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General (Non Life) Insurance

The Genesis

The United Kingdom was a maritime leader for a long time. Its missionary delegations spread the idea of trade and commerce and alongside came a revolutionary financial instrument called “Insurance”. Traditionally, ‘insurance’ was used to ensuring the safety of the financial gains from shipping cargo, which is subject to various kinds of risks during transit.

Introduction to Insurance

Insurance is a contract between two parties, the insurer (the insurance company), and the insured (the entity seeking risk cover). Under this contract, the insurer agrees to make good the financial losses arising from unforeseen events or risks. In return, the insured agrees to pay an amount called premium.

General Insurance deals with insuring anything other than human life. Hence, insuring a house property and its belongings against fire and theft, or insuring a car against accidental damage or theft, are examples of General Insurance.

Insurance against financial losses occurred due to injury, hospitalization, illness, disabilities liabilities to others arising from the law is also General Insurance.

In some cases, it is compulsory, for example: third party insurance is a compulsory aspect of motor insurance in India.

General Insurance can be broadly categorized into
Property Insurance

Covers the losses to the property of a person i.e. residential building and belongings, shops and offices, factories, money and valuables, motor vehicles, etc.

Personal Insurance

Covers the losses in person i.e. injury or death due to accident, hospitalisation expenses, etc.

Liability Insurance

Covers the liability of a person to indemnify the victims of his/ her wrong doing under the law of tort i.e. Doctors Indemnity Policy, Public Liability Act Policy, etc.

Life is a roller coaster ride and we are here to help you in every way we can. Contact Us to know more about General (Non Life) Insurance policies.