What are the different types of marine insurance policies?

Time policyMixed policyValued policyUnvalued policyFloating policyVoyage policyPPI policyBlock policyInland vessel policyInland transit cargo policyComposite policyFleet policyPort policy

Author: parastar

Insurance

Principle of Contribution

Post author By parastar
Post date June 16, 2021

Principle of Contribution

The principle of Contribution is one of the 7 primary principles of insurance. This article will aim to provide clarity on this concept and enlighten the reader on the benefits, features, and use cases of the principle of contribution in insurance.

We will also aim to solidify the concept of contribution with a couple of easy-to-understand examples. Let us begin.

What is the Principle of Contribution?

The principle of contribution comes into effect when a person insurers the same object with two or more insurance companies.

The principle states that even though the insured files a claim with one insurance company and gets his claim amount, that company has the right to get reimbursed by the second insurance company. This is the principle of contribution in action.

Let us get further clarity on this principle with 2 simple to understand examples.

Examples of Principle of Contribution

Example 1

Let us say that Mrs. Joshi had 2 health insurance policies with different companies having coverage of Rs. 2 lacs each. Let us further assume that Mrs. Joshi was admitted to the hospital for a minor condition and the cost of hospitalization was Rs. 2 lacs. Upon discharge, Mrs. Joshi decided to claim the entire Rs. 2 lacs from insurance company 1. The Insurance Company 1 paid her the entire claim amount and Mrs. Josh was happy.

Now, The principle of contribution states that insurance company 1 can legally claim 1 lac from Insurance Company 2, as company 2 also provided insurance to Mrs. Joshi

Example 2

Let us assume that Mr. Mohan had 3 fire insurance policies with 3 different insurance companies, amounting to Rs. 5 lakhs each. Now, Mr. Mohan’s wear house catches fire and causes damages of Rs. 10 lakhs. Mr. Mohan files a claim with 2 insurance companies and both of them pay him Rs. 10 lakhs cumulatively.

Now, both Company 1 & 2 will raise a claim with company 3 for Rs. 166667/- each as Company 3 also agreed to bear the risk equally

Features of Principle of Contribution

The principle of contribution will only come into effect if the insured has 2 or more policies.
The insured should insure the same object with 2 or more insurance companies.
The insurance companies should cover the same risks.
It is enforceable by law.

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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Insurance

Marine Insurance: Types, Features, Importance & Principles

Post author By parastar
Post date June 16, 2021

Marine Insurance: Types, Features, Importance & Principles

The sea has always been a hotbed for commerce, and cities having ports have been successful because they have access to the sea. The sea brings great riches and opportunities, but it also brings dangers, threats and perils.

Thus it is important that a trader is always prudent and insures his goods while they are on voyage.
This article aims to provide you with a 360-degree understanding about marine insurance, so you are confident for your next voyage.

Let us understand certain important subjects about marine insurance:

Definition of marine insurance
What is marine insurance
Types of marine insurance
Types of Marine Insurance policies
Features of marine insurance
Principles of marine insurance
Importance of marine insurance
Claims process and documentation
Marine insurance coverage and exclusions
Marine insurance companies in India

Definition of marine insurance

As per The Marine Insurance Act, 1963, Marine insurance is a contract whereby the insurer indemnifies the insured, to the extent mentioned within the terms and conditions of the marine insurance contract/policy.
Let us understand this definition in more details below

What Is marine insurance?

Marine Insurance is an insurance policy that covers against the risks and perils that a trader is faced with. The policy can cover various risks like:

Storms
War
Strikes
Cargo jettisoning
Collisions
Fire
Transportation risks, among others

The insurance company will indemnify the trader in exchange for a fee. This fee is called a premium. The premium may either be charged per voyage or per year, depending on the nature of client and their line of work. A trader must insure his goods as the sea brings with it a level of uncertainty.

Types of marine insurance

Freight insurance

A Freight Insurance policy covers the loss/damage of freight during voyage. The shipping company or trader will have his freight insured and covered in the event of an accident.

Protection & indemnity insurance

This is a type of insurance that is generally provided by a P&L Club. The insurance is provided by and to the club’s members. Members of these clubs usually include shipping companies, charters, and vessel owners. Coverage includes collisions, freight coverage, civil liabilities, cargo, fires, storms, wreckages, etc

Hull insurance & machinery insurance

This type of insurance covers the hull of a ship, which is the main operational part of a vessel. It also covers against damages to any machinery and furniture within the hull of a ship. Coverage includes damage to hull, machinery, furniture, freight, etc.

