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Insurance Solutions for Education Institutes

Wide Scope of Insurance


Key Points for clients discussion



Risk Mapping “Education Institutions”



Issues Faced by Institutions



Segments, Risks, Solutions –Educational Instt. Liability



Liability Risks –Schools & Colleges(CGL)

CGL Insurance



Salient features of CGL Policy



Comprehensive Coverage


  • Hazardous Sports: Covers injury/death to students due to participation in hazardous sports during trips sponsored by the school
  • Exchange Students: Covers injury/death to exchange students, while on your school premises
  • Food & Beverage: Covers injury/death to students or other 3rdparties arising out of food and Beverage served in school premises
  • Trips sponsored by the School: Covers injury/death to the students during sponsored trip outside school premises
  • School Bus: Covers injury/death to students due to transport facility provided by school
  • Terrorism Legal Liability: Covers legal liability due to injury/death to 3rdparties because of terrorist attack on the school
  • School Activities / Picnics: Injury/death of students during school/institute activities (on and away from the premises)
  • Swimming Pool: Injury/death of 3rd parties due to swimming pool related accidents
  • Fire / Flood / Earthquake/Tsunami: Injury/death of students inside the institute/school due to fire, flood or earthquake or tsunami
  • Food Poisoning: Injury/death of 3rd parties because of food poisoning at your institute
  • Lift Related Accidents: Injury/death of 3rd parties due to lift related accidents
  • Accidental Damage: To 3rd party vehicle parked in institute’s parking area
  • Lab Related Accidents: Injury/death of 3rd party due to an accident in school lab


Directors and Officers Insurance


Directors and Officers of an Institution have responsibilities towards various stakeholders like shareholders, regulators, employees. There could be high legal costs involved for such persons in case any stakeholder perceives that they have been negligent in their duties. The D&O policy provides the Insured Persons cover against such legal costs.


  • Court awarded Damages
  • Out of Court Settlements
  • Defense Costs
  • Public Relations Expenses
  • Investigation Costs
  • Civil fines and Penalties wherever insurable by Law


Who does the policy protect?


  • Principal
  • Teachers
  • Other Staff


Employee Dishonesty Or Crime Insurance


Do these look familiar?

  • Generating fake invoices from a vendor and making payments thereof
  • Electronic Funds Transfer Fraud
  • Unauthorized fund transfers
  • Credit card abuse
  • Telephonic Misuse
  • Diverting money out of estates of deceased clients
  • Forgery
  • Fraudulent alteration
  • Counterfeiting
  • Trading in securities, to make gain for oneself


Crime Policy Coverage



EPLI Policy Coverage


Policy Highlights


  • Covers Loss of Insured arising from claims made against the Insured for Employment Practices Wrongful Act made in connection with the claimant’s employment or employment application (Section A)
  • Cover can be extended to cover Loss of Insured arising from claims made against the Insured by a Third Party (Section B)
  • Cover for New Subsidiaries


Policy pays for


  • Damages (including punitive or exemplary damages)
  • Front and back pay
  • Multiplied portion of multiple damages
  • Pre-judgment and post-judgment interest
  • Civil fines or penalties
  • Defense Costs;
  • Losses are covered on a Claims Made Basis


A case in point


Professional Indemnity


Salient Features of the Policy


The insurance covers Claims arising out of provision of professional services which are first made against the Insured, by a Third Party, during the Policy Period (or the Extended Reporting Period, if applicable) and reported to the Insurer as required under the Policy


Standard Extensions


  • Court Appearance Costs
  • Loss of Documents
  • Loss of Documents
  • Extended Reporting Period


A case in point


Source: ICICI

4 reasons why e-commerce sites need cyber insurance


It’s no secret that online shopping has started to eclipse brick-and-mortar retail. After all, nothing beats the ease and convenience of visiting all your favorite stores from the comfort of your couch and having your orders delivered right to your doorstep.


In addition, ecommerce has also opened a world of new opportunities for fledgling business owners. All it takes to get started is a product, a website and plenty of dedication. Unfortunately, many e-commerce vendors see their dreams of success fizzle out after suffering a cyberattack.


