I have bought a high-end imported cycle and have attached lots of gadgets into it. Now, I plan to go on a trip from Gujarat to Goa on the cycle. Should I take an insurance cover?
– Pankaj Toppo
Pedal Cycle Insurance cover is a must if you have bought a costly cycle along with expensive gadgets fitted into it and plan to go on a long road trip. Pedal Cycle Insurance cover indemnifies against loss or damage by accidental external means and by fire external explosion or lightning or burglary, housebreaking, larceny or theft, or by malicious act. Policy also indemnifies for third party liability in respect of death or injury to any person and damage to the property.
Two years ago my SBI debit card was blocked along with 3 million other people in the country. How do I take a cyber insurance to protect my bank account?
—Vikas Mehra
Cyber theft of bank accounts is growing as small businesses as well as retail clients are increasingly targeted by the hackers. It is the liability of the bank to protect customers’ accounts and ensure protection from cyber frauds with appropriate Cyber insurance Policy. If you still wish to secure your transactions you can ensure the same by utilising a one-call facility to block all your registered cards or any other instant services offered by banks if you sniff a fraud resulting from loss/theft, skimming, counterfeiting, online usage, phishing and PIN based fraud.
How can I take a fire insurance for my shop?
—Ashok Kumar
All the general insurance companies operating in India provide coverage to shops due to unforeseen events like fire and natural calamities. Usually, Shopkeepers Policy is a comprehensive policy which covers all the probable risks faced by shop owners. Coverages applicable under the policy along with fire are burglary, money insurance, machinery breakdown, plate glass, neon signs, infidelity, etc. You can approach the insurer of your choice to get the insurance coverage for your shop. Insurer will ask you to fill the proposal form in which you have to declare the details such as name, risk location address, nature and value of the property, etc. Insurer will evaluate the proposal and on acceptance of proposal and payment of premium risk will commence.
The writer is MD & CEO, Universal Sompo General Insurance . Send your queries to fepersonalfinance@