Marine cargo insurance

This type of insurance policy covers risks to your cargo. It is possible that your cargo can be damaged, mishandled, lost or compromised in any way. These mishandlings can occur during voyage or during transportation to and from the ship.

Liability insurance

A liability insurance policy will indemnify the ship owner against any liability arising out of crashes, collisions, pirate attacks, dangers to life of crew.

Types of marine insurance policies

Time policy

This is where generally the vessel/hull is insured for a specific period of time. Usually a Time Policy is taken for a period of 1 year. Mishaps occurring during this period are covered by a Time Policy.

Mixed policy

Under this policy, the insurance company has knowledge about the ships routes and decides to insure the ship or its items only during voyages to these pre-determined routes (and for a specific period).

Valued policy

A valued policy is where the insurance company writes the amount payable in the event of an incident on the policy copy. There is no ambiguity when it comes to the settlement amount.

Unvalued policy

This is where the settlement value is not pre-decided. The company decides on the settlement value later on. Due to this uncertainty, an unvalued policy is not a popular option among the shipping industry.

Voyage policy

A Voyage Policy only covers risks during the voyage. No transportation risk (to or from the port), warehousing risk, etc are covered under this policy. It is also called as a port to port policy.

Floating Policy

A trader may have regular shipping requirements and it may seem time consuming to buy a policy for each voyage. This is where a Floating Policy can help the trader. A trader will simply buy a Floating Policy from the company (for a particular amount) and inform the insurance company every time he makes a voyage.

The trader will have to inform the company the time, date, voyage route, ship name, value of goods, etc before voyage.
The insurance company will enter these details in their system and provide a coverage from the voyage.

Upon completion, the cover of the policy will be reduced to the extent of protection provided to the policyholder. The holder can use this same policy for his next voyage and so on.

P.P.I Policy

A Policy Proof of Interest (P.P.I) can be taken even at the absence of insurable interest in the property. These policies are also called as Wager Policies or Honored Policies as they cannot be enforced under the law. One should be very careful before partaking in such an agreement.

Block Policy

A Block policy is where coverage can be provided even if the goods are sent via either land or sea. This type of policy generally provides complete coverage from the point of dispatch (warehouse, etc) to the point of arrival.

Inland vessel policy

This policy covers voyages done on inland waters like rivers, canals, large lakes, etc.

Inland transit cargo policy

This policy covers all inland transit risks and provides indemnity to the policyholder. It is usually an end to end policy that overs risks from dispatch to delivery.

Port Policy

This policy only covers the risk when the insured vessel/goods is on the port. Coverage ceases to exist during voyage.

Composite Policy

This is where the trader will take multiple policies from multiple insurers. The risks of each insurer is pre-defined.

Fleet Policy

Huge shipping companies having massive fleets take this type of policy. Here, the insurer will insure the entire fleet of the shipping company under one policy.

Features of marine insurance

A Marine Insurance agreement will generally have the following mentioned features in common. There are certain exceptions, however by and large every contract should have these features:

Policy premium

Every policy will have a premium component to it. This means that the policyholder will need to pay a certain financial consideration to the insurer. In return, the insurer will provide indemnity to the policyholder.
Insurable Interest A person taking a policy should stand to loose financially if the goods he/she is insuring are destroyed or damaged. Insurable Interest insures that this happens. That being said, certain marine insurance policies do not need an Insurable Interest, they are called as Wager Policies or Honour Policies.

Formal proposal and acceptance

This means that there should be certain things explicitly mentioned on the policy copy, such as name of the insured party, name of the insurer, terms, voyage details, goods, sum assured, etc.

Enforced by law

All policies except Wager Policies are enforced by law. The holder and the insurer can both call upon the courts in case of a dispute.

Principle of utmost good faith

The assured as well as the insurer should ensure that all policy details are correctly mentioned. There should be no falsification or cheating of any kind. If the principle of Utmost Good Faith is broken, the policy can turn void.

Principles of Marine Insurance

Marine Insurance is also governed under the general Principles of Insurance Like:

Subrogation
Proximate cause
Good faith
Insurable interest
Indemnity
Loss minimization.

Importance of marine insurance

Coverage: A Marine Insurance contract protects the assured in uncertain times.

Peace of Mind: The policyholder can sleep much better knowing that his shipment is insured against the various risks at sea.