If you want to protect your ecommerce site from financial ruin, you ought to invest in a cyber insurance policy from Deeva Ventures today. Otherwise, you’ll be burdened with the recovery costs all on your own. Be honest, could your digital small business handle that kind of strain? Below are a few of the most common threats faced by ecommerce businesses and how to avoid them.


Fraudulent Payments: Since you are operating an online storefront, you won’t have to worry about bogus sawbucks. But you will have to keep an eye out for fraudulent payments nonetheless.


Hackers routinely buy large batches of stolen credit card numbers from the dark web, which are then used to order big ticket items from your site. Be on the lookout for dozens of separate orders being sent to the same address, as this is a dead giveaway for cybercrime.


Breach of Customer Data: For better or worse, most e-stores save information on their customers to expedite the ordering process. However, this also makes your business a hot target for cyber crooks. Don’t believe it? Just take a look at Alibaba who suffered an attack on 20 million user accounts in 2016! And how likely is it that customers will want to return to your site after you let their personal information fall into the wrong hands? Exactly.


The solution? Follow PCI regulation at all times and avoid storing sensitive financial information (such as credit card expiration dates) on your site; or at the very least encrypt consumers’ personal data.


Business Downtime: E-stores have the benefit of being open 24/7, at least until a hacker has his way. Ransomware and distributed denial-of-service (DDoS) attacks can take an ecommerce site down for hours or even days!


How long could your online SMB survive without customers or income? Combine this with the fact that the vast majority of customers will jump to your competitors if your site load times take over three seconds and you’ve got a real problem on your hands.


Thankfully you can avoid malware attacks by eschewing suspicious messages, downloads and apps. DDoS attacks can be stymied by employing mitigation software on your network to analyze and redirect malicious traffic.


SQL Injection: Especially crafty hackers can actually inject malignant segments of code into your ecommerce site via entry fields (such as an account creation box). This code could be anything, including commands to ‘download all customer information and send to remote server.’ Yikes!


To block an SQL injection attack, you’ll need to invest in a safe API that can detect noxious commands and prevent them from being picked up by the application layer. It is also helpful to keep your applications and services up to date with all the latest security patches.



Source: CyberPolicy


What is the reinstatement clause in Fire Insurance? |Deeva Ventures Pt Ltd

What is the Reinstatement Clause in Fire Insurance?

 Fire insurance policies often come with a reinstatement value clause, which determines the methodology of claim settlement. Under the reinstatement value clause, the damaged property is replaced by a new property of the same type. 


This clause is also called the ‘New for old’ clause as the insurance company is liable to pay for reinstating the damaged asset with a new asset.


Though the reinstatement value clause pays for a new asset or property, the principle of indemnity is followed. 

The asset or property replaced would be of the same specifications as the one which is damaged. 

In the case of plant and machinery, if the new asset is technologically better than the older one, the insured would have to bear a portion of the cost of reinstating the damaged asset with the new asset because the old asset did not possess the same advanced technology as the new asset. 

Thus, the insured is liable to cover the cost of the new technology which comes in the new machine or equipment.

The important provisions of the reinstatement value clause include the following –


A)  Reinstatement of the damaged asset must be done by the insured within 12 months from the date of damage or destruction of the asset. 

The insured can also apply for an extension in the time for reinstating the asset and if the insurance company allows an additional time, reinstatement should be completed within the extended time. If the timeline is not followed, the claim would be settled on an indemnity basis only.

B)  The pro-rata average method would be applied by comparing the sum insured of the fire insurance policy with the reinstatement cost of the entire property on the reinstatement date

C)  Reinstatement value clause would not apply if the insured does not inform the insurance company of his/her intention to replace the damaged asset within 6 months of loss. If an extended time is availed, information should be given within the extended period to avail reinstatement value basis of claim settlement. 

