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Insure and be Secure from your risks
March 4, 2018, 3:43 pm

Every day we are exposed to many risks which can cause a financial loss such as accidents, property damage, illness, and even death. We cannot predict accidents and sudden incidents which can bring down our lives to a grinding halt. There could be few other risks that are associated with the main risk such as the possibility of being sued or becoming disabled and unable to work etc. It does not take much time for a risk to become a reality.

How much ever, maybe our savings for the future, any such incidents can turn our lives upside down. The only way which we can secure our future against such unexpected and unfortunate incidents is to protect ourselves with proper Insurance cover. If there is no specific planning for handling future risks, we end up in a financial disaster. Entire life turns out to be topsy-turvy. Having adequate Insurance plans can protect an individual or an Organization against unforeseen events. Insurance is the most suitable way of managing the risks. When Insurance is taken, the potential loss is transferred to the insurance company in exchange for a small amount called premium. Insurance companies pool the funds and pay the claims, as and when they happen. Insurance is an important part of the financial sector of any economy.

A well regulated insurance industry can provide great contribution to economic growth. Insurance has been a great form of risk transfer, wherein the insurer transfers his risks for a small premium to the insurance company and remains free from all the tensions. This would surely enhance the financial stability and increase the flow of money in the economy, which would be directly responsible for the overall growth of the economy. Many times we witness huge catastrophes attack the countries, there would be numerous causalities. Single individual cannot withstand those huge losses and restart his business; insurance cover only can provide the support in such times. Insurance can be categorized as Life, General and Health Insurance.

Life Insurance is more common and more popular, where almost everyone is aware of life insurance cover. To understand further, Life Insurance is a coverage granted for one’s life, to pay a fixed sum insured to the nominee in case of an untimely death due to accident or illness.

General Insurance: All Insurance covers other than life and health are considered to be General Insurance. There are numerous types of Insurance covers that come under General Insurance, few of them are

Property Insurance
Marine Cargo Insurance
Motor Insurance
Householders Insurance
Shopkeepers Insurance
Fire Insurance
Money Insurance
Fidelity Guarantee Insurance
Personal Accident Insurance
Workmen Insurance
Cattle Insurance
Burglary Insurance
Project Insurance
Construction sites Insurance
Machinery Insurance
Plant and machinery Insurance
Liability Insurance

Few important Insurance policies are elaborated below:

Motor Insurance- Numerous road accidents happen every day, many motor vehicles are damaged, and many times persons travelling in those vehicles die or suffer injuries due to such accidents.

Motor Insurance policy cover Own damage losses and also loss to the Third Parties. Own Damage policy covers the repair or replacement cost incurred due to such accidents, which can also be extended to cover the life of the driver and other occupants of the vehicle against the damages due to such accidents. The policy also covers the damages to the vehicle due to accident, fire and theft.

Third Party Motor Insurance also provides for the losses incurred by the Third Parties on account of the accident caused by the Insured Vehicle. Third Party Insurance is made compulsory worldwide; any vehicle plying on the road has to invariably possess a Third Party Insurance. TP policy covers the loss or damage that happens to unknown third parties on account of accident caused to them.

Property Insurance: Under General Insurance covers, Property Insurance occupies the major portion. Under Property Insurance, property is covered against all type of perils that would damage the property. The perils include fire, water damage, earthquake, impact damage etc. Policy can be extended to cover additional risks such as burglary, Third party liability, business interruption losses, etc

Project Insurance: In the developing economies Project Insurance covers have gained great popularity, under this form of Insurance, cover is granted to the ongoing projects against almost all types of risks, most of them are all risk polices covering all the losses arising out of any reasons except few specified exclusions. These are mega polices, that cover the projects from their inception to completion, which also includes testing and maintenance periods. These policies cover, all input costs, overheads, loss of earnings, workmen, plant and equipment, third party liabilities and all other extensions that the contractors require.

Marine Cargo Insurance: With the onset of globalization, huge exchange of goods are taking place worldwide in the form of Exports and Imports, Marine Cargo polices provide, insurance coverage for the losses and damages to the goods that are being transported by Sea, Air, Rail or Road. Insurance cover is granted on all risk cover basis even on warehouse to warehouse basis. Marine Cargo cover is of great use to goods transporters and other suppliers who supply goods and raw materials worldwide. Householders Insurance: It is a comprehensive type of Insurance, which covers the households against various risk factors such as Loss to Building due to fire or other perils. The loss or damage to the household contents due to burglary, fire etc. Accidents cover to the family members, breakdown coverage for the home appliances and electronic gadgets, theft of valuable jewelry and other precious items.

Health Insurance: With the growing number of illnesses, Health Insurance policies have become extremely important. Under these policies, the treatment expenses incurred due to some sudden sickness are covered. The policy also includes expenses incurred for Doctor Consultations, Medicines, diagnostic tests and surgeries also.

Travel Insurance: This is comprehensive policy which can be taken while travelling abroad, this policy covers accidental death, loss of baggage, loss due to delay of the flights, Medical expenses incurred in the foreign country if fallen sick during the stay. Name any risk, an insurance policy is ready to provide a suitable protection. If the risk is an unusual one, Tailor-made policies are prepared to provide suitable coverage according to the requirements of the risk factors. It is needless to say, every risk factor can be covered today in Insurance, that too at a nominal premium. The present-day lives are filled with many unpredictable uncertainties, the only way to protect ourselves from all these eventualities if to identify the risk factors that we are exposed in our day to day operations, and seek adequate insurance coverage to protect ourselves. Hence, it is required to have a proper risk evaluation, estimate the probable losses, seek a proper Insurance guidance and procure suitable Insurance coverage.

Seeking proper protection through Insurance coverage only can provide a secured and stable life for every person and business entity, a life without any fear for the future risks or accidents. Insure and be secure. For any insurance related queries you can write to us at

Ram Mohan Reddy
Chief Operating Officer
New India Assurance Co. - Kuwait 

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