HDFC ERGO, TropoGo to launch ‘pay as you fly’ insurance for drone-owners in India

India-based insurer HDFC ERGO has partnered with TropoGo, a deep tech start-up, for the launch of ‘Pay as you Fly’ insurance for drone-owners in India.

The insurance policy will offer commercial drone owners and operators coverage for third party liability claims for property damage and bodily injuries. It is also touted to be the first-of-its-kind in the non-life insurance segment in India, offering on-demand and ‘pay as you fly’ concept.

During the present situation of the Covid-19 pandemic, unmanned aerial vehicles (UAV) or drones are being considered and are also actively being used by the State and Central Governments.

The drones have proven to be efficient and beneficial in public surveillance, crowd monitoring and in certain areas, they are also being used for delivering essential medicines.

In the future, drones are also considered to have the potential of taking up various functions of different businesses, where humans may be unable to perform the tasks.

The insurance has been introduced keeping in mind the safety of third-party assets

In spite of the commercial advantages drones bring, the safety of third-party assets is still unanswered. To address the need, the insurer is offering the new insurance policy which will provide commercial drone owners/operators Third Party Liability claims.

The third-party coverage will include the losses incurred while conducting activities such as survey, mapping, monitoring, disaster relief initiatives, civil administration services, usage during festivals and events, property management and travel & tourism purposes among others.

Registered drone owners/operators holding commercial drone pilot’s certificate or a license issued by certified training schools in the country are eligible for the insurance policy.

HDFC ERGO General Insurance Company managing director and CEO Ritesh Kumar said: “The risk landscape continues to evolve. With the advancement in technology, new risks are emerging that open up new horizons for us to offer innovative products.

“Today, drones are becoming more and more popular in events and other outdoor commercial activities, which require skilled professionals to operate them. But, mistakes in operating and equipment failure may cause damage to third parties.

“Considering this we are launching this cover under our Aviation Insurance, which is a first in the industry, to safeguard drone owners and pilots from any third-party liability while flying a drone commercially.”

Read more ...

PUC (Pollution under Control Certificate) is mandatory for Renewal of Motor Vehicle Insurance - Mandated by IRDAI

The Insurance Regulatory and Development Authority (IRDAI)has asked insurers to ensure that the direction of Supreme Court of India that stated insurers must not renew any motor policy until the vehicle owner provides a valid PUC certificate is followed strictly with focus on compliance in National Capital Region of Delhi (Delhi NCR).

Hence, the insurance companies will ask you to show the valid PUC or pollution under control certificates at the time of renewal your motor insurance policy.

However, the regulator issued a circular on August 26, 2020 which clarified that insurers cannot reject motor claims on the grounds that the vehicle does not have a valid PUC (pollution under control) certificate.

In a circular issued on August 20, 2020, IRDAI said, "Central pollution control board (CPCB) has raised concerns regarding status of compliance of direction of Supreme Court of India in National Capital Region of Delhi (Delhi - NCR)."

"Also ensure that the direction of Supreme Court of India is followed scrupulously with special focus on compliance in National Capital Region of Delhi (Delhi - NCR)," as per the circular.

In July 2018, concerned over rising vehicular pollution, the Supreme Court, in the matter of MC Mehta vs Union of India, had directed insurers to not insure a vehicle unless it has a valid PUC certificate on the date of renewal of the motor insurance policy.

Read more ...

Bajaj Allianz Add on Plans - Drive Assure Welcome, Drive Assure Economy, Premium, Prestige and Classic Plans

 

Please find herewith Bajaj Allianz's Motor Add on Plan Details.

