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INSURANCE PROJECT REPORT SUBMITED IN PARTIAL FULFILLMENT OF REQUIREMENT FOR THE DEGREE OF B.COM (BANKING & INSURANCE) UNIVERSITY OF MUMBAI SUBMITED BY GULAMABBAS T. POCKETWALA (T.Y B.COM BANKING & INSURANCE) (SEMESTER-VI) UNDER THE GUIDENCE OF Dr. LATHA VENKATARAMAN ACADEMIC YEAR (2011-2012)
DECLARATION
I, GULAMABBAS T. POCKETWALA studying in VI- Semester of B.com (BANKING & INSURANCE) from MOHINDAR SINGH KABAL SINGH DEGREE College, KALYAN (W) hereby declare that I have completed this project on Home Insurance for VI-Semester in the academic year 2011-2012 as a part of B.com (BANKING & INSURANCE) program. This information presented through this project is true and original to best of my knowledge.
ACKNOWLEDGEMENT
This project would just not have been complete without the valuable contribution from various people to whom I interested within the course of its completion. I would first and foremost thank the UNIVERSITY OF MUMBAI for designing such precise and practical course. I thank our principal DR.LATHA VENKATRAMAN who was recied strongly on me to complete my project and without her this project would remain just an idea, and even our vice principal and coordinator of Banking and Insurance department PROF.UPADHAY SIR. I would like to express my indisputable thanks to our LIBRARY HEAD AND STAFF who provide me timely essential information in the form of books. Finally, I wish to thank my friends and my parents and all those people who have lent me a helping hand in finishing this project whose names are too numerous to mention here.
INDEX
CHAPTER NAME. BACKGROUND OF INSURANCE SECTOR INTRODUCTION OF HOME INSURANCE HOME INSURANCE IN INDIA TYPES OF HOME INSURANCE HOME CLAIM PROCEDURE TYPES OF POLICIES AS PER ISO THREE WAYS TO INSURE HOME COMPANIES PROVIDING HOME INSURANCE TEN WAYS TO CUT THE COST OF HOME INSURANCE QUESTIONAIRE AND FINDINGS CONCLUSION BIBLIOGRAPHY AND WEBLIOGRAPHY
RECENT INITIATIVES
Privatization is expected to foster competition, innovations and greater awareness on the need for buying insurance services and variety of products. The IRDA bill Passed by the parliament was an important development in the field of Insurance business. The IRDA Act marks an end to the monopoly of the government in the insurance sectors by opening it up to private players. It gives priority in the Utilization of the policyholders funds for development of society and Infrastructure sector.
various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home. It requires that at least one of the named insured occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as vacancy/non-occupancy, seasonal/secondary residence, or age. It is a multiple line insurance, meaning that it includes both property and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to floods, or war (whose definition typically
includes a nuclear explosion from any source) are excluded. Special insurance can be purchased for these possibilities, including flood insurance. Insurance must be updated to the present and existing value at whatever inflation up or down, and an appraisal paid by the insurance company will be added on to the policy premium. Fire insurance will require a special premium charge, plus the addition of smoke detectors and on site fire suppression systems to qualify. The home insurance policy is usually a term contracta contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a fire station, if the house is equipped with fire sprinklers and fire alarms. Perpetual insurance, which is a type of home insurance without a fixed term, can also be obtained in certain areas. In the United States, most home buyers borrow money in the form of a mortgage loan, and the mortgage lender always requires that the buyer purchase homeowners insurance as a condition of the loan, in order to protect the bank if the home were to be destroyed. Anyone with an insurable interest in the property should be listed on the policy. In some cases the mortgagee will waive the need for the mortgagor to carry homeowner's insurance if the value of the land exceeds the amount of the mortgage balance. In a case like this even the total destruction of any buildings would not affect the ability of the lender to be able to foreclose and recover the full amount of the loan. The insurance crisis in Florida has meant that some waterfront property owners in that state have had to make that decision due to the high cost of premiums. See Citizens insurance.
