GENERAL INSURANCE BLOG

Amidst this pandemic, the human race is praying desperately for the cure. After so many efforts, we are finally blessed to have a vaccine now. It is indeed significant that it could be made in such a short period; all credit to our advanced medical researchers.

Want to get the COVID-19 vaccine? Please check this step-wise procedure.

The first step to get vaccinated is to register yourself on the CoWin portal and get an appointment for the first dose of the vaccine. CoWin is a trusted platform designed by the government, which runs both independently and also on the Arogya Setu app. Avoid using any other portal or application for registering yourself as a lot of fraudulent portals are being run to fool people. Know exactly where the vaccine drives are rolling in your vicinity.

Also, it is important to know the difference between various doses, their side effects, and which one is suitable for you to take. Do this with the help of a physician or a doctor before taking your shot of vaccine.

Setting up your mind to get vaccinated without getting afraid is important. Vaccination is nothing but immunization!

What is to be done before getting vaccinated?

Register yourself on the government-suggested website and get an appointment for a particular day. As your day of vaccination is close, take adequate rest. Have enough sleep of 7-8 hours and avoid exhausting yourself. Also, if you are on some other medication or if you are on steroids or any immunosuppression, then consult your doctor.

For the safer side, if you feel any symptoms like cough, fever, cold, sore throat, etc. on or before the day of vaccination, then seek medical help. Consume a balanced diet to boost your immune system and to maintain your energy level. Stay hydrated, it is the key to stay calm inside out.

What to do when ‘it is the day’?

On the day of your shot, do a safety check. Ensure you are wearing a proper face mask and sanitize your hands properly. If possible, wear hand gloves too to maintain zero contact. Foremost, wear loose clothes when you are going to the vaccination centre because the vaccination spot is on the upper arm, giving easy access to the vaccinator.

The most important thing is to stay positive. Don't get anxious, take slow deep breaths. Think of a positive outcome – this shot is going to be a shield for you and others around you.

And, please carry your photo ID card mentioned in your appointment details for vaccination.

What are the steps taken after getting vaccinated?

The primary step is to monitor yourself. If there are any side effects, they will appear within 30 minutes after getting your vaccine shot. There are mild and common effects like swelling, redness on the arm, dizziness, headache, chills or mild fever, joint or muscle ache, etc. Remember that these side effects will subside within a few days.

If you feel severe symptoms like vomiting, fainting, allergic reactions, then seek medical help immediately. Avoid consuming painkillers or any other medication unless you consult a doctor about it.

The second dose is equally essential, so don't miss that. There should be a fair gap of 4-12 weeks between both the doses.

And most important of all is, even after getting vaccinated, don't stop taking precautions in day-to-day life. Continue wearing your masks, do sanitize properly and maintain social distancing.

Also, considering the risk pandemic brought, if you already don't have an existing health insurance, it is time to purchase a new 

health insurance plan

 .You can buy Health Insurance Online to get coverage to protect your family from sudden illnesses, hospitalization and medical expenses.

Let us be responsible, and let us all protect one another and help our community get through these pandemic hard times. Stay Safe, Get Vaccinated.

Disasters have many faces and can strike anytime, anywhere; they can be seen in the form of quakes, floods, gas leaks, explosions, etc. and one of the most commonly known faces of disaster is fire. Damage felt after a partial or full-blown fire mishap is quite painful and nearly unrecoverable. However, if you have your house insured with ironclad insurance from a well-reputed fire insurance company, then your hassles can be reduced to a minimum.

A fire insurance policy plays an essential role in dealing with the losses and damages incurred due to fire. It is highly recommended to purchase fire insurance to safeguard your homes from any future calamity that a sudden fire or smoke can cause.

Here are some of the tips you can follow if you face damage from fire or smoke in your homes.

• Ask for an advance against your claim: -  Right after the house has been gutted to fire, you might be forced to evacuate the house, considering the dangerous situation because of the smoke. In this case, you are eligible to get an advance from your insurance company so that you can buy your daily essentials. Inform your insurance company and ask it to issue a cheque and bring it to wherever you are staying. It will help you in this dire need and will be enough for your survival until your claim gets accepted.
• Checking for the extent of losses: - Once the fire tragedy is controlled, the first act of the homeowner is to calculate or check for the damage extent of personal belongings and property loss in the fire. Once the total loss is measured and counted, it will be easier for you to negotiate with officials handling the claim process.
• Having your receipts documented: - After facing a disastrous house fire, you may be forced to live in a temporary dwelling like a hotel or guesthouse close to your vicinity. It would be ideal to secure all the receipts, document all the costs and expenses carefully. Once you receive the claim for the house fire, you may also get a compensated amount you incurred on your living expenses.
• Check bank statements if you don’t have a receipt: - People tend to be careless when it comes to saving receipts for every new thing that they buy. While we might save receipts of the electronic items for warranty or claiming a refund, it’s not easy to keep those long bills every time you go for grocery shopping. However, your every online transaction would bring a huge relief; hence look for credit card statements and bank statements to prove the value of items.
• Back up your vocal claims with evidence: - After the fire tragedy, some items are destroyed or damaged to such an extent that for the insurer, it could be challenging to identify for assigning the claim. So, as a responsible party, you ought to click as many pictures and shoot videos as possible of the damaged, smoked rooms to show the physical evidence of the actual damage before it gets wiped by a restoration company.

