Insurance Blog - Qian Insurance Broking LLP

Room Rent Limit in Group Health Insurance Policy

Jun 11, 2024

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General

What is Room Rent Capping in Group Health Insurance Policy? Room Rent Capping in a Group Health Insurance Plan is a limit on the cost of the hospital room that will be borne by the Insurance Company. Room Rent Limits are generally specified as a percentage of Sum Insured and are applicable on a per day basis. The Room Rent Limit in a Group Health Insurance Policy can be different for Normal and ICU Rooms as well.

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What is Grace Period in Insurance?

Jun 11, 2024

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Grace Period in Insurance means the specified period of time immediately following the premium due date during which a payment can be made to renew or continue an Insurance Policy in force without loss of Policy Benefits. Grace Period is the additional time given to Policyholders after the due date to pay their premiums and continue their Policy Benefits.

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What is Insurance Underwriting?

Jun 11, 2024

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General

Insurance Underwriting is the process of evaluating the risks, determining appropriate coverage and premium for an Insurance Policy. The Underwriting Process is a key function in Insurance which determines the rates that will be charged for the Insurance Policy as well as whether the risk will be accepted or not.

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What is Legal Liability in Liability Insurance?

Jun 11, 2024

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Liability Insurance

Legal Liability in Liability Insurance means when the Policyholder is responsible for the loss of another and is obliged to provide compensation for the loss. The Policyholder becomes “legally liable” to pay for the losses of the party who has suffered the loss.

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What is Vicarious Liability in Liability Insurance?

Jun 11, 2024

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Liability Insurance

Vicarious Liability in Insurance refers to situations where the Insured Company is held legally liable for actions or omissions of another party. The Company could be held vicariously liable for the actions of your Employees, Contractors etc.

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What are Compensatory Damages in Liability Insurance?

May 31, 2024

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Liability Insurance

Compensatory Damages are the financial compensation that the Insured pays to the victim who was harmed as a result of the Insured's actions. Compensatory Damages are awarded by a Civil Court when a negligence of one party has harmed another.

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What is Free Look Period in Insurance?

May 31, 2024

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Free Look Period in Insurance is the time period within which the Policyholder can cancel his Insurance Policy and receive the full Premium refund. Free Look Period is the time given to the Policyholder to review the Policy terms and conditions.

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What is Peril in Insurance?

May 31, 2024

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“Peril” in Insurance refers to an event or hazard that causes loss or damage. Peril is a cause of loss cover by an Insurance Policy and anything that causes a loss is a Peril. Perils vary according to the Insurance Policy, which are specified in the Policy Wordings.

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How is Workmen’s Compensation Insurance Policy Claim Settlement Amount calculated?

May 31, 2024

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General

A Workmen’s Compensation Insurance Policy is a Policy which covers the legal liability of the employer to provide the compensation to an employee in case the employee suffers from an injury or death in the course of his employment. A Workmen’s Compensation Insurance Policy is also known as WC Insurance Policy. This article describes in detail the calculation for Compensation Settlement under a Workmen’s Compensation Insurance Policy. Which factors determine the Compensation to be given to the Workmen under the Workmen’s Compensation Insurance Policy?

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What is Bodily Injury in Liability Insurance?

May 30, 2024

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Liability Insurance

Bodily Injury in Insurance is defined as bodily injury, sickness or disease sustained by a Third Party, including death resulting from either the Insured’s business operations or as a consequence of consuming the Insured Company’s products.

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Explained: Pre-Existing Disease Cover in a Group Health Insurance Policy

May 30, 2024

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One of the biggest advantages of a Group Health Insurance Policy is that it can offer Pre-Existing Disease Coverage without any Waiting Period. This article will explain in detail one of the most important features of a Group Health Insurance Policy: Pre-Existing Diseases Coverage. What is a Pre-Existing Condition in a Group Health Insurance Policy? The typical definition of a Pre-Existing Condition in a Group Health Insurance Policy is: Pre-Existing Disease means any condition, ailment or injury or disease

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What are Incoterms in Marine Insurance?