HISTORY
The first homeowners policy perse in the United States was introduced in September 1950, but similar policies had existed in Great Britain and certain areas of the United States. In the late forties US insurance law was reformed and during this process multiple line statutes were written, allowing homeowners policies to become legal. Prior to the 1950s, there were separate policies for the various perils that could affect a home. A homeowner would have had to purchase separate policies covering fire losses, theft, personal property, and the like. During the 1950s, policy forms were developed allowing the homeowner to purchase all the insurance they needed on one complete policy. However, these policies varied by insurance company, and were difficult to comprehend. The need for standardization grew so great that a private company based in Jersey
City, New Jersey, Insurance Services Office, also known as the ISO, was formed in 1971
to provide risk information and issued a simplified homeowners policy for resell to insurance companies. These policies have been amended over the years.
Home insurance not only protects the homeowner from total loss when disaster occurs, but also protects the home owner in the event that their home is damaged by acts of God or if a person becomes injured, the home owner will not be held solely liable for all of the damages. The home insurance policies usually cover a home under the all risks clause unless otherwise noted in an exclusion clause. For instance, a home can be covered for fire damage, earthquake damage, and acts of vandalism under an all risks policy, but if the policy states that the home is not covered for deluge or say tsunami, than water damage due to the mentioned natural calamity would not be covered. To summarize it, the home insurance policy is important for the homeowner as it ultimately gives the home owner a sense of security to protect his family and property against calamities.
The most thriving amongst those are mostly joint venture companies like ICICI Lombard General Insurance, Bajaj Allianz General Insurance, Tata AIG General Insurance Company Ltd, IFFCO-TOKIO and Royal Sundaram Alliance to name a few. Considering the feasibility of a largely huge and growing market, the home insurance sectors has lately expanded its business beyond the metros to the Tier I and II cities where real estate development is expected to flare up in the years to come.The booming real estate sector in India is considered to be one of the most encouraging factors in the resurgence of the home insurance sector. However, apart from the real estate factor, the recent spate of calamities that has hit the country like the earthquakes, tsunami, the consistent flood every year in most parts of the country and the exceptional cases of 'deluge' in Mumbai in 2005 has made people opt for home insurance like never before.
1. Buildings Insurance
Buildings insurance is an important part of property investments. The mandatory obligation made by the housing finance companies has strengthened the need for insurance in conjunction with property investments. Insuring the building or building structure is important since it protects you against inevitable losses in case your building is destructed and debilitated in any natural or man-made calamities. The housing finance companies are insisting on building insurance so that in the event of a disaster it can be repaired or rebuilt, as lenders don't want to be left without security for their loan. A home insurance policy should cover expenditure to rebuild your home in the event of it being totally destroyed or damaged to the
point that complete rebuilding is necessary (in eventualities like earthquake, fire etc). Different home insurance companies have different specifications for policy coverage. It is recommended that you check the terms and conditions of the policy. Home insurance companies in India mostly have home insurance plans that insure the building structure of your home for its reconstruction value. This is the cost incurred to reconstruct the home if it is damaged and not for its market value such as the cost of land etc. Sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet Home insurance plan for buildings are usually meted out on conditions as per the policy terms arising out of conditions like
Fire, Lightening, explosion of gas in domestic appliances Bursting and overflowing of water tanks, apparatus or pipes. Riot, Strike, Malicious or Terrorist Act Flood, Inundation, Storm, Typhoon, Hurricane, Tornado or Cyclone Damage due to earthquake, subsidence and Landslide (including Rockslide). Damage caused by Aircraft & Impact damage Third party liability and personal accident.
2. Content Insurance
Content insurance may be considered optional but with the threat of burglaries, natural disasters and fire, content insurance covers are rising in demand. Contents insurance for home insurance plans includes protection to movable goods, possessions or contents in the house; anything that is not a fixed parts of your home, for example your appliances, electronic goods, furniture and clothing.