Moreover, if the insured is not willing to replace the damaged property, the reinstatement value clause would not apply. In that case, the claim would be settled on an indemnity basis

D) Reinstatement of the damaged property or asset can be done at any alternate location as desired by the insured. However, this would be allowed only if the liability under the fire insurance policy does not increase due to a change in location

E)  Reinstatement value clauses in fire insurance policies are applied on building, plant and machinery, equipment, etc. which are in a new condition. The clause is not applicable on stocks even when the stock is covered under a fire insurance policy.

F)  The sum insured of the policy would depend on the reinstatement value of the asset or property which is damaged

G)  Till the time that reinstatement is not done, the liability under the fire insurance policy would be determined on an indemnity basis which is the market value basis.

The concept of the reinstatement value clause should be properly understood when buying a fire insurance policy so that you know how a claim would be paid.

Source:-  SecureNow

Why you need Liability Insurance

Why you need Liability Insurance

This type of insurance policy is generally procured by companies or individuals who may be held liable, legally for injuries or other issues. This especially the case for hospitals, doctors, or even business owners.


An example would be, if a product manufacturer sells products that have been faulty or cause damage to other’s products, then he/she may be sued for the damages caused.


Procuring liability insurance will cover the manufacturer from ensuing legal costs.

Liability insurance is one part of the general insurance policy itself under the risk transference category. 


In many countries, liability insurance is mandatory especially for drivers of public transport vehicles. The scope of this form of insurance in India has been defined by the Public Liability Insurance Act of 1991.


Liability Insurance Plans:

  • Public Liability Insurance
  • Product Liability
  • Employer Liability
  • Third-Party Liability

How is the Premium Amount Decided?

The premium that is to be paid by the insured will be worked out using the base rate based on the insurance company’s needs and assessments. 


Another factor that is taken into consideration is the amount of risk that the company and its products come with. The higher the risk, the higher is the premium to be paid.


Claim history, size of the risk, and the company’s approach to the risk are additional factors.


While deciding the premium amount, insurance companies take into consideration the environment, the number of claims made previously, and their business record.


Companies Providing Liability Insurance Policy are:

Several companies within India provide different forms of liability insurance covers. Some of these are –


  • HDFC Ergo Commercial General Liability – this insurance policy protects against claims of property damage or bodily injury for which the company is liable.
  • ICICI Lombard offers numerous liability insurance covers to suit business requirements.
  • Bharti AXA Commercial General Liability Policy offers cover for liabilities that are a result of business processes and operations.

Liability Insurance Claim Process:

The claims process varies from one company to the other. There is generally a form to be filled for the same post which all necessary documents will have to be provided.


However, when it comes to liabilities it is not as simple. There may be court cases or an out-of-court settlement. 


The claims process will be different based on what the claim is being made for.


Marine Insurance Claim Rejection

Why your Marine Insurance Claim got Rejected?

The Marine Insurance policy can be taken by buyers, sellers, import/export merchants, contractors—or anyone engaged in the import and export of goods or transportation of it within the country. 

Cargo insurance is advantageous to the business organizations in which the goods are being transferred.

The contract of sales would decide who can purchase the policy.

Here are some of the most common contracts:
• FOB (Free on Board)
• C&F (Cost & Freight)
• CIF (Cost, Insurance & Freight)
In FOB and C&F contracts, the buyer is responsible for insurance. However, in CIF contracts, the seller is responsible for insurance.

Here are some common reasons why marine insurance claims get rejected:


1. Inadequate Insurance Cover Chosen
Just like any other insurance product, marine insurance has specific inclusions and exclusions. While the primary insurance features are included in all the policies, the insured needs to buy additional coverage depending on the nature of his business, the goods to be transported through ships, and similar other aspects.

If you file a claim of an amount beyond what your marine insurance policy covers, you won’t get the expected claim amount. So, it is vital that you select a plan with adequate coverage. Also, keep in mind to review your policy wordings that refer to its inclusions and exclusions. It will help you change the policy coverage as per the changing business needs.

