient Feature

Child welfare policy meant for protection of child in the event of death of either or both the parents.

Scope of Cover

For child in the age group of 0 to 18 years; and age of parents below 60 years. Fixed sum insured of Rs.25, 000/- premium Rs.15/- p.a. Insurance protection is not for the girl child but for her parents; however, benefit will accrue to the child. Death of parent/s would include death arising out of or traceable to slipping and/or falling from mountainous

terrain; biting by insects, snakes and/or animals; drowning or washing away in floods, landslides, rockslides, earthquake, cyclone and/or natural calamities; rape, murder and terrorist activities covered; any other accidental causes;

Death of mother of the child caused by surgical operations such as

Sterilization Caesarean, Removal of uterus and removal of breast/s due to cancer,

At the time of child birth are also covered provided that death occurs within a period of seven days from the date of operation; Death by Rape attempts.

In case of death of either or both the parents due to an accident as above, sum Insured will be deposited in the name of the insured girl child and she will get benefit as under :

In the event of discontinuation of studies between 6 and 17 years, the Scholarship will not be paid; instead, on completion of 18 years the Balance amount in here credit will be paid to her as lump sum.

In the case of death of the girl child before attaining the age of 18 years, Balance amount standing to the credit of the girl child would be paid to the surviving parent or guardian.

ix) Traffic Accident Policy

Policy provides hospitalization expenses up to Rs. 1 lac and Personal Accident Benefits up to Rs. 1 lac in case of road/rail accidents resulting in injuries/death.

Salient Feature

Travel Insurance is now an essential security tool, to ensure protection against unforeseen accident whilst travelling. Travel has become essential for the average citizen. People travel for business, holiday, education and other requirements. To offer the Indian traveller protection in respect of road/rail travel, National Insurance Company (NIC) has developed a unique product called Traffic Accident Policy.

x) Niwas Yojna Policy

Policy insures repayment of housing loan in case of accidental death/Permanent Total Disablement of loanee and also covers residential building and the owners permanent fixture and fittings against Fire and allied perils including Flood, Storm, Earthquake etc.

Salient Feature

1. The Policy comprises of two sections:- Section I is intended to cover building and owners permanent fixture and fittings. Section II is Death/Permanent Total Disablement of Loanee.

2. The Policy will cover the risk of financiers and the loanee/owner of the premises Mentioned in the schedule of the policy.3. Premises under construction will also be covered.4. Policy will cover building of Class A construction only.5. The Financial Institution/employer can take group policy. Group discount will be Allowed only for PA Section (Sec II).

xi) Baggage Policy

Policy indemnifies individual or a party against loss/damage to personal effects such as clothing etc. carried as baggage during travel.

Salient Feature

Clothing and personal effects normally taken on holiday or other journey By an individual or a party.

Scope of Cover

The insurance covers the property specified in the schedule against loss, Destruction or damage by fire, theft or any other accident or misfortune Whilst in transit by land, water or air in all places and situations throughout The journey or period of insurance and within the limited stated in the Policy.

Some Exclusions: loss of cash or notes, travel tickets or coupons, travellers cheques or letter of credit, bonds,

securities or documents of any kind. loss of or damage to gold and silver articles, watches, jewelry, trinkets, furs, field glasses,

cameras and similar articles exceeding 5% of the Total Sum Insured in value, unless specifically mentioned.

Underwriting Instruction - Notes: Each item of jewelry, gold ornaments, etc. is to be specifically Declared for insurance and a

valuation certification should be Obtained in respect of such items valued at more than Rs.5,000/- Where the total value of jewelry, ornaments etc. is in excess of 50% of the total value at risk, an

additional premium to be charged on the value of such items. The policy may be extended to cover riot & strike risks by charging an additional premium.

xii) Mediclaim Policy

Provides protection to individuals, families, employers, employees and welfare bodies against heavy financial burden for treatment in hospitals for illness, disease or accident, whether involving surgery or not.

Salient Feature

Hospitalization for illness, disease or accident, whether including surgery or not, imposes heavy financial burden on individuals, families, employers and welfare bodies.

Scope of Cover

Mediclaim insurance policy has been devised under the aegis of the Government of India.The policy provides the following benefits.1) Reimbursement of hospitalization expenses which are reasonably and necessarily incurred, under the following heads:

Room, boarding expenses as provided by the hospital/nursing home. Nursing expenses. Fees of surgeon, anesthetist, medical practitioner, consultant and specialist. Expenses on account of anesthesia, blood, oxygen, operation theatre charges, surgical appliances,

medicines and drugs, diagnostic material, X-ray, dialysis, chemotherapy, radiotherapy, cost of pacemaker, artificial limbs and cost of organs and similar expenses.

