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Research and Methodology: Research methodology is a methodology for collecting all sorts of information and data pertaining to the

subject in question. The objective is to examine all the issues involved and conduct situational analysis. The methodology includes the overall research design, sampling procedure and finally the analysis procedure. The methodology used in the study consistent of sample survey using both primary and secondary data. The primary data has been collected with the help of questionnaire as well as personal observation book, magazine; journals have been referred for secondary data. The questionnaire has been drafted and presented by the researcher himself

Objective of study: This project gives a practical exposure and helps in acquiring the on road skills. The objectives of study are as follows: a. To know about the industrial insurance in India b. To know the type of industrial insurance policy c. To know the Role of reinsurance in industry d. To know the need of industrial insurance


INTRODUCTION The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. With such a large population and the untapped market area of this population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20 per cent annually. Together with banking services, it adds about 7 per cent to the countrys GDP .In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without Life insurance cover and the Health insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation Malhotra Committee was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was Participation of overseas insurance companies with 26% capital. Creating a more efficient and competitive financial system suitable for the requirements of the economy was the main idea behind this reform. Since then the insurance industry has gone through many sea changes .The competition LIC started facing from these companies were threatening to the existence of LIC .since the liberalization of the industry the insurance industry has never looked back and today stand as the one of the most

competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run. MARKET SHARE OF INDIAN INSURANCE INDUSTRY The introduction of private players in the industry has added value to the industry. The initiatives taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this sector. The new players have improved the service quality of the insurance. As a result LIC down the years have seen the declining phase in its career. The market share was distributed among the private players. Though LIC still holds the 75% of the insurance sector but the upcoming natures of these private players are enough to give more competition to LIC in the near future. LIC market share has decreased from 95% (2002-03) to 81 %( 2004-05).The following companies has the rest of the market share of the insurance industry. Table 3 shows the mane of the player in the market.


Name of the Insurance Company Shareholding Agricultural Insurance Co Bank and Public Ins Co Bajaj Allianz General Insurance Co. Ltd. Privately Held Cholamandalam MS General Insurance Co. Ltd. Privately Held Export Credit Guarantee Company Public Sector HDFC Chubb General Insurance Co. Ltd. Privately Held ICICI Lombard General Insurance Co. Ltd. Privately Held IFFCO-Tokyo General Insurance Co. Ltd. Privately Held National Insurance Co. Ltd. Public Sector New India Assurance Co. Ltd. Public Sector Oriental Insurance Co. Ltd. Public Sector Reliance General Insurance Co. Ltd. Privately Held Royal Sundaram Alliance General Insurance Co. Privately Held Ltd. Tata AIG General Insurance Co. Ltd. United India Insurance Co. Ltd. Privately Held
Public Sector

There are a total of 13 life insurance companies operating in India, of which one is a Public Sector Undertaking and the balance 12 are Private Sector Enterprises.

What is mean by insurance? Whenever there is uncertainty there is risk. We do not have any control over uncertainties which involves financial losses. The risk may be certain

events like death, pension, retirement or uncertain events like theft, fire, accident, etc. Insurance is financial service for collecting the saving of the public and providing them with risk coverage. The main function of insurance is to provide protection against the possible chances of generating losses. It elements worries and miseries of losses by destruction of property and death. It also provides capital to the society as the funds accumulated are invested in productive heads. Insurance comes under the services sector and while marketing this service due care is to be taken in quality product and customers satisfaction. While marketing the services, it is also patients that they think about the innovative promotional measures. It is not sufficient that you perform well but it is also important that you let others know about the quality of yours positive contributions. The creativity in the promotional measures is the need of the hour. The advertisement, public relation world of mouth communication need due care and personal selling requires our intensive care. The insurance business is based on the skill and excellence of agents and this makes a strong case in favor of personal selling. HISTORY OF INSURANCE Forms of insurance were known to the Romans and to some extent were practiced among the Collegial. In certain respects these bodies

