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What is burglary insurance? (Top 3 points to remember)

What is burglary insurance?

Here's your answer:

A burglary insurance plan extends coverage to the policyholder in the event that the insured property gets burgled or broken-in. The damages caused due to such an act will be compensated for by the insurance company.

What is burglary insurance? (Top 3 points to remember)

Burglary insurance provides coverage to the policyholder in the event that the insured home gets burgled (entered into & stolen.) Burglary insurance can be availed by a person having a flat, bungalow, or even a mansion. Burglary insurance can also be availed by business people owning shops, offices, warehouses, and more.

Let us now look at some of the most important aspects of burglary insurance below.

Top 3 points to remember

Importance of burglary insurance

  • A burglary insurance policy provides coverage against thefts within the insured property. At times the homes of people are filled with valuables like art, jewelry and expensive furniture, burglary insurance provides protection in the event of a theft.
  • Having a theft insurance plan in place will give the policyholder peace of mind, knowing that he and his assets are protected if the unfortunate strikes.
  • Burglary insurance provides continuation to business-owners. Business-owners can avail the sum assured in the event of a theft and put that amount back into the business, ensuring continuity of their business.

Inclusions and exclusions of burglary insurance

The inclusions and exclusions of burglary insurance can vary from plan to plan and from insurer to insurer. That being said, mentioned within are some of the general inclusions and exclusions:

Inclusions

Exclusions

Theft/burglary

Intentional damage leading to moral hazard

Dames to property due to forced entry

War

Cash that is stolen

Radiation damage

Valuables like jewellery, art, and furniture

Damages caused due to the premise left unattended (unlocked or without proper security measures in place)

Death caused due to burglary

Damages caused due to government confiscation of the insured property

Disability caused due to burglary

Rioting and strikes

Companies providing burglary insurance in India

Here is a list of insurance companies in India that provide burglary insurance services. Some of the companies provide a stand-alone burglary insurance plan, where as some insurance companies only provide burglary insurance as an additional rider that can be bought with a property insurance policy.

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Frequently asked questions

  • Are stand-alone burglary insurance plans available?

    Yes, there are stand-alone burglary insurance plans available in India. However, Some insurance companies prefer to only offer burglary insurance coverage as part of an additional rider that the policyholder can avail after buying a property insurance policy.

  • Is burglary insurance mandatory?

    No, burglary insurance is not mandatory. It is advisable to opt for a burglary insurance plan but it is not mandatory.

  • What are the different types of burglary insurance available?
    1. Standard burglary insurance policy
    2. Burglary insurance rider
    3. Declaration policy
    4. Full-value policy
    5. First-loss policy
    • Categories
    Insurance

    Is travel insurance mandatory? (Top 2 points to consider)

    So, you want to know if buying travel insurance in mandatory?...

    Here's your answer:

    Travel insurance is mandatory if you are traveling to certain countries. It is optional if you are traveling to certain other countries.

    travel

    Is travel insurance mandatory? (Top 2 points to consider)

    So, You’re ready to pack your bags and jet-set your way away to a fun vacation! In all the excitement, you shouldn’t forget about getting a travel insurance policy for yourself and your loved ones. It would be prudent choice!

    A travel insurance policy will provide you protection against a host of potentially dangerous situations that may occur on your trip abroad. It is worthwhile to invest in a travel insurance plan before you board your flight.

    But is travel insurance mandatory? The answer is “Yes and No.” Purchasing a travel insurance policy is mandatory if you are traveling to certain countries, and it is not mandatory if you are traveling to certain other countries.

    So the question you should be asking is “Is travel insurance mandatory in the country I am traveling to?” Let us find out some of the countries where travel insurance in mandatory.

    Popular countries where travel insurance in mandated (As of 2022)

    Travel insurance is mandatory if you are traveling to any of the following countries:

    • United States of America
    • Argentina
    • Ecuador
    • Chile
    • Cuba
    • Egypt
    • Indonesia
    • Israel
    • Iran
    • Nepal
    • Philippines
    • Russia
    • Qatar
    • Saudi Arabia
    • Singapore
    • Schengen Nations
    • Thailand
    • Sri Lanka
    • UAE
    Schengen nations where travel insurance in mandatory
    Schengen Nations where travel insurance in mandatory

    Travel insurance inclusions and exclusions

    It is vital that you are aware of the inclusions and exclusions of your travel insurance policy. Mentioned below are some of the general inclusions and exclusions of travel insurance.

    Inclusions

    Exclusions

    Baggage loss

    Pre-existing conditions

    Loss of passport

    Self-harm

    Hospitalization

    Claim resulting due to consumption of illicit substances like drugs or alcohol.

