A Daycare Procedure in a Group Medical Insurance Policy is defined as any medical treatment, and/or surgical procedure which is undertaken under General or Local Anesthesia in a hospitalin 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 Daycare Procedure.
An Insurance Endorsement is a legally binding document which allows you to make changes to an existing Insurance Policy. An Endorsement is issued to correct gaps or mistakes in Insurance Coverage.
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Average Clause in Fire Insurance Policy is an important clause in determining the Claim Amount that will be paid to the Insured. The Clause comes into play when the Policyholder has underinsured the Property. In such cases, the Claim Amount will be subject to a proportionate deduction subject to the extent of Underinsurance
Principle of Indemnity in Insurance states that Insurance should restore the Insured in the same financial position as he was in before the loss to the same financial position after the loss. It also states that the Insured should not make profit out of the Insurance Policy
Liability Insurance is a type of Insurance product which provides coverage against lawsuits arising from Bodily Injury or Property Damage or for Financial Losses suffered by Third Parties on account of negligence, Errors or Omissions or Breach of Duty by the Insured Party.
Marine Insurance Act 1906 is an Act of UK Parliament regulating Marine Insurance. The Act applies to both “ship and cargo” and it is a codification of 200 Years of Judicial Decisions
A Group Health Insurance Policy can be cancelled by the Insured or the Insurance Company by giving an advance written notice. The reason to cancel a Group Health Insurance Policy can be multifold.
An Insurance Policy is a legal contract between the Insurance Company and the Policyholder which specifies the terms and conditions of the Insurance Contract.
Vidal Health Insurance TPA is one of the leading Third-Party Administrators with tie-ups with 12,000+ Network Hospitals and partnerships with top health insurance companies in India.
ICICI Lombard Group Health Insurance Policy is a comprehensive Group Mediclaim Insurance Plan offering features such as No Room Rent Capping, No Sublimits, Coverage for Pre and Post Hospitalisation Expenses and Maternity Benefits
Step-By-Step guide to filing Workmen Compensation Insurance Claims. A Workmen's Compensation Insurance covers the legal liability of the employer to pay compensation to the employee or their family members in case of accidental death or disablement.
Business Interruption Cover in a Cyber Insurance Policy pays for the loss of profits faced by the business due to interruption in business operations because of a Cyberattack.
Companies Act 2013 primarily determines the liability of Directors and Officers in India. A D&O Liability Insurance Policy provides protection to the Directors and Officers from such liabilities if they are sued for claims of Wrongful Acts
Medi Assist TPA is one of India’s leading IRDA-approved Third-Party Administrators with a network of more than 15,000 network hospitals and tie-ups with 30+ Group Health Insurers in India. They were also awarded India’s best Third-Party Administrator by Asia’s Insurance Awards in 2020.
An Export Credit Insurance Policy (ECI) protects an exporter of goods and services against the risk of non-payment by an overseas buyer. This means that if an overseas buyer fails to make payment for the goods or services received the insurance company will reimburse the seller.
Duty to Defend is a provision of Liability Insurance Policies which makes it an obligation of the Insurance Company to provide legal defence against a lawsuit. The Insurance Company can choose the lawyers to defend the Insured in a lawsuit as well as decide whether to settle the case or take fight the case in a court under the duty to defend provision.
A Data Breach Insurance Policy offers protection against financial losses arising from Data Breach Incidents. The Policy provides reimbursement for credit monitoring services, data restoration costs and forensic expenses.
In today’s digital age, businesses are becoming increasingly vulnerable to cyberattacks and data breaches. A Cyberattack can cause huge financial losses and reputational damage. In order to safeguard against the impact of cyberattacks, businesses are increasingly looking to secure themselves with a Cyber Insurance Policy.
A Cyber Liability Insurance Policy protects the Insured Company against for any financial losses resulting from the breach of its network systems. A Cyber Insurance Policy Coverage includes cover for First Party Coverage, meaning, expenses that a business needs to incur following a Cyberattack.
Indian Consumer Protection Act 2019 makes the product sellers, manufacturers or distributors liable for defects and the role of Product Liability Insurance Policy in protecting the Insured against such claims
New India Assurance Group Health Insurance Policy is a comprehensive Group Medical Insurance Policy offering features such as No Room Rent Capping, No Sublimits, Coverage for Pre and Post Hospitalisation Expenses and Maternity Benefits.
A Directors & Officers Liability Insurance Policy protects directors and officers of a company against lawsuits alleging a wrongful acts committed by them in their managerial capacity.
