Commercial Insurance

Marine Insurance

Marine insurance in India is a specific kind of insurance policy that is designed to cover the damage or loss of ships, terminals or any cargo or transport by which the property is transferred, held or acquired between the points of derivation and the concluding destination. Marine insurance protects from business losses incurred during water transport operations. While policies vary, there are four standard types: hull, cargo, freight revenue, and negligence. Insureds may select all four types or use a cafeteria plan approach.

Engineering Insurance

Engineering Insurance is an insurance policy that covers a wide range of engineering-related risks. It is comprehensive insurance that provides complete protection against risks associated with erection, resting, and working of any machinery, plant or equipment. The rapid pace of infrastructural development and the latest advances in technology have given rise to a whole new – and sadly overlooked.

Liability Insurance

Liability insurance is designed to offer specific protection against third-party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies.

Group Health Insurance

Gratuity is a compulsory benefit to be provided to employees as per the Gratuity Act, 1972. It is a lump sum amount paid out to employees, once they are no longer a part of the company. An employee is eligible for payment of gratuity only if he or she fulfills the conditions specified under the Gratuity Act. In case of death or disablement there is no minimum eligibility period. The gratuity amount depends upon the tenure of service and last drawn salary. It is calculated according to this formula: Last drawn salary (basic salary plus dearness allowance) X number of completed years of service X 15/26.As per Section 4(1), the completion of continuous service of 5 years is not required where termination of employment is payable.

Property Risk Insurance

Property insurance is a type of insurance policy that provides financial reimbursement to the owner of the property in the event of damage or theft. In simple terms, this policy provides protection against most risks to the property such as theft, fire, weather damage, etc.

Property insurance can include homeowners insurance, renters insurance, flood insurance, and earthquake insurance, among other policies. The three types of property insurance coverage include replacement cost, actual cash value, and extended replacement costs.

Contigency Risk Insurance

Gratuity is a compulsory benefit to be provided to employees as per the Gratuity Act, 1972. It is a lump sum amount paid out to employees, once they are no longer a part of the company. An employee is eligible for payment of gratuity only if he or she fulfills the conditions specified under the Gratuity Act. In case of death or disablement there is no minimum eligibility period. The gratuity amount depends upon the tenure of service and last drawn salary. It is calculated according to this formula: Last drawn salary (basic salary plus dearness allowance) X number of completed years of service X 15/26.As per Section 4(1), the completion of continuous service of 5 years is not required where termination of employment is payable.

Miscellaneous Insurance

Gratuity is a compulsory benefit to be provided to employees as per the Gratuity Act, 1972. It is a lump sum amount paid out to employees, once they are no longer a part of the company. An employee is eligible for payment of gratuity only if he or she fulfills the conditions specified under the Gratuity Act. In case of death or disablement there is no minimum eligibility period. The gratuity amount depends upon the tenure of service and last drawn salary. It is calculated according to this formula: Last drawn salary (basic salary plus dearness allowance) X number of completed years of service X 15/26.As per Section 4(1), the completion of continuous service of 5 years is not required where termination of employment is payable.