Case Study on New India Assurance Essay Example

Case Study on New India Assurance Essay Example Case Study on New India Assurance Essay Case Study on New India Assurance Essay Assurance industry has always been a growth-oriented industry globally. On the Indian scene too, the assurance industry has always recorded noticeable growth vis-a-vis other Indian industries. The new India assurance Co. Ltd. was the first general assurance company to be established in India in 1850, which was a wholly British-owned company. The new India assurance company to be set up by an Indian was Indian Mercantile assurance Co. Ltd. , which was established in1907. There emerged many a assurance player on the Indian scene thereafter.The general assurance business was nationalized after the promulgation of General Insurance Business (Nationalization) Act, 1972. The post-nationalization general assurance business was undertaken by the assurance Corporation of India (GIC) and its 3 subsidiaries: 1. New India Assurance Company Limited 2. National Insurance Company Limited 3. United India Insurance Company Limited Towards the end of 2000, the relation ceased to exist and the four companies are, at present, operating as independent companies. The Life assurance Corporation (AIC) was established on 01. 09. 956 and had been the sole corporation to write the life assurance business in India. The Indian assurance industry saw a new sun when the assurance Development Authority invited the applications for registration as assurors in August, 2000. With the liberalization and opening up of the sector to private players, the industry has presented promising prospects for the coming future. The transition has also resulted into introduction of ample opportunities for the professionals including Chartered Accountants. The Indian assurance industry is featured by the attributes:Low market penetration; ? Ever-growing middle class component in population Growth of consumer ? Movement with an increasing demand for better assurance products; ? Inadequate application of information technology for business. Adequate ?Fillip from the Government in the form of tax incentives to the assured, etc The industry formations need to keep vigil on these characteristics of the Indian market and formulate their strategies to entail maximum contribution to the output of the sector. The Indian life and non-life assurance business accounted for merely0. 2 percent of the worlds life and non-life business in 1997. The figures of the basic parameters of the industrys performance viz. assurance Density and assurance Penetration also are evident of the hitherto existing low-yield Indian market conditions. The term assurance Penetration broadly measures the contribution of the assurance industry in relation to a nations entire economic productivity. The figure of premium vis-a-vis the GDP of 1999 stood at 0. 54 percent for non-life assurance business and 1. 39 percent for the life assurance business.The term assurance Density reflects the assurance purchasing power. The premium per capita in India amounted to US $ 2. 40 for assurance and US $ 6. 10 for life assurance in 1999 but with the deregulation of the sector, a sea change in the scene is most likely. The assurance sector in India has come a full circle from being an open competitive market to Nationalization and back to a liberalized market again. Tracing the developments in the Indian assurance sector reveals the360- degree turn witnessed over a period of almost two centuries. STRUCTURE OF THE ASSURANCE INDUSTRYThe structure of the assurance industry comprises of the Operating department, Administrative department and the finance department. The Operating Department generally performs the basic functions pertaining to the designing of products, marketing thereof, servicing the insured, the insured, management of portfolio, etc. The Administrative Department looks after the day-to-day affairs of the company. The Finance Department backs the operations and administration of the company by accounting for the transactions, streamlining the flow of funds, materializing the management decisions, etc.The Administration Department as well as the Finance Department, usually, functions through in-house setup. The Finance Department functions in the areas of accounting, financial and management reporting, budgeting and controlling, etc. and thus renders enormous scope for finance professionals. The new entrants in the assurance sector are likely to call for the services of the Chartered Accountants for their financial setup requirements. The Chartered Accountants have engaged themselves in the audit of assurance Companies since long.With the transition in the insurance sector, the horizons for their contribution have broadened. Contributions have broadened. There has, emerged a king-size pool of opportunities that the Chartered Accountants can explore and apply their professional wisdom and experience to. BASIC FUNCTIONS OF THE ASSURANCE INDUSTRY 1. Risk Perception and Evaluation: The fundamental function of an insurer is to provide a cover against the detriment caused to the insured due to the happening of certain specified and agreed events.Thus, prior to providing such umbrella through a product, the insurer has to assess the risk involved in the transaction. The insurer has to identify the element of risk prevalent in the concerned industry or a particular unit. The perception of risk requires the study of variables through various methods including the application of scientific and statistical techniques and correlation thereof with the industry or unit under study in light of their basic environmental and infra-structural characteristics. 