Stability: An insurance policy will provide stability and continuity to a trader and his business operations.

Claims process and documentation

In the unfortunate event that you would need to file a claim, be calm. Rest assured that there is a process to be followed:

Step 1: Inform your insurance company immediately. Delays in informing are not ideal

Step 2: The company will send their designated surveyor to survey the damage

Step 3: Surveyor will make a survey report and hand it over to the company

Step 4: Company will reimburse the policyholder if the claim is genuine and in accordance with the policy terms

Documentation required at time of filing a claim:

Original policy certificate
Personal identification
Duly filled claim form (you can get it from the company website)
Copy of billing Lading
Package list and original invoices
Claim bill
Any other port/carrier document that the company requests

Marine insurance coverage and exclusions

General risks covered under a Marine Insurance policy includes risks against:

Sinking of vessel
Fires and explosions
Loading/unloading mishaps
Lightning
Breakout of war
Pirates
Natural calamities
Earthquakes or Tsunamis

General Exclusions include:

Damages caused due to:

Willful negligence
Fraud or cheating
Compromised packing of goods
Damage caused while removing a wrecked vessel

Marine insurance companies in India

The following general insurance companies provided marine insurance related products and services in India:

New India Assurance
Bharti AXA
Tata AIG
Royal Sundaram
ICICI Lombard
United India Insurance
HDFC ERGO

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Frequently asked questions about marine insurance

Common exclusions:

Willful negligence
Intentional damage
Damages caused due to delays
Damages caused due to packaging errors

Types of marine insurance include:

Freight insurance
Protection & indemnity insurance
Hull & machinery insurance
Marine cargo insurance
Liability insurance

Time policy
Mixed policy
Valued policy
Unvalued policy
Floating policy
Voyage policy
PPI policy
Block policy
Inland vessel policy
Inland transit cargo policy
Composite policy
Fleet policy
Port policy

Insurance

Is Property Insurance Mandatory for getting a Home Loan?

Post author By parastar
Post date June 16, 2021
No Comments on Is Property Insurance Mandatory for getting a Home Loan?

Is property insurance mandatory for getting a home loan?

No, property insurance is not mandatory for getting a home loan. At least there are no government mandates enforcing the same. That means you can opt for a home loan and simultaneously decide not to purchase home insurance.

That being said, banks push their customers to purchase property insurance along with their home loan agreement. This is usually done to enhance the safety profile of the bank.

Bank’s internal rules

Although it is not mandated by the law to buy a home insurance policy when you opt for a home loan, every bank has the right to formulate its own loan disbursement policy.

It can decide to whom it wishes to provide a loan and to whom it does not. Thus, there are banks that could disburse a home loan only if you purchase a home insurance policy along with the loan.

If you feel you do not need home insurance, and the bank is adamant about you getting it, you may choose to find a different bank for your home loan requirements.

IRDA and RBI’s stance

Both, IRDA and RBI have not mandated home insurance in any capacity whatsoever. It is not mandatory to buy home insurance for your existing home or even a new home. Certain banks misrepresent this by stating that it is mandated by the RBI or IRDA.

This is not the case and such statements are baseless in nature. IRDA and RBI are clear on this matter, there is no compulsion to purchase home insurance in any capacity.

Benefits of home insurance

Although buying home insurance is not mandatory, there are various benefits attached to doing so. Mentioned within are some of them:

Peace of mind: A home insurance policy provides peace of mind to the policyholder. No more sleepless nights.

Protection against fire: Fires can occur in urban environments. A home insurance policy can protect against any losses that might occur due to fires.

Protection against theft: A home insurance policy can protect against thefts and robberies.

Protection against natural calamities: A home insurance policy can provide coverage against floods, tsunamis, earthquakes, landslides, etc.

Third-party liability protection: The insurance company will provide compensation to anyone who has been damaged due to you.
These benefits make it prudent for you to consider buying a home insurance policy.

% Penetration

India just has 1% penetration of home insurance

% Urban Indians aware of Home Insurance

Only just about 37% of Indians staying in cities are aware of home insurance

% Indian Homes Insured

Only 3% of all homes in India are insured

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Frequently asked questions about property insurance

No, property insurance is not mandatory. You can avail a home loan even if you do not take a property insurance policy.