Similarly as the modalities adopted in building insurance, different home insurance companies in India have different policies for content insurance. Most companies comply with insurance plans where a value equivalent to the market value of household contents i.e. the value for which this used item could be bought or sold in the market is covered as insurance. The insured amount given against the perils for building or structure and its contents is assessed either on 'reinstatement value' basis -which is the value for replacing the item with a new item of same type and make; or on 'market value' basis -which is the reinstatement value less depreciation depending on the age of the item. Content insurance offers protection against various perils including:
Fires Storms/flooding Explosions Theft and vandalism Valuables such as jewellery, cameras and watches against all risks, Cover against all kinds of accidental breakage of plate glass fixed in doors and window frames.
Home insurance can be availed for both building and content combined. However, most home insurance plans in India excludes underinsurance of the property value, willful destruction of property, loss, damage or destruction caused by war perils, wear and tear and atmospheric conditions etc., damage due to an act of terrorism(unless specifically covered) and losses or damages incurred when premises are unoccupied beyond 60 consecutive days.
Inform the call center with policy details. Provide relevant information, which includes your policy and other details regarding your claim. Consequently, your claim request is authenticated and is escalated to the company's claims department.
Company's claims department validates and registers the request. They appoint a surveyor within 48 hours.
The insured submits all the relevant documents to the surveyor. The surveyor submits the Final Survey Report (FSR) along with the documents within 7 days.
If surveyor is not appointed, the company's claims department sends a letter of requirement for submitting documents to the insured within 24 hours of claim intimation.
On receipt of documents, the claims department processes the claim within 7 days. On approval of the claim, a letter is send to the insured giving the approved amount of settlement along with the discharge voucher.
Know your policy. Stake your claim quickly. Avoid using the word "lawyer." Keep a copy of the police report. Get an estimate or two.
DOCUMENTS REQUIRED
Documents are the most valid and appropriate proof for your home insurance claims. Always keep your documents in place and ready both before you need to make a claim and when you need to make one. It is always advisable to save the receipts for items you buy. This will give the indication and estimation of the total cost of items and damage claim amount accordingly. Photographs and/or videotapes of your home (both in pre- and post-disaster form) can also be beneficial. These will help you establish an inventory of your belongings should the need arise. Always save photos or videos of the damage before you begin cleaning up.
HO2 Broad Homeowner Policy A more advanced form that provides coverage on a home against 17 listed perils (including all 11 on the HO1). The coverage is usually a "named perils" policy, which lists the events that would be covered.
HO3 All Risk Homeowner Policy The typical, most comprehensive form used for single-family homes. The policy provides "all risk" coverage on the home with some perils excluded, such as earthquake and flood. Contents are covered on a named peril basis.
HO4 Renter's Insurance The Tenants form is for renters. It covers personal property against the same perils as the HO2.
HO8 Older Houses The Modified Coverage form is for the owner-occupied older home whose replacement cost far exceeds the propertys market value.
COVERAGE RATES
According a 1998 NAIC (National Association Of Investors Corporation) report, 83% of homes were covered by owner-occupied homeowners policies. Of these, 87% had the HO3 Special and 9% had the more expensive HO5 Comprehensive. Both of these policies are "all risks" or "open perils", meaning that they cover all perils except those specifically excluded. 3% were the HO2 Broad, which covers only specific named perils. Others include the HO1 Basic and the HO8 Modified, which is the most limited in its coverage. HO8, also known as older home insurance, is likely to pay only actual cash value for damages rather than replacement. The remaining 13% of home insurance policies were covered by renters or condominium insurance. Two-thirds of these had the HO-4 Contents Broad form, also known as renters insurance, which covers the contents of an apartment not specifically covered in the blanket policy written for the complex. This policy can also cover liabilities arising from accidents and intentional injuries for guests as well as passers-by up to 150' of the domicile. Common coverage areas are events such as lightning, riot, aircraft, explosion, vandalism, smoke, theft, windstorm or hail, falling objects, volcanic eruption, snow, sleet, and weight of ice. The remainder had the HO-6 Unit-Owners policy, also known as a condominium insurance, which is designed for the owners of condos and includes coverage for the part of the building owned by the insured and for the property housed therein. Designed to span the gap between the coverage provided by the blanket policy written for the entire neighborhood or building and the personal property inside the home. The liability coverage may cover incidents up to 150 feet from the insured property, all valuables within the home from theft, fire or water damage or other
forms of loss. The Associations Bylaws determine the total amount of insurance necessary. In addition, about 2.4% of homes were covered by a dwelling fire policy which covers property damage to a structure and is typically sold to noncommercial owners of rented houses. It may also cover the owner's personal property (such as appliances and furnishings). The owner's liability is generally extended from their own primary home insurance, and does not comprise part of the Dwelling Fire policy.