resembled our benefit societies. For example, they provided for burial and also made some form of provision for promotion among the soldiers in their organizations. In reality, then, they were based on the insurance principle since they accepted from their members a certain stipulated sum and in return agreed to perform certain services. Demosthenes describes marine loans made to the ancient Greeks; we also have record that insurance existed among the Chinese 2500 years ago. In none of these early instances, however, did insurance reach anything like large proportions. In fact, so far as we know, it entirely disappeared, many centuries passing before there was a revival. It is true that certain laws among the Romans governing annuities necessitated a mortality table, but it was, however, for this sole purpose and apparently not in any sense an insurance matter. The business of insurance is divided into four main branches: marine insurance, fire insurance, life insurance and casualty insurance. The first three state the form of disaster against which insurance is provided. The fourthoriginally accident insuranceincludes all forms not embraced in the other three .An idea of the variety of events against which insurance is offered. Marine insurance antedates every other form, its history dating back over seven centuries. It appears to have been practiced in the Mediterranean, and at least one old policy has come down from the thirteenth century, proving that marine insurance was an established practice among the commercial countries of that time. A broad gap exists between that period and the continuous history running back now some four hundred years, but since that time insurance has been an established business among those engaged in maritime adventures.

Fire insurance, the second oldest form to become permanently established, dates from the great London fire of 1666. Life insurance followed a little later, although not until 1760 was a company founded on a modern basis. Casualty insurance owes its origin to the application of steam to railway travel; its more common name of accident insurance was due to the fact that the first events to be insured against were those of accidents to the person on a railway journey. It originated in England in the first half of the nineteenth century.

DEFINITION of insurance A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial wellbeing of an individual, company or other entity in the case of unexpected loss. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Insurance can also be defined as:-Insurance is a provision for the distribution of risks; that is to say, it is a financial provision against loss from

unavoidable disasters. The protection which it affords takes the form of a guaranty to indemnify the insured if certain specified losses occur.The insurer, in accepting risks, so distributes them that the sum total of all the amounts paid for this insurance protection will be sufficient to meet the losses that occur. Insurance, then, indicates divided responsibility. This principle is introduced in most stores where a division is made between the sales clerk and the cashier's department, the arrangement dividing the risk of loss. The insurance principle is similarly applied in many other cases of divided responsibility. As a business, however, insurance is usually recognized as some form of securing a promise of indemnity by the payment of a premium and the fulfillment of certain other stipulations.

DEFINATION OF INDUSTRY As per Section 2(j) of Industrial Disputes Act, 1947 Industry means any systematic activity carried on by co-operation between an employer and his workmen (whether such workmen are employed by such employer directly or by or through any agency, including a contractor) for the production, supply or distribution of goods or services with a view to satisfy human wants or wishes (not being wants or wishes which are merely spiritual or religious in nature), whether or not,-


any capital has been invested for the purpose of carrying on such activity; or such activity is carried on with a motive to make any gain or profit, and includesa. any activity of the Dock Labors Board established under section 5-A of the Dock Workers ( Regulation of Employment)Act,1948( 9 of 1948); b. any activity relating to the promotion of sales or business or both carried on by an establishment,


But does not include1. Any agricultural operation except where such agricultural

operation is carried on in an integrated manner with any other activity (being any such activity as is referred to in the foregoing provisions of this clause) and such other activity is the predominant one. Explanation:- For the purposes of this sub-clause , agricultural operation does not include any activity carried on in a plantation as defined in clause (f) of section 2 of the Plantation Labor Act,1951; or 2. hospitals or dispensaries; or 3. educational, scientific, research to training institutions ; or 4. institutions owned or managed by organizations wholly or substantially engaged in any charitable ,social or philanthropic service; or

5. khadi or village industries ; or 6. any activity of the Government relatable to the sovereign functions of the Government including all the activities carried on by the departments of the Central Governments dealing with defense research , atomic energy and space ; or 7. any domestic service ;or 8. any activity ,being a profession practiced by an individual or body of individuals ,if the number of persons employed by the individuals or body of individuals in relation to such profession is less than ten; or 9. any activity , being an activity carried on by a cooperative society or a club or any other like body of individuals , if the number of persons employed by the co-operative society ,club or other like body of individuals in relation to such activity is less than ten;

Definition of Industrial Dispute As per Section 2(k) of ID Act,1947 industrial dispute means any dispute or difference between employers and employers ,or between employers and workmen, or between workmen and workmen , which is connected with the employment or non-employment or the terms of employment or with the conditions of labour , of any person;

