Terrorism Insurance: Delhi blast has once again increased the concern regarding security. In such a time, an insurance policy with terrorism cover not only provides financial security but also provides mental peace. Know which insurance policies provide cover in case of terrorist attacks.
Terrorism Cover Insurance: After the attack on November 10 outside Gate No. 1 of Red Fort Metro Station in Delhi, the discussion about terrorism insurance has once again increased. Many people take insurance, but they do not know whether terrorism cover is included in their policy or not. This cover helps compensate for losses incurred due to any violent or terrorist incident. In this article, let us know which insurance policies provide cover in terrorist incidents and what should be kept in mind in such situations…
Property Insurance
If you are the owner of a house, shop or office, then this insurance is very important for you. In most property insurance, terrorism cover is provided as an add-on, that is, you have to pay a little extra premium. This coverage covers property damage caused by a terrorist attack, but does not cover biological, chemical or nuclear attacks. All insurance companies in India are part of IMTRIP (Indian Market Terrorism Risk Insurance Pool). This pool provides re-insurance capacity of up to ₹1,000 crore per location and has built a corpus of ₹4,600 crore so far.
Home Insurance
Terror coverage is already included in some home insurance policies, while in others it can be added as an add-on. This policy covers direct damage caused by the attack and loss caused during the action of security forces. But note that the claim for loss due to theft or robbery after the attack is not available in this.
Motor Insurance
If your vehicle is damaged during an attack or explosion, a Comprehensive Motor Policy compensates for it. This coverage comes under the Own Damage section, which covers losses caused by riots, strikes and terrorist incidents. For this, first of all register an FIR and immediately inform the insurance company. Keep evidence by taking photos or video of the damage. The claim process will start after inspection by the company’s surveyor.
Personal Accident Cover
A personal accident policy compensates you or your nominee if injury or disability occurs in a terrorist attack. In case of death, the entire amount is given to the family. However, medical expenses related to chemical or radiological attacks are generally not covered, for this you can take the help of health policy.
Health Insurance
Health insurance is most helpful for people who get injured in terrorist attacks. It covers hospitalization, ambulance charges and medical expenses. Some companies also provide air ambulance and emergency evacuation services.
Travel Insurance
If you are traveling to a country or state and are attacked there, travel insurance protects you. In this, facilities like trip cancellation, medical expenses, passport loss or emergency return are available. But keep in mind that if you go to areas that are already declared ‘risk zones’, the claim may be rejected.
Disclaimer: This article has been written for general information purposes only. The information given here is not a recommendation for any insurance company or policy. Before taking any insurance plan, consult your financial advisor or insurance representative. Insurance terms, coverage and premiums may vary by company.
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