Top 3 benefits of taking a home insurance policy include:

Coverage against disasters
Peace of mind
Third-party liability protection

The penetration of home insurance in India is estimated to be around 1%

An Indian home owner of sound mind is eligible to buy home insurance in India.

Insurance

Insured Postage: How to insure your letters and posts

Post author By parastar
Post date June 16, 2021

Insured Postage: How to insure your letters and posts?

Did you know that you can insure your registered letters, registered parcels, value payable letters, and parcels that you send through India Post? It is a little-known fact that these kinds of letters and parcels can actually be insured by paying a small fee.

If you feel that the contents of your letters and parcels are valuable and their loss could cause a financial strain, you can choose to insure those letters/parcels.

Let us discuss some of the important aspects of insured postage like:

Eligibility and limits
Procedure
Responsibilities of India Post

Eligibility and limits of insured postage

Posts that can be insured	Insurance Limit (Coverage up to)
Registered Letter	Rs 600/-
Registered Parcel	Up to the actual value of the parcel
Value Payable Registered Letter	Rs 100000/-
Value-Payable Registered Parcel	Up to actual value of parcel

Procedure of insured postage

The insured letter or parcel should be submitted to the Post Office window and contents of it should be disclosed.
Insurance value has to be declared.
Mention the name and address of the sender and the receiver clearly.
The sender may now collect the receipt provided by the Post Office. This receipt is to be stored carefully.
Post Office sends the respective letters/parcels to the sender.

Responsibilities of India Post

India Post takes full responsibility for delivering the letter/parcel to the sender safely and within a reasonable amount of time.
It is the responsibility of India Post to provide compensation to the insured in case of loss of his parcel.
Compensation is to be paid within 1 month of the claim.

Exclusions

Compensation will not be provided to the insured in the following cases:

Fraud, falsification, and misrepresentation on part of the sender.
If the sender has made a mistake while writing the address of the recipient.
If the insured product has been successfully delivered.
If the sender fails to intimate the Post Office of any loss within 3 months.
Damage occurring due to the nature of the insured object.

Thus it can be understood that the procedure of insured postage is relatively straightforward and simple. If in case the reader still has queries pertaining to the insured postage, he/she can raise them either with the Sub-Postmaster or the designated officer handling the matter. They will be more than happy to assist.

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Insurance

How is Home Insurance Calculated?

Post author By parastar
Post date June 16, 2021

How is Home Insurance Calculated?

Your home is your temple. It’s important to not only ensure its wellbeing and security but also its financial aspect. It is a prudent choice to insure your home against uncertainties like fire, theft, damages, loss, natural calamities, etc. Home insurance will provide protection against these uncertainties and ensure continuity of your lifestyle. But before you buy a home insurance policy, wouldn’t it be wise to know how is your home insurance calculated? We’ll help you understand the premium calculation process as well as the coverage calculation process, so you have complete clarity and command over it. Let us dive in!

How is the coverage of a home insurance policy calculated?

The coverage provided under a home insurance policy is calculated based on the following points:

Type of home insurance policy: The coverage will primarily depend of the type of home insurance plan you opt for. Whether you are insuring the entire building or insuring just your flat. Further, the coverage will depend on whether you are insuring just your flat or the contents within the flat as well. The type of policy you choose will impact the coverage.

Content valuation: The value of the contents of your home will also play a part in determining the home insurance coverage. The more expensive the contents of your home, the more coverage the company will provide you. Expensive jewelry and furniture will increase the coverage further.

Building valuation: Coverage will also depend on the reconstruction cost of the building in case a major event occurs.

How is home insurance premium cost calculated?

Area of home: The larger the area of your home, the larger will be its repairing cost. This will impact the premium of your home insurance policy.

Value of internal contents: If you have expensive internals like antique furniture, designer marbles, high-tech gadgets, etc, the cost of insuring them will merit a higher premium.

Approximate repair costs: Potential repair costs play a key role in determining the premium amount.

Location of the home: If your home is located in a plush neighborhood, the cost of insurance will be higher.

Riders: The premium will increase if you choose additional riders within your home insurance policy.

Benefits of a home insurance

A home insurance policy will provide the following benefits:

Protection: Home insurance will protect you against man-made and natural uncertainties. It will provide coverage against theft, fire, floods, acts of terror, etc.
Continuity of lifestyle: Your lifestyle will have continuity after an uncertain event, as you will receive the claim amount. You may use this amount to continue your existing lifestyle.
Temporary living expenses: The insurance company will provide you with temporary living expenses in the event that your home is uninhabitable. You may use this amount to arrange for temporary shelter.
Peace of mind: You can sleep peacefully knowing that your home and its contents are insured.

