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General Insurance

Apart from human capital, many other things need to be protected which include health, home contents, motor vehicles, etc. the three broad classification specified in Indian Insurance Act, 1938 and adopted by Indian insurance industry are:

1) Fire Insurance

 A standard fire insurance policy covers damage to the property caused by fire, lightning or explosion, where this explosion is brought about by gas or boilers not used for any industrial purpose.

 2) Marine Insurance

 Marine policies relate to three areas of risks, namely, the hull, cargo and freight. The risks against which these items are normally insured are collectively termed ‘perils of the sea’ and include fire, theft, collision and a wide range of other perils. The word freight used above is the sum paid for transporting goods or for the hire of a ship.  When goods are lost by marine perils then freight, or part of it, is lost, hence the need for the cover.

Cargo is usually insured under a marine cargo policy on a warehouse (of departure) to warehouse (of arrival) basis and frequently covering all risks. Thus, carriage of goods by sea is also accompanied by transportation of goods by land.

Marine Hull cover is for damage to the ship due to the marine perils. The custom has been to provide insurance for three quarters of the ship owner’s liability for collisions at sea under the marine hull policy. The remaining quarter and all other forms of liability are created to buy associations set up for the purpose by ship owners, and known as Protection and Indemnity Clubs (P and I Clubs).

 3) Miscellaneous Insurance

 Miscellaneous insurance is described in the Insurance Act, 1938 as any general insurance business other than fire and marine insurance business. This residual business covers a wide range of insurances, which may be classified as follows:

 3a) Motor Insurance

3b) Travel Insurance

3c) Health Insurance

3d) Householder’s Insurance

3c) Theft Insurance

3d) Money Insurance

3e) Personal Accident Insurance

3f) Liability Insurance

3g) Professional Indemnity Insurance

3h) Credit Insurance

3i) Livestock Insurance

3j) Legal Expense Insurance