Proximate Cause is the actions of the person (or entity) who owes you a duty must be sufficiently related to your injuries such that the law considers the person to have caused your injuries in a legal sense.
(i) To provide platform for members to maximize their potentials using relevant trainings, information technology and synergies to attain the objectives of the Council.
(ii) To have a functional Secretariat equipped to deliver effective and qualitative services to member companies and other stakeholders.
(iii) Integrating the Area Committees and Chapters to serve as effective functional platforms for members.
(iv) To improve Councils lobby to government and advocacy on relevant issues concerning insurance.
(v) To develop suitable professional curriculum for training, education, examination and award of the NCRIB Diploma.
(vi) To have a library system that will facilitate the dissemination of continuous knowledge and research.
(vii) To attract, retrain, reward and retain competent workforce and management at the Secretariat.
(viii) To fully affirm the provisions of the NCRIB Charter
(i) There must be a large number of exposure units.
(ii) The loss must be accidental and unintentional.
(iii) The loss must be determinable
(iv) The loss must be measurable.
(v) The loss should not be catastrophic.
(vi) The chance of loss must be calculable.
(vii) The premium must be economically feasible.
(viii) The loss must be fortuitous
Insurance contract is a document representing the agreement between an insurance company and the insured. Central to any insurance contract is the insuring agreement, which specifies the risks that are covered, the limits of the policy, and the term of the policy.
(i)Private Car Insurance
(ii)Commercial Vehicle Insurance
(iii)Two Wheeler Insurance
(iv)Third party insurance
(i) Private Car Insurance: Private CAR INSURANCE should be first thing to be
taken after purchasing a Car. A financial safeguard for a large variety of situations, Private Car Insurance is one of the most important purchases to make. Whether it is a natural disaster such as an earthquake or flood; or somebody damages or steals the car, a Car Insurance takes care of it all.
(ii) Commercial Vehicle Insurance: To keep the business going, it is imperative for business owners to have the vehicles owned by them insured. General insurance providers offer packaged COMMERCIAL VEHICLE INSURANCE policies which protect businesses from potential financial loss
to the vehicle arising out of accidental loss or damage, the legal liability
towards third-parties for bodily injury, death or property damage on account of any accident involving the vehicle.
(iii) Two Wheeler Insurance: As soon as you purchase a two wheeler, getting
TWO WHEELER INSURANCE is a mandatory requirement as per the Motor Vehicles Act 1988 and Motor Vehicle Amendment Act 2019. It provides coverage for from any financial loss to the vehicle due to accidental loss or damage, the legal liability towards third-parties in event of bodily injury, death or property damage. It also offers coverage in event of damage due to natural calamities or man-made events.
(iv) Third-Party insurance: Third-party insurance is one of the most common types of vehicle insurance; in which only damages & losses caused to a third-party person, vehicle or property are covered.
Plant All Risk Insurance: This Recall how we made reference to ‘machinery and plant usage’ in our definition of Engineering Insurance? Simply put, this insurance policy is streamlined to cater to loss and unforeseen damages of operational tools. Construction equipment and operational machinery are susceptible to wear and tear due to their exposure to extreme environmental conditions.
Contractor’s All Risk: Cover You guessed right with the title and its description it covers contractors and provides financial protection against damage or loss incurred during construction projects. Like the other forms of Engineering Insurance we have described, the Contractor’s All Risk Cover provides cover against loss or damage to plants and equipment.
Erection All Risk: Here, the risk covered deals with the erection of machinery or plant structures. Other than it includes, installation activities, commissioning and testing of machinery. The context of the equipment we have been describing since inception is engineering-inclined as we have initially established.
Machine Breakdown Policy: As the name implies, the Machine Breakdown Policy provides cover losses for sudden or unexpected damage of equipment especially while they’re still in use. Both internal and external damages are covered in the Machine Breakdown Policy. Some of these internal damages could include lubrication defects, electrical damage, overheating and the like.
Boiler and pressure vessel: This type of insurance provides protection against the dangers of explosion and collapse of boilers and pressure vessels. The policy is widespread in markets influenced by the United Kingdom. It is not so well known in other markets where cover is more often provided by way of a Machinery Breakdown and Fire policy. The cover embraces material damage to boilers and pressure vessels. In addition, it includes cover for material damage to other property belonging to the insured, third party property damage, and fatal or non-fatal injuries to third parties not employed by the insured