Definition of Workman As per Section 2(s) of ID Act,1947 workman means any person (including an apprentice) employed in any industry to do any manual ,unskilled ,skilled ,technical ,operational ,clerical or supervisory work for hire or reward ,whether the terms of employment be express or implied ,and for the purposes of any proceeding under this Act in relation to an industrial dispute ,includes any such person who has been dismissed ,discharged or retrenched in connection with ,or as a consequence of ,that dispute ,or whose dismissal ,discharge or retrenchment has led to that dispute ,but does not include any such personi. ii. iii. who is subject to the Air Force Act,1950 (45 of 1950),or the Army Act,1950(46 of 1950), or the Navy Act,1957(62 of 1957); or who is employed in the police service or as an officer or other employee of a prison; or who is employed mainly in a managerial or administrative capacity; or

Who, being employed in a supervisory capacity, draws wages exceeding one thousand six hundred rupees per menses or exercises, either by the nature of the duties attached to the office or by reason of the powers vested in him, functions mainly of a managerial nature. What is Industrial Insurance? Whether an injured worker is covered by L&Is Washington State Fund, or a self-insured employer, he or she is entitled to no-fault accident and disability

coverage. This industrial insurance covers medical expenses and pays a portion of wages lost while a worker recovers from a workplace injury Insurance premiums paid by both workers and employers finance these benefits. Unlike other types of insurance, L&I can cover injuries only if they happen at a definite time and place at work. Also, claims for occupational diseases are accepted only if your work and medical history shows you have an illness or infection that was directly caused by the work you do, and not by something else. We all work hard to prevent accidents that result in injuries or exposure to hazardous substances that may cause occupational diseases. Still, nearly 175,000 work-related injuries and occupational diseases are reported to L&I each year. Another 64,000 on-the-job injuries and diseases are reported each year to self-insure companies. If you suffer an on-the-job injury or occupational disease, we encourage you to maintain contact with your employer. Let your employer know how you are doing. If you are unable to return to your old job for a while, talk to your employer about lighter-duty work you may be able to do during your recovery. Many return-to-work options may be pursued. Some are outlined in this guide. Read it and know your rights.

Need and importance of industrial insurance Running a business today involves a certain amount of risk;


Many unforeseen events can occur that present challenges to the modern business owner. Accidents in the workplace, employee illness, mechanical failure of plant and equipment, even lawsuits from disgruntled clients:


All of these may have to be dealt with at one time or another. Since the cost of dealing with any one of these could be enough to force closure of the business, it is essential that insurance is purchased that will adequately protect against any such events the business may face.


Industrial insurance (also known as commercial insurance or business insurance) is the collective name for the various types of insurance that pertain to business and industry.


It Depending on the laws of the countries in which the business operates, some of these types of insurance are likely to be compulsory, while some may only be optional. Whichever of these is the case, it is advisable to purchase as much insurance as can be reasonably afforded: though doing so may be expensive,


It would be much more costly in time and to the companys reputation as well as in monetary terms to have to deal with an accident or lawsuit while uninsured One type of insurance that is usually compulsory is public liability insurance


It is a key part of the insurance protection needed by any business as it protects against claims made as a result of accidents and problems resulting from the companys interaction with the public.

VII. Examples of this are, for instance, if material from a building site falls and damages a vehicle parked nearby or if a member of the

public slips and falls during a visit to premises owned and operated by the company VIII. Variations of this, professional indemnity insurance and product liability insurance protect those providing services to the public (for example lawyers and accountants) and protect against claims on faulty products supplied to the public respectively. IX. Another type of insurance that is compulsory in many countries is employers liability insurance which indemnifies a business against claims made by employees X. Without such insurance a business would be vulnerable to claims resulting from accidents, alleged discrimination, constructive dismissal and a variety of other employee grievances XI. Though there can be exemptions to the compulsory need for this insurance (for instance government departments and family businesses where all employees are related to the owner), in general it is required for all businesses that are not sole traders. XII. Aside from compulsory insurance there are many other types of insurance that it is advisable for businesses to purchase. Common types include motor insurance health insurance and buildings Insurance but there are some types that are specific to certain industries. XIII. Tradesmens Insurance Cover, for example, covers traders using tools and equipment in the course of their business, while print companies, couriers and construction firms are just a few of the types of company that have insurance tailored to them. All specialized businesses should research if there is insurance that suits their particular needs.