2. Inappropriate Packaging of Goods
While marine insurance safeguards the goods to be transported, packaging them properly to avoid damage while on the route is essential. If they are not packaged in the right manner before being transported, there is a higher risk of damage during the journey. Improper packaging of goods is one reason that can lead to the rejection of marine insurance claims.

3. Transporting Goods That Cannot Sustain Long Journeys
With marine insurance, you can prevent the risk of financial losses that may happen in case of unexpected events during goods transportation. However, you cannot expect the insurer to pay you in case you transport perishable goods through cargoes. 

A transporter cannot ask for claims of damages to the goods that are perishable in nature. It would be best not to choose water transport mode if the goods are likely to get damaged by delays while en-route to their destination through ships.

One way to ensure your marine insurance claim won’t get rejected is to ask your insurance company about the specific list of goods covered under the policy. It will help you avoid any misunderstanding that may arise later about the inclusion clauses of the policy.

As detailed above, many instances come up where transporters and shipping corporations do not get the expected claims related to the marine insurance they have bought. 

Even small mistakes you make at the time of filing claims, purchasing a policy, and similar others can lead to claim rejection, thus ultimately leading to financial losses.

If your business involves getting goods transported through ships to distant lands regularly, it is crucial for you to choose the right marine insurance policy. 


In case you find it challenging to do this, you can ask for help from us.

Fire Insurance

All About Fire Insurance You Never Knew

Fires and other related perils, i.e. events that cause a financial loss, have become a common cause of losses in recent times. These perils cause unspeakable loss to property as well as goods. 

That is why having a fire insurance policy becomes important. The policy covers the financial loss that you face when assets are damaged due to fire or other covered perils.

You can buy a fire insurance plan under the following circumstances
• If you are an owner of goods and/or property
• If you are a mortgagee/financer
• If you are the assignee official receiver of assets where insolvency proceedings are involved
• If you are a warehouse owner and goods are stored in your warehouse for which you are responsible
• If you are an individual who has lawful possession of any goods or property

Coverage under fire insurance policies
Fire insurance plans not only cover losses suffered by fire but also losses suffered by other perils. The common perils which are covered under fire insurance policies include the following –
• Fire, explosion or implosion
• Lightning
• Damage due to an aircraft
• Strikes, riots, or any other type of malicious acts which cause damage
• Storm, typhoon, flood and inundation which is collectively called STFI
• Impact damage which occurs on impact with road or rail vehicles, animals, etc.
• Subsidence, rockslides or landslides
• Overflowing or bursting of water tanks, pipes, and other apparatus
• Missile testing operations and the damages caused thereof
• Water leakage from automatic sprinkler installations which causes damage
• Bush fire

What is not covered under fire insurance policies?
Despite covering a number of perils besides fire, fire insurance policies also have some common exclusions. These exclusions include the following –
• Losses by fire which was caused due to earthquakes
• Perils like war, invasion
• Perils like martial law, insurrection, or rebellion
• Underground fires and the losses that they cause
• The loss suffered when the insured property is burned on the directives of a public authority
• Theft related losses suffered during or after the fire
• Spontaneous combustion
• Losses faced because of nuclear perils
• Losses suffered because of pollution and/or contamination
• Any type of consequential losses

Types of fire insurance policies available in India
Different types of fire insurance plans are offered in India depending on the coverage need of different individuals. 

The policies can be for fixed assets like building, plant, and property or for goods and stocks of the business. The commonly available types of fire insurance plans include the following –
For fixed assets

1. Replacement value policy
As the name suggests, this policy works on the concept of replacing the asset which is damaged due to a covered peril. 

The insurance company pays the replacement value of the asset which is damaged. The replacement value is calculated as the market value of the asset minus depreciation based on the asset’s age. 

If the property is insured, the cost of construction of the property is covered under the policy. In the case of other assets, their replacement value is calculated and paid as a claim.

2. Reinstatement value policy
A reinstatement value policy is nothing but an added clause under the replacement value policy. As per this clause, the insurance company undertakes to replace the damaged property to its original condition which was prior to the loss. 

