Mankad and Associates Insurance Broking Private Limited - Industrial Insurance Services

Invest in a home insurance plan to secure your home against natural and man-made disasters.

What can be Covered

• Fire and allied perils including natural perils like an earthquake, flood etc. (for building and contents)
• Burglary and housebreaking including larceny and theft
• All risk for jewellery and valuable portable electronic equipment
• Plate glass
• Breakdown of domestic appliances
• Television set
• Pedal cycles
• Baggage insurance
• Personal accident
• Public liability
• Workmens Compensation
• Fidelity guarantee

Major Exclusions

• Damage, deconstruction or loss caused by war, act of foreign enemy, hostilities, invasion or war like operations
• Loss or damage from wear and tear or depreciation
• Loss or damage caused by an act of terrorism

Please refer to the policy document for complete scope of cover and list of exclusions and other terms and conditions under the policy.

 The policy provides financial protection in the event of an unforeseen and sudden physical damage of the insured machinery that occurs owing to any cause other than those excluded in the policy, and which makes immediate repair or replacement necessary breakdowns.

Standard Exclusions:Loss, damage and/or liability caused by or arising due to

• War or warlike operations
• Nuclear reaction, radiation or radioactive contamination
• Faults or defects existing at the time of commencement of the policy
• Wear and tear
• Parts of the machine as specified in the policy which have limited life

In the event any interruption to the business as result of damage to insured’s premises due to any peril insured under Machinery Breakdown policy. It is a secondary policy to the Machinery Breakdown policy and so the Machinery Breakdown claims admissibility is a condition precedent to the admissibility of Machinery Breakdown Business Interruption claim. This policy enables insured to recover:

• Loss of gross profit due to a reduction in turnover/output
• Increased cost of working incurred in minimising the loss of gross profit

Standard Exclusions:

• All exclusions under the Primary Machinery Breakdown policy
• Third party claims

It is health insurance that covers a group of people who can be members of a society, employees or professionals of a company. It helps companies identify and mitigate risks faced by employees.

Some features of Group Mediclaim Insurance

• Covers medical costs for the insured (self), spouse, children and dependent parents
• Can cover pre-existing diseases and maternity with additional premium
• Can be customised based on your requirements
• Offers cashless hospitalisation at network hospitals

Standard Exclusions:

• Experimental and unproven treatment
• Disease, illness, injury, caused directly or indirectly by nuclear weapons/materials or radioactive contamination
• Dental treatment or surgery of any kind unless otherwise specified in the schedule to the policy

Loss of hire or revenue, which is usual for shipowners, is not available in the Indian market. Traditional loss of hire products available in international markets trigger only when a vessel owner suffers financial loss caused by any of the perils insured under the H&M Policy. They compensate for the loss of hire or revenue during repair, subject to the Time Deductible.
Another unique product under this type, identifies 21 additional situations (perils) where there is no physical damage to the vessel, but the owner could lose charter, hire, or earnings as a result of any of those perils. These perils primarily relate to Blue Water Vessels, tonnages which operate on coastal waters and are equally susceptible to those perils.

Perils include the following:

• Fire or explosion on land
• Extraordinary weather
• Earthquake, heave
• Emergency port closure
• Abnormal physical obstruction of a berth
• Master’s refusal
• Arrest, restraint under quarantine regulations
• Infectious diseases or poisoning on board
• Illness, death or injury
• Detention following actual or alleged pollution
• Oil or chemical pollution

Marine Hull Insurance offers protection to shipowners against loss or damage to their ships. However, other parties such as charterers, shipbuilders, bankers / financiers etc. can also cover their interests under various types of insurances.

Types of Policies

• Hull and Machinery (H&M) Insurance: Covers the body of the ship or her hull, machinery, tackle, ordinary fittings required for trade, and other necessary equipment. The policy covers damage to the vessel arising from various factors such as perils of the sea, crew negligence, machinery breakdown, General Average and Salvage etc. Basically the hull policy is as per the standard English clause under the ITC Hulls.
• Subsidiary Interests Insurance: Usually refers to freight and disbursements insurance. Freight is the profit a shipowner makes from employing his ship. Disbursements include the expenses for fitting out of a ship for a voyage, which may include the cost of provisions and stores made available on board the ship, port dues, expenses of loading / unloading at the port of call and the like.
• War Risks Insurance: War and related perils are “Paramount Exclusions” under a regular hull insurance plan, but these can be insured separately. Most ship owners opt for the GIC Re’s War Risks Scheme (called Hull War Risks Insurance Scheme of Government of India, 1976). The sum Insured for war risks insurance must be the same as the sum insured under H&M, and Freight and Disbursements interests.