Role of reinsurance Comprehensive US reinsurance regulatory reform: An imperative for sustained industry performance An important contribution from a strong and viable insurance industry is to help foster a sound economy. Insurers and their reinsures have a shared responsibility to sustained, solid financial performance in order to be able to protect critical assets for years to come. This is why Swiss Re believes it is in everyones best interest to take a comprehensive approach to reinsurance regulation consistent with todays realities and the global nature of the reinsurance business. The existing U.S. regulatory system has served the industry well in an environment where reinsurance regulation as well as accounting and reporting systems varied widely. Historically, it struck a good balance between competing interests. But the world has changed, as reflected by the global nature of reinsuranc capacity and enhancements in regulatory oversight in other parts of the world. Swiss Re is a global reinsure and seeks to manage its capital and risk on a global basis. In doing so, we can ensure that the capital we hold is commensurate with our worldwide risks and make sure that the funds we need to support our clients are accessible when and where they are most needed.

To provide this necessary fungibility of capital while at the same time providing strong financial support to our clients so that they can fulfill their obligations to policyholders, we must recognize that:

We need to strive for best practices in risk management techniques. This includes the use of internal models which enable companies to assess their internal risk landscape in the most accurate manner and, consequently, to determine more accurately company-specific solvency capital requirements; Diversification is a fundamental part of value creation in the insurance sector and ultimately provides efficient and effective policyholder protection. Diversification is achieved by spreading risks across different geographical regions and lines of business in order to increase the number of mutually independent risks. As a result, loss events within product lines or local markets can be absorbed by the return on other policies not affected by those events; Capital requirements should be reduced for risk mitigation techniques, including not only traditional but non-traditional instruments. This is

particularly necessary to ensure that sufficient capacity exists for natural catastrophes and other major risks that we face; Reinsures need to be active globally to be able to balance their portfolio. If this were not the case, reinsures would not be able to absorb peak risks. A prerequisite for global scope is the ability of reinsures to operate on a cross-border basis. For international diversification to work, reinsures need the ability to use their

worldwide premium income to pay local claims. Restrictions on the free flow of capital results in reinsures inability to move capital to cover major events, making reinsurance coverage more expensive.

A global business must be supported by a strong, centralized regulator. Swiss Re believes that these objectives can best be achieved through an optional federal charter for reinsures. A move to a more effective and efficient US regulatory system for reinsures will ultimately make the US a more competitive and more responsive jurisdiction and result in lowering regulatory costs while maintaining, or enhancing, the safety and soundness of the industry.

Types of industrial insurance

1) Boiler and pressure plant insurance policy

Scope of cover The policy broadly covers boilers and other pressure vessels, both fired and unfired against losses due to explosion or collapse. Sum insured

Sum insured should be reinstatement cost of the boiler. Premium Premium chargeable depends on the type of boiler, type of fuel and the age of equipment. Discount is allowed for seasonal factories and stand by facilities Significant exclusions The policy does not cover loss and/or damage arising from

Fire and allied perils War and nuclear perils Loss arising out of overload experiments Gradual wear and tear of parts Failure of individual tubes, loss due to chemical reactions Willful acts or gross negligence Loss which is manufacturer's or repairer's responsibility Consequential loss from explosion or collapse

Main extension Surrounding property of the Insured (including the property held in trust or on commission)

Legal liability for third party bodily injury and property damage Express freight, air freight and additional customs duty can also be covered by payment

2) Electronic equipment insurance policy

Introduction Covers loss or damage to the contractor's property due to any cause that is accidental and external in nature. Scope of cover Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent reerection. The policy broadly covers:

Material damage to electronic equipment (which can include systems software) due to sudden and unforeseen events, under Section I

Cost of external data media, including cost of reconstruction of data under Section II, as also increased cost of working under Section III.

While Section I is compulsory, Section II and Section III are optional. Sum insured Section I: New replacement cost of the insured property including freight, erection cost, and customs duty, if any.

Section II: Cost of restoring the external data media by replacing lost or damaged data media by new material and lost information.

Section III: Sum Insured should represent the hiring charges per hour for substitute equipment for ensuring continued data processing for the period of indemnity specified, including personnel and transportation charges.