CLASSES OF COVERAGE
For each policy, there are typically six classifications of coverage. These are based on standard Insurance Services Office or American Association of Insurance Services forms. Section I Property Coverage Coverage A Dwelling Covers the value of the dwelling itself (not including the land). Typically, a
coinsurance
actual value, it will be replaced. This is in place to give a buffer against inflation. HO-4 (renter's insurance) typically has no Coverage A, although it has additional coverage for improvements. Coverage B Other Structures Covers other structure around the property which are not used for business, except as a private garage. Typically limited at 10% of the Coverage A. Coverage C Personal Property Covers personal property, with limits for the theft and loss of particular classes of items (e.g., $200 for money, banknotes, bullion, coins, medals, etc). Typically 50 to 70% of coverage A is required for contents, which means that consumers may pay for much more insurance than necessary. This has led to some calls for more choices.
Coverage D Loss of Use/Additional Living Expenses Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented, however only the rental income for the actual rent of the space not services provided such as utilities.
ADDITIONAL COVERAGES
Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and shrubs for certain named perils (excluding the most common causes of damage, wind and ice), fire department changes, removal of property, credit card / identity theft charges, loss assessment, collapse, landlord's furnishing, and some building additions. These vary depending upon the form.
EXCLUSIONS
In an open perils policy, specific exclusions will be stated in this section. These generally include earth movement, water damage, power failure, neglect, war, nuclear hazard, intentional loss, and concurrent causation (for HO-3).
Local construction costs The square footage of the structure The type of exterior wall construction: frame, masonry (brick or stone) or veneer
The style of the house (ranch, colonial) The number of bathrooms and other rooms The type of roof Attached garages, fireplaces, exterior trim and other special features like arched windows.
Also be sure to check the value of your insurance policy against rising local building costs each year. Ask your insurance agent or company representative about adding an Inflation Guard Clause to your policy. This automatically adjusts the dwelling limit when you renew your policy to reflect current construction costs in your area. Also be sure to increase the limit of your policy if you make improvements or additions to your house.
It is imperative that you secure your home from natural and man-made catastrophes. Before Applying for Home Insurance you should know about Importance of Home Insurance. Our Home Insurance Plan ensures you peace of mind by protecting the structure and the contents of your home. Policy Details & Coverage You can choose to buy insurance for only the building (structure) of your home, or only the contents (belongings) or both. The policy covers the losses to the structure and contents of your home due to any natural and man made calamities. The calamities covered are:
Fire Riot, strike & malicious damage Explosion & implosion Earthquake Lightning Storm, cyclone, tempest, tornado, hurricane, flood & inundation
Damage due to impact by vehicles Missile testing operation Subsidence, landslides and rockslides Leakage from automatic Sprinkler installations Bursting and/or overflowing of water tanks, apparatus and pipes Burglary covers (only for contents):
The contents of your home are also covered against loss due to burglary or an attempted burglary. It also covers loss of jewellery, silver articles and precious stones kept under lock and key, up to 25% of the total content sum insured or Rs. 1 Lac, whichever is lower.
