Vehicles flood damage insurance for vehicles Separate seals
USA General insurance companies will now provide separate insurance cover for losses incurred by vehicles such as earthquake, floods, natural disasters, erosion, and riots. Insurance regulator IRDA has asked ordinary insurance companies to provide this type of insurance separately for new and old cars and two-wheelers from September 1.
In view of the decision of the Supreme Court, Irda has made changes in the order of its earlier order. He has said that it will not be mandatory to purchase such a one-time bundle policy for car and two-wheelers from September.
The insurance policy to be purchased for avoiding the risk of self-harm (Onage ie OD) caused by floods, earthquake-related catastrophic incidents, and riot-related incidences has been kept optional. IRDA’s new circular says, “Insurance companies will have to submit an annual automatic loss cover policy for new and old cars and two-wheelers from September 1, 2019. In this, the loss of fire and theft can also be covered on the request of the policyholder. “
Insurance companies will also have the option of offering a complete package policy with a separate loss cover. It will also cover the risk of auto loss as well as the third party insurance policy. At the moment, companies will not be allowed to issue auto loss insurance policy for a longer period.
The regulator has also said that there will also be an option of renewing the part of the automatic loss separately from the policy covering all risks to policyholders. This facility will be available on or after September 2019. This renewal can be done by the same insurance company or the other insurance company.
Increasingly, beating causes insurance companies to rattle India’s match, know what is the reason All Details.
Along with cricket fans of the country, insurance companies also do not want to get the rain show as compared to India’s survival in the World Cup. They are praying only to Indra of the rain god. In fact, it may cost them up to Rs 100 crore. In the current World Cup, before the semi-final, India has to play four more matches.
Insurance companies want that there will be no rain during these matches. The reason is that financial liability arises when the match is canceled or disrupted. India’s insurance companies still have a threat of Rs 100 crore because of the rains. There is a possibility of rain interruption in the remaining matches. So far, four matches in this World Cup have been washed away due to rain.
According to sources, the Indian market has a risk cover of around 150 million. These are part of many insurance companies. Large companies like New India Insurance, General Insurance Corporation, ICICI Lombard General Insurance, and Oriental Insurance generally provide these insurance cover.
This cover is mainly for broadcasters. These companies pay advance to the ICC for broadcast rights. If there is a match then there is no liability for the insurance companies.
At the same time, if the match is hampered or if the match does not match due to rain, it has an ad effect. In this way, the broadcasters suffer the loss of revenue. Let us know that India and New Zealand had to cancel the match due to rain. In addition to India and Pakistan, the match had to be stopped again and again due to rain. In this match, India defeated Pakistan by 89 runs with the Duckworth-Lewis method.