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Freight insurance

Post author By parastar
Post date June 16, 2021

Freight insurance

Millions of tons of goods and products move across the maritime routes every year. These routes bring with them certain perils like storms, pirates, icebergs, etc. Marine insurance helps in mitigating these risks. Thus it is imperative that goods and products transported using seas are insured for. These goods can not only be insured by shipping companies and individuals, but also freight forwarders. So, An Insurance agreement between freight forwards and insurance companies is called freight insurance.

Following aspects of freight insurance will be discussed below:

What is freight insurance
Freight insurance cost
Difference between cargo insurance and freight insurance

What is freight insurance?

Freight insurance is an agreement between a freight forwarding company and an insurance company. The insurance company agrees to indemnify the freight forwarding company against losses. In return of this indemnification, the insurance company receives a fee.
Freight insurance indemnifies the freight forwarder’s liability in the event the freight forwarder damages the trader’s goods due to the freight forwarder’s fault. That means, the trader will only receive compensation if it is proven that his goods are damaged due to the forwarder’s fault/negligence.

Further, coverage provided to the trader within a freight insurance contract does not cover the real value of the goods. The coverage is based on the good’s weight. So, the freight insurance coverage will be the same for a ton of flour as it is for a ton of precious metals.
The cost of freight insurance is passed on to the end trader and will reflect in his bill as “Freight Insurance Charges”

Freight insurance cost

Freight insurance premium is based on the weight and the value of the cargo. The higher the value/weight, the higher the premium payable. Remember, freight insurance does not cover the real value of the goods. If you need an insurance policy that provides coverage against the real value of your goods you will need to consider a cargo insurance policy. A cargo insurance policy will cover the real value of the goods.

Difference between cargo insurance and freight insurance

Freight insurance and cargo insurance are usually used synonymously. This should not be the case. Mentioned below are the distinctions between the both.

Particulars	Cargo Insurance	Freight Insurance
Meaning	Cargo insurance is an agreement between the trader and the insurance company.	Freight insurance is an agreement between the freight forwarder and the insurance company.
Maximum Coverage	Cargo insurance can provide coverage up till the real value of the goods.	Freight insurance will only provide coverage based on the weight of the goods.
The Cost of Premium	Premium is generally higher compared to freight insurance.	Premium is generally lower compared to cargo insurance.
Calculation of Premium	Premium is calculated on the basis of weight, size, and real value of the insured goods.	Premium is calculated based on the weight of the insured goods.
Claims	Claims can be made based on specific policy terms	Claims can only be made if the fault is of the freight forwarder
Is it Mandatory?	Not Mandatory	Not Mandatory

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Features of marine insurance

Post author By parastar
Post date June 16, 2021

Features of marine insurance

Marine insurance is an important contract that you need to understand if you wish to move goods from one part of the world to another, using the maritime route. Marine insurance is a contract between the insurer and the insured, where the insurer agrees to insure a particular object of the insured for a certain fee.
The scope of this article is to understand some of the features of marine insurance so you feel comfortable while navigating through your next marine insurance policy. We will be discussing the following marine insurance features below:

Agreement
Consideration
Period
Coverage and indemnity
Legal document
Principles of insurance

Agreement

As mentioned above, a marine insurance contract is an agreement between an insurer and the insured. There are various terms within this agreement that need to be honored and adhered to. Terms within a marine insurance agreement may be unique but the underlines remain the same. Mentioned within are some of the common features of a marine insurance agreement:
Plurality: A marine insurance agreement requires two or more parties.
Offeror and Offeree: The insurance company is the offeror as it offers indemnity in exchange for a fee. The insured is the offeree as he has been offered the offer to be indemnified. Offer terms will be clear and concise and both parties must be on the same page.
The sanity of Mind: The agreement will only be valid if both parties are of a sane mind.

Consideration

No insurer will provide indemnity to the insured without consideration. This consideration is called an insurance premium. The insurance company provides coverage in exchange for a premium. This premium can be used by the insurance company to expand its operations and grow its business.

Coverage and Indemnity

What does the insured receive in exchange for paying a premium to the marine insurance company? They receive coverage and indemnity. The insured will be indemnified against any losses that may occur up to a certain coverage amount. This provides protection to the insured and ensures continuity and stability of their business.