A Wrongful Act can constitute Breach of Fiduciary Duty, Negligence, Error or Omission or Misleading Statement or Misstatement. It may also cover claims related to employment practices, such as discrimination or harassment.
A D&O Insurance Policy provides cover for Defence Costs and Compensatory Damages that the Directors and Officers become legally liable to pay on account of the financial loss suffered by the third parties due to any wrongful act.
The benefit of Cyber Insurance Policy is that it allows the Insured to recover from Financial Losses following a Cyberattack. The Policy provides reimbursement for Forensic Costs, Data Restoration Costs and Customer Notification Expenses
A Trade Credit Insurance Policy protects the seller from the risk of unpaid invoices by buyers who have received the goods or services. The Policy provides protection against delayed payments, insolvency of the buyer and political risks.
Cyber Extortion is a type of Cyberattack where Cybercriminals hack into the system and encrypt sensitive data and hold it hostage until a ransom is paid to decrypt the data.
Institute Cargo Clauses are the foundation of a Marine Cargo Insurance Policy. The 3 sets of Institute Cargo Clauses - ICC-A, ICC-B and ICC-C Clauses specify the extent of coverage provided to the Insured under a Marine Insurance Policy
A Contractors All Risk Insurance Policy (CAR Insurance Policy) is a type of insurance policy given to under-construction civil projects and provides protection against claims of Material Damage and Third-Party Liability arising during Construction Stage. A CAR Insurance Policy provides comprehensive coverage to the entire under-construction project from the arrival of the first consignment at site and continues whilst the Work is in Progress and during the maintenance period as well.
A Trade Credit Insurance Policy is an important tool which protects your business from unpaid invoices by insuring the accounts receivable. The Trade Credit Insurance Policy pays out a percentage of invoice value owed to the seller in case the buyer delays the payment, declares insolvency or is unable to make payment due to the seller because of political issues in the buyer’s country.
Trade Credit Insurance Policy – Coverage, Benefits and Exclusions Forget all your worries about Bad Debts Solution You can protect yourself from Risk of Bad Debts by purchasing a Trade Credit Insurance Policy What is a Trade Credit Insurance Policy?
Business owners invest crores of rupees in assets such as plant and machinery, buildings, offices, warehouse stocks etc. Thus, it is important to secure these assets with a Fire Insurance Policy.
Fire Insurance, also known as a Standard Fire and Special Perils Insurance Policy provides reimbursement in case the insured assets are damaged by fire and associated perils.
It is important to understand the coverages under a Fire Insurance Policy.
Employees are an organization’s most valuable resource. Therefore, paying attention to employee’s health and welfare is critical.
Many organizations have comprehensive employee benefits programs such as providing employees with complete group health insurance coverage. This helps boost employee productivity and retention as well.
This infographic will provide information about the claims process for a group mediclaim insurance policy for employees.
There are 2 types of claims process under a group mediclaim insurance policy for employees: Reimbursement Claim and Cashless Claim.
What is the Workmen’s Compensation Act 1923? The Workmen’s Compensation Act 1923, also known as Employee Compensation Act, came into force on 1st July 1924, and it applies across India. The Workmen Compensation Act 1923 was formed to provide compensation to workers who faced Accidental Death or Injuries in the course of employment. The Act makes the employers liable to pay compensation to employees who sustained injuries which leads to their disablement or death in the course of employment.
A Group Mediclaim Policy for Employees is an important health insurance benefit provided by employers to their employees. A Group Mediclaim policy covers employees for all hospitalization expenses incurred by them during the Policy Period. Additionally, Group Mediclaim Insurance Policies are cheaper as compared to Individual Health Insurance Policies.
Group Health Insurance Policy for Employees What is Group Health insurance? What is an Employee Group Health Insurance Policy? What does a Group Health Insurance Policy cover?
One of the common difficulties faced by company executives is understanding the difference between Directors & Officers Liability Insurance Coverage and Errors & Omissions Insurance Coverage.
A common misconception is that Directors and Officer Liability Insurance Policy and Errors & Omissions Insurance cover the same thing. However, this is not true, and both insurance policies have completely different coverages.
It is crucial to understand the difference between Directors and Officers Liability Insurance Policy and Errors and Omissions Insurance Policy.
Keeping your factory assets uninsured might result in huge financial losses. A small fire accident can cause damage to the tune of Crores of Rupees. It is extremely important for factory owners to purchase a comprehensive Fire Insurance Policy for all their assets such as plant and machinery, factory building, stocks etc.
There are many benefits of a Fire Insurance Policy which will allow the Factory owner to resurrect his business in case of a damage by a Fire Accident.