    Evacuation

    HIV/AIDS

    Repartitions

    Non- conventional medical treatments

    Personal liability

    Radiation related sickness

    Flight delay

    War

    Different insurance companies offer slightly different scope of coverage, be mindful of the fine-print. You can also increase the scope of your travel insurance policy by buying additional riders.

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    Frequently asked questions about travel insurance

  • Which are some of the major Schengen Nations that mandate travel insurance?

    All Schengen Nations mandate travel insurance. The major ones include:

    • Germany
    • France
    • Italy
    • Spain
    • Switzerland
  • What are some major exclusions of travel insurance?

    Major exclusions of travel insurance include damages caused due to:

    • War
    • Radiation
    • Self-harm
    • HIV/AIDS
    • Drug/Alcohol use

     

  • Can I cancel my travel insurance policy?

    Yes. Insurance companies usually allow your travel insurance policy to be cancelled within a time frame of 14 days of policy purchase. (You should have not travelled or made a claim within this time frame)

    • Categories
    Insurance

    Top 5 insurance trends across the world (An Infographic)

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    Top 5 insurance trends across the world (An Infographic)

    Insurance is an ever evolving product. From it’s origin around 4000 BC to modern times, the insurance product has greatly evolved, and which each improvement, the value proposition of the insurance product as increased.

    This era is no different! The insurance industry is again at the precipice of change with the advent of bleeding-edge technologies such as Blockchain, Crypto, Machine Learning, and Artificial Intelligence.

    Let us look at some of the most interesting trends in technology that has the potential to transform the insurance industry in 2022 and the years ahead. 

    Top 5 insurance trends across the world (2022) - Infographic
    Top 5 insurance trends across the world (2022) – Infographic

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    Frequently asked questions about trends in insurance

  • What are the top 5 trends in the insurance industry?

    The top 5 trends in the insurance industry include:

    1. Integration of AI & Machine Learning with insurance
    2. AI Chatbots
    3. Predictive analysis
    4. Blockchain technology
    5. InsureTech solutions
  • What are some of top AI and machine learning companies in the insurance sector?
    1. Solaria Labs
    2. CCC Intelligent Solutions
    3. Bold Penguin
    4. CAPE Analytics
    5. ZestFinance
  • What are some of potential disruptions caused by AI and Machine Learning in insurance?

    There could be major disruptions caused by AI & ML in the following sub sections of insurance:

    1. Claims handling
    2. Customer support
    3. Insurance underwriting
    4. Fraud detection
    5. Customer segmentation and classification
    • Categories
    IRDA

    Top 3 ways you can raise a complaint with the IRDA

    complaint

    Top 3 ways you can raise a complaint with the IRDA

    It is the duty of an insurance company to assist their policyholders to the maximum extent possible. If a policyholder is not satisfied with the assistance and support their insurance company provides, the policyholder has the ability to approach the insurance regulator and lodge a complaint towards the insurance company.

    Let us investigate the top 3 ways a policyholder can lodge a complaint with The IRDA of India.

    • IRDA IGMS
    • Personally visit the IRDA office
    • Call or Email IRDA

    IRDA IGMS

    The IRDA has put into place an online grievance management system called as The IRDA Integrated Grievance Management System (IGMS). The IGMS system can be accessed through the IRDA website, and can be used to do the following:

    • To lodge a complaint against an insurance company
    • To keep track of all lodged complaints
    • To assign a turn-around time for each complaint
    • It sends notifications to insurance companies asking them to tend to the complainant
    • Provides resolution to the complainant

    Personally visit the IRDA office

    If the policyholder so wishes, he or she can even personally visit The nearest IRDA office and lodge a written complaint against the insurer. Once at the office, kindly ask for the complaints department of the IRDA and furnish your complaint letter to the officer. Do remember to take an acknowledgment of the same.

    IRDA has 3 main offices across India.

    Mumbai

    Royal Insurance Building,

    Ground Floor,

    12, Jamsetji Tata Road,

    Mumbai – 400 020.

    Hyderabad

    United India Towers, 9th Floor,

    3-5-817/818, Hyderguda, Basheerbagh,

    Hyderabad – 500029

    Delhi

    Gate No 3, Jeevan Tara Building,

    1st Floor, Sansad Marg,

    New Delhi – 110001

    Call or Email IRDA

    Phone number

    Location

    Mumbai

    +91 22 22898600

    Hyderabad

    +91 40 66514888

    Delhi

    +91 11 2344 4404

    Toll-free

     1800 4254 732 / 155255

    Email ID: Complaints@irdai.gov.in

    As mentioned above, there are various ways you can contact The IRDA and initiate a complaint against your insurance company.

    The policyholder should also be aware that apart from The IRDA, the policyholder can also lodged a complaint with The Insurance Ombudsman.

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    Insurance

    Top 4 facts about home insurance in India (Infographic)

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    Top 4 facts about home insurance in India (An Infographic)

    Did you know that only 3% of Indian homes are insured and protected, compared to over 90% in certain European countries, and the USA?

