SICL- Gallery

Miscellaneous Insurance

Miscellaneous Insurance refers to contracts of insurance other than those of Life, Fire and Marine insurance. It covers a variety of risks, the chief of which are:-

  • Personal Accident. ...
  • Burglary Insurance. ...
  • Travel Medical Insurance. ...
  • Cash In Transit. .
  • Money Insurance. ...
  • Bankers Blanket Indemnity. ...
  • Professional Indemnity (Annual & Single Project Based) ...
  • General Public Liability

Personal Accident insurance

Personal Accident insurance is insurance for individuals or groups of persons against any personal accident or illness. The risk insured is the bodily injury resulting solely and directly from accident caused by violent, external and visible means. In Bangladesh this type of insurance is done by the General Insurance Company. A contract of personal accident insurance is not a contract of indemnity and the insurer has to pay a fixed sum of money on the death or total disablement of the insured or provide medical benefits for recovery from the injury. If risks against certain specified diseases are also covered, the policy is known as 'Personal Accident and Sickness Insurance'.

Fidelity Insurance

Under it, the insurer undertakes to compensate the insured i.e. the employers against the losses suffered by him due to the employees. The losses may be due to fraud, dishonesty, and misappropriation of funds, goods or damages to property caused by the employees. In order to avail the protection under it, the employer is required to provide all material facts about their employees to the insurer and also, notify all changes in the condition of their service. For example, under this policy, the insurance company agrees to indemnify the insured (employer) against a direct pecuniary loss sustained by reason of any act of fraud/dishonesty committed by employee:-

·         On or after the date of commencement of this policy.

·         During uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof.

·         In the case of death, dismissal or retirement of the employee with twelve calendar months of such death, dismissal or retirement whichever of these events shall first happen.

Credit Insurance

Credit Insurance is a policy taken to cover the loss which may arise due to bad debts or non-payment of dues by the debtors. It provides protection to businessmen, who sell goods on credit terms while substantially reducing the overall risk of exposure to non-payment. It protects them against losses arising out of insolvency of their debtors. It thus enables a business to take advantage of peak and cyclical selling periods and to safely expand into new product lines or territories.
They provide two fold credit management support:-

·         Credit Monitoring: - During the policy period the insurance company receives monthly statements of client’s sales and keeps a close watch on client-wise sales and their payment patterns. This it helps in fixing clients future sales, buyer-wise.

·         Credit Control: - While processing the proposal form, they appraise a section of the client’s buyers. This enables them to fix credit limits, both Buyers wise and discretionary. These limits are authentic indications of client’s buyers' paying capacity.

Workmen's Compensation Insurance

An employer is required to pay compensation to his workers who receive injuries or contract occupational diseases during the course of their work. Such compensation is payable under the Workmen's Compensation Act. An employer may obtain an insurance policy to cover such liability. The premiums are payable usually on the basis of wages. It is also known as 'Employers' Liability Insurance'. For example, this policy provides insurance against the following risks:-

Indemnity to insured against his liability as an ‘employer' to accidental injuries (including fatal) sustained