Miscellaneous Insurance
Transit Insurance is one of the oldest forms of insurance Financial risk which are not part of or excluded under assets insurance policies can be insured under specific insurance policies designed to insure such risks. These policies are customized to suit the requirement of businesses and are flexible in coverage and premium. Followings are the most common form of miscellanous insurance policies being offered by insurers in India:
Business allowing sales on credits are exposed to the risk of their
buyers inability to pay or pay their due in time due to various
factors like bankruptcy, unexpected financial crises, political or
economic conditions in the buyer’s country etc. Trade Credit
Insurance provides protection to businesses against failure of its
buyers to repay their dues or protracted delays in paying their dues
thus ensures maintenance of cash flow, safeguarding position of the
seller’s balance sheet and also providing security to the seller’s
financiers.
Bankers business is primarily to deal in Money and Securities.
Bankers Indemnity Insurance is a package policy designed to the
specific needs of Banks which provides a very comprehensive cover
for the financial assets (money and securities) belonging to or held
by all categories of banks.
Any unforeseen event leading to cancellation of an event may results
into substantial financial loss in terms of cost incurred and
expected earnings. Sports and Event Insurance Policy covers risk of
Damage to premises (Fire and Allied Perils), Property damage, Bodily
injury, Cancellation of event, advertisement injury etc.
Money Insurance Policy provides protection to commercial
establishments for loss of cash in transit (due to accident or other
misfortunes like theft, pick-pocketing, snatching and hold-up) and
cash in premises/safe due to burglary, robbery and dacoity.
Fidelity Guarantee Insurance Policy indemnifies the Insured (i.e.
the employer) against direct financial loss of money or goods
belonging to him, sustained through specified dishonest acts of the
employee, in the course of his uninterrupted employment with the
Insured. The dishonest acts which are specifically covered under the
Policy are fraud, forgery, embezzlement, larceny and default.