The reinstatement clause is applicable only for fixed assets like buildings. Other assets cannot be covered under this clause. 

Moreover, you get coverage on a reinstatement basis only if you choose the reinstatement clause in the fire insurance policy. If the clause is not selected, claims would be paid on a replacement value basis only.

For goods, stocks, and other non-fixed assets

1. Floater policy
This policy is ideal for assets that are located at different locations. A single policy can be taken for all the assets and the assets would be covered on a floater basis. However, to avail coverage, every location and the value of the assets at each location would have to be specified.

2. Declaration policy
A declaration policy is suitable for assets whose value changes during the year, like stocks in a business. Under this policy, a provisional sum insured is taken and the premium is paid for the same. The sum insured would represent the maximum risk of the insurance company. Once a month completes, the highest value achieved by the fluctuating asset is recorded and declared. Thereafter, the average of the declared value is calculated and it becomes the actual sum insured of the policy. If the actual sum insured is lower than the provisional sum insured, you can claim a premium refund.

3. Floater declaration policy
This policy is the combination of floater policy and declaration policy. Assets stored at different locations whose values fluctuate over the year can be covered under a single policy through this cover.

4. Specific policy
This policy covers the loss up to a specific amount. The specific amount is the sum insured of the policy which is usually lower than the actual value of the asset.

5. Comprehensive policy
As the name suggests, a comprehensive policy has the widest scope of cover and covers the asset against the maximum number of perils.

6. Valued policy
Assets whose market value cannot be assessed can be insured under a valued policy. Under the policy, coverage is allowed for an agreed value of the asset which is the best estimate of the asset’s market value.

7. Valuable policy
Under this plan, the sum insured is not decided at the time of buying the policy. The claim amount is calculated at the time of loss. To calculate the claim amount, the market value of the asset is taken into consideration.

8. Average policy
The average policy is a fire insurance policy that works on the principle of the ‘Average Clause’. 

An average clause is applicable if you avail a sum insured which is lower than the actual value of the good. In that case, when a claim is made, you don’t get the full amount of the claim. You get an average claim which is calculated in proportion to the sum insured that you have taken. 

For instance, suppose the value of an asset is INR 1 lakh and you avail a sum insured of INR 80,000. Since you have insured only 80% of the asset’s value, you would get an 80% claim settlement. So, if the claim is for INR 50,000, the insurance company would apply the average clause and pay a claim of only INR 40,000.

9. Consequential loss policy
This policy covers the loss of profit which you can suffer when fire disrupts your business.

Which type of fire insurance policy should you buy?
Given the different types of fire insurance plans which are available in the market, you must feel confused as to which policy you should buy. To clear this confusion, there are some factors which you should consider when choosing the right type of fire insurance plan. The factors which should determine your choice of the policy include the following –

1. The type of risk that is being covered
Choose a policy based on the type of risk that you face. If you have to insure assets at multiple locations, choose a floater policy. If the value of your assets cannot be accurately ascertained, a valued policy would make more sense. So, choose a policy based on the type of risk that you face

2. The nature of the asset which you want to insure
As stated earlier, different types of assets can be insured under different types of plans. For property and fixed assets, you can choose replacement value or reinstatement value policies while for other assets there are other policies. So, choose a policy suiting the asset which is to be insured.

3. Exposure risks
Assess the types of risks to which the asset is exposed and then choose the best policy.

4. Coverage duration
It is important to know the period for which you need to take the coverage before you select the most suitable fire insurance policy.

Documents required for claim registration in fire insurance

In case of a claim, you should submit the following documents for registering your claim with the insurance company –

1. Copy of the policy bond which should also include the schedule of benefits as well as any clauses which have been attached therein
2. The fire insurance claim form which should be completely filled and signed
3. Newspaper cutting where the instance of the fire has been reported (If available)
4. Previous claim records, if any
5. Photographs of the damages suffered
6. Police FIR
7. Report of the fire brigade
8. The forensic report, if available
9. Final investigation report

Once the claim is registered, the insurance company would get the claim surveyed and then the claim would be settled.