2) Introduction of Sub-Limits: The following provisions have been introduced:

Room, Board and Nursing Expenses as provided by the Hospital /Nursing Home- Room Rent limit: 1 % of the Sum Insured per day subject to maximum of Rs.5000./-. I.C. Unit Expenses: 2 % of Sum Insured per day subject to maximum of Rs. 10,000/-. Over all limits under this head: 25% of S.I. per illness.

Surgeon, Anesthetist, Medical Practitioner, Consultants Special fees – maximum limits per illness – 25% of S.I.

Anesthesia, Blood, Oxygen, OT charges, Surgical appliance, Medicines, drugs, Diagnostic Material & X-Ray, Dialysis, Chemotherapy, Radiotherapy, cost of pacemaker, artificial limbs and

cost of stent and implant. Maximum limit per illness – 50% of Sum Insured. Ambulance services - 1% of the sum insured subject to maximum of Rs 1000/- provided

registered ambulance is used for shifting patient from residence to hospital if admitted to ICU or emergency ward OR from one hospital to another subject to sub-limits under above.

Hospitalization expenses of person donating an organ during the course of organ transplant will also be payable subject to the sub-limits under ‘c’ above.

3) Premium paid for the policy towards self, spouse, dependent children and dependent parents are exempt from Income Tax under Sec. 80D of the l.T. Act. 4) Cost of Health Check Up and Cumulative Bonus - Benefits will accrue only if the Policy is a renewal of ‘National’.

xiii) Motor Policy – private car

Policy indemnifies bona fide owner of Motor Car, used for personal purposes against the loss due to damage / theft / burglary of vehicle or any part there of, electrical accessories and also includes cover against liability towards third party personal injury and property damage.

Salient Feature

Motor Insurance Contracts are subject to the basic principles applicable to property and liability insurance in general. The owner of the vehicle must bear a legal relationship to the vehicle whereby he or she stands to benefit by the safety of the vehicle, right, interest or freedom from liability and stands to lose by any loss, damage, injury or creation of liability.

Scope of Cover

There are two types of policies available.....

Policy A ......to cover Act liability.

Policy B ......to cover both own damage losses and Act liability.

Section I of Standard form of Private Car Policy ( B ) or Motor Cycle/Scooter Policy covers against loss or damage to the insured vehicle and/or its accessories whilst thereon.......

a) By fire, explosion (both external and internal), self-ignition or lightening;b) By burglary, housebreaking or theft;c) By riot and strike;d) By earthquake (fire and shock damage);e) By flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm;

f) By accidental external means;g) By malicious act;h) By terrorist activity;i) Whilst in transit by road, rail, inland waterway, lift , elevator or air. Section II covers Liability to third parties which means this section provides indemnity to the Insured in the event of accident caused by or arising out of the use of the motor vehicle against all sums, including claimants costs and expenses, which the insured shall become legally liable to pay in respect of --

(i) Death of or bodily injury to any person, including occupants carried in the motor vehicle, provided such occupants are not carried for hire or reward , but not where such death or injury arises out of and in the course of the employment of such person by the Insured. Limits of Liability under this section as per M V Act , 1988 is unlimited ;

(ii) Damage to property other than property belonging to the insured or held in trust or in the custody or control of the insured. Limits of Liability is Rs.6000/- in respect of any one claim or series of claims arising out of one event but Tariff however provides for increased limits up to unlimited liability for TP ( Third Party ) property damage, at an additional premium.

xiv) Professional Indemnity for doctors

Policy covers liability on account of errors and omission of doctors while rendering professional services.

Salient Feature

This insurance covers legal liability arising from errors and omissions on the part of Registered Medical Practitioners while rendering professional service.

Scope of Cover

The policy indemnifies any act committed by the insured, who shall be a Registered Medical Practitioner, giving rise to any legal liability to Third Parties. The insured includes the policyholder and his qualified assistants or employees as named in the proposal form.

It applies to claims arising out of bodily injury and/or death of any patient caused by or alleged to have been caused by error, omission or negligence in professional service rendered or which should have been rendered by the insured or qualified assistants named in the schedule or any nurse or technician employed by the insured.

a) Legal liability as fixed by courts in India to pay compensation.

b) Defense costs and expenses. This means all costs, fees and expenses incurred with the prior consent of the insurer in the investigation, defense or settlement of any claim made against the insured, provided the claim falls within the ambit of the policy.

The amount of payment under (a) and (b) will not exceed the amount insured for in the policy under the limit of Any One Accident (AOA) in respect of any or all claims made against the insured arising out of Any One Accident.

xv) Star National Swasthya Bima Policy

Star National Swasthya Bima policy is a unique Health Policy designed especially for the Account holders of Bank of India. The entire family consisting of the account holder, spouse and two dependent children up to the age of 21 years can be covered under this policy. This policy covers Hospitalization expenses for account holder and family. In case of hospitalization Expenses, the entire family is covered for the Floater Sum Insured as opted for, i.e., either one or all members of the family, as stated above, can utilize the Sum Insured during the policy period.