Premium Rate of premium: 1 % For equipments valued more than Rs 1, 00,000, a valid maintenance agreement is required to be in force, failing which 100 % loading is attracted. Significant exclusions The policy does not cover losses/ damages due to:

Wear & tear War, willful act or willful negligence Aesthetic defects and consequential loss. 3) Machinery breakdown insurance policy

Scope of cover The insurance policy broadly covers loss due to all kinds of accidental, electrical and mechanical breakdowns due to internal and external causes. Cover is granted during the time the machinery is in operation or rest or in the process of dismantling, overhauls or during subsequent re-erection at the same premises. Sum insured Value proposed for insurance should be equal to new replacement cost including freight, erection cost, and customs duty, if any. Premium Rate of premium depends upon the type of machinery. Discounts are offered in respect of stand-by facility, availability of spares and favorable claims experience, subject to rules laid down in the tariff.

Significant exclusions The insurance policy does not cover loss and/or damage from fire and allied perils, theft, overloading experiments, willful acts or gross negligence, gradually developing flaws and deterioration from normal use. Main extension Air freight

Express freight (excluding air freight) overtime & holiday wages Insured's own surrounding property Third party liability

4) Machinery loss Of profits insurance policy

Scope of cover All perils under the machinery breakdown policy can be covered under MLOP. Hence the main perils covered are electrical/mechanical breakdown, voltage surge, impact damage etc. The amount payable as indemnity is in respect of reduction in turnover/output is the gross profits lost on account of the shortage in turnover or output during the indemnity period in consequence of the material damage under machinery breakdown policy.

Sum insured The sum insured is to be declared as annual gross profits estimated

during the policy period. This can be arrived at by either considering gross profits on difference basis which is revenue - variable expenses or additions basis which is net profit + standing charges. Premium The premium will depend on the following factors:

Replenishment time required for equipment's Availability of spare equipment Criticality of the equipment Your contractual arrangements with Suppliers Replacement time Ability to make up for the loss

Your profit forecasting pattern Significant exclusions

The underlying material damage policy for this MLOP cover would be machinery breakdown policy. Hence all the exclusions of the machinery breakdown policy would be applicable for MLOP cover. The major exclusions would be fire and allied perils, theft & burglary, nuclear perils, radioactive/ionization perils wear & tear. 5) Erection all risk

Covers plant and machinery under erection Erection all risks (EAR) policy is designed to cover plant and machinery under erection. Interest of suppliers/manufacturers, contractors, subcontractors can be recorded in the policy Scope of cover This policy covers risks associated with storage, assembly/erection and testing of plant and machinery. EAR insurance provides comprehensive cover. All perils are covered unless specifically excluded. Cover incepts from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the Principal, or the period chosen, whichever is earlier. Sum insured Sum to be insured is the completely erected value of the plant and machinery inclusive of freight, custom duty and cost of erection. Premium Premium depends on type, value, and duration of the project and the period of testing Main extension Policy can be extended on payment of additional premium to cover


Maintenance Clearance and removal of debris Damage to owner's surrounding property Third party liability Additional customs duty Express freight
Holiday and overtime rates and wages

6) Contractor's plant & machinery Introduction This is an annual policy designed to cover construction equipment like bulldozers, cranes, excavators, compressors, etc. Scope of cover This Policy broadly covers loss or damage to the contractor's property due to any cause that is accidental and external in nature. Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection.

Sum insured Sum Insured of each item of machinery shall be the present day replacement cost. Sum insured is computed from replacement cost including freight, cost of erection and custom duty, if any. Premium Premium depends on the type of equipment and the location of operation.

Main extension Main policy can be extended on payment of additional premium to cover:

Third party liability. Owner's surrounding property. Clearance and removal of debris Overtime, express freight. Additional customs duty.

7) Contractor's all risk policy

Covers all types of civil engineering projects Contractors all risk (CAR) policy is designed to cover all types of civil engineering projects like buildings, dams, flyovers, etc. It is possible to record the interest of principal, contractors and subcontractors in the policy. Scope of cover This policy broadly covers the risk of accidental physical loss or damage in respect of the contract works, during the execution of a civil project. CAR insurance provides an 'all risk 'cover. All perils are covered unless specifically excluded. Cover incepts from the commencement of work or after unloading of first consignment at project site, whichever is earlier and terminates on handing over of works to the principal or expiry of policy, whichever is earlier. Sum insured

The sum insured shall be the fully completed value of the contract works inclusive of all materials, wages, freights, and custom duty and materials or items supplied by the principal.