2. Designing the Insurance Product:On the basis of the risks perceived, the insurer develops a product to cover the stipulated risks. While designing an insurance product, an insurer decides its cost to be charged from the insured in the form of premium, reduction thereof in certain cases like not lodging any claim during the previous covered period(s), suggesting the implementation of risk-mitigating measures, etc. 3. Marketing of the Product: The core function of the marketing force of an insurance company is to generate awareness about the insurance products among the target market.But in the Indian scenario, where the insurance penetration is too low as compared to the other nations, the marketing force needs to perform the pro-active role in developing an insurance culture. It is through the efficiency of the sales force of an insurance company that the desirability and the success of a product are determined. Adequate knowledge of the insurance industry, products and the modalities attached therewith. Further, the marketing personnel should be adequately backed by the back-office setup. 4. Selling of the Products:The term selling in the context of Assurance industry connotes the issuance of policies to the applicant proposer. The Assurance basically embodies the covenant between the insurer and the insured wherein the former agrees to indemnify the latter for the loss caused to him on the happening of the certain agreed events up to a specified limit. The life insurance policy generally contains the agreement whereby the insurer agrees to pay to the insured or the beneficiary of the policy an agreed amount on the expiry of the term of the policy or in the event of the death of the insured respectively.The additional benefits in the shape of Riders viz. Accidental Death Benefit, Double Sum Assured, Critical Illness benefits; Waiver of Premiums, etc. can also be appended with the policy on the payment of an additional premium. 5. Management of Portfolio: The management of the portfolio includes the assessment of requirement of funds, identification of various sources of finance, the evaluation of the sources in the light of their cost, availability, timing, etc. , reconciling the features of various sources with the needs of the company and the selection of appropriate conjunction of sources.The insurer possesses huge amount of funds, which need proper management. The management of the portfolio of an insurance company requires the identification of investment avenues, evaluation thereof and the selection of the most appropriate mix of alternatives where the funds of the company can be invested. The selection requires the knowledge of finance related functions and techniques apart from the in-depth know of the patterns of requirement of funds in the company as well as in the industry as a whole. ABOUT US New India is a leading global insurance group, with offices and branches hroughout India and various countries abroad. The company services the Indian subcontinent with a network of 1068 offices, comprising26 Regional offices, 393 Divisional offices and 648 branches. With approximately 21000 employees, New India has the largest number of specialist and technically qualified personnel at all levels of management, who are empowered to underwrite and settle claims of high magnitude. New India has been rated A- (Excellent) by A. M. Best Co. , making it the only Indian insurance company to have been rated by an international rating agency. Rating based on following factors: Superior Capital Position ? Strong Operating Performance ? Only company to develop significant International operations, Long record of successful trading outside India. PROFILE ? History ? Present Position ? International Presence ? Our Strengths ? Pioneers ? Citizens Charter History Incorporated on July 23rd, 1919 Founded by the House of Tata Founder member Sir Dorab Tata. Nationalized in 1973 with merger of Indian companies. Present Position Gross Premium (in India) of Rs. 5017. 20 crores in the year 2006-2007, as against Rs. 4791. 49crores in the year 2005-2006. Assets Rs. 27444. 57croresas on 31st March 2007.Network of Offices-26 Regional Offices, 393Divisional Offices, 614 Branches and 34 Direct Agent Branches. Rank No. 1in the Indian market. Largest Non-Life insurer in Afro-Asia excluding Japan. First Indian non-life company to cross Rs. 5000 crores Gross Premium. Global Re-insurance facilities. Over-seas presence in countries like Japan, U. K, Middle East, Fiji and Australia. International Presence Overseas operations commenced in 1920. Operations in 24 countries in the year 2004-05. Network of 19 Branches, 12 Agencies, 2 Associate companies and 2 Subsidiary companies in the year 2004-05. Overseas Premium of Rs. 92. 