Understanding Non-life Insurance Policies Better

Fire insurance provides financial compensation against the damage or loss of physical goods or properties due to fire. Basically, it’s a contract between the insurer and the insured wherein the former promises to pay a certain amount of money to the latter in case of loss of properties caused by a fire incident within a set period of time. In return, the insured pays the amount of premium in consideration. The policy holder can claim either the value of goods damaged by fire or the amount insured, whichever is less.

It is a contract between the insurer and the insured, wherein the insurer provides financial compensation for the loss of ships, boats, terminals and most importantly, the cargo carried in them in return of the premiums paid by the policy holder. It covers different risks like accident of ship, collision, barratry, jettison etc.

Miscellaneous Insurance refers to all kind of non-life insurance policies other than the fire and marine insurance. The below are some common types of miscellaneous insurance:

Anyone who owns a motor car tends to get his vehicle insured in order to stay away from surprising hits on his wallet and mind. In this kind of insurance, the policy holder gets financial assistance from the insurer in case of loss of the vehicle, accident, theft or other unforeseen incidents and agrees to pay premiums in return.

Health insurance is becoming rapidly popular in India due to the skyrocketing costs of medical treatment. It protects the insurer from paying the full or a part of the costs of the medical services he/she avail depending on the policy he/she holds. There are several types of health insurance. These insurances may be attained for the policy holder and his family through a private insurer, an employer, or the Govt.

This general insurance policy provides an all-encompassing protection for your home. Home insurance gives you the benefit of affordable coverage for your belongings and properties against almost any eventuality. The policy you choose decides the exact terms. However, most home insurance policies cover perils like thunderstorms, hail, fire and theft.

This is a kind of insurance that is made for the employees/workers of organisations or factories by the employer to compensate the claim of the workers in the event of accident, injury, disability and death while they are at work.

Travel insurance is a kind of insurance that covers the costs and losses related to travelling. It is useful for both domestic and abroad travelers. Nowadays, many companies selling tickets or travel packages offer customers the option to purchase travel insurance.