Industry Specific Insurance

Although industrial companies and businesses are broadly defined as belonging to a sector that is involved in technical production, manufacturing and construction, in reality these companies can be so diverse that the insurance industry has had to develop several different types of policies in order to adequately cover their unique requirements. Some insurance companies offer job-specific policies (for instance courier insurance), whilst others offer customized combinations of the many different types of cover available. Finding the right policy for your business may be as simple as matching the job with the relevant polic 1) Tradesman Insurance Tradesmen are a particular type of industrial professional that many insurance companies offer specialized plans for. Generally known as 'Tradesman Insurance' or 'Tradesman's Insurance Cover', these policies include the necessary public liability and employers liability policies but can be extended to also include tools and equipment. Depending on the nature of the job the tradesman carries out, it may also be necessary to include motor vehicle insurance for the van or vehicle used, and professional indemnity insurance. Another factor to bear in mind is that often insurance companies will not cover tools when they are stored in vehicles so this may also have to be asked for

specifically in any new 'Tradesman Insurance' policy.

2) Manufacturing Sector The manufacturing sector is another which has its own type of cover offered by most insurance companies. This policy will include public and employers' liability but will also cover product liability, business contents, business interruption and loss of accounts receivable. Some policies can be extended to include cover of goods in transit, engineering insurance, machinery and plant inspection and even deterioration of stock. 3) Printing Companies Printing companies may also want to look for specialized policies, such as those offered by most of the major commercial insurers. Because printing companies can be both commercial and industrial and can suffer from machinery break-down, such companies should look for cover for business contents and business interruption as well as cover for product liability, public and employers' liability and loss of accounts receivable. If possible cover for computer repair and data retrieval should also be organized as this may not be included in the 'business interruption' element of the policy.

4) Other Specific Industries Other industry specific policies include construction liability insurance,

wholesale insurance, courier insurance and contractors combined insurance. Each offer basic cover with additional elements such as van insurance, cover for goods in transit and cover for loss or damage to tools and machinery. Courier insurance is especially popular due to the high demand for effective couriers.

Industrial Insurance

Industrial and commercial business insurance is a major sector of the insurance industry, and it is becoming ever more important: with increases in public liability claims, a greater responsibility of employers to employees, and a wider awareness of the myriad of damages, losses and costs claimable on insurance policies, having a comprehensive policy is one of the most crucial elements of any successful business. Industrial insurance can be divided up into several key areas, with each area having separate policies and often needing to be included individually on a business' insurance package. It is important that business owners and employees are aware of the many different areas of industrial insurance so that full compliance can be achieved and maintained with minimal hassle. After all, the last thing any successful business wants is to find it uninsured in a key area of operations. Types Of Cover Available Although by law there are really only three types of compulsory insurance that are of relevance to industry, there are many non-compulsory types of cover that are highly recommended. Employers' liability insurance is the main compulsory cover of importance, though businesses that supply products will also have to have product liability insurance and companies that rely on

commercial fleets will, of course, have to ensure that each vehicle has third party insurance. Although not strictly compulsory, public liability insurance is a wise investment, as is professional liability cover for businesses that offer a professional product or service.

1. commercial insurance 2. business insurance 1) Commercial Insurance There are often also certain types of commercial insurance cover available or even recommended for specific industries. Individual tradesmen, manufacturers, print companies, construction companies, couriers and many others have insurance tailored to their needs. Any company involved in such an industry should look at this type of insurance rather than settling for generic, cross-industry cover as the latter can leave the company exposed to unnecessary risk. 2) Business Insurance There are many types of business insurance cover available to businesses that though not compulsory are certainly advisable. Property and contents insurance falls into this category, indemnifying against a base of operations being out of action in the event of any serious incident, as does the insurance of tools and equipment: this protects against crime and accidental damage and minimizes costly downtime when no goods or services can be produced.

