Types of Miscellaneous Insurance

• Mobile/Laptop insurance:

  • Mobile phones and Laptop computers have become a necessity these days for general lifestyle as well as financial transactions. With constant upgradations, the smartphones and laptops have a wide range and become expensive in general. (from thousands to even lakhs). Mobile Insurance plans safeguards against theft, repairs, and replacement.

• Pet Insurance:

  • Pet Insurance plans help in covering veterinary expenses in case of any medical problems and injuries to pets. These policies will also pay out if the pet is stolen or in case of its demise.

• Lift (Third Party Liability) Insurance:

  • Lift Insurance plans are designed for owners of passenger lifts in homes and buildings against liabilities arising out of the use and operation of the lifts. Such policies provide indemnity for the legal liability of the insured for payment of compensation to third parties for loss of life or bodily injury. Legal expenses incurred by the insured with the consent of the insurer for defending any legal action against the former by such third parties will also be payable under the policy. The policy will contain two limits - for any one accident and for all the claims during the period of the policy which will represent the insurer's maximum liability.

• Building Insurance:

  • Building insurance covers the framework of your house and its permanent fixtures. This type of cover is applicable to the structure that includes walls, floors, roofs and windows. It also includes the fittings for the bath, bedroom and kitchen. This insurance doesn’t cover the contents of the house but is suitable to those who need to insure the building only.

• Homeowner Insurance:

  • Houses becomes homes not only due to the structure but also due to the valuable contents – in all aspects. Homeowner Insurance Plans protects homes from unfortunate calamities, thefts, fires, and other such disasters. These policies cover the property as well as the belongings to ensure homeowners’ standard of living is protected.

• Property Insurance:

  • Property insurance spans across a wide category of general insurance that comes in handy for those who own property, assets, equipment, cargo, and such. Property insurance provides cover against all risks on portable and fixed assets, theft, and damage. This type of insurance is applicable for both individual and corporate segments.

• Crop insurance:

  • Agriculture is the backbone of the country. Yet, farming remains a risky affair due to natural disasters, inflation, damages to agricultural equipment. Crop insurance protects farmers against from loss or damages to their produce, farming property and assets.

• All-Risk Insurance plans:

  • These plans protect businesses and broadly covers loss or damage to insured property by fire, riot and strike, terrorist activity, theft, accident, any of which arising from any fortuitous cause anywhere within the geographical limit stated.

• Fidelity Insurance:

  • These plans cover losses sustained as a result of act of fraud or dishonesty in respect of monies or goods of the employer committed by the employees in the course of performance of their duties. This policy is suitable for employees occupying positions of trust such as cashier and storekeeper.

Office Package

Office Insurance plans offers comprehensive coverage for the risks associated with threats which can impact office operations. It covers not only the office property, but also the loss of money or any cheating done by employees. The insurance is usually offered as office package policy to cover the risks arising from various untoward incidents.

The clauses include: -

• Damage to insured property
• Misuse of office data
• Third party legal liabilities
• Financial risks caused by fire, burglary, machine breakdown etc.
• Loss of baggage of the partner, proprietor, principal officer, an employee when he/she is on office tour
• Explosions and lightning damage caused to sanitary items, safety appliances, housekeeping services, publicity tools like neon lights
• Owner’s personal accidents, which include temporary total disability, permanent partial disability, and permanent, total and absolute disability

Entrepreneurs can opt for extended Office Insurance plans specifically covering Burglary, Money in Safe, Money in Transit, Electronic Equipment, Portable Equipment and Business Interruptions.