Fire insurance is a very important coverage for protection against the loss of assets. Losses cannot be avoided but you can insure against such losses if you are smart and buy the right type of fire insurance policy.

Frequently Asked Questions

1. Can I change the type of fire insurance policy after I have bought it?
Yes, you can change the fire insurance policy after the coverage period of the original policy is over.

2. Can I increase the scope of coverage under fire insurance plans?
Yes, fire insurance plans allow various coverage extensions which you can choose to increase the scope of coverage. Some common extensions include the following –
• Forest fire
• Damages suffered by the stock when they are stored in cold storage
• Cover for earthquake-related damages
• Damages resulting from leakage and contamination
• Terrorism
• Cost of debris removal which exceeds 1% of the claim amount
• Architects, surveyors, or engineers fees which exceed 3% of the claim amount
• Omission to avail coverage for alterations, additions, and extension
• Rent paid for an alternate accommodation

3. How is the premium calculated?
Premiums of fire insurance plans depend on the type of policy bought, the risks covered, the sum insured, the value of the asset, usage of the asset which has been insured, expected risks, and the policy extensions took.

4. If the sum insured is higher than the value of the property would the claim be higher?
No, the claim would be paid on replacement value or reinstatement value clause even if you choose a higher sum insured level.

Covid-19 is a financial stress!

3 Amazing Advantages to the Employer

The recent COVID-19 pandemic outbreak and the sky-high costs of treatment are huge stress on most of the business. Group Health Insurance for your employees can be a Saviour.

3 Amazing Advantages to the Employer

  1. Motivated Employees: In today’s scenario, when Covid-19 treatment reached a great height, group health insurance is considered as an added benefit. By ensuring against higher hospitalization costs, employers can motivate their employees.                 
  2. Helps in Retention of Employees: These days more and more companies have become employee-centric and group health insurance has become one of the most preferred benefits to attract and retain talented employees.                                                                                                                                                                                                The group policies also cover the family members of the employees, making the employees feel more attached to the organization.                                                                                                  
  3. Low Cost: Group health insurance policies can be bought at low cost to the employee, as it is like buying in bulk, gives discounts.

Corona Kavach policy is an indemnity plan where the hospital bill gets reimbursed. The coverage as well as the terms and conditions of the policy remain identical across companies.                                                                                                                                  

Sum Insured of Rs 50,000 to Rs 5 lakhs, subject to age limits of one day to 65 years. The policy period can be three and a half months, six and a half months, or nine and a half months.

5 Tips to Buy the Right Fire Insurance Policy

Life happens. Don’t be unprepared. It is strongly recommended to buy a fire insurance policy to cover your business and here are 5 tips which will help you choose the right policy-

1. Buy the right coverage– To ensure you buy the right cover, prepare a list of all the items that you would like to insure. 

In case you are the owner of the building, you would have to purchase the fire insurance for its structure as well.

2. Go for high deductible– In the insurance sector, deductible means the amount that a policyholder has to pay before the insurer kicks in. 

By opting for a higher deductible, you can lower your premium outgo to a certain extent.

3. Check exclusions– While it is necessary to know what is included in a fire insurance policy, it is equally essential to know what is not. 

There are some scenarios when the insurer can reject the claim like when the fire happens due to carelessness or fire happens due to war and allied perils, etc.

4. Adopt preventive measures to cut premium– Just because you have fire insurance, it doesn’t mean you can act carelessly. 

Even before issuing the fire insurance policy, the insurer would be interested in knowing what the safety mechanisms which you have adopted in your place are. 

Safety rules, like smoke detectors, fire extinguishers, etc., can help you get the low insurance premium rates.

5. Compare before buy– A thorough and detailed comparison of various fire insurance quotes obtained from different property insurance companies can lead you to an affordable fire insurance plan.

All the above factors will help you in choosing the right fire insurance policy, and once you buy the policy, it makes sense to review it at the time of renewal. 

In this way, you can ensure that your policy is offering sufficient coverage.