Salient Feature

Star National Swasthya Bima policy is a unique Health Policy designed especially for the Account holders of Bank of India. The entire family consisting of the account holder, spouse and two dependent children up to the age of 21 years can be covered under this policy. This policy covers Hospitalization expenses for account holder and family. In case of Hospitalization Expenses, the entire family is covered for the Floater Sum Insured as opted for, i.e., either one or all members of the family, as stated above, can utilize the Sum Insured during the policy period. Age: 3 months to 65 years. However, renewals are allowed up to 80 years at a premium to be fixed by the Company.

Scope Of Cover

Room, Boarding expenses as provided by the Hospital/Nursing Home. Nursing expenses. Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialists Fees. Anaesthesia, Blood, Oxygen, Operation Theatre Charges, Surgical appliances, Medicines & Drugs, Diagnostic Materials and X-Ray, Dialysis, Chemotherapy, Radiotherapy, Cost of

pacemaker, Artificial Limbs and cost of organs and similar expenses. Coverage options – 8 Slabs ranging from Rs.50,000/- to Rs.5,00,000/-, is available.

xvi) Vidyarthi – Mediclaim for students

VIDYARTHI-Mediclaim for Students is a unique policy designed to provide Health and Personal accident cover to the students. It also provides for continuation of insured students education in case of death or permanent total disablement of the guardian due to accident.

Salient features

VIDYARTHI-Mediclaim for Students is a unique policy designed to provide Health and Personal accident cover to the students. It also provides for continuation of insured students education in case of death or permanent total disablement of the guardian due to accident.

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Parents/Legal Guardian of individual student in any Registered Educational Institution affiliated to any State Board, Council, University and AICTE or any other Govt. Statutory Authority, within the territory of India may take this policy. The Educational Institutions may also take a Group Policy covering named students enrolled with them.Age: 3 years to 25 years.

Section I - Hospitalization for illness, diseases or accident

Scope of Cover1) Room, Boarding expenses as provided by the Hospital/Nursing Home.2) Nursing expenses. 3) Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialists Fees.4)Anaesthesia, Blood, Oxygen, Operation Theatre Charges, Surgical appliances(any disposable consumables subject to upper limit of 10% of Sum Insured), Medicines & Drugs, Diagnostic Materials and X-Ray, Dialysis, Chemotherapy, Radiotherapy, Cost of pacemaker, Artificial Limbs and cost of Stents and implants Note: Hospitalization expenses of person donating an organ during the course of organ transplant will also be payable subject to the sub limits under “4” above applicable to the insured person within the overall sum insured of the insured person.

Section II & III - Personal Accident to student and guardian of the student

a. Scope of CoverIf the Insured persons shall sustain any bodily injury resulting solely and directly from Accident caused by external violent and visible means then the Company shall pay to insured the sum hereinafter set forth that is to say

1. If such injury within twelve calendar months of its occurrence shall be the sole and direct cause of the death of the Insured persons the Capital Sum Insured stated in the Schedule.

2. If such injury within twelve calendar months of its occurrence shall be the sole and direct cause of the total and irrecoverable loss of sight of both eyes or total and irrecoverable loss of use of two hands or two feet, or of one hand and one foot or of such loss of sight of one eye and such loss of use of one hand or one foot, the capital sum insured stated in the schedule hereto.

3. If such injury within twelve calendar months of its occurrence shall be the sole and direct cause of the total and irrecoverable loss of sight of one eye or total and irrecoverable loss of use of a hand or foot, fifty per cent to the capital sum insured stated in the schedule hereto.

4. If such injury within twelve calendar months of its occurrence shall be the sole and direct cause of permanently totally and absolutely disabling the Insured from engaging in being occupied with or giving attention to any employment or occupation of any description whatsoever the Sum Insured stated in the Schedule.

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xvii) UCO Medi + Care Bima Policy

Uco Medi+ Care Bima is a unique Health cum Accident Policy designed especially for the a/c holders of Uco Bank. The entire family consisting of the a/c holder, spouse and 2 dependent children and two dependent parents can be covered under this policy.

Salient Feature

Uco Medi + Care Bima is a unique Health cum Accident Policy designed especially for the a/c holders ofUco Bank. The entire family consisting of the a/c holder, spouse and 2 dependent children and two dependant parents can be covered under this policy.

Age: 3 months to 65 years.

Scope of cover:

Insured may opt cover either under Plan- A or under Plan B. Under Plan A –Insured, his/her spouse and two dependant children up to 21 years of age will be covered. Under Plan-B Insured, his/her spouse, two dependant children up to 21 years of age and dependant parents will be covered. Under both the plans there are two sections.