May 30, 2024

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Marine Insurance

Incoterms stand for International Commercial Terms. Incoterms are standard terms of an international trade contract which determine the costs, responsibilities and risks of the buyer and the seller in an International Transaction. Incoterms also determine whether the buyer or the seller should purchase Insurance.

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What are the exclusions in a Cyber Insurance Policy?

May 28, 2024

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Today, the number and frequency of Cyberattacks are increasing by the day. A Cyber Liability Insurance Policy is an essential tool for a business to protect itself from the losses resulting from Cyberattacks. Business owners should read through Cyber Insurance Policy Wordings thoroughly to understand the Cyber Insurance Coverages as well as the exclusions in a Cyber Insurance Policy in detail as well. This article will explain the exclusions in a Cyber Insurance Policy in detail.

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Does a Group Health Insurance Policy Cover Congenital Diseases?

May 28, 2024

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An important feature of Group Health Insurance Policy is coverage for Congenital Diseases. This article will explain the coverage for Congenital Diseases in a Group Health Insurance Policy for employees. What are Congenital Diseases? Congenital Diseases are diseases that exist since the time of birth. A Congenital Disorder or a Congenital Disease is a birth defect caused by genetic or environmental factors. There are 2 types of Congenital Diseases: Internal Congenital Diseases and External Congenital Diseases.

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What is the Claims Process in a Fire Insurance Policy?

May 28, 2024

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A fire accident can bring your factory to a standstill for several months or even years. During this time, the business not only suffers from damage to various assets but also from the loss of profit as you will be unable to run the business due to damage to the plant and machinery. Fortunately, there are adequate insurances available to protect yourself in such a scenario. A Fire Insurance Policy along with a Business Interruption Insurance Policy are extremely important to secure your factory assets.

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Complete Guide to Waiting period in Group Health Insurance Policy

May 28, 2024

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What is Waiting Period in Group Health Insurance Policy? Waiting Period in Group Health Insurance Policy is the time period that the Insured Person needs to wait before the GMC Policy pays claim for that specific purpose. For example: If a Health Insurance Policy has a Waiting Period of 4 years for Pre-Existing Diseases, this means that the Health Insurance Policy will not pay for any claims arising out of Pre-Existing Diseases for the first 4 years.

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What are the Exclusions in a Group Personal Accident Insurance Policy?

May 28, 2024

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General

A Group Personal Accident Insurance Policy, also known as GPA Insurance Policy, provides compensation to the Insured Employee or his family against Accidental Death or Disablement. An Accidental Death or Disablement has a long-lasting impact not only on the person but also on his/her family. A Group Personal Accident Insurance Policy offers protection to the employee and family members due to disablement or death due to an accident. As the name suggests, a Group Personal Accident Insurance Policy insures a group of people, usually employees of an organisation, under a single Insurance Policy.

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SBI General Group Personal Accident Insurance Policy – A Detailed Review

May 27, 2024

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What is SBI General Group Personal Accident Insurance Policy? SBI General Group Personal Accident Insurance Policy for employees provides coverage to employees against the risk of Accidental Death or Accidental Disablement resulting from an Accident. The Policy also covers medical expenses arising as a result of an Accidental Injury. A Group Personal Accident (GPA) Insurance Policy for Employees is an extremely important Insurance Policy purchased by employers to secure their employees and their family members from Accidental Death or Disability.

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Cyber Risk Insurance Policy (Key Insights)

May 27, 2024

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What is a Cyber Risk Insurance Policy? A Cyber Risk Insurance Policy protects the Insured Company from the risk of data breach. A Cyber Risk Insurance Policy pays for the cost of recovering from the Data Breach Incident or any other form of Cyberattack faced by the Insured Company. Additionally, the Policy also provides coverage for legal liability from parties which have been affected by the Breach such as customers, vendors and partners.

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What are Supplementary Payments covered under a Commercial General Liability Insurance Policy?