Period

A marine insurance contract can be of varied periods. There are contracts that last for a single voyage, to contracts that last for a year. There are certain contracts that even last for multiple years, but they are relatively rare.

Legal Document

A marine insurance document is a legal document. This document can be used to file a suit in the courts of the lands by either party if they deem it worthy.
Note: A wager policy is not a legal document and cannot be used to file a suit.

Principles of marine insurance

Every marine insurance contract is governed by certain principles. Let us briefly talk about them:

Indemnity: The insurance company will only indemnify and insured up to the extent of the damage caused.

Utmost good faith: Both, the insured and the insurer have to be transparent and honest with each other. There should not be any intentional falsification from either party.

Subrogation: Once a claim is passed, the insurance company will assume ownership over the insured object.

Proximate cause: In the event that the loss is caused by two or more causes, the first cause will be considered while handling the claim. The claim will only be passed if the first cause is covered under the policy.

Loss minimization: An insured must attempt to minimize loss to an insured object. He should not sit by ideally just because the object is insured.

Insurable interest: The insured must have an insurable interest in the insured object. That means that he can only avail insurance on an object if the loss or damage of that object would affect him adversely.

Life Insurance

List of Life Insurance Companies in India (IRDA Approved)

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Features of Fire Insurance

Post author By parastar
Post date June 16, 2021

Features of fire insurance

A fire can occur anywhere. It can be highly unpredictable and the damage it can cause can be catastrophic. Fire insurance provides protection to the policyholder during these tumultuous times.
It is imperative that you are aware of the various types of fire insurance policies so that you are in the post possible position to protect yourself and your finances in the event of the unthinkable.
Further, it is not only important to be well versed with the types of fire insurance policies, but also its features. This article will talk about some of the general features of fire insurance.

Features of fire insurance

The following general features are shared by most fire insurance policies:

Coverage: The insurance company will decide on the coverage provided to you by analyzing the following:

Type of fire insurance policy
Location of property
Potential repair and restoration cost
Additional riders

Premium: The insurance company will be entitled to an insurance premium in exchange for indemnifying the policyholder against fire hazards.

Legal Document: The fire insurance policy will be a legal document that can be challenged in a court of law. If either party chooses, he/she can knock on the courts of the country and ask for a settlement.

Indemnity: The insurance company will indemnify the policyholder only till the extent of the damage suffered. That means that if you have taken a fire insurance policy worth Rs 10 Lakhs and damages caused to you via a fire is 5 lakhs, the insurance company will only pay you Rs 5 Lakhs even though you have coverage of Rs 10 Lakhs.

Riders: A policyholder can choose additional riders to add to their policy. This will increase the premium component. For instance, a person can add a rider that states that the insurance company will provide an additional temporary income that the person can use as rent money.

Governed by the principles of insurance: A fire insurance policy is governed by the following principles of insurance:

Utmost good faith
Insurable interest
Proximate cause
Indemnity
Subrogation
Loss minimization
Contribution

All parties are expected to honor these principles of insurance. A policy can be voided if these principles are dishonored.

Life Insurance

List of Life Insurance Companies in India (IRDA Approved)

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Coverfox Insurance Broking Private Limited

Post author By parastar
Post date June 16, 2021
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What is Coverfox Insurance Broking?

Coverfox Insurance Broking Pvt Ltd is an Indian insurance aggregator and insurance broking website. The company provides a rich list of insurance products and services to its clientele.

Coverfox provides an aggregation of health, life, motor, and ULIP based insurance products.

This article will talk about the following:

Company details
Company management
Insurance products and services
Customer care

Company Details

Date of Founding	Authorized Capital	Paid-up Capital	CEO
2013	Rs.85 Lakhs	Rs.73.4 Lakhs	Mr. Sanjib Jha

Company Management

Name	Designation	Linkedin
Mr. Sanjib Jha	Chief Executive Officer	https://in.linkedin.com/in/sanjib-jha-97b1798
Mr. Manish Sultania	Chief Executive Officer	https://in.linkedin.com/in/ca-manish-sultania
Mr. Piyush Ranjan	Chief Technology Officer	https://in.linkedin.com/in/piyushranjanindia
Mr. John Mayne	Executive Director	https://in.linkedin.com/in/john-mayne-7814331

Insurance Products and Services

Coverfox deals with a plethora of insurance based products. Let us list below.