Section I - Hospitalization expenses for a/c. holder and family

In case of Section-I, i.e., Hospitalization Expenses, the entire family is covered for the Floater Sum Insured as opted, ie., either one or all members of the family can utilize the Sum Insured during the policy period. a. Scope of Cover

1) Room, Boarding expenses as provided by the Hospital/Nursing Home.2) Nursing expenses. 3) Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialists Fees.4) Anaesthesia, Blood, Oxygen, Operation Theatre Charges, Surgical appliances, Medicines &

Drugs, Diagnostic Materials and X-Ray, Dialysis, Chemotherapy, Radiotherapy, Cost of pacemaker, Artificial Limbs and cost of organs and similar expenses.

Section II - Personal Accident for a/c. holder and family

In case of Section-II – Death due to Personal Accident, the capital Sum Insured per person under this section will be as under:

1. For Primary member : 100% of the family S.I. under Hospitalization & Personal Accident cover

2. Spouse :50% of the family S.I. under Hospitalization & Personal Accident cover3. Each Dependant Children : 25% of the family S.I. under Hospitalization & Personal Accident

cover4. Each Dependant Parent : 20% of the family S.I. under Hospitalization & Personal Accident

cover

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a. Scope of CoverProvides as a benefit the Sum Insured opted under Section-I of the Policy in the unfortunate event the a/c. holder and his family members sustain bodily injury solely and directly caused by accidental violent external and visible means resulting in death within 12 calendar months of the accident.

2. Rural Line Insurance

Since nationalization our Company is moving ahead with the task of taking General Insurance business to the rural segments, keeping in view the social objective of serving the needs of the economy in the best interest of the weaker sections of the community.To provide financial protection against loss of their small income generating assets due to the occurrence of fortuitous events, our company has devised a number of insurance policies specially designed for the rural people and weaker section of urban society.

i) Cattle / Livestock Insurance

Policy indemnifies against loss sustained due to loss of life of cattle / livestock.

Salient Features

This policy is for protection of rural people of India against loss of life of their cattles which includes Milch Cows, Buffaloes, Calves / Heifers, Stud Bulls, Bullocks ( Castrated Bulls ) and Castrated Male Buffaloes whether indigenous, exotic or cross-bred.

Scope of Cover

Death due to disease & accident with some exclusion specified in the policy.

ii) Sheep and Goat Insurance

Policy indemnifies against loss sustained due to loss of life of Sheep or Goat.

Salient Features and scope of Cover

Insurance Covers: As in cattle Insurance. But no PTD cover is available under this policy.Group Discount: Group discount is available under this Scheme.

iii) Elephant Insurance

Policy provides indemnity to insured for the loss sustained by him due to death of his elephant used for commercial/religious purpose. Policy does not provide cover to circus elephants.

Salient Features

This Scheme is applicable for Elephants used for commercial purpose and/or religious purposes. Circus elephants are not to be insured.

Scope of Cover

Death due to disease and accidents contracted or occurring during the policy period. PTD is excluded. Death due to disease contracted prior to and within 15 days of commencement of risk is excluded. Public liability is overed by collecting extra premium.

iv) Dog Insurance

Policy covers death of pet dogs of Cross-bred and exotic breeds between the age group of 2 months to 8 years.

Salient Features

Pet Dogs of Cross-bred, and exotic breeds between the age group of 2 months to 8 yrs. are covered under the policy.

Scope of Cover

Death due to diseases and accidents. By paying additional premium, PTD risk can be covered. Public Liability Cover is available up to Rs. 50,000/-.

Death due to diseases contracted prior to and within 15 days of commencement of risk is excluded.

v) Brackish water prawn Insurance

Policy covers Total loss of prawns, Nursed seeds in hatcheries owned by state Government, FFDAS, State Fisheries Corporation, MPEDA or such other organizations.

Salient Features

a) To provide Insurance cover against Total Loss of Prawns, Nursed seeds in hatcheries owned by State Government, FFDAS, State Fisheries Corporations, MPEDA or such other organizations.

b) To provide insurance cover to those engaged in Brackish Water prawn Farming against total loss of seedlings/juveniles/prawns of all species raised in Brackish Water farms.

Scope of Cover

Natural calamities Accidental poisoning, riot and strike, malicious acts of Third Parties, impact damage due to road vehicles, explosion/implosion.

vi) Silkworm (Sericulture) Insurance

Policy covers total or partial loss due to death of silk worms of different variety due to disease or accident.

Salient Feature

a) Type of silk worms : Mulberry silk worms of Univoltine, Bivoltine or Multivoltine breeds alone are covered:

b) Only disease free laying (DFLS) purchased from licensed seed prepares/Grainers or Gov. /Granges are covered.

Age Group:

From egg stage to cocoon stage are covered.

Scope of Cover

a) Death due to disease or accident.b) Total loss/Partial loss

vii) Janata Personal Accident Insurance

These Policy Covers individuals in the age group of 10-70 years against death or total / partial disablement.

Salient Feature

Policy covers individuals against death or Partial / Total disablements.

