Casualty insurances encompass a wide range of insurances like

• Money Insurance
• Burglary Insurance
• Fidelity Guarantee Insurance

Contractor's All Risks Insurance that covers civil construction projects above or below ground such as residential and office buildings, hospitals, schools, theatres, roads, railways, bridges, tunnels, airports, dams, weirs, irrigation and drainage facilities, canals and ports. In addition the following will also be covered:-

• Preparatory work at the construction site such as site facilities, excavation and   leveling work and temporary structures (e.g. access roads, diversion canals and   protective embankments)
• Any materials to be used in the construction work stored at the site.

Who can take this Insurance?

All parties involved in any way in the construction may be insured:

• Contractors
• Firms commissioned to carry out the work, including subcontractors
• The purchaser or owner
• Parties financing the project

In order to avoid gaps in cover, a single insurance contract can be issued for the whole project incorporating all participants as insured parties.

What does Contractor's All Risk Insurance cover?

This is an 'All Risk' policy covering sudden and unforeseen physical damage to civil projects under construction insured by any cause or peril not specifically excluded under the policy. Important Perils which will be covered include:

• Fire and Allied Perils
• Flood, storm, tempest & cyclone
• Earthquake, fire & shock
• Collapse
• Water Damage for Wet Risks
• Faults in erection/ construction
• Human errors, negligence

Engineering insurance provides comprehensive insurance solutions for Construction and Erection projects as well as Operational insurance covers like

• Contractor's Plant & Machinery Insurance
• Electronics Equipments Insurance
• Machinery Breakdown Insurance

The Standard Fire & Special Perils (SFSP) Insurance, designed to cover loss or damage to Buildings, Plant & Machinery, Tools, Instruments and Accessories, Furniture, Fixtures and Fittings, Electrical Installations, Stocks in Trade including Work in Progress, etc due to Fire and Act of God perils. This policy is vital for all types of industry and trade groups, offices, service occupancies, households and assets belonging to all sections of the society.

Who can take this Insurance?

Persons with insurable interest in the property to be insured like Owners, Banks and Financial Institutions.

What does the Standard Fire and Special Perils Insurance cover?

• Fire
• Lightning
• Explosion / implosion
• Aircraft damage
• Riot, strike and malicious damage (RSMD)
• Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation   (STFI)
• Impact damage
• Subsidence and landslide including rockslide
• Bursting and/or overflowing of water tanks, apparatus and pipes
• Missile testing operations
• Leakage from automatic sprinkler installations
• Bush fire

Businesses cannot function without people. With the Group Mediclaim Policy, you can provide your employees / members the optimum cover they require. A group health insurance plan provides cover to all the members in a single policy.

Group health insurance designed for the employees of your company and their family members. It covers your employees and their family members against hospital and medical expenditure that accompany an illness or accident. Family members include spouse, dependent children and dependant parents along with various extensions for Maternity, Out Patients & Dental Costs, Waiver of First Year Exclusions or Pre-existing diseases etc as per the requirement of each Corporate Group.

Expect the unexpected is a good thumb rule when it comes to most businesses. With Group Personal Accident Insurance Policy, you can choose the benefits you want for each class of employee which can either be a flat amount or a multiple of the employee's salary.

The policy covers:

• Accidental Death - Covers the insured in case of loss of life in an accident
• Permanent disablement - Pays a benefit if the insured is permanently disabled in   an accident.

Liability insurance provides a complete range of business and commercial policies that cover legal liability of your company and your directors towards third parties and employees.

A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent agreed, against losses incidental to marine adventure. There is a marine adventure when any insurable property is exposed to maritime perils i.e. perils consequent to navigation of the sea. The term 'perils of the sea' refers only to accidents or causalities of the sea, and does not include the ordinary action of the winds and waves. Besides, maritime perils include, fire, war perils, pirates, seizures and jettison, etc.

There are four types of marine insurance:-

• Hull Insurance: It covers the insurance of the vessel and its equipment i.e. furniture and fittings, machinery, tools, fuel, etc. It is affected generally by the owner of the ship.
• Cargo Insurance: It includes the cargo or goods contained in the ship and the personal belongings of the crew and passengers.
• Freight Insurance: It provides protection against the loss of freight. In many cases, the owner of goods is bound to pay freight, under the terms of the contract, only when the goods are safely delivered at the port of destination. If the ship is lost on the way or the cargo is damaged or stolen, the shipping company loses the freight. Freight insurance is taken to guard against such risk.
• Liability Insurance: It is one in which the insurer undertakes to indemnify against the loss which the insured may suffer on account of liability to a third party caused by collision of the ship and other similar hazards.

In a contract of marine insurance, the insured must have insurable interest in the subject matter insured at the time of the loss. Insurable interest is not required to be present at the time of taking the policy. Under marine insurance, the following persons are deemed to have insurable interest:-

• The owner of the ship has an insurable interest in the ship.
• The owner of the cargo has insurable interest in the cargo.
• A creditor who has advanced money on the security of the ship or cargo has   insurable interest to the extent of his loan.
• The master and crew of the ship have insurable interest in respect of their wages.
• If the subject matter of insurance is mortgaged, the mortgagor has insurable   interest in the full value thereof, and the mortgagee has insurable interest in   respect of any sum due to him.
• A trustee holding any property in trust has insurable interest in such property.
• In case of advance freight the person advancing the freight has an insurable    interest in so far as such freight is repayable in case of loss.
• The insured has an insurable interest in the charges of any insurance policy which    he may take.

Types of Marine Insurance Policies:-

• Voyage Policy: It is a policy in which the subject matter is insured for a particular voyage irrespective of the time involved in it. In this case the risk attaches only when the ship starts on the voyage.
• Time Policy: It is a policy in which the subject matter is insured for a definite period of time. The ship may pursue any course it likes; the policy would cover all the risks from perils of the sea for the stated period of time. A time policy cannot be for a period exceeding one year, but it may contain a 'continuation clause'. The 'continuation clause' means that if the voyage is not completed within the specified period, the risk shall be covered until the voyage is completed, or till the arrival of the ship at the port of call.
• Mixed Policy: It is a combination of voyage and time policies and covers the risk during particular voyage for a specified period of time.
• Valued Policy: It is a policy in which the value of the subject matter insured is agreed upon between the insurer and the insured and it is specified in the policy itself.
• Open or Un-valued Policy: It is the policy in which the value of the subject matter insured is not specified. Subject to the limit of the sum assured, it leaves the value of the loss to be subsequently ascertained.
• Floating Policy: It is a policy which only mentions the amount for which the insurance is taken out and leaves the name of the ship(s) and other particulars to be defined by subsequent declarations. Such policies are very useful to merchants who regularly dispatch goods through ships.
• Wagering or Honour Policy: It is a policy in which the assured has no insurable interest and the underwriter is prepared to dispense with the insurable interest. Such policies are also known as 'Policy Proof of Interest' (P.P.I).