Fire insurance is a contractual agreement between the policyholder and the insurer wherein the insurer in return for consideration or premium agrees to indemnify the policyholder or the insured person for the financial loss that he/she may suffer due to destruction of or damage to property or goods by fire during a specific period. You can buy as well as renew a fire insurance policy in India by online as well as offline ways.

The purchase of fire insurance helps to cover the cost of replacement, repair or reconstruction of the property, but fire insurance is generally not valid in case of war, nuclear risk or any such similar peril. Buying fire insurance is always a good idea because your property is your investment and buying a fire insurance policy will help you recover the damage and loss caused due to fire on your property.

Most of the policies offered by the different insurance providers cover the physical damage caused to your property by the following perils: -

• Fire
• Lightning
• Riot and Strike
• Earthquake, wind and storm
• Explosion
• Smoke damage
• Sprinkler Damage
• Damage due to aircraft
• Bush fire
• Subsidence, rockslides or landslides
• Impact damage which may occur due to the impact of road vehicles or animals or rails.

There are various types of fire insurance policies that are available in India, depending on the coverage requirement of the individual. The type of fire insurance policy in India you may choose also depends on whether the asset which is being insured is a fixed asset or a non-fixed asset. Depending on the type of asset being insured, insurance providers have different types of fire insurance policies available. The types of policies for fixed assets such as homes are: -

• Replacement Value Policy - The asset which has been insured is replaced if it is damaged by fire wherein the insurance company pays the replacement value of the damaged property.
• Reinstatement Value Policy - This is almost similar to the Replacement Value Policy but with an added clause that the insurance company will replace the damaged property to its original condition before the occurrence of the peril. This policy applies to fixed assets like buildings.

There are many different types of policies for non-fixed assets, such as: -

• Specific Policy - This policy covers the loss up to a specific amount which is less than the real value of the property.
• Comprehensive Policy - Also called ‘All in One’ policy, this policy covers loss due to fire, theft, burglary as well as other third-party damages.
• Valued Policy - Under this policy, the insured person can recover a fixed amount which was agreed to at the time the policy was bought.
• Floating Policy - This policy covers loss due to fire to property belonging to the same person but at different places.
• Valuable Policy - The sum insured is not decided at the time of buying the policy but instead, the claim amount is calculated at the time of loss.
• Consequential Loss Policy - This policy covers the loss in profit caused due to disruption of the business by damage due to fire.

Buying a fire insurance policy for your house or your goods is always a good decision, but you must buy a policy which covers the risk that you face and understand the nature of the asset that you want to insure and then buy an insurance policy accordingly.

Fire and related events can cause very big losses, and they have become one of the biggest causes of losses in recent times. The damage due to fire can include non-movable assets like homes and buildings as well as movable assets like goods. To ensure you are protected against any unforeseen damage of your property by fire or any fire-related event, you can buy fire insurance for your property from any of the fire insurance companies in India. Fire insurance involves many things and some things must be taken care of while buying fire insurance or renewing your insurance so that you need to pay a lesser premium as well as while filing claims so that you get the best deals.

Things covered under fire insurance: -

Fire, explosion and implosion Lightning Damage due to aircraft Strikes and riots Rockslides and landslides Impact damage Malicious damage Bush fire Smoke damage Storm, typhoon Sprinkler damage Earthquake

Things which fire insurance companies in India do not cover: -

Perils like war, civil war, invasion and similar events Rebellion or Martial law and similar events Underground fires and losses due to that Spontaneous Combustion Losses due to pollution or contamination Theft related losses occurring during or after the fire Consequential losses

What should be the policy amount of your fire insurance?

In most cases, the total sum for which you are buying the fire insurance should be equal to the total cost needed to rebuild or reinstate the property and the professional fees involved along with the charges for the removal of debris.

What is the difference between Replacement Value Policy and Reinstatement Value Policy for Fixed Assets?

In Replacement Value Policy, the insurance company pays the cost of replacing the complete asset that has been damaged or lost due to fire and related events whereas in case of a Reinstatement Value Policy; the insurance company pays the cost to replace the damaged property to its original condition it was in before the loss due to fire. While Replacement Value Policy can apply to other assets, the Reinstatement Value Policy is only applicable to buildings and no other assets.

When buying a fire insurance policy from fire insurance companies in India, you must consider the following things:

The type of risk that the policy covers and if the risk covered by the policy matches the risk you face for your property. The nature of the asset you want to insure because there are different types of policies available for fixed assets and many other different types of policies available for non-fixed assets. Understand the coverage duration of your policy and when to renew the policy.

What information you should get from the fire insurance company while buying the policy?

Premium Payable The insurance cancellation and refund policy Period of coverage Scope of policy coverage Non-standard exclusions Claims reporting procedures

What things are considered to calculate the premium?

The insurer uses many different kinds of data to come up with a final number which you need to pay as premium annually:

The type of policy The type of risk or risks covered The total sum insured The total value of the asset being insured How the asset being insured is used by the owner of the asset The expected risks that can damage the property being insured Whether the person has taken a policy extension or not

How to claim if your asset is damaged?

You need to immediately contact your insurer as soon as your insured property is damaged. The insurer may appoint an independent loss adjuster to take care of your claim, and you will be required to fill a form to start the claim process. The insurer will undertake proper investigation and will then accept the claim if everything is fine.