Scope of Cover World Wide

1. Death due to accident 100% of S.I.2. P T D due to accident 100% of S.I.3. Loss of 1 eye or 1 limb 50% of S.I.4. Loss of 2 limbs,1 eye and 1 limb or 2 eyes 100% of S.I.

viii) Horticulture / Plantation Insurance

Policy covers Loss or Damage to the Insured tree / plant due to fire / lightning / storm / hailstorm / cyclone / tempest.

Salient Features

Policy covers Loss or Damage to the Insured tree due to fire /Lightning /Strom/ Hailstorm/Cyclone/Tempest

Scope of Cover

CROPS COVERED

Perils to be covered : Loss or Damage to the insured tree due to fire (including Forest fire, bush fire) /Lightning/Storm/Hailstorm/Cyclone/Tempest (while in direct and immediate operation over the insured area) /Flood and Inundation (Inspection report is necessary)/R.S.D. and M.D./Act of Terrorism. This may be termed as Standard Cover.

ix) Kisan Agriculture Pumpset Insurance

Policy covers centrifugal pump sets (Electrical and Diesel oil) submersible pump sets up to 25 HP used for agricultural purposes against Electrical/Mechanical Breakdown, Fire /Lighting, Theft and Burglary.

Salient Features

Centrifugal pump sets (Electrical and Diesel Oil) and submersible pump sets up to 25 HP and used for agricultural purposes are covered under the policy.

Scope of Cover

(a) Electrical /Mechanical Breakdown(b) Fire/lightning(c) Theft and burglary(should be kept in locked enclosure)(d) Riot/ strike / Malicious damage(e) Terrorism.

Additional Cover: Flood risk by charging extra premium.

3. Industrial Line Insurance

Industrial Insurance is another branch of non-life insurance which covers various risks faced by the industry and serves to sustain the growth of the industrial activity. These insurances can be sub-divided into broadly two heads as Project Insurance and Operational Insurance. The two basic forms of Project Insurance are Erection All Risk Insurance and Contractor's All Risk Insurance. Commonly chosen Operational Insurance policies are Fire policy, Machinery Insurance policy, Electronic Equipment Insurance policy and Consequential Loss (Fire) policy.

i) Erection All Risks Insurance (EAR)

Erection All Risk Insurance provides cover for projects involving equipment and other similar erections.

ii) Contractors All Risks Insurance (CAR)

Contractors All Risks Insurance caters to the need of projects which predominantly involves civil work like construction of multi storied buildings, flyovers, bridges etc.

Salient Features

The policy compensates individual against death, loss of limbs, loss of eyesight, permanent total disablement, permanent partial disablement and temporary total disablement, solely and directly resulting from accidental injuries.

Scope of Cover

Fire, lightning, explosion impact, flood, inundation, storm, earthquake, subsidence, landslide, theft, burglary, riot and strike and terrorist damage.

iii) Machinery Insurance (MI)

Machinery Insurance provides insurance protection to both rotating as well as static equipment while at work or at rest against mechanical and electrical breakdown and also human error and negligence.

Salient Features

Almost all stationery capital equipment can be covered under M.I. Policy. The broad categories are two namely: Electrical Machinery and non-electrical Machinery.

Scope of Cover

Machinery Insurance is against unforeseen and sudden physical damage to the insured machinery from causes such as

Faulty material, design, construction, erection Vibration, maladjustments, malalignment Defective lubrication, loosening of parts, molecular fatigue, self heating, explosion due to

internal pressure, implosion due to external pressure or internal vacuum, abnormal stress, centrifugal force.

Excessive electric pressure, failure of insulation, short circuit, open circuit, or arching including damage by internal fire so set up.

Failure of connected machinery or protective devices. Lack of skill, carelessness or malice of persons, whether insured employee or not. Falling, impact, collision and the like.

iv) Electronic Equipment Insurance (EEI)

Electronic Equipment Insurance caters to the peculiar needs of the electronic equipment which are not only extremely sensitive to the slightest changes in ambience conditions but also are characterized by having a large value concentration in a relatively compact set ups.

Salient Feature

This is issued on All Risk basis to cover computers, bio-medical equipment, X-ray equipment, Audio/Video equipment, micro processor equipment etc. Rates are tariffed.

Scope of Cover

a) COMPUTERS

This policy comprises of 3 sections.

SECTION I: Deals with the hardware e.g. Computer main body.

Extra covers are available for overtime, night works, and work on public holidays by charging additional premium. Issued along with Maintenance Agreement clause. Terrorism risk is also covered

SECTION II : Covers external data media or E.D.P. The sum insured shall be the cost of the data media plus charges for producing the information.

SECTION III :Covers increased cost of working : (loss of profit policy)

v) Consequential Loss (Fire) Policy

Consequential Loss (Fire) policy provides the most commonly sought after protection for business interruption triggered by fire and allied perils.