Additional expenses of rent for alternative accommodation - If you are forced to shift into an alternative accommodation because your home is destroyed or damaged by any insured peril, the policy will cover you against the additional rent.
The maximum coverage is up to Rs. 1,00,000 for up to 6 months. The cover is available only if you are insuring the structure of your home.
Key Benefits
Digitally signed policy is available 24X7 online, customer can take prints instantly. The hard copy of the policy is couriered the same day (or next day if customer buys after 6 PM) and will reach him/her within 2-3 working days.
Avail 15% discount on a 3 years home insurance policy and 25% discount on 5 years policy.
Optional covers available - Terrorism and Additional expenses of rent for alternative accommodation.
Sum Insured
Home Structure The home insurance policy insures the structure of your home for its reconstruction value (and not for market value). Reconstruction value is defined as the cost incurred to reconstruct the home if it is damaged. On the other hand market value is a combination of cost of land, demand & supply scenario, etc.
Sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet, e.g. if your built up area of your home is 1000 sq. feet and the construction rate is Rs. 800 per sq. feet, the sum insured for your home structure is Rs. 8,00,000.
We recommend the rate of construction for your location when you are buying online. However, this value can be revised appropriately if expensive material - like marble flooring, etc. - has been used in construction. If your home has lawn / garden surrounded by a perimeter wall, the construction rate can be revised to include the cost of construction of this wall in home structure sum insured.
HOME INSURANCE "Home sweet Home" - a destination, any individual or a family feels very close to the heart. It is an investment of one's lifetime savings, emotional dreams and aspirations to realize their ideal home. Home signifies a set of emotions for any individual, be it pride, ownership, stability or be it a sense of belonging. It echoes the owners' sentiments "It's my house. After all, one's Home including its contents is the single most important and expensive asset that we have created for ourselves. We have learnt to value life and health sufficiently to understand the importance of insuring it. But when it comes to applying the same logic to our home (around which our lives revolve) most of us suffers a blind spot. It is only when a calamity or catastrophe strikes that we feel helpless. HOME SECURE BENEFITS. Home Insurance in India provides exactly the care one needs at such times - to safeguard against unforeseen eventualities and to preserve one's lifestyle and that too at an affordable price. You can protect your priceless investment for very little money. Assuming you have possessions worth Rs. 300,000 in your house, you can insure those possessions for as little as Rs. 3 a day - for Fire, Natural Hazards (Flood, Earthquake etc) and Burglary & Theft.
Householders Insurance Policy Brief Description: The House holder's Insurance Policy is a comprehensive shelter that protects your house and the various contents in it against a variety of risks. It is a single policy that takes care of a number of contingencies. The policy is divided into 10 sections. Sec 1(B) and a minimum of any 2 other sections are compulsory.
Section 1: Fire and Allied Perils. Section 2: Burglary. Section 3: All risks. Section 4: Plate Glass. Section 5: Breakdown of domestic appliances.
Covered Risks: Buildings of class 'A' construction, Plate Glass, Breakdown of domestic appliances, T.V. Set, Pedal Cycles, Baggage Insurance, Personal Accident, Public Liability.
BAJAJ ALLIANZ
Householders Your home is our most valued possession, a haven of safety. But is it really as safe as we would like to believe? We at Bajaj Allianz realize your need to make your home as secure in reality as it is in your mind. This is why we bring to you the House- Holders' Insurance policy designed to cover various risks and contingencies faced by householders under a single policy. It provides protection for property and interests of the insured and his family members who permanently reside with the insured. A home insurance(householder's insurance), protects not just your flat but also your domestic and electronic appliances. Unique Features
Very competitive premium rates. First loss basis option for burglary and jewelry. Flexible rating for personal accident of the insured No valuation certificate required for jewelry upto Rs.2 lacs. Assembled computers can also be covered under EEI.
Benefits
No strain on pockets of insured. xSaving on cost. Customized cover can be opted by the insured. Save on time while proposing. Same policy addressing varied needs.