May 27, 2024

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One important feature of a Commercial General Liability Insurance Policy Coverage is cover for Supplementary Payments. This article will explain in detail all forms of Supplementary Expenses covered under a CGL Insurance Policy. What are Supplementary Expenses under a CGL Insurance Policy? A typical Commercial General Liability Insurance Policy defines Supplementary Expenses as under: Reasonable expenses (other than defence cost) incurred by the Insured at the request of the Company to assist in the investigation, defence or settlement of such claim or claims which are the subject of indemnity by the Insurance Policy;

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What is the Claim Process in a Group Health Insurance Policy?

May 27, 2024

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A simple claims settlement process is one of the important features of Group Health Insurance Policy and it is important for employers to understand the Claims Procedure under a Group Health Insurance Policy. A Group Health Insurance Claim is a request submitted by the Insured Employee under the Group Health Insurance Policy to claim reimbursement for the hospitalisation expenses incurred by the employee during the Policy Period. It is important to understand the Claims Process under a Group Health Insurance Policy and this article will explain the different types of claims settlement processes under a Group Health Insurance Policy and the steps involved in making the claim under each type of process under a Group Health Insurance Policy.

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TPA Full Form In Insurance : What is Third Party Administrator (TPA) in Group Health Insurance Policy?

May 27, 2024

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What is the Full Form of TPA? The full form of TPA is Third Party Administrator. A TPA is an IRDA registered and licensed intermediary which acts as a mediator between the health Insurance company & the Insured. The primary role of a TPA is to process Health Insurance Claims, provide health insurance E-cards, and establish tie-ups with hospital networks enabling patients to avail cashless claim settlement. Group Health Insurance Providers can outsource claims processing to External TPAs or process claims by having an In-house TPA team.

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Paramount TPA: Benefits, Claim Process and Hospital List

May 26, 2024

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About Paramount TPA Paramount TPA is one of the largest Third-Party Administrators (TPA) in India with a presence in 130 locations across India. Paramount TPA acquired a TPA license from Insurance Regulatory and Development Authority in 2002. Paramount TPA has tie-ups with more than 20,000+ Network Hospitals and is empaneled with 29 leading Insurance Companies in India. Paramount TPA provides comprehensive range of services including Policyholder Enrollment, Insurance Endorsement Processing and an efficient Claim Settlement Process.

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SBI General Group Health Insurance Policy – Detailed Review

May 26, 2024

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What is SBI General Group Health Insurance Policy? SBI General Insurance Company is one of the leading insurance companies in India for Group Health Insurance Policy for employees. SBI General Group Health Insurance Policy provides coverage for hospitalisation expenses incurred by the employees during the policy period. The Policy also provides coverage for Pre and Post-Hospitalisation Expenses. A Group Health Insurance Policy insures a group of employees under a common Health Insurance Plan and provide coverage for hospitalisation expenses incurred because of illnesses and injuries.

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What is the Difference between Workmen’s Compensation Insurance Policy and ESIC?

May 26, 2024

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What is meaning of ESIC? The meaning of ESIC is Employee State Insurance Corporation. ESIC comes under Minister of Labour and Employment, Government of India. Employee Benefits Package are an important part of retaining and attracting talented employees. Employers cover their employees under various insurance plans such as a Group Health Insurance Plan, Group Personal Accident Insurance Policy, a Group Term Life Insurance Policy etc. Another two important insurance policies that provide social security benefit to employees in India are Workmen’s Compensation Insurance Policy and Employee State Insurance (ESIC).

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What is the Cost of Product Liability Insurance Policy?

May 26, 2024

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In today’s times of increased litigation, businesses should leave no stone unturned to secure themselves. There are many things that can go wrong with a product and might expose the company to chances of a lawsuit. A Defective Product might cause Bodily Injury or Property Damage to a user of the Product. Even though the manufacturer might take all precautions possible, mistakes might still occur and cause damage. The injured person might sue the manufacturer or distributor for damages which may lead to enormous legal costs and damages in the product manufacturer or seller.

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Bajaj Allianz Group Personal Accident Insurance Policy – A Detailed Review

May 26, 2024

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What is Bajaj Allianz Group Personal Accident Insurance Policy? Bajaj Allianz Group Personal Accident Insurance Policy for employees provides coverage for employees against Accidental Disability or Accidental Death resulting from an accident. The additional medical expenses incurred as a result of the accidental injury are also covered. A Group Personal Accident (GPA) Insurance Policy is an important tool to securing employees against Accidental Death or Disability. A Group GPA Insurance Policy provides coverage for Accidental Death, Permanent (Total or Partial) Disablement and Temporary Total Disablement.