Salient Feature

Any one who gains by the preservation of the property and loses by its destruction i.e. a person having insurable interest can take out such insurance.

1. Individuals e.g. House owner, Shop owner, Warehouse owner etc.

2. Body Corporate e.g. Manufactures, Trading, Industry etc.

3. Boilers, Lessee

Scope of Cover

The policy provides protection against damages/fortuities triggered by the following perils:-

Fire -Excluding destruction or damage caused to the property insured by Its own fermentation, natural heating or spontaneous combustion. It’s undergoing any heating or drying process.

Lightning Explosion/Implosion Excluding destruction or damage caused to the boilers (other than domestic boilers), by its own

explosion/implosion. Aircraft Damage Destruction or damage caused by Aircraft, other aerial or space devices and articles dropped

therefore excluding those caused by pressure waves. Riot, Strike, Malicious and Terrorism Damage Loss of or visible physical damage or destruction by external violent means directly caused to the

property insured. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation. Impact Damage Impact by any Rail/Road vehicle or animal by direct contact. Subsidence and Landslide including Rock slide Bursting and/or overflowing of Water tanks, Apparatus and Pipes. Missile testing operations Leakage from Automatic Sprinkler Installations Bush Fire

Excluding destruction or damage caused by Forest Fire.

vi) Standard Fire and Special Perils policy

Fire Insurance provides cover against a host of perils ranging from fire, lightening, explosion/implosion, aircraft damage etc. as well as act of God perils.

Salient Feature

Any one who gains by the preservation of the property and loses by its destruction i.e. a person having insurable interest can take out such insurance.

i) Individuals e.g. House owner, Shop owner, Warehouse owner etc.

ii) Body Corporate e.g. Manufactures, Trading, Industry etc.

iii) Boilers, Lessee etc.

Scope of Cover

The policy provides protection against damages/fortuities triggered by the following perils:-

Fire -Excluding destruction or damage caused to the property insured by Its own fermentation, natural heating or spontaneous combustion. It’s undergoing any heating or drying process.

Lightning Explosion/Implosion Excluding destruction or damage caused to the boilers (other than domestic boilers), by its own

explosion/implosion. Aircraft Damage Destruction or damage caused by Aircraft, other aerial or space devices and articles dropped

therefore excluding those caused by pressure waves. Riot, Strike, Malicious and Terrorism Damage Loss of or visible physical damage or destruction by external violent means directly caused to the

property insured. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation. Impact Damage Impact by any Rail/Road vehicle or animal by direct contact. Subsidence and Landslide including Rock slide Bursting and/or overflowing of Water tanks, Apparatus and Pipes. Missile testing operations Leakage from Automatic Sprinkler Installations Bush Fire

Excluding destruction or damage caused by Forest Fire.

vii) Workmen Compensation Insurance

This policy provides indemnity to the Insured against liability to pay compensation if any employee in the Insured service sustains bodily injury by accident or contracts disease arising out of and in the course of his employment.

Salient Feature

The employers’ legal liability under the W.C.Act to pay compensation to employees not covered under E.S.I.Act for bodily injury or disease sustained / contracted out of and in the course of employment is covered by this policy. Liability to employees under Indian Fatal Accident Act 1855 and at Common Law is also covered under the policy.

Scope of Cover

a) The Workmen’s Compensation Insurance Business in India is controlled by the Workmen’s Compensation Insurance Tariff (W.C.Tariff). The Tariff provides for two types of Insurance as follows:

Table A: This policy provides indemnity to the Insured if any employee in the Insured’s immediate service shall sustain bodily injury by accident or contracts disease arising out of and in the course of his employment by the Insured in the Business and if the Insured shall be liable to pay compensation for such injury either under.

i) Workmen’s Compensation Act, 1923 and subsequent amendments of the said Act prior to the date of issue of the Policy provided that the insurance granted is not extended to include any interest and/or penalty imposed on the insured on account of his / their failure to comply with the requirements laid down under the W.C. Act, 1923, and

ii) the Fatal Accident Act, 1855 of at Common Law

And in addition all costs and expenses incurred with the company’s consent in defending any claim for such compensation.

Table B : This Policy provides indemnity to the Insured against their legal liability under the Fatal Accidents Act, 1855, and at Common Law. (This Policy is not issued to cover employees who fall within the definition of “workmen” under the Workmen’s Compensation Act, 1923, as amended).

b) The Policy excludesi) Any injury by accident or disease directly attributable to war, invasion, act of foreign enemy,

hostilities (whether war be declared or not), civil war, Mutiny, insurrection, rebellion, revolution or military or usurped power.

ii) The Insured’s liability to employees of contractors to the Insured.iii) Any employee who is not a workman within the meaning of the Laws.iv) Any liability of the Insured which attaches by virtue of an agreement but which would not have

attached in the absence of such agreement.

v) Any sum which the Insured would have been entitled to recover from any party but for an agreement between the Insured and such party.

viii) Product Liability Insurance

The policy indemnifies the insured against legal liability to third parties for death / bodily injury or damage to property arising out of use of the product sold to them.

