You can buy insurance for the contents of your bank locker under householder’s policy
lHow can I take insurance cover for contents of my bank locker?
– Deepak Sharma
Many banks offer safe-deposit locker facility to their customer for depositing their personal belongings, mainly gold ornaments, cash and other important documents in lockers in exchange of a particular annual charge/fee. However, the bank is in no position to compensate for losses as there is no way to identify the locker contents. Hence, necessity for insurance cover for contents in the bank locker arises. ‘All Risk cover’ offered by a few general insurance companies as an optional cover under householders policy (home insurance) would provide some comfort. This cover provides coverage for gold ornaments and other valuables outside the residential premises, including that kept in the bank locker.
Is it mandatory to take an insurance cover for my bike which I ride once in six months?
It is mandatory for every vehicle in India, irrespective of it being a bike, car or a truck to have third-party insurance while plying on the roads. However, it is not necessary to have an own damage cover. Though there has been rise in two-wheeler thefts and accidents in India, we always advise two-wheeler vehicle owners to opt for comprehensive policy (third-party + own damage), whether they ride it on a daily basis or once in six months, for indemnifying the damages caused to the bike or for any unfortunate incident of theft taking place.
Can household items be insured in my second flat in the hills which I visit only during summer breaks?
— Subir Ray
Yes, the content as well as structural damages due to fire and allied perils can be covered for your vacation home. It is prudent to mention to the insurance company about the frequency of your visits to your second flat at the time of purchasing the home insurance policy, to avoid any hassles at the time of a claim, if any. For content insurance like coverage towards television sets, refrigerator and other electronic items, ensure you maintain original receipts of the electronic items at the time of indemnifying and evaluating the losses with the appointed surveyor of the insurance company during the time of claim.
The author is MD & CEO, Universal Sompo General Insurance. Send your queries to firstname.lastname@example.org