Every hour, 40 people under the age of 25 die in road accidents around the globe. According to the WHO, this is the second most important cause of death for 5 to 29 year olds. In India alone, the death toll rose to 14 per hour in 2009 as opposed to 13 the previous year. […]
India has the highest road traffic accident rate worldwide with over 140,000 deaths annually, beating even China. Every hour, nearly 14 lives are lost due to road accidents in India. More than 40% of the deaths are caused by trucks and two-wheelers. Most accidents occur in the afternoons and during peak hours (especially in the […]
India holds the dubious distinction of registering the highest number of road accidents in the world. According to the experts at the National Transportation Planning and Research Centre (NTPRC), the number of road accidents in India is three times higher than that prevailing in developed countries. The number of accidents for 1000 vehicles in India […]
INTRODUCTION Contractors All Risks (CAR) Insurance is a relatively modern branch of Engineering Insurance. The basic concept of CAR Insurance is to offer comprehensive and adequate protection against loss or damage in respect of the contract works, as well as for third party claims in respect of properly damage or bodily injury arising in connection […]
Following rapid industrialization project insurance has gained a lot popularity and has become an indispensable factor for protecting the financial interests of entrepreneurs in this country. Any kind of large project involves a number of hazards both for contractors and for owners of the works and the only economical way to safeguard against all natural […]
ACTUAL TOTAL LOSS :- Where the cargo insured in destroyed or so damaged as to cease to be a thing of the kind insured or where the adssured is irretrievably deprived thereof. CONSTRUCTIVE TOTAL LOSS :- Where the cargo is reasonably abandoned because either the actual total loss appears to be unavoidable or to prevent […]
‘C’ (FIRE RISK’S ONLY) FIRE; LIGHTNING ‘B’ (BASIC COVER) FIRE; LIGHTNING; BREAKING OF BRIDGES; COLLISION WITH OR BY THE CARRYING VEHICLE; DERAILMENT OR OVERTURNING OF THE CARRYING VEHICLE; ACCIDENTS OF LIKE NATURE TO THE CARRYING RAILWAY WAGON/VEHICLE. ‘A’ (ALL RISKS) ALL PHYSICAL LOSS OR DAMAGE TO THE INSURED GOODS EXCEPT AS PER EXCLUSIONS. IT COVERS […]
‘C’ FIRE OR EXPLOSION; STRANDED, GROUNDED, SUNK, CAPSIZED; OVERTURNING OR DERAILMENT OF LAND CONVEYANCE; COLLISION OR CONTRACT WITH ANY EXTERNAL OBJECT OTHER THAN WATER; DISCHARGE OF CARGO ATA PORT OF DISTRESS; GENERAL AVERAGE SACRIFICE JETTSON, SALVAGE CHARGES. ‘B’ COVERS AS PER IC’ C’- C+ AS FOLLOWS EARTHQUAKE; VOLCANIC ERUPTION OR LIGHTING; WASHING OVER BOARD; ENTRY […]
Nuclear Risk Insurers Limited (NRI) – (originally the British Insurance (Atomic Energy) Committee – and British Nuclear Insurers) was established in 1956 by Insurance Companies and Lloyd’s Underwriters to manage the Pools formed for the insurance of public liability, material damage and business interruption risks of nuclear installations. The change of structure and title to […]
First nuclear pools were founded in mid-fifties of the 20th Century. The process was tightly connected with the beginning of nuclear industry – strictly speaking with the beginning of private nuclear industry with peaceful utilisation of nuclear energy. In insurance business the word “pool” is commonly understood as voluntary association of insurance companies providing capacity […]