Drive Assure Welcome :-

• Depreciation Shield
• 24X7 Road Side Assistance

Drive Assure Welcome Plus :-

• Depreciation Shield
• 24X7 Road Side Assistance
• Key & Lock Cover
• Personal Baggage Cover

Drive Assure Economy :-

• Depreciation Shield
• 24X7 Road Side Assistance
• Engine Protector

Drive Assure Economy Plus :-

• Depreciation Shield
• 24X7 Road Side Assistance
• Engine Protector
• Key & Lock Cover
• Personal Baggage Cover

Drive Assure Drive Smart Premium :-

• Depreciation Shield
• 24X7 Road Side Assistance
• Engine Protector
• Accident Shield (5Lac/Per Person)
• Key & Lock Cover
• Personal Baggage Cover

Drive Assure Drive Smart Prestige :-

• Depreciation Shield
• 24X7 Road Side Assistance
• Engine Protector
• Accident Shield (5Lac/Per Person)
• Key & Lock Cover
• Personal Baggage Cover
• Conveyance Benefit
• Consumables Expenses Cover

Drive Assure Drive Smart Classic :-

• 24X7 Road Side Assistance
• Accident Shield (5Lac/Per Person)
• Key & Lock Cover
• Personal Baggage Cover

Drive Assure Prime Plus :-

• 24X7 Road Side Assistance
• Key & Lock Cover
• Personal Baggage Cover

Sub Limits of Cover :-

• Key & Lock Cover - Sum Insured of 30,000 for Non HEV & 60,000 for HEV Vehicle Segments
• Personal Baggage cover - Sum Insured of 60,000
• Conveyance Benefit - Benefit of 1000 per day for a maximum of 7 days

Read more ...

Tata AIG Add On Plans - Gold Plan, Super Gold Plan, Pearl Plan, Pearl Plus, Pearl Plus Plus, Sapphire, Sapphire Plus, Sapphire Plus Plus, Coral, Platinum, and Emerald Pand

Tata AIG General Insurance Co. Ltd. offers various add-on covers with their standard motor policy. Here's a concise summary:

 Add-on Covers

 Gold Plan - 

1.    Emergency Transport and Hotel expense

2.    Key Replacement

3.    Loss Of Personal Belongings

4.    Repair Of Glass,Plastic,Fiber and Rubber

5.    RoadSide Assistance

 Super Gold Plan -

1.    Emergency Transport and Hotel expense

2.    Key Replacement

3.    Loss Of Personal Belongings

4.    Repair Of Glass,Plastic,Fiber and Rubber

5.    RoadSide Assistance

6.    Emergency Medical Expenses

 Pearl Plan -

1.    Depreciation ReImbursement

2.    Emergency Transport and Hotel expense

3.    Key Replacement

4.    Loss Of Personal Belongings

5.    Repair Of Glass,Plastic,Fiber and Rubber

6.    RoadSide Assistance

 Pearl Plus Plan – (Pearl+)

1.    Consumable expenses

2.    Depreciation ReImbursement

3.    Emergency Transport and Hotel expense

4.    Engine Secure

5.    Key Replacement

6.    Loss Of Personal Belongings

7.    Repair Of Glass,Plastic,Fiber and Rubber

8.    RoadSide Assistance

 Pearl Plus Plus Plan – (Pearl++)

1.    Consumable expenses

2.    Daily Allowance

3.    Depreciation ReImbursement

4.    Emergency Transport and Hotel expense

5.    Engine Secure

6.    Key Replacement

7.    Loss Of Personal Belongings

 Sapphire Plan -

1.    Consumable expenses

2.    Depreciation ReImbursement

3.    Emergency Transport and Hotel expense

4.    Key Replacement

5.    Loss Of Personal Belongings

6.    Repair Of Glass,Plastic,Fiber and Rubber

7.    RoadSide Assistance

8.    Tyre Secure

 Sapphire Plus Plan – (Sapphire+)

1.    Consumable expenses

2.    Depreciation ReImbursement

3.    Emergency Transport and Hotel expense

4.    Engine Secure

5.    Key Replacement

6.    Loss Of Personal Belongings

7.    Repair Of Glass,Plastic,Fiber and Rubber

8.    RoadSide Assistance

9.    Tyre Secure

 Sapphire Plus Plus – (Sapphire++)