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What is the Meaning of STFI in a Fire Insurance Policy?

May 26, 2024

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What is the Meaning of STFI Coverage in a Fire Insurance Policy? Fire Insurance Coverage includes cover for many perils apart from the basic cover for a fire accident. One of the important add-on covers in a Fire Insurance Policy is STFI Coverage. STFI cover is an add-on cover purchased along with a Standard Fire & Special Perils Insurance Policy which protects one’s property against loss caused by any of the covered perils.

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5 Benefits of a Directors and Officers Liability Insurance Policy

May 26, 2024

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A Directors and Officers Liability Insurance Policy protects the Board Members, Officers, and other executives of a company from claims of Wrongful Acts committed in their managerial capacity. A Wrongful Act in a D&O Policy can be a Breach of Duty, Neglect, Error or Omission, Misstatement, or Misleading Statement. The D&O Liability Insurance Policy provides cover for Defence Costs and Compensatory Damages. Directors and Officers of a Company operate in an uncertain and challenging environment, and they are exposed to litigation from various quarters such as shareholders, regulators, customers, employees, competitors, creditors etc.

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IPD Vs OPD in Health Insurance

May 26, 2024

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Health Insurance

OPD is a hospital department where patients receive healthcare services without getting admitted whereas IPD is a hospital department where patients receive treatment by getting admitted to the hospital for more than 24 hours. It is important to understand the difference between the two and their implication on Health Insurance Coverage

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Letter of Credit vs Trade Credit Insurance

May 26, 2024

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Today’s volatile economic environment has increased the risks for businesses manifold. The issue of unpaid invoices is one of the biggest challenges facing many businesses today. Fortunately, there are financial instruments which can be used to mitigate the risks of non-payment of invoices and this article will explain a couple of them: Letter of Credit and a Trade Credit Insurance Policy. What is a Letter of Credit? A Letter of Credit is a financial instrument issued by a bank on behalf of the buyer to the seller as a guarantee of payment for the goods or services.

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Burglary and Theft Insurance Policy

Dec 13, 2023

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General

A Burglary and Theft Insurance Policy provides coverage for loss of insured assets due to theft and burglary at the insured premises. The Policy can be purchased for factories, warehouses, homes and offices.

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Explained: Personal and Advertising Injury Liability in a CGL Insurance Policy

May 26, 2024

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What is Personal and Advertising Injury in a CGL Insurance Policy? A Commercial General Liability Insurance Policy (also known as CGL Policy) is one of the most important insurance policies for any business. A CGL Policy covers the Bodily Injury and Property Damage suffered by third parties. The Bodily Injury and Property Damage Section of the CGL Policy covers Premises and Products Liability Exposure. However, there is much more to a CGL Policy Coverage than only Bodily Injury and Property Damage Cover.

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List of All Posts In this Insurance Blog

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Liability Insurances Qian Insurance Broking LLP offers are listed below.

Commercial General Liability Insurance Product Liability Insurance Trade Credit Insurance Policy Public Liability Public Liability Insurance (Act) Policy Directors and Officers Liability Cyber Liability Insurance Policy

The Commercial Insurances Qian Insurance Broking LLP offers are listed below.

Standard Fire and Special Perils Insurance Fire Loss of Profit Insurance Keyman Insurance Policy Factory and Warehouse Insurance Policy Contractor's All Risk Insurance Erection All Risk Insurance Industrial All Risk Insurance Policy Machinery Breakdown Insurance Policy Surety Bonds Insurance

The Professional Insurances Qian Insurance Broking LLP offers are listed below.

Architects' Professional Indemnity Doctors' Professional Indemnity Insurance Media Liability Insurance Jeweller's Block Insurance

The Marine Insurances Qian Insurance Broking LLP offers are listed below.

Marine Cargo Insurance Inland Transit Insurance Shipping Container Insurance

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