Fire, marine, engineering, liability, cyber, travel and home cover for businesses and households. This topic has 14 entries.
Property, commercial and specialty insuranceFire insuranceFire insurance is property cover that pays for physical loss or damage to buildings, machinery and stock caused by fire and named allied perils such as lightning, explosion, storm and flood.Property, commercial and specialty insuranceStandard Fire and Special Perils policyThe Standard Fire and Special Perils (SFSP) policy is India's long-standing fire wording that covers property against fire and a fixed list of named perils, now used mainly for risks above ₹50 crore.Property, commercial and specialty insuranceBharat Griha RakshaBharat Griha Raksha is IRDAI's standard home insurance product, in force since April 2021, that covers a home's building and contents against fire and allied perils with no under-insurance cut.Property, commercial and specialty insuranceBharat Sookshma Udyam Suraksha and Bharat Laghu Udyam SurakshaBharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha are IRDAI's standard fire policies for businesses with up to ₹5 crore and ₹5 crore to ₹50 crore at risk per location.Property, commercial and specialty insuranceMarine insuranceMarine insurance covers goods in transit by sea, air, rail or road (cargo) and ships and their liabilities (hull and P&I), governed in India by the Marine Insurance Act, 1963.Property, commercial and specialty insuranceEngineering insuranceEngineering insurance is a group of general insurance covers for construction and erection projects, machinery, boilers and electronic equipment, protecting against accidental damage and breakdown.Property, commercial and specialty insuranceLiability insuranceLiability insurance pays the compensation and defence costs a person or business owes third parties for injury, property damage or financial loss caused by its activities, products or advice.Property, commercial and specialty insuranceDirectors and officers (D&O) insuranceDirectors and officers (D&O) insurance pays defence costs and damages when a company's directors and senior managers are personally sued or investigated over alleged wrongful acts.Property, commercial and specialty insuranceProfessional indemnity insuranceProfessional indemnity insurance covers professionals and firms against claims that negligent advice, an error or an omission in their work caused a client financial loss.Property, commercial and specialty insuranceCyber insuranceCyber insurance covers the costs and liabilities that follow a cyber incident, such as a data breach, ransomware attack or online fraud, for businesses and, in India, increasingly for individuals.Property, commercial and specialty insuranceTravel insuranceTravel insurance covers medical emergencies, trip disruption and losses such as baggage or passport loss during a journey, sold in India mainly as overseas cover with domestic variants.Property, commercial and specialty insuranceHome insuranceHome insurance covers a house or flat and its contents against fire, natural disasters, burglary and similar risks, sold in India mainly through the standard Bharat Griha Raksha policy.Property, commercial and specialty insuranceParametric insuranceParametric insurance pays a pre-agreed amount when a measurable event crosses a set threshold, such as rainfall, temperature or wind speed, instead of paying on an assessment of the actual loss.Property, commercial and specialty insuranceAverage clause and under-insuranceThe average clause is a property insurance condition that reduces a claim in proportion to under-insurance when the sum insured is lower than the property's actual value at the time of loss.