Advantages
Single Proposal form. Complete coverage at reduced premium. Client needs being addressed. Simple and quick documentation. Related items got covered under respective sections
A Complete Protector Our Home Suvidha Insurance Policy gives complete protection to your home against a wide range of risks and perils. It is a simple Home Insurance Policy wherein there are various categories of Sum Insured and you may opt for the category most suitable to you depending upon the extent of risk perceived and total value of your assets. The Sum Insured under Section 1 & 2 represents the First Loss limit which should be within 50% of the actual Market Value of the property at risk, below which underinsurance condition will be applicable. The other Sections are covered on Full Value basis - Market Value for Section 5 and Reinstatement Value for Section 3 & 6. Sections 5 and 6 are optional. Either on both of them can be deleted from the cover taken, in case they are not relevant to you.
Fire and Allied Perils (Contents): Contents of your premises are covered against fire, explosion, bursting/ overflowing of watertanks, riots, strike and malicious damage, earthquake, flood, cyclone, landslide etc.
Burglary and other Perils (Contents): Contents of your premises are covered against housebreaking, burglary, robbery or dacoity and also against impact damages by falling trees/electric poles/lamp posts, breakage or collapse of television or radio aerials/satellite dishes and damage by civic authorities in the prevention of fire.
Television/Video Equipment: This Section covers loss or damage to your television/ video equipment against fire, theft, accidental damage and breakdown.
Personal Accident: This section covers you and your named family members against accidental bodily injury leading to death or disablement (either permanent total or permanent partial).
Fire and Allied Perils (Building): This Section covers the residential building, if owned by you against perils mentioned under the Fire and Allied Perils (Contents) Section.
Personal Computer: This Section covers loss or damage to your personal computer against fire, theft, accidental damage and breakdown.
Who can apply for this policy? This Policy is suitable for you as a householder, whether you are a landlord or a tenant, whether you reside in an independent house or in a flat/apartment, whether the building is single storied or is a high rise, since each of the alternatives above would imply different risk exposures which can be covered under this policy.
Home Insurance Homeshield Classic is a comprehensive package of insurance benefits designed to cover the buildings and contents of your home against all possible kinds of perils such as fire, earthquake, terrorism, storm, flood, cyclone, burglary and breakdown of appliances. Your building cover can be arranged in conjunction with your contents cover or on its own. Homeshield Classic Coverage When it comes to contents of your home, Royal Sundaram-s Homeshield Classic will give you complete peace of mind by covering the contents against a range of risks. We also cover building insurance.
You have the option of insuring your building against fire and allied perils. You have an option of payment through credit card with automatic renewal facility.
Assured Claims service: Claims will be settled within 10 days of receipt of documents.
We provide you 15 days to review your policy document. If you are not completely satisfied, simply return your policy for cancellation and Royal Sundaram will refund the entire premium paid provided no claim has been made.
Simple documentation & customer-friendly package. Comprehensive package covering fire, earthquake, terrorism, storm, Option to cover building against Fire & allied perils @ Rs.78.56/- per lac. Covers household contents, appliances, jewellery & breakdown of appliances.
3 levels of cover to choose from : Silver, Gold & Platinum. Assured Claims service: Claims will be settled within 10 days of receipt of documents.
You have an option of payment through credit card with automatic renewal facility. Option of Add-on covers for Computer, Air-conditioner, Air Cooler.
Householders Policy Highlights This is a package policy specially designed to meet the insurance requirements of a householder by combining under a single policy, a number of our standard policies usually taken by householders. Discount in premium is offered depending upon the number of sections of the policy, opted for, by the proposer. Scope The policy comprises of 10 sections as given here under Section I - Fire & Allied Peril
Coverage for building Covers contents of the dwelling belonging to the proposer and his/her family members permanently residing with him/her.