    Did you know that home insurance penetration is just a meagre 1% in India? Learn about more such interesting facts about home insurance in India through our infographic.

    We hope you get inspired enough to invest in your home’s security, thereby investing in your own. An insured home is a happy home! Let’s go! 

     

    Top 4 Facts about Home Insurance in India infographic
    Top 4 Facts about Home Insurance in India (Infographic)

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    Frequently asked questions about home insurance in India

  • What are some of the most important factors that decide home insurance premium rates?

    The most important factors that decide the premium rates of home insurance are:

    • Location of the home
    • Size of the home
    • Risk profile
    • Credit history of the policyholder
  • Are personal belongings also covered under home insurance?

    Yes, personal belongings are generally covered under home insurance. That being said, some policies do not provided coverage to personal belongings. Generally, the policyholder will have to opt for an additional rider that provides coverage to personal belongings of the policyholder.

  • What if I sell my home to another person? What happens to the home insurance?

    The home insurance contract will get terminated the moment you sell your premises to another person.

  • What are some of the notable exclusions of home insurance?

    Notable exclusions include:

    • Intentional damage to the house
    • Damages caused due to reckless behavior
    • Nuclear blast / fallout
    • War
    • Rioting

     

    • Categories
    Insurance

    Top 5 Applications of Blockchain in Insurance (An Infographic)

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    Top 5 Applications of Blockchain in Insurance (An Infographic)

    Blockchain technology is taking the world by storm. Due to it’s nature, blockchain has tremendous applications even in the insurance industry. 

    From automation to fraud detection, blockchain tech has the potential to transform the insurance industry and unleashing massive value proposition across companies and policyholders alike.

    Learn about the top 5 applications of blockchain in insurance through our fact-packed infographic below.

    Let’s begin! 

     

    Top 5 Blockchain Applications infographic
    Top 5 Blockchain Applications Infographic

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    Frequently asked questions about blockchain in insurance

  • What are some of the applications of blockchain in insurance?

    Some of the notable applications of blockchain in the insurance industry include:

    • Fraud detection
    • More effective auditing
    • Automation
    • Increasing trust between insured and insurer
  • Which are some of the insurance companies leveraging blockchain tech?

    The following insurance companies leverage blockchain technology in their business:

    • Nationwide Insurance
    • AXA Insurance

     

  • Which are some of the up coming blockchain companies that provide blockchain solutions to insurance companies?
    • IBM
    • ConsenSys Software
    • ChainThat
    • Teambrella
    • B3i

     

    • Categories
    Insurance

    Top 5 wacky facts about insurance (Infographic)

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    Top 5 wacky facts about insurance (Infographic)

    So, you think insurance is all boring and serious? It doesn’t have to be. InsuranceLiya.com has comprised a list of the most mind bending wacky facts about insurance in this vibrant infographic. Enjoy!

     

    Top 5 Wacky facts about insurance

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    Frequently asked questions

  • Why can't Jackie Chan get health insurance?

    Chan is blacklisted by insurance companies due to the high risk he presents to insurance companies due to his extreme movie stunts. 

  • What was the name of the insurance company founded by Ben Franklin?

    The Philadelphia Contributionship

     

  • Who created the first insurance company in The USA?

    Benjamin Franklin in 1752

  • Who provides alien abduction insurance?

    The Saint Lawrence Agency of Florida, USA

    • Categories
    Insurance

    The History of Insurance (Infographic)

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    Learn about The History of Insurance (Infographic)

    So, you are interested in insurance and it’s antiquity? Let us take you down the rabbit hole, and through a journey that begins in 4000 BCE and ends today.

    Check out the InsuranceLiya.com “History of Insurance Infographic”, and get a wholistic understanding about the lineage of insurance and insurance related products.

    Let’s begin!

    Feel free to download this infographic and share it across your social media and websites.

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    Frequently asked questions

  • Who invented the concept of fire insurance?

    Nicholas Barbon and his eleven associates

  • What is the name of the first insurance company in USA?

    The Philadelphia Contributionship

     

  • Who created the first insurance company in The USA?

    Ben Franklin in 1752

  • When did The Social Security Act come into effect in USA?

    1935

  • What was the name of the first pet that was insured?

    Lassie the dog

    • Categories
    Insurance

    What is the difference between claim repudiation & claim rejection?

    policy

    What is the difference between claim repudiation & claim rejection?

    Have you ever come across the term “claim repudiation” and wondered what it meant? Is claim repudiation the same as claim rejection?

    Let us briefly discuss the meaning of claim repudiation, and the difference between repudiation and rejection.

    Meaning of claim repudiation

    An insurance claim is said to be repudiated by the insurance company if the insurance policy does not provide any provision for disbursement of the claim for a particular condition or cause.