35 crores in the year 2004-05, which accounts for more than 80% of total overseas premium in India Our Strengths Largest number of Offices In India and Abroad Trained and technically qualified staff 1068 fully computerized offices across India. A- (Excellent)rating by A. M. Best Co (Europe) First domestic company to be rated by an International Rating Agency Rating based upon following factors: Superior capital position Strong operating performance Strong market position Only company to develop significant International operations, long record of successful trading outside India.Pioneers ? First company to set up an Aviation Insurance Department in 1946. ? First company to handle the Hull Insurance requirements of the Indian Shipping Fleet. ? First company to establish its own Training School. ? First company to introduce the concept of Model Office Training. ? First company to create department in Engineering insurance. ? Pioneer in Satellite insurance. Citizen’s Charter Our Mission ? To develop general insurance business in the best interest of the community. To provide financial security to individuals, trade, commerce and all other segments of the society by offering insurance products and services of high quality at affordable cost Our Values ? Highest priority to customer needs. ? High standards of public conduct. ? Transparency in operations. Our Commitment to the citizens ? We will respond to all commercially viable general insurance requirements of the citizens, including products for weaker sections of the society at affordable price within three months from the date on which such a requirement is received. ? We will ensure issuance of 100% of documents within a period of seven days. We will ensure that prospectus of the various insurance products are provided to the customers and the extent of coverage is explained for his choosing the appropriate product. A written proposal will be obtained from the insured wherever necessary and accordingly the policy will be prepared. ? We will settle all claims within a time schedule envisaged hereunder: A. Personal life insurance claims within 30 days on completion of all requirements. B. Property claims within 30 days on completion of all requirements. C. Liability claims within 30 days on completion of process of law. We will promote customer education in general insurance products/services by holding workshops in various centers. ? We will open a customer service cell in all ROs/DOs in addition to the existing May I Help You counters. ? We will set up proper grievance redressal mechanism in every operating office and will educate the clients about the same including the system of grievance redressal thorough ombudsman. ? On request to the policy issuing office, we will make available to a customer, the status of his claim and/or claim settlement details within seven working days. We will adhere to the IRDA guidelines in protecting the policyholders interest. ? All the above services and commitments will be honored without the citizen having to pay any gratification/bribe. (This Citizens Charter was adopted at the board meeting held on31. 12. 2003) FINANCIAL RATING [pic] For the sixth consecutive year, the Company has been rated as A-(Excellent) by M/s. A. M. Best Europe Ltd. The rating reflects Company’s excellent risk adjusted capitalization, prospective improvement in underwriting performance and its leading business profile in the direct insurance market in India.A partially Off-setting factor is the Company’s reliance on investment income which counter balances underwriting losses. But the outlook is stable. A. M. Best believes the Companys risk adjusted capitalization is excellent and anticipates that it will remain sufficient to absorb the likely growth in the net premium. Further it also expects that there will be a reduction in the combined ratio in the years to come. The Company is likely to maintain its leading business position as the largest direct insurer in India, despite increased competition from private players. PERFORMANCENew India Assurance Company is the largest non-life insurer in India. The financial strength of the Company is reflected from the following figures:- [pic] [pic] WORKFORCE Employee Strength (as on 31. 03. 2010) [pic] PRODUCTS [pic] PERSONAL 1. HOUSEHOLDERS POLICY [pic] [pic] This is a package policy specially designed to meet the insurance requirements of a householder. Highlights This is a package policy specially designed to meet the insurance requirements of a householder by combining under a single policy, a number of our standard policies usually taken by householders.Discount in premium is offered depending upon the number of sections of the policy, opted for, by the proposer. Scope The policy comprises of 10 sections as given here under Section I Fire Allied Perils A Coverage for building B Covers contents of the dwelling belonging to the proposer and his/her family members permanently residing with him/her Allied Perils: a. Fire, Lightening, Explosion of gas in domestic appliances b. Bursting and overflowing of water tanks, apparatus or pipes. c. Damage caused by Aircraft. d. Riot, Strike, Malicious or Terrorist Act e.Earthquake, Fire and/or Shock, subsidence and Landslide (including Rockslide) damage f. Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tomado or Cyclone. g. Impact damage Section II Burglary House Breaking including larceny and theft. Covers contents of the dwelling against loss due to burglary, house breaking, larceny or theft. Section III All Risks (Jewellery Valuables) Covers loss or damage to your Jewellery and valuables by accident or misfortune whilst kept, worn or carried anywhere in India subject to the value declared in the schedule.Section IV Plate Glass Loss or damage to fixed plate glass in the insured premises by accidental breakage subject to limit of sum insured Section V Breakdown of Domestic appliances Covers domestic appliances against unforeseen and sudden physical damage due to mechanical or electrical breakdown. Section VI T. V. Set including VCP/VCR (ALL RISKS) Covers loss or damage to T. V. Set including VCP/VCR by fire and allied perils, Burglary, house breaking or theft, breakage due to accidental external means, Mechanical or electrical breakdown.Any legal liability arising out of bodily injury or accidental death of any person other than insureds family members or employee as also damage to property not belonging to or in the custody of insured , caused by use of the T. V. Set is also covered up to a limit of Rs. 25,000/-. How to claim In case of any incident leading to a valid claim under the policy, following steps should be taken: 1. Take necessary steps to minimize the loss/damage. 2. In case of fire, inform fire brigade immediately. 3. In case of theft, larceny or burglary inform the police immediately along with a list of items stolen and their approximate value. . Inform insurance company by phone or fax and in writing. 5. Extend full co-operation to the surveyor appointed by the insurance Co. and provide necessary documents to the substantiate the loss. Acclaim form issued by the company is also to be submitted. 6. .In case any rights of recovery exist against any other party responsible for the loss, your rights of recovery have to be subrogated to the insurance company on payment of claim. [pic] 2. PERSONAL ACCIDENT POLICY [pic] The insurance provides compensation in the event of death or disability directly due to accident. HighlightsThis policy offers compensation in case of death or bodily injury to the insured person, directly and solely as a result of an accident, by external, visible and violent means. The policy operates worldwide and is a 24 hours cover. Different coverage’s are available ranging from a restricted cover of Death only; to a comprehensive cover covering death, permanent disablements and temporary total disablements. Family Package cover is available to Individuals under Personal Accident Policy whereby the proposer, spouse and dependent children can be covered under a single policy with a 10% discount in premium.Scope This policy is basically designed to offer some sort of compensation to the insured person who suffers bodily injury solely as a result of an accident which is external, violent and visible. Hence death or injury due to any illness or disease is not covered by the policy. The following types of coverage’s are offered under a Personal Accident policy:- Table D 1. Death cover wherein 100% of the capital sum insured is payable. Table C 1. Coverage under Table D 2. Loss of two limbs / both eyes / one limb and one eye wherein 100% of the capital sum insured is payable. 3.Loss of one limb or one eye wherein 50% of the capital sum insured is payable. 4. Permanent Total Disablement other than above e. g. paralysis due to an accident, wherein 100% of the capital sum insured is payable. Table B 1. Coverage under Table C 2. Permanent Partial Disablement i. e. where a part of the body becomes permanently disabled due to an accident, e. g. total and irrevocable loss of use of a finger due to an accident. In such cases, a percentage of the capital sum insured as specified in the policy is paid. Table A 1. Coverage under Table B 2. Temporary Total Disablement i. e. here the insured person becomes temporarily disabled from undertaking any work as a result of an accident for e. g. fracture of legs. In such cases, a weekly payment of 1% of the capital sum insured subject to a maximum limit, is paid for the number of weeks or part thereof (maximum 100 weeks), during which the insured person is totally disabled. The insured can claim only under any one of these sections as a result of anyone accident. The policy also covers expenses incurred for carriage of dead body from place of accident to the residence subject to a limit of 2% of the capital sum insured or Rs. 2, 500 whichever is less.Under an Individual Personal Accident policy or Family Package Policy, an education fund is payable for a maximum of 2 dependent school going children, in case of death or permanent total disablement of the insured person. We issue several types of personal accident policies such as :- ? Individual Personal Accident policy. ? Group Personal Accident policy. ? Passenger Flight Coupon Covering personal accident risk whilst traveling as a passenger on a scheduled flight. ? Gramin Personal Accident Policy for persons residing in rural areas where benefits as per Table C mentioned above are covered for a capital sum insured of Rs. 0,000/-. ? Janata Personal Accident policy where benefits as per Table C mentioned above are covered for a maximum sum insured of Rs. 1,00,000/-. Long Term Policies can also be issued up to 5yrs. ? Student Safety Insurance for schools and colleges, covering students against Personal Accident benefits as per Table B mentioned abovefor a capital sum insured of Rs. 10,000/-. ? Raj Rajeshwari