Allied Perils:
Fire, Lightening, Explosion of gas in domestic appliances Bursting and overflowing of water tanks, apparatus or pipes. Damage caused by Aircraft , Riot, Strike, Malicious or Terrorist Act Earthquake, Fire and/or Shock, subsidence and Landslide (including Rockslide) damage
Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tomado or Cyclone, Impact damage
Section II - Burglary & House Breaking including larceny and theft. Covers contents of the dwelling against loss due to burglary, house breaking, larceny or theft. Section III - All Risks (Jewellery & Valuables) Covers loss or damage to your jewellery and valuables by accident or misfortune whilst kept, worn or carried anywhere in India subject to the value declared in the schedule. Section IV - Plate Glass Loss or damage to fixed plate glass in the insured premises by accidental breakage subject to limit of sum insured Section V - Breakdown of Domestic appliances Covers domestic appliances against unforeseen and sudden physical damage due to mechanical or electrical breakdown.
Section
VI
T.V.
Set
including
VCP/VCR
(ALL
RISKS)
Covers loss or damage to T.V. Set including VCP/VCR by fire and allied perils, burglary, house breaking or theft, breakage due to accidental external means, mechanical or electrical breakdown. Any legal liability arising out of bodily injury or accidental death of any person other than insured's family members or employee as also damage to property not belonging to or in the custody of insured , caused by use of the T.V. Set is also covered up to a limit of Rs.25,000/-. Section VII - Pedal Cycles (All Risks) Covers loss or damage to pedal cycles by :
Fire & allied perils , Burglary, housebreaking, theft , Accidental external means
Third party personal injury or Third party property damage for Rs.10,000/-
Section VII - Baggage Insurance Covers loss or damage to insured's accompanied baggage by accident or misfortune whilst the insured is traveling on tour or holiday anywhere in India. Section IX Public Accident Covers Death or bodily injury by accidental, violent, external and visible means to the insured person named in the schedule and subject to limits specified therein. Section X - Public liability. Covers Insured's legal liability for bodily injury or loss of or damage to property of third party limited to amount specified in the schedule and workmen's compensation liability to domestic servants engaged in insured's premises. It is
compulsory to opt for Section IB of the policy. A minimum of three sections including Section IB have to be taken for issuance of this policy.
HOME INSURANCE CLAIM In case of any incident leading to a valid claim under the policy, following steps should be taken:
Take necessary steps to minimize the loss/damage. In case of fire, inform fire brigade immediately. In case of theft, larceny or burglary inform the police immediately along with a list of items stolen and their approximate value.
Inform
insurance
company
by
phone
or
fax
and
in
writing.
Extend full co-operation to the surveyor appointed by the insurance Co. and provide necessary documents to the substantiate the loss. A claim form issued by the company is also to be submitted. In case any rights of recovery exist against any other party responsible for the loss, your rights of recovery have to be subrogated to the insurance company on payment of claim.
2. Combine Your Homeowner's Insurance and Auto Insurance Policies Consider buying your homeowner's and auto insurance policies from a company that offers both. Some companies offer discounts of 5 to 15% if you buy both types of coverage from them. Check around and make sure the price is lower than buying the two policies from two different companies before making this move. 3. Ask About Other Homeowner's Insurance Discounts Make sure you're receiving all the discounts for which you're eligible. For example, discounts exist for smoke detectors, deadbolt locks, security or fire alarm systems, fire extinguishers in the home, etc. If you're over 55 and retired, you may qualify for an additional 10% discount. 4. Don't Buy Homeowners's Insurance Coverage You Don't Need It makes no sense to buy insurance to protect yourself against risks you are unlikely to encounter; for example, earthquake coverage in a non-earthquake zone, or a jewelry floater to your policy if you don't own expensive jewelry. 5. Know What Your Homeowner's Insurance Policy Covers Your home is your biggest investment. Make sure it's adequately protected from risks you cannot afford to cover yourself and that it covers any home improvements you've made, major purchases, and increased costs of rebuilding.