Similarly, any company that uses motor vehicles in its operations should consider the type of motor insurance needed: the wrong insurance policy can be either too costly or not give the cover needed. Health cover may also be worth considering, for both the business owner and the staff. Not only can it reduce time off due to sickness, but a competitive healthcare package can help attract staff to the company in the first place

What to Do if You Are Injured at Work 1. Report your injury or exposure to your employer as soon as possible. Your employer needs to know about your condition and what caused it. Otherwise, he or she may ask us to deny your claim. 2. File your claim with L&I by completing a Washington State Fund Report of Industrial Injury or Occupational Disease. Usually, a doctor will help you fill out this form when you are first seen for your workplace injury or condition. Still, it is your responsibility to make sure it is filed. You complete the first section. After examining you, the doctor will complete the second section and send copies to L&I. Injury claims must be filed within one year. Occupational disease claims must be filed within two years of receiving written notice from a doctor that the condition exists and is work-related. 3. Stay in touch with your employer. Let your employer know how you are doing and when you expect to return to work. If you are unable to do your old job, discuss the possibility of other work you may be able to do during

your recovery. 4. Communicate with your doctor. Good communication between your doctor and your claim manager is essential to the smooth delivery of benefits. You can help by making sure your doctor regularly sends in the paperwork we require verifying you cannot work because of your injury. Your doctor must clearly explain the medical findings and restrictions that keep you from working. Your claim manager also needs medical reports from your doctor with a current treatment plan.

5. Work closely with your claim manager. Your claim manager will be responsible for seeing that you get all benefits to which you are entitled. Your claim managers name and phone number will appear on the notice enclosed with your first time-loss compensation check. For best service, always include your claim number when you write to us and have it ready when you call. Let us know immediately if you move, change phone numbers, change doctors or cannot keep a claim-related appointment.

APPLICATION OF INFORMATION TECHNOLOGY IN INSURANCE SECTOR There is an evolutionary change in the technology that has revolutionized the entire insurance sector. Insurance industry is a data-rich industry, and thus, there is a need to use the data for trend analysis and personalization. With increased competition among insurers, service has become a key issue. Moreover, customers are getting increasingly sophisticated and tech-savvy.

People today dont want to accept the current value propositions, they want personalized interactions and they look for more and more features and add ones and better service The insurance companies today must meet the need of the hour for more and more personalized approach for handling the customer. Today managing the customer intelligently is very critical for the insurer especially in the very competitive environment. Companies need to apply different set of rules and treatment strategies to different customer segments. However, to personalize interactions, insurers are required to capture customer information in an integrated system. With the explosion of Website and greater access to direct product or policy information, there is a need to developing better techniques to give customers a truly personalized experience. Personalization helps organizations to reach their customers with more impact and to generate new revenue through cross selling and up selling activities. To ensure that the customers are receiving personalized information, many organizations are incorporating knowledge database-repositories of content that typically include a search engine and let the customers locate the all document and information related to their queries of request for services. Customers can hereby use the knowledge database to mange their products or the company information and invoices, claim records, and histories of the service inquiry. These products also may be able to learn from the customers previous knowledge database and to use their information when determining the relevance to the customers search request. Primary data

1. What is role of re-insurance in industrial insurance?

Ans-: role of reinsurance is to analysis the risk insurance company and give the support to main or primary insurance company
2. Which type of policy industrial normally taken?

Ans-: I) Boiler and pressure insurance policy ii) Electronic insurance policy iii) machinery equipment insurance policy iv) machinery loss of profitable insurance policy v) erection of all risk vi) contractor all risk policy 3. Is there any special policy introduce for the industries? Ans-: yes, group mediclaim policy 4. Are the policy provided to the industries beneficial to the company? Ans-: yes this policy helps to company to their cover risk partially or fully. 5. Impact of recession industrial insurance? Ans-: there is no huge impact on recession, on these policy as it is affecting on the company point of view 6. How industrial insurance work? Ans-: industrial insurance has many policy group insurance policy, group mediclaim or labour policy insurance employee pay the premium for employee. It also give addition cover to company employee and health secure 7. Are there policies in your company which have been crafted only as per company actual value? Ans-: not really are protecting as it cover almost each and every part of it. 8. Who are the players in industries insurance sector?

Ans-: ICICI Lombard, Bajaj alliance New Life Insurance etc.