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 / or drinking habits etc..!.
In case of auto insurance policies, details of the car make and 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 & the insurer should be informed about the same to avoid any hassle during claim settlement.
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Arun Balakrishnan, BerkshireInsurance.com
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Multi-trip travel insurance policy..!
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.
It started operations in India in 2011 and we are headquartered at Gurgaon. 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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