6. Make Your Home a Better Insurance Risk Ask your insurance agent what you can do to make your home less expensive to insure. Making changes that reduce the risk of damage in windstorms and other natural disasters is one example. Another is updating old wiring or heating systems, which may reduce your risk of fires and therefore reduce your premiums. 7. Keep Your Insurance Coverages Up To Date Once a year, before your homeowner's insurance policy is due to renew, dig out the current policy, read through all the details, and call your insurance agent to discuss any changes in your situation that occurred during the year. 8. Avoid Risks That Insurers Shun Insurers are shying away from some risks. For instance, owning certain types of dogs (Rottweilers, Doberman Pinschers, Pit Bulls), can limit or void your policy. Owning a swimming pool or a trampoline can increase your cost of coverage. Read all the fine print in your policy under the "Conditions and Coverages" sections so you know all the things that are excluded from coverage. You may opt to buy additional coverage to protect yourself from certain exposures.
9. Improve Your Credit Score Insurance companies are increasingly using credit information to price insurance policies. Don't have too many open credit accounts, don't charge close to the limits on your credit cards, and pay all your bills on time to keep your credit score healthy. 10.Shop Around for Homeowner's Insurance Shop around for homeowner's insurance rates but keep in mind that you may be receiving a longevity discount if you've been with your current insurer for several years. Typical discounts are 5% if you've been with the company for three to five years, and 10% for six years or more. Get quotes from three agents, and take any longevity discounts with your current insurer into consideration when you compare prices.
FOR CUSTOMERS
Have you taken this policy from any agent or have you visited company
personally?
Does Company provide knowledge on entire product range in its portfolio? What is your opinion regarding private companies? Whether they provide
same safety and security to public as government companies? Are you satisfied with the services provided by them? What factors do you considered while selecting ICICI Lombard as an insurance company?
ICICI LOMBARD
DAMAGES COVERED:
ICICI Lombard provide following coverages: Fire and Special Perils, Audio & Audio Visual Appliances Burglary & Theft, Public Liability Baggage Loss, Purchase Protection Breakdown of Domestic Appliances Personal Accident, Rent for alternative accommodation
TERMS AND CONDITIONS: (A) Premium: In case of premium customers have to pay annually only. Up to 1Lakh it is 141 Rs. There premium is based on their value of sum assured. (B) Claim: In case of claim customers have to submit the documents Such as it should be registered under municipality Corporation, FIR, etc. (C) Defaulter: In case of default by customer the policies of them are Cancelled. DOCUMENTS: Customers have to fill only proposal form of the company which is provided by them and this policy is based on the utmost good faith principle of insurance.
CUSTOMER
NO. OF CUSTOMERS VISITED (10)
After detail analysis of 10 customers I found that all the customers are aware about insurance services. As we know that ICICI is the no 2 private sector organization in INDIA. So according to those 10 customers ICICIS brand name is the most important factor for taking insurance policy. Out of 10 customers only 3 customers have taken home insurance policy from ICICI Lombard where as remaining 7 customers are not aware about home insurance as a concept. Those 3 customers have taken the policy from agent and for further procedure they visited personally to the company. Agents provide entire knowledge of product such as some assured, features of policy, premium payable, product coverage, eligibility etc. When I spoke with 10 customers I found that they give same preference to the private organization as well as public organization. The services provided by ICICI are as follows: 24 x 7 service, Toll free nos, online application and Banc assurance. All this factors satisfy the customers need.
The insurance industry is in the silent revolution and the best part is that all of us are part of this revolution process, contributing to it and influencing shape of things to emerge. It will be quite interesting to see an excess of distribution system taking shape and competing with each others. There is one truth in marketing that is different consumers Approach buying differently. Studies have time and again shown that insurance is bought because of convenience, product features, product placement, and safety of funds, advice, and not the price. From the survey of customers I came to conclusion that many of the customers are not aware about the concept home insurance. As this policy is generally taken by the businessmens, self professionals. We can expect from this organization that it will lead the innovative process with quality of services that will help the Indian consumer to take advantage from insurance business.
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