Salient Feature

Policy indemnifies the insured against legal liability to third parties in consequence of death / bodily injury arising from the use of product sold to them.

Scope of Cover

Policy indemnifies the insured all sums which the insured shall become legally liable to pay as damages in consequence of accidental death/bodily injury or disease to third party or damage to their property arising out of any defect in the products manufactured and covered under the policy after such products have left the insured’s premises.

ix) Public Liability Insurance

This policy indemnifies the insured against legal liability to pay compensation to third parties for death /bodily injury or damage to property arising out of accidents out of insured business.

Salient Features

The policy indemnifies the insured for his legal liability to pay compensation including claimant’s cost and fees, in respect of death/injury to third party or damage to property belonging to third party, arising out of the business of the Insured.

Scope of Cover

Three types of covers are available under Public Liability Insurance

1. Act policy

2. Industrial and storage risks – Market Agreement

3. Non-Industrial Risks – Market Agreement

4. Commercial Line Insurance

The mainstay of our economy is commercial activity of various kinds, covering trades, transport, banking etc. These organizations are exposed to risks, which can be categorized as loss of or damage to property / assets and liability arising out of an action /inaction in the course of the commercial activity.National Insurance offers different options, which enable a commercial organization to protect itself against losses arising from various perils. These options can be classified as package policies, specific policies to protect against property loss and specific policies to cover liability arising due to errors and omissions in the course of transaction of commercial activity.

i) Burglary (Business Premises) Policy

Covers loss due to theft and burglary of movable properties like stock-in-trade, plant and machinery, furniture, fittings etc. followed by virulent and forceful entry or exit.

Salient Feature

Broadly speaking any kind of movable property like stock, stock-in-trade, goods in trust, plant and machinery, fixture, fittings etc. can be covered under Burglary Business Premises Policy so long these are reasonably protected.

Scope of Cover

The Policy covers loss or damage to property by theft following burglary or housebreaking which means that to establish a claim there must be visible signs of felonious entry or exit from the premises by violent and forcible means.

ii) Shopkeepers Policy

This policy is specifically devised for small shopkeepers having building and stock value limited to less than or equal to Rupees ten lacs. The policy covers host of risks like stock in trade, building, furniture, money-in-transit, business interruption etc. and indemnifies the insured loss due to any of the perils covered.

Salient Feature

Building and contents of a small shopkeeper are covered under this insurance. It covers a number of risks under single policy.

iii) Bankers Indemnity Policy

This Policy is specially designed for banks to provide indemnity against direct loss suffered by them (excluding Non Banking Financial Institutions). The policy covers loss of Money and/or Securities inside Bank or while In Transit, Forgery or Alteration, Dishonesty of employees etc.

Salient Feature

This Policy is specially designed for banks to indemnify direct loss suffered by them (excluding Non Banking Financial Institutions) in various contingencies in the form of a package cover.

Scope of Cover

Insurance Covers are listed in eight Sections viz. A to H. Banks are expected to get themselves adequately covered for all their branches. Brief details of the Cover are as follows:

iv) Office Package Policy

This policy provides a package of various covers required by an office establishment including cover for buildings, the Landlords Fixture and Fittings, Boundary Walls and Fences, Canteen etc. Office contents, equipment’s, cover for employees, Public Liability etc. all built in one policy

Salient Features

This policy has been devised to cater to the specific requirements of Office Establishments containing 15 sections with stipulation of compulsory coverage and minimum sections for availing discounts.

v) Glass Insurance

The policy covers loss due to accidental breakage of plain and ordinary glazed glasses without embossing, silvering, lettering, bending or ornamented fitted to doors, windows, show-cases, counters and shelves. Crockeries are not insurable under Glass Insurance.

Salient Feature

Plain and ordinary glazing glasses without embossing, silvering, lettering, bending or ornamented fitted to doors, windows, show-cases, counters and shelves and plain mirrors can be insured under this class of insurance. Crockeries are not insurable under Glass Insurance.

Scope of Cover

a) The policy covers the cost of making good accidental breakage of insured glass.

b) The policy does not cover

Damage caused by scratches, Fire or Explosion, war perils, strike, riot and civil commotion, typhoon, Flood, Hurricane, Volcanic Eruption, Earthquake or other convulsion of nature, Nuclear risks ( which are to be covered under a Standard Fire and Special Perils policy or Householders policy or Shopkeepers policy or Office Package policy).

Any misdescription of the glass (unless expressly stated all glass shall be considered plain and of ordinary glazing quality and without embossing, silvering, lettering, bending or ornamental work of any kind);

cracked or imperfect glass; Damage to frames or framework of any description. Removal or replacement of any fittings or fixtures in order to replace glass. Cost of boarding up or any loss or damage arising the interruption of or delay in the business

during the time intervening between occurrence of any breakage and of deglazing.