Product	Vertical
Car Insurance	Motor
Bike Insurance	Motor
Third-Party Car Insurance	Motor
Comprehensive Care Insurance	Motor
Third-Party and Comprehensive Bike Insurance	Motor
Zero Depreciation Car Insurance	Motor
Individual Health Insurance	Health
Floater Health Insurance	Health
Mediclaim	Health
Critical Illness Cover	Health
Arogya Sanjeevani	Health
Covid Plans	Health
Term Insurance	Life
Life Insurance	Life
Endowment Plan	Endowment
Pension Plan	Pension
ULIP Plan	ULIP

Customer Care

Toll-Free Number	Email ID	Facebook	Twitter
1800 209 9930	help@coverfox.com	https://www.facebook.com/Coverfox.Insurance/	https://twitter.com/coverfox?lang=eng

Safeway TPA

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Safeway TPA

Post author By parastar
Post date June 16, 2021

Learn about Safeway TPA (A Guide)

Safeway Insurance TPA is an India TPA company that provides claim management, hospital management, and customer care services to customers.

Safeway TPA acts as a link between the insurance companies and the policyholders, and has tie-ups with numerous Indian insurance companies like GIC, Royal Sundaram, ICICI Lombard, National Insurance, HDFC Life, Mahindra & Mahindra to name a few.

This article will aim to talk about the following important aspects pertaining to Safeway TPA:

Services
Network hospitals
Claims process
Claim status
How to get e-card
Customer care

Services

Safeway TPA provides the following services to its clientele:

Claim management: This is the core service of the company. Once a policyholder raises a claim with the TPA, it is the TPA’s responsibility to process the claim and ensure that the policyholder receives his claim amount in accordance with the terms of his policy.

Hospital management: This is also one of the most important services of Safeway TPA. Once a policyholder gets admitted to a networked hospital, it is the job of the TPA company to ensure that the entire billing and admission-related tasks are taken care of (if the policyholder decides to avail cashless service).

Issuance of e-cards: The company also issues E-cards on their portal that the policyholder can present to a network hospital during admission.

Customer care: 24/7 customer care is provided to the policyholders for any kind of assistance and grievance redressal (1800-102-5671).

Network Hospitals

It is very important to know whether your preferred choice of hospital is affiliated with your insurance company as only an affiliated hospital will provide you with cashless claims. You can use our Safeway TPA Network Hospital Tool to check if your preferred hospital is a network hospital.

Claims process

Safeway TPA offers both cashless claims and reimbursement claims. The process is slightly different for both. Let us understand the claims process for both in simple terms.

Cashless Claims

Cashless claims with Safeway TPA can be handled using the following simple steps:
Step 1.) Ensure that you check whether the hospital you intend to get admitted to is a network hospital.

Step 2.) Inform your insurance agent about the hospitalization.

Step 3.) Present Safeway TPA health card to the hospital admission office.

Step 4.) Hospital corresponds with Safeway TPA about the treatment costs, treatment requirement, billing, etc.

Step 5.) You get admitted

Reimbursement Claims

Reimbursement claims with Safeway TPA can be handled using the following simple steps:

Step 1.) Inform your insurance agent about the hospitalization. You can also directly inform Safeway TPA if you choose so.

Step 2.) Ensure that you keep original copies of all important documents like bills, invoices, medical reports, medical certificates, admission reports, discharge summary, etc. Originals will need to be submitted to the insurance company while filing the claim.

Step 3.) Upon discharge, dully fill your claim form with detailed and accurate information. Submit the form along with original copies to the insurance agent / Safeway TPA.

Step 4.) Your claim will now be vetted and checked against policy terms and conditions.

Step 5.) Reimbursement will be issued to you if all documents are in order.

Claim Status

You can know your claim status on the Safeway TPA website in 3 simple steps.

Step 1.) Visit the Safeway TPA website

Step 2.) Click on “Our Services”

Step 3.) Click on “Claim Status” under their navigation bar

Step 4.) Enter your claim no or card ID in the form and press “Login”

How to get E-card

Step 1.) Navigate towards their services page and click on “E-Cards”

Step 2.) Fill in your details

Select either corporate or individual radio button (based on your policy) and enter your policy details, and press “Get Card”

Life Insurance

List of Life Insurance Companies in India (IRDA Approved)

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Frequently asked questions about Safeway TPA

New Delhi, India

support@safewaytpa.in
011-45451300
Feedback form

Mr. Mahesh Sharma