    In simple terms, the cause that the claimant mentioned within his claim application is not a valid cause, and the insurance company does not consider it, thereby repudiating the claim.

    Example of claim repudiation

    Let us assume that Mr. Joseph has bought a motor insurance policy. A few years later, he meets with an accident while being under the influence of alcohol. 

    The motor insurance company will immediately repudiate his claim as it was clearly mentioned that no claims will be entertained if the policyholder meets with an accident under the influence of alcohol.

    Thus the claim will not even be considered, and will be repudiated at once due to violation of policy terms.

    Meaning of claim rejection

    A claim rejection is when the cause of loss is valid, but the claim is rejected based on other factors. Common factors that lead to rejection are:

    • Falsifications by claimant
    • Improper documentation
    • Violation of company policy
    • Intentional mischief
    • Incomplete documentation
    • Delay in claim application

    As mentioned in the article, there is a fine difference between claim rejection and claim repudiation. The general public should be aware of these finer differences, and always ensure that they go through the policy bond thoroughly with a fine-tooth comb at least once. 

    Also, please ask your insurance agent in case there are any doubts that are raised due to insurance lingo. It is their responsibility to clear all policy related doubts.

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    Frequently asked questions about claim repudiation

  • Can a policyholder appeal a rejected claim?

    Yes, a policyholder can approach The Insurance Ombudsman Office and lodge an appeal. 

  • What are some of the major reasons why an insurance claim is rejected?
    • Intentional mischief
    • Falsification by claimant
    • Violation of company policy
    • Incomplete documentation
    • Delay in claim application
    • Improper documentation
  • Can an insurance company reject or repudiate a claim after 3 years?

    No, an insurance company cannot reject or repudiate a claim once the insurance policy is 3 years old.

    • Categories
    Insurance

    What is IIISLA? (Meaning, Role, Surveyor list and more)

    Here's your answer:

    IIISLA stands for The Indian Institute of Insurance Surveyors and Loss Assessors. It is the primary regulator of insurance surveyors in India. Further, The IIISLA also has primary roles in training and educating insurance surveyors in India.

    government office

    What is IIISLA? (Meaning, Role, Surveyor list, and more)

    So, are you looking to get an in-depth understanding of what IIISLA is? You’ve come to the right place. This article will provide you with an easy-to-understand and holistic understanding of the role and meaning of IIISLA.

    Topics discussed:

    • What is IIISLA?
    • What is the role of IIISLA?
    • IIISLA surveyor list
    • IIISLA contact details

    What is IIISLA?

    IIISLA stands for The Indian Institute of Insurance Surveyors and Loss Assessors. Every insurance company needs to appoint official surveyors. Once there is a claim made by the policyholder, it is the surveyors’ task to examine and validate that claim.

    Once the claim is validated, the surveyor makes a detailed claim report and submits it to the insurance company. After this, the insurance company will decide on claim disbursement of the claimant.

    What is the role of IIISLA?

    Let us list some of the most pertinent roles and objectives of the IIISLA below:

    • To regulate insurance surveyors.
    • To provide quality education to registered insurance surveyors.
    • To provide timely and intensive training to insurance surveyors.
    • To engage in research that aids in the betterment of the quality of surveying.
    • To validate and examine the claims of the claimants and provide a detailed claim report to the insurance company.
    • To enforce a code of ethics within the surveyor community.
    • To engage in regular examinations to ensure that the skills of surveyors are up to date.
    • To ensure that trust is maintained within the insurance sector.

    IIISLA surveyor list

    Now, since you have understood the role and meaning of IIISLA, it is likely that you would want to find out if your company’s surveyor is actually an authorized and registered surveyor affiliated with The IIISLA.
    How can you know if a surveyor is registered under IIISLA? The IIISLA maintains an up-to-date list of all registered surveyors on its website.

    IIISLA surveyor list tool

    You can visit the official IIISLA Find a Surveyor tool and enter the relevant details and see if your surveyor is registered or not.

    IIISLA surveyors in Mumbai

    Here, you can see a complete list of all IIISLA surveyors in the city of Mumbai. Similarly, you can see all registered surveyors Pan-India.

    IIISLA contact details

    Particulars

    Details

    Phone number

    040 – 23261072 / 23261073

    Email ID

    admin@iiisla.co.in

    Address

    # 6-1-73, Off No.104 & 106 First Floor, Saeed Plaza, Lakdikapool,

    Hyderabad – 500 004.

    Telangana, India.

    Source

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    IIISLA Headquarters

    Frequently asked questions about IIISLA

  • When was the IIISLA formed?

    The IIISLA was formed on 4th October 2005.

  • Who is the president of the IIISLA?

    Mr. Lalit Gupta (As of 2022)

     

  • What is the phone number of IIISLA?

    040 - 23261072 / 23261073