Mahila Kalyan Yojna for women in the age group of 10 to 75 years. where benefits as per Table C mentioned above are covered for a capital sum insured for Rs. 25,000/-. In case of death of an unmarried woman due to an accident, Rs. 5,000/- is payable to the nominee or legal heir. In case of a married woman, if the husband dies due to an accident, Rs. 25,000/- is payable to the wife but if the wife or insured dies no compensation is payable. ? Bhagyashree Child Welfare Policy – for girl child in the age group of 0 to 18years. Whose parent’s age does not exceed 60yrs? In case of death of either or both parents due to an accident, a sum of Rs. 25,000/- is deposited in the name of the girl child with a financial institution named in the policy which will disburse amounts as specified for the benefit of the girl child to the living parent or to the nominated guardian.Group policies can also be issued. Add on covers Individual and group personal accident policies can be extended to cover medical expenses incurred in the treatment of an accident covered under the policy, subject to a limit of 10% of the sum insured or 40% of the death /disability compensation claim payable, on payment of additional premium. The policy issued to Indian personnel working in foreign countries on civilian duty can be extended to cover War risk on payment of additional premium. The policy can also be restricted to cover Personal Accident risk during duty hours only or during off-duty hours only with discount in premium.It is also possible to issue group P. A. policy excluding the death benefit subject to a group life policy covering death benefit being taken for the same group of persons for the same policy period. Who can take the policy Any adult residing in India can take the policy covering himself / herself and dependent family members between the ages of 5 and 70yrs. How to claim In the event of an accident giving rise to a claim the following steps should be taken:- In case of death claim:- 1. Assignee under the policy should immediately notify the policy issuing office. 2.Submit the claim form along with death certificate, post mortem report, police report and original policy. In case of injury claim:- 1. Notify the policy issuing office immediately. 2. Submit Police report if any. 3. Submit claim form along with medical certificate certifying the disablement. In case medical expenses extension has been taken, then the prescription along with bills are to be submitted. [pic] 3. MOTOR POLICY [pic] This policy covers all types of vehicles plying on public roads Highlights This policy covers all types of vehicles plying on public roads such as :- Scooters Motorcycle ? Private cars ? All types of commercial vehicles ? Motor Trade (vehicles in show rooms and garages) As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury or damage to property. A Certificate of Insurance must be carried in the vehicle as a proof of such insurance. Two types of covers are available: 1.Liability only policy. This covers third party liability for bodily injury liability and / or death and property damage. Personal Accident cover for Owner-driver is also included. 2. Package policy. This cover loss or damage to the vehicle insured in addition to (1) above. No- claim discounts are available on renewal of policy, ranging from 20% to50%, depending upon the type of vehicle and the number of years for which no claim has been made. Scope Liability Only policies: The policy covers the vehicle owners legal liability to pay compensation for: 1.Death or bodily injury to a third party person. 2. Damage to third party property. Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for Rs. 7. 5 lacs under Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor Cycles. Package Policy In addition to the coverage under liability only, this policy covers loss or damage to the insured vehicle and its accessories due to: 1. Fire, explosion, self-ignition or lightning. 2. Burglary, housebreaking or theft. 3. Riot and Strike. 4. Malicious Act. . Terrorist Act. 6. Earthquake (Fire and Shock) Damage. 7. Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm. 8. Accidental external means. 9. Whilst in transit by road, inland waterway, lift, elevator or air. 10. by landslide/Rockslide The policy also pays for towing charges from the place of accident to the workshop up to a maximum limit of Rs. 300/- for Scooters/Motorcycles andRs. 1500/- for cars and commercial vehicles. It is also permissible to opt for higher towing charges subject to payment of extra premium.A restricted cover is also available covering the risk of Fire and/or Theft only, in addition to the compulsory cover granted under Liability Only Policy. However the same is not available in case of vehicle ratable under Class D, Tariff for Miscellaneous and special types of vehicles. The important exclusions under the policies are: ? Wear and tear, breakdowns ? Consequential loss ? Loss when driving with invalid driving license or under the influenceof alcohol. ? Loss due to war, civil war, etc. ? Claims arising out of contractual liability. ? Use of vehicle otherwise than in accordance with `limitations as to use (e. . private car being used as a taxi)Rating factors Rating depends upon the following factors: 1. IDV. 2. Cubic capacity 3. Geographical zone 4. Age of the vehicle 5. GVW of in case of commercial vehicles 6. Add on Covers Add on covers The policy can be extended to cover the following risks on payment of additional premium: 1. Loss or damage to accessories fitted in the vehicle such as stereos,fans, air-conditioners etc. 2. Personal accident covers under private car policies for: Passengers Paid driver 3. Legal liability to employees. 