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Non Life Insurance - Which are the risks covered by a Comprehensive Policy?

10 Jan 2003

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Although the Act Policy Form is identical for different classes of vehicles, the Comprehensive Policy Form is not. For Private cars and Motor Cycles, there are two Sections in the Comprehensive Policy. Section I concerns loss or damage to the vehicle and covers the risks like:

  • Fire, Explosion, Self-Ignition and Lightning.
  • Burglary, Housebreaking and Theft.
  • Riot, Strike, Malicious and Terrorism Damage.
  • Earthquake.
  • Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm.
  • Accidental External Means.
  • Transit by road, rail, inland waterway, lift, elevator or air.

For motor cycles and commercial vehicles, the risk of Frost Damage is also covered. From the above coverage, for all classes of vehicles, the risks of Riot, Strike, Malicious and Terrorism Damage, Earthquake and Flood and Storm; can be opted out of with a consequent discount in premium.

In addition to these, cover is also available for Protection and Removal Costs and Authorisation of Repairs.

If a motor vehicle is disabled as a result of loss or damage due to the perils mentioned above, the insurance company bears the reasonable cost of protection and removal to the nearest repairer and the cost of redelivery to the owner/insured subject to a maximum limit, in respect of any one accident.

Source: insuremagic.com BACK

To be added soon

Priyanshu B. Tanna

SEBI registered IFA

ARN119467 & EUIN E-183966

To be added soon

Bharat Tanna

SEBI registered IFA

ARN26176 & EUIN E-044509

To be added soon

Kundan B. Tanna

SEBI registered IFA

ARN294073 & EUIN E-553599

Risk factor

Risk Factors – Investments in Mutual Funds are subject to Market Risks. Read all scheme related documents carefully before investing. Mutual Fund Schemes do not assure or guarantee any returns. Past performances of any Mutual Fund Scheme may or may not be sustained in future. There is no guarantee that the investment objective of any suggested scheme shall be achieved. All existing and prospective investors are advised to check and evaluate the Exit loads and other cost structure (TER) applicable at the time of making the investment before finalizing on any investment decision for Mutual Funds schemes. We deal in Regular Plans only for Mutual Fund Schemes and earn a Trailing Commission on client investments. Disclosure For Commission earnings is made to clients at the time of investments. Option of Direct Plan for every Mutual Fund Scheme is available to investors offering advantage of lower expense ratio. We are not entitled to earn any commission on Direct plans. Hence we do not deal in Direct Plans.

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