SPORTS INSURANCE: This insurance is available for amateur
sportsmen only and not for professional
sportsmen covers sports
like, Angling, Badminton, Cricket, Golf, Lawn tennis, Squash and use of
sporting guns. It indemnifies the
insured in respect of the following: (a) Loss of or damage to sporting equipments accessories etc., (b) Loss of or damage to clothes and
belonging caused by fire , burglary,
house breaking or theft. ( C ) Legal liability of the insured and named members
of the insured’s family, to the public, while engaged in practicing the sport. (d) Accidental bodily injury to the insured
and to the named members of the insured’s
family whilst engaged in or
practicing the sports.
2.
OIL AND ENERGY RISK INSURANCE: This is also known as off-shore insurance. Insurances are
granted for: (a) Mobile off-shore
drilling units (drill ships and rigs). (b) Off-shore platforms for
productions and processing . ( C )
Associated pipelines, cables etc., These policies issued in Marine Hull
department are granted to Oil and Natural
Gas Corporation which is engaged in oil and gas exploration and production at sea. (a) Insurance of aircraft against loss or damage. (b)
Insurance of legal liability to
third parties and passengers. ( C ) Insurance of legal liability for freight, mail etc carried. (d)
Insurance pilots crew and ground staff against personal accident risk. (e)
Insurance of pilots and other crew against loss of professional licence.
3. SPECIAL CONTINGENCY POLICY: This policy covers the risk relating to machinery and or equipment or any other
property. The rate of premium charged varies from 1 % to 2% of the value of the
property to be covered. A new type of a special contingency policy has become
popular in the recent year. This relates
to total abandonment of one day cricket
match due to specified perils. These perils being fire, lighting explosion,
earthquake, rain, riot, strike etc.,
This policy cover the actual financial
loss suffered by the insured i.e., the
organizers . The insured has to establish the extent of loss by the submitting
an audited accounts. It is a condition
under the policy that no liability
will attach event a if a single
ball is a bowled. It should be noted
that once a match thus commences, subsequent,
abandonment would be noted constitute a loss. Similarly changes in venue
or postponement of the match does not constitute a claim. It is prescribed that
the tickets issued shall contain a stipulation that once a ticket is sold, no
refund will be allowed.
4. CREDIT INSURANCE: Credit Insurance comes in a variety. Typical
credit Insurance coverages included credit life, credit disability, involuntary,
unemployment, and credit property
Insurance. Separate coverages
such as those listed above often bundled
together and marketed as one packaged
product. Credit life Insurance is a type of life Insurance that effectively pays off the
debt you owe on a credit account or
mortgage in the event of your death. The payment from the Insurance company reflecting the pay off
balance of your account or loan always to the lender who is a named as the
beneficiary of the policy .
You cannot name a spouse, family member
or friend as a beneficiary for a credit
life Insurance policy. Credit
Disability Insurance helps to a secure
your favourable credit rating by
covering your minimum monthly
credit account payment during a period of documented medical disability.
Since it is a common for policies to contain a maximum time period for
continuing payment benefits , it is likely that your entire balance will not be
paid off. Morever, as interest and
Insurance charges continue to add
up throughout the period of your
disability, it is possible that you may be owe more money on your account after
your disability than you did before,
depending upon your original balance,
Generally you will not be covered for any additional purchase made after the onset of your disability.
Involuntary unemployment Insurance,
like credit disability Insurance, makes
your minimum monthly credit account
payment during a of a involuntary unemployment, such as a lay off or down
sizing. The limitations noted with credit disability Insurance as defined above a are also
applicable to involuntary unemployment
Insurance. It is a possible that your entire balance will not be a paid
off and it is possible that your may owe more money after unemployment ends
than did you before even, though the
Insurance company was making your minimum monthly payment. Credit
property Insurance cancels the debt you owe on items purchased on a an
insured credit account if the property purchased is destroyed by the
specific named perils such as an
accident theft, flood, or earthquake.
Unlike most property Insurance, you do
not he not have a to pay a deductible up-front when
submitting a claim. Deductibles are not used in credit property
Insurance. 5. STUDENT SAFETY
INSURANCE: This Insurance is issued on
similar lines to personal accident
Insurance. It is meant for children going to school, college and other
educational institutions. It covers death or the to the permanent disablement
due to accident. The sum assured ranges from Rs. 10,000, to Rs. 10, 00, 000 .
The benefits offered to the insured are as follows.
