What is an Insurance Ombudsman? Insurance Ombudsman is an initiative established by the Government of India to simplify and organize the process of addressing grievances raised by Insurance policyholders and settle these grievances out of court. The main objective of the Ombudsman is to address and resolve any challenges that arise during the settlement of Insurance Claims. It aims to provide a fair, unbiased system for resolving grievances raised by policyholders. At present, there are 17 offices of the Insurance Ombudsman, the powers of each extending to their corresponding jurisdiction. Wha ..read more

What is ECGC? Export Credit Guarantee Corporation of India, also known as ECGC, was established in 1957 with the objective of promoting and supporting Indian exports by providing Export Credit Insurance and related services. The organisation functions under the administrative control of Ministry of Commerce & Industry, and is managed by a Board of Directors comprising representatives of the Government, Reserve Bank of India, Banking, and Insurance and exporting community. The primary function of ECGC is to safeguard exporters against the risk of non-payment by overseas buyers. It achieves ..read more

About New India Assurance Company Ltd. The New India Assurance Co. Ltd. is a leading Government owned General Insurance Company in India with a presence in 25 Countries. The New India Assurance Company was founded by Sir Dorabji Tata in 1919 and has its headquarters at MG Road, Fort, Mumbai. The Company has been a market leader in India’ General Insurance Business for over 50 years with a market share of 13.94%, which is the highest in the Indian Insurance Industry. New India Assurance Company has a huge network of 1925 Offices and over 13,000 employees. History of New India Assurance Company ..read more

Retroactive Date in Liability Insurance – What it is? Retroactive Date in Liability Insurance is the earliest date from which your Liability Insurance Policy will cover Insurance Claims arising under the Policy. A Liability Insurance Policy will not provide any Insurance Coverage for Claim Incidents occurring prior to Retroactive Date. Retroactive Date will the starting date of the first liability insurance policy that you have purchased and will remain the same for subsequent years provided that the Policy has been renewed without any break in Coverage. Retroactive Date is an important featur ..read more

Additional Insured – Definition Additional Insured is an Endorsement in Liability Insurance which extends coverage under the Insurance Policy to persons other than the Insured Party. The entity named as an Additional Insured can avail coverage under the Liability Insurance Policy and can also file a Claim with the Insurance Company under the Policy if they are sued. How does an Additional Insured Endorsement work? Additional Insured is normally added to liability insurance policies such as Professional Indemnity Insurance and Commercial General Liability Insurance Policy. The person or th ..read more

What is Principle of Contribution in Insurance? Principle of Contribution in Insurance is one of the fundamental principles in Insurance. Principle of Contribution comes into play when there are multiple insurance policies which are insuring the same asset. As per the Principle of Contribution, if multiple Insurance Policies insure the same subject matter, the Insured cannot recover his loss from all the Insurance Companies. The Insured is not allowed to make profit out of his Insurance Policy. So, in case multiple Insurance Policies are covering the same subject matter, in such a case, the in ..read more

Reinstatement Value Clause in Fire Insurance Policy is a method of insuring assets at their Reinstatement Cost or Replacement Cost rather than their Depreciated Value in a Fire Insurance Policy. There are 2 methods of declaring Sum Insured under a Standard Fire and Special Perils Insurance Policy: Reinstatement Value Method: Under the Reinstatement Value Method, the Insured declares the Sum Insured of the Asset based on their Replacement Cost, that is the Value without deducting Depreciation. Since the Fire Insurance Policy replaces the old machinery with new machinery, it is also known ..read more

What is a Daycare Procedure in a Group Health Insurance Policy? A Daycare Procedure/Treatment in a Group Medical Insurance Policy is usually defined as “any medical treatment, and/or surgical procedure which is: undertaken under General or Local Anesthesia in a hospital/day care centre in less than 24 hrs because of technological advancement, and which would have otherwise required hospitalization of more than 24 hours. Treatment normally taken on an out-patient basis is not included in the scope of this definition” Essentially, a Day Care Procedure is any treatment, medical operation or sur ..read more

An Insurance Endorsement is a legally binding document which allows you to make changes to an existing Insurance Policy. An Endorsement allows you to add or exclude insurance coverage or make changes to an Insurance Policy. An Endorsement is issued to correct gaps or mistakes in Insurance Coverage and can be issued for various types of insurances such as Life Insurance, Health Insurance, Liability Insurance, Car Insurance etc. How an Insurance Endorsement Works?  As mentioned earlier, Insurance Endorsements modify an existing Insurance Policy to add extra coverage or to rectify mistakes i ..read more

Fire Insurance protects an Insured Company from damage to insured assets because of fire or allied perils. It is very important to understand the terms and conditions in an Insurance Policy to ensure that toy receive comprehensive coverage. An Average Clause in a Fire Insurance Policy is an important feature of Fire Insurance Policy which Policyholders should understand. What is the Average Clause in Fire Insurance Policy and how does it relate to Underinsurance? Average Clause in Fire Insurance Policy is a very important clause in determining the amount of compensation that will be paid to th ..read more