4. Legal liability to non-fare paying passengers in commercial vehicles.Who can take the policy? Any vehicle owner whose vehicle is registered in his/her name with the Regional Transport Authority in India. How to claim In the event of an incident giving rise to a claim under the policy, the following steps should be taken: In case of accidental damage to the vehicle: 1. Immediate intimation to the nearest office, which will issue a Claim Form. 2. Claim Form duly filled in to be submitted along with copy of Registration Certificate and driving license of the driver of the vehicle at the time of accident as also estimate of repairs. 3.Vehicle will be surveyed by a Surveyor, appointed by the insurance company, who shall submit his report to the company. In case of a major damage to the vehicle, a spot survey, at the site of accident, would also be arranged by the company. 4. Final bills/cash memos are to be submitted duly signed by the insured. 5. Salvage of the damaged parts may be required to be deposited with the insurance company after approval of the claim. In case of theft of the vehicle: 1. Lodge an F. I. R. with the police immediately. 2. Inform the policy issuing office with a copy of FIR. 3.Submit the Final Police Report as soon as it is received. 4. Extend full cooperation to the surveyor and/or investigator appointed by the company. 5. After approval of the claim by the company, get the Registration Certificate transferred in the name of the company, hand over the keys of the vehicle, submit a letter of Subrogation and Indemnity on stamp paper duly notarized. In case of liability claim: 1. Inform insurance company immediately of any incident likely to give rise to liability claim. 2. On receipt of summons from Court, the same should be sent to the company immediately.Claim Form duly filled in along-with copies of Registration Certificate, Diving License, FIR are to be submitted. [pic] [pic] COMMERCIAL 1. JEWELERS BLOCK POLICY : [pic] This is a package policy specially designed for jewelers diamontaires i. e. those establishments dealing solely in diamonds. Highlights This is a package policy specially designed for jewelers diamontaires i. e. those establishments dealing solely in diamonds. Jewelers premises are categorized into Class I, II or III depending upon the type of security provided for the premises.Discount in premium is available in case the premises have special protection devices like built-in vaults, strong rooms, closed circuit T. V. or armed guards. Scope The policy comprises four sections which are optional except for section I which is compulsory Section I: Covers loss or damage to Jewellery , gold and silver ornaments or plates , pearls, precious stones, cash and currency notes whilst contained in the premises insured, by fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism. Section II: Covers loss or damage to Jewellery, gold etc. s described in Section I whilst it is in the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths . Section III: Covers loss or damage to property described in Section I whilst in transit by registered parcel post, air freight or through angadia. Section IV: Covers loss or damage to trade and office furniture and fixtures in insured premises due to fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.Who can take the policy? The policy can be taken by jewelers who are wholesalers or retailers. The policy cannot be given to establishments whose work is predominantly manufacturing like cutters and goldsmiths. The policy also cannot be given to angadias, brokers or pawn brokers etc. How to select the sum insure The sum insured under Section I and II should represent the cost price of the Jewellery items. The sum insured under Section III should represent the maximum loss likely, arising out of any one incident.The sum insured under Section IV should represent the market value of the property How to claim In case of any incident giving rise to a claim under the policy, the following steps should be taken: 1. Inform insurance company within 24 hrs. 2. In case of burglary, theft etc. informs police immediately and obtains FIR Submit claim form and relevant documents to surveyor appointed by Insurance Co. to substantiate loss. Test. 2. BANKERS INDEMNITY POLICY [pic] A package policy designed specially to cover the risks related to banking sector.A single policy covering all branches in India of the particular bank Highlights A package policy designed specially to cover the risks related to banking sector. A single policy covering all branches in India of the particular bank Retroactive period facility available whereby losses discovered during policy period due to an incident occurring in earlier period but after inception of first policy, also become payable, provided the policy has been continuously renewed with us without break. Discount in premium available for banks having less than 500 branchesScope The policy comprises of following 7 sections: A.