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What is Insurance?
By making a small periodical payment called premium you can
be protected from financial losses due to an unforeseen event.
Your insurance policy in such caeses provides compensation.
By this process one person's misfortune is spread over all the
people who contribute to the common fund by way of premium.
The purpose of Insurance is to put you back in the same financial
position as you were in prior to the loss. |
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What can be insured?
You can insure any property that you own, any legal liability
that you may be exposed to or even yourself. Insurance can only
be bought for events that are unforeseen |
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What are the different kinds of Insurance for Individuals?
As an individual you can insure your property and other belongings
under Fire and Special Perils or Homeowner's Insurance policy
and your motor vehicle under Motor Comprehensive or Third Party
Insurance policy. |
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What are the different kinds of Insurance available for Commercial
establishments?
As a Commercial establishment you can insure your business under
Fire and Special perils or Property All Risk, Business Interruption,
Liability, Money, Fidelity Guarantee, Marine Cargo Insurance
Policies. These are just some of the Insurance available and
if you give our customer service executive a call then he will
help you in choosing the right insurance policies for your Business. |
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How do I buy an Insurance Policy?
You can do any of the following things in order to get your
Insurance Policy:
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What amount should I insure for?
If you are insuring your house and its contents then you should
insure for the rebuilding cost of the house and the replacement
cost of the contents
If you are insuring your business then you should insure for
the replacement cost of your business assets other than stock
(which is insured on actual value). As businesses tend to have
different needs why don't you give us a call or drop us an email
and we will be happy to sit down with you and discuss your insurance
and help you to make the right choice.
If
you are insuring your motor car against comprehensive risk then
you should insure for an amount that your car would fetch from
the market in its present condition. |
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Will BKIC survey the property before providing the insurance?
There is a possibility that we may survey your house or your
business establishment prior to submitting our quotation and
effecting an insurance cover. The decision to survey will be
based on the information provided in the proposal form. This
survey is carried out to ensure that you are provided with the
right insurance policy at the most competitive terms. During
this survey we may make a few suggestions to improve the overall
quality of the property to be insured. This will help in minimising
your premium and reducing the chance of a loss. |
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How long will it take for the Insurance to be effected?
Your insurance will be effected as soon as you pay the premium
quoted and in certain cases fulfill all the requirements mentioned
in our quotation. You will receive our confirmation of cover
when the insurance is effected. The Policy document will follow
in a few days time. |
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What should I do if I have to make any changes in my Insurance
policy?
Send an email, fax or a letter to us advising the change that
has taken place under your policy immediately. The change under
the policy could take place for many reasons, for example you
have bought new items in your house or you have changed address
or you are going on an extended vacation during which the house
will remain vacant. On receiving your advice our CSR will get
in touch with you and advise an appropriate course of action.
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What happens if I have a claim?
We have a service that will register your claim 24 hours a day,
7 days a week. So call us at 800-000000 and our surveyor will
be at your site within one working day from the date of intimation.
Meanwhile please take necessary action of reporting the incident
to Police, Traffic etc. as the case may be. Our representative
will guide you through the basic procedures when you report
a claim. |
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How long will it take for a claim to be settled?
In case of motor car the cost of repairs are paid directly to
the garage. In some cases where the claim is to be paid to you
directly then it may take 10 working days from the time all
papers have been submitted in support of the amount claimed.
In all other cases it usually takes 15 working days from the
time Loss Adjuster has submitted his final report. |
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Do I get to use any garage for repairs when I have accident
with my car?
Yes, you may use any of the garages to get your car repaired |
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How will a claim affect my renewal?
In case of a motor claim if the accident is due to your fault
and the loss is not recoverable then your No Claim Bonus would
reduce and increase your premium. In case of other claims such
as damage to your house or your contents it is not usual for
the rates to change. However we may make suggestions to improve
certain conditions or take certain steps which could result
in minimising losses in future. If these suggestions are not
implemented then there could be an increase in premium or deductible
under a policy. |
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