FOCUS STOCK BROKERS LIMITED acquired IRDAI license for insurance broking business in FOCUS STOCK BROKERS LIMITED Company is currently in progress to set up its insurance distribution channel.
- A group health insurance plan is a health insurance plan that provides coverage to members of a group that tends to be employees of a company or members of an organization.
- Members of the group usually receive insurance at a reduced cost because the insurer's risk is spread across a group of policyholders.
- Group Health Insurance also called as Group Mediclaim in India is primarily cashless hospitalization coverage for your employees and their families.
- Main benefit are
⇒ Pre-Existing Illness Coverage from Day 1
⇒ Maternity Coverage from Day 1
⇒ Day 1 Baby Coverage, etc.
- Periodic Addition/Deletion is possible on pro-rata basis. Groups of minimum 10 employess and minimum 25 members can be covered.
Group Personal Accident
- Considering the lifestyle today, every employee in your organization is exposed to various risks of accidental death and disability, specifically at work and while traveling to and fro the work place.
- In case of any such event actually happening, the Employer has a moral duty to provide compensation, hence in our opinion; this cover becomes one of the most critical covers for employees.
- A Group Personal Accident Policy provides worldwide comprehensive lump sum coverage to your staff from risks of accidental death and disability.
Commercial Vehicles
- A commercial vehicle is any type of motor vehicle used for transporting goods or paying passengers.
- They are classified as Goods Carrying vehicle or Passenger Carrying vehicle.
- As per IRDA, Third Party Insurance is mandatory & also Permit is mandatory.
- Eg.Trucks, Passenger Carrying Bus, School Buses.
Liability Insurance
Professional Indemnity or Error & Omission
- Professionals need to protect their business interests against legal claims for error, omissions, professional neglect for both the principles and their employees.
- Policy is meant for-
⇒ Doctors and medical practitioners
⇒ Medical establishments
⇒ Engineers, architects and interior decorators.
⇒ Lawyers, advocates, solicitors and counsels.
⇒ Chartered accountants, financial accountants, management consultants.
D & O for Corporates
- The D&O policy provides cover for the personal liability of Directors and Officers arising due to wrongful acts in their managerial capacity.
- Defence costs are also covered and are payable in advance of final judgment.
- This policy provides protection for claims brought against directors, officers and employees for actual or alleged breach of duty, neglect, misstatements or errors in their managerial capacity.
Commercial General Liability
- Commercial general liability (CGL) is a type of insurance policy that provides coverage to a business for bodily injury, personal injury and property damage caused by the business’ operations, products, or injury that occurs on the business’ premises.
- Commercial general liability is considered comprehensive business insurance, though it does not cover all risks a business may face.
Industrial Insurance
Fire Policy
⇒ Your office/plant is your showcase to the world. You manage and maintain your office/plant with lot of detail, passion and money.
⇒ A major fire can result in a disaster for a business to the extent that many companies never recover. The importance of having a fire insurance policy cannot be over emphasized.
⇒ Fire Insurance covers your office's structure and contents not only against the risk of fire but also other perils like lightning, flood, storm, earthquake, riots, terrorism etc.
Machinery Breakdown Policy
⇒ The unexpected occurrences of Machinery Breakdown can damage machinery and cause expensive production delays or interrupt cash flow.
⇒ MBD covers the breakdown of machinery due to various perils.
⇒ MBD Policy is indispensable for businesses that operate using a large number of machines.
⇒ The breakdown of a single machine may bring the operations of the factory to a standstill.
⇒ MBD policy covers monetary costs involved in restoration or replacement of machines.
Commercial Insurance Products
Marine Cargo Policy
- Marine cargo insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways.
Bankers Indemnity
- Bankers indemnity policy is available to protect bankers against loss.
- Financial institutes and other organizations may opt for bankers indemnity insurance to safeguard in the following instances:
⇒ Of Money or securities belonging or held in trust
⇒ In transit
⇒ By forging or alteration
⇒ By dishonesty, etc.
Marine Cargo Hull
- Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination.
Neon Sign Insurance
- The main way for promoting business & trading is through advertisements & publicity.
- Advertisement through Neon Sign Boards helps to grab passerby’s attention.
- However, they are at a great risk as they are exposed in public properties where they can be damaged due to fire, natural perils, riot or strike, arson and the like due to their location and prominence.
- This policy covers Neon Sign against loss or damage due to fire, theft or fortuitous events.
Fidelity Guaranteed Policy
- In business world, Frauds & dishonesty are the contractual obligations which may affect the image of the business/ organization.
- To safe guard against the risk of frauds & dishonesty of few people, Fidelity Guaranteed insurance ensures that organization do not suffer due to it.
- Fidelityguaranteed insurance policy covers monetary loss sustained as a result of any act of fraud or dishonesty committed by the employees in the course of performance of their duties.
Shopkeepers Policy
- Business continuation is the base for the survival of business & providing financial stability for its owner to secure its livelihood.
- Shopkeepers Policy is used to safe guard the small & medium sized shop owners from various risks related to its shop & contents for for e.g. fire, burglary, money, machinery & equipment breakdown
Jewelers Block Policy
- Covers loss or damage to jewelry, gold and silver ornaments or plates , pearls, precious stones, cash and currency notes whilst contained in the premises insured, by fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.
Contractors All Risk Policy
- Construction is the most risk prone industry, where accidents including personal injuries & property damages are very frequent and may cost huge and can lead to disturbance in the plans and schedules.
- A CAR policy covers the physical damage to materials to be used for the project - whether in transit, in storage or forming part of the contract works.
- There is also an ancillary cover up to moderate limits for third party liabilities.
- It is a main feature of the CAR policy to cover those who have an immediate material interest in the project. That includes the owner, the contractor and usually all sub-contractors.