1.    Consumable expenses

2.    Depreciation ReImbursement

3.    Emergency Transport and Hotel expense

4.    Engine Secure

5.    Key Replacement

6.    Loss Of Personal Belongings

7.    Repair Of Glass,Plastic,Fiber and Rubber

8.    Return To Invoice

9.    RoadSide Assistance

10.  Tyre Secure

Coral Plan - 

1.    Consumable expenses

2.    Depreciation ReImbursement

3.    Emergency Transport and Hotel expense

4.    Key Replacement

5.    Loss Of Personal Belongings

6.    Repair Of Glass,Plastic,Fiber and Rubber

7.    RoadSide Assistance

Platinum Plan - 

1.    Consumable expenses

2.    Daily Allowance

3.    Depreciation ReImbursement

4.    Emergency Transport and Hotel expense

5.    Engine Secure

6.    Key Replacement

7.    Loss Of Personal Belongings

8.    NCB Protection Cover

9.    Repair Of Glass,Plastic,Fiber and Rubber

10.  Return To Invoice

11.  RoadSide Assistance

12.  Tyre Secure

13.  Misfuelling

14.  Daily Allowance Plus

15.  Additional Towing Charges (Add On)

16.  Emergency Medical Expenses

17.  Additional Third Party Property Damage Cover

18.  Vehicle Loan Protector

19.  Electric Surge Secure

20.  Depreciation Reimbursement - Battery

 Emerald Plan – 

1.    Consumable expenses

2.    Depreciation ReImbursement

3.    Emergency Transport and Hotel expense

4.    Key Replacement

5.    Loss Of Personal Belongings

6.    Repair Of Glass,Plastic,Fiber and Rubber

7.    Return To Invoice

8.    RoadSide Assistance

9.    Tyre Secure

 These add-on covers provide additional benefits and enhanced protection for vehicle owners.

Read more ...

Professional Indemnity Insurance - Liability Insurance - Basics

Sumeet was interested in investing a lump sum amount in a plan which can provide him a certain level of income per year with a minimum risk of capital loss. So he went to a financial consultant, Akshay, who ran a financial consulting agency, to get some advice. Akshay suggested investing in a particular fund according to Sumeet's requirements.

However, Sumeet did not receive any yearly income from the fund, but in fact, suffered a capital loss during the two year investment period. Akshay has not even provided any updates to Sumeet during the investment period of two years regarding the performance of his fund. Later, Sumeet came to know from other sources that the fund was not performing well at the time of original investment.

Therefore, in this case, it is clear that reasonable judgement was not exercised by Akshay while performing his duty as a professional, which had resulted in big losses to his client. Sumeet filed a case against Akshay for professional negligence and the court awarded compensation to be paid by Akshay to Sumeet. Akshay also had to incur legal expenses in defining his case.

Now, we will discuss what is the standard of duty of care expected from professionals in performing their duty, when does a professional liability arise, how can it be covered under insurance and how do the clauses in professional indemnity policies differ from other liability polices..

• Need for professional indemnity insurance :- Professional Indemnity insurance policies are designed to provide insurance protection to professional people such as doctors, solicitors, chartered accountants and architects etc. against their legal liability to pay damages arising out of negligence in the performance of their professional duties. In India, the professional indemnity policy is generally given by the insurance companies to those professional:

1. Who are governed by practices and services as laid down by a statutory organization/body.
2. Who are answerable to the governing council in the event of failure to adhere to these practices.  

Thus the medical professional governed by the Medical Council of India or the Engineers or Chartered accountants would be issued Professional Indemnity Policies.  All other professionals would be issued Error & Omission policies. 

The need for insurance protection to cover these legal liabilities by professionals is felt due to:

• The increasing claims consciousness among their clients.
• More awareness in them about impact of litigation and the high awards in motor third party and other public liability fields nowadays.
• The fact that the professional people, like everybody else, are prone to commit errors in the conduct of their business and especially in the modern conditions of life which is becoming more difficult and complex.

Read more ...