Things to Inform Your Insurer to Keep Your Policy
Valid..!
By Mr. Arun Balakrishnan, BerkshireInsurance.com
Insurance contracts are based on the ‘principle
of utmost good faith’. This means, a policyholder must make honest and
complete disclosure of all material facts when purchasing a policy.
Thus, in case of a health insurance policy,
it is necessary to state the family health history, pre-existing diseases of
the insured, smoking / drinking habits etc.
In case of auto insurance policies,
details of the car make & model, engine number etc must be specified.
However, the policy-holder`s
responsibility does not end here. There are some developments that may take
place after the policy is purchased and the insurer should be informed about
the same to avoid any hassle during claim settlement.
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| Mr. Arun Balakrishnan, BerkshireInsurance.com. |
For instance, if one has a multi-trip travel
insurance policy, any change in health condition or / occupation may have to be notified to the
insurer as this affects the risk profile.
Such a requirement depends on the insurance
company selected and the terms of the policy taken.
Similarly, a change in occupation should
also be updated in case of personal accident covers.
If a vehicle owner fits his car with some
non-standard fittings like a CNG kit, or /
if the ownership changes hands, notifying the insurer beforehand will
help in smooth passage of the claim should one face an eventuality.
In case you shift base to a different
state and get the vehicle registration number changed, supply this new
registration number while renewing the policy in the subsequent year.
For home insurance policies, any additions to objects like furniture
or / appliances as well as any structural modifications may be informed to the
insurer. If all items are declared, the full value can be claimed. For
undeclared items, there is usually a limit on the reimbursable amount.
Some voluntary disclosures like stating
your age, gender, occupation etc.. when
purchasing motor insurance can help you save on premiums. Insurers use such
data to analyze the driver`s risk profile and some offer discounts for such
data as they are using this to develop a risk based method of auto insurance
pricing.
So, keep your insurer in the loop to
ensure continuity of your policy and have a hassle-free claim experience.
About the author..!
Mr. Arun Balakrishnan is CEO at
BerkshireInsurance.com
About BerkshireInsurance.com.!
Berkshire India
Berkshire India is a majority owned
non-direct subsidiary of Berkshire Hathaway Inc incorporated in India. A
licensed corporate agent of Bajaj Allianz General Insurance Company Limited. It
sell Bajaj Allianz's products directly to retail consumers through the internet
on BerkshireInsurance.com.
Operations
It started operations in India in 2011
and we are headquartered at Gurgaon.
Products
Currently distribute non-life
insurance, specifically automobile insurance. It will expand product offering over time to include other
non-life products as well as life products in the future.
About Berkshire
Hathaway..!
Berkshire Hathaway was started in 1839
as a textile company. Now, Berkshire Hathaway Inc. is a holding company owning
subsidiaries that engage in a number of diverse business activities including
property & casualty insurance and reinsurance, utilities and energy,
freight rail transportation, finance, manufacturing, services and retailing.
The group of subsidiaries that
underwrite property & casualty insurance and reinsurance include GEICO, the
third largest private passenger auto insurer in the United States, General Re
and the Berkshire Hathaway Reinsurance Group which are two of the world's
largest reinsurers.
Berkshire Hathaway posted revenue of $
13,600 Crore in 2010, with total assets of $ 37200 crore. The company is
unusual in never having had a stock split, so that a single Class A share of
Berkshire Hathaway is currently valued at over $ 100,000 on the NYSE.
Investment decisions and all other
capital allocation decisions are made for Berkshire and its subsidiaries by Mr.
Warren E. Buffett, in consultation with Mr. Charles T. Munger. Mr. Buffett is
the Chairman and Mr. Munger is the Vice Chairman of Berkshire's Board of
Directors.
To know more, please visit www.berkshirehathaway.com.
Direct email at info@berkshireinsurance.com
CALL TOLL FREE1800 1800 880
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