Breakage of the glass whilst not fixed.

vi) Money Insurance

Policy indemnifies insured against loss of Cash, Currency Notes, Coins, Securities, Postal Orders, Stamps, Cheque etc. whilst in transit or in locked safe.

Salient Features

Cash, Currency Notes, Coins, Securities for money, Postal Orders, Stamps, Cheques etc. whilst in transit or in locked safe en route to final destination.

Scope of Cover

a) Loss, destruction or damage to money inclusive of wages & salaries by any cause whilst in transit in charge of Insured messenger and/or employee as detailed in the policy and within the territorial limits until arrival at the Insured premises and/or other places of disbursement.

b) Loss of money drawn as wages and salaries by any cause whilst in the Insured premises and until paid out.

c) Loss of money by any cause whilst in the Insured premises in locked safe or strong room and also damage to the safe or strong room caused by burglars and thieves.

The proposer should indicate the estimated amount of money in transit during the period of insurance. This is the amount on which the deposit premium is calculated initially at a fixed rate but the premium is finally adjusted at the end of each year of insurance in accordance with the actual amount in transit which must be correctly declared by the Insured.

The policy is subject to certain standard exclusions like Riot & Strike, shortages due to errors or omissions, etc.

vii) Jewelers Block Policy

Covers loss of or damage to the stock in trade and also cash and currency notes while contained in the premises where the insureds business is carried on or at other premises where the property insured is deposited.

Salient Features

Covers loss of or damage to the stock in trade and also cash and currency notes whilst in the premises loss of or damage to the stock-in-trade while carried or conveyed or distributed outside the premises, insured property (excluding currency) whilst in transit within India by registered Post/Air freight only.

Scope of Cover

Covers loss of or damage to the stock in trade and also cash and currency notes as stated under (a) to (e) below while contained in the premises where the Insured’s business is carried on or at other premises where the property insured is deposited.

Property insured on the premises. Property insured in Display windows. Property insured in locked safe on the premises. Cash and currency notes. Property insured in Bank Lockers.

Scope: Fire, Explosion, Lightning, Burglary, House breaking, Robbery, Hold-up, Theft, RSDMD & Terrorists Risks. On payment of additional premium Flood, Storm, Tempest and Earthquake risks can be covered.

viii) Extended Warranty Policy

Policy provides extended warranty to prospective buyers of vehicle, over and above the normal warranty provided by Manufacturers / Authorized dealers of vehicles like cars and two wheelers.

Salient Feature

This insurance is taken by Manufacturers / Authorized dealers of vehicles, cars and two wheelers as an extension of the Manufacturers Warranty Period to allure clients to buy vehicles, cars and two wheelers from them.

Scope of Cover

As per Manufacturers Original Warranty e.g. Damage to Engine. Manual Gearbox, Automatic Gearbox, Casings, Torque Converter, Differential, Working Materials.

ix) Directors and Officers Liability Policy

Policy indemnifies legal liability to third party due to wrongful act by Directors and Officers of any company but excludes dishonest, fraudulent, criminal or malicious act, personal guarantee, libel and slander and damage to property and pollution damage.

Salient Feature

The basic Companies Act 1956 itself and its various amendments through years have made the Directors and Officers widely exposed to liability towards shareholders, customers, suppliers, creditors, employees and other third parties. Our Directors and Officers Liability policy has been specially designed to provide protection to the Directors and Officers against liability to pay compensation on account of their wrongful act. With the latest amendments in the Companies Act, this policy is a must for Directors and Officers to remove their stress over liabilities and concentrate freely on the development of the business of the company.

x) Fidelity Guarantee Policy

The term Fidelity Guarantee Insuranceembraces policies indemnifying employers against financial loss on account of forgery, defalcation, embezzlement and fraudulent conversion by employees. The object is to provide protection in respect of the default of an individual acting in some capacity such as Cashier, Accountant, and Store-keeper etc. The cover may be required in respect of a single employee or a number of employees.

Salient Feature

The term “Fidelity Guarantee Insurance” embraces policies indemnifying employers against financial loss on account of forgery, defalcation, embezzlement and fraudulent conversion by employees. The object is to provide protection in respect of the default of an individual acting in capacity such as Cashier, Accountant, and Store-keeper etc.

xi) Marine Cargo Insurance

The policy provides cover to cargo against risk of damage when it is exposed to maritime perils during transportation. The policy covers two categories of risk which are Standard risks of transport and Exceptional risks of transport (war, strike or similar).

Salient Features

AN OVERVIEW OF RISKS TO WHICH THE CARGO IS EXPOSED DURING TRANSPORTATION

Standard risks of transport Exceptional risks of transport (war, strike or similar)

national insurance policy

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