Don’t Overlook General Insurance


To avoid any unexpected costs, it is best to be cautious when taking out a loan or purchasing life insurance. Most people believe that general insurance will provide protection for you and your belongings. It is important that you have all terms and conditions in place when you sign a policy for general insurance.

Some things that need to be checked in a GI Policy

Personal Details-

For health insurance policies, even a misspelled name and an incorrectly entered age could result in a rejection of a claim. A complete description of the property must be provided to any other financier. If the insurance covers a building, it is important to have correct door numbers and for machinery, correct serial numbers.

Vehicle Details –

If the software is not up-to-date for a particular model of vehicle, it can lead to incorrectly entered seating capacity or models. Check that your policy has the correct information if you have made any modifications to your vehicle such as seating or LPG kit. Disputes can also arise from errors in registration numbers.

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The policy should include details about any hypothecation of your belongings to any bank or financial institution. This is necessary because if property is stolen, the claim must be made against the financier and not the insured.


Important information includes the address to which communications relating to an insurance contract should be sent. Agents often direct their clients’ communications through them. Direct communication is preferable to routing them through agents as they are more likely to fail to pass them on time. If you fail to send a renewal notice on time, you could be in serious trouble. You also risk losing your No Claim Bonus.

Insurance Period-

Always verify the date of issue of your policy. Even if you have paid cash to your agent for renewal, delays in policy issuance can occur. Your policies should be renewed at the latest one day before expiry. The claim will be rejected if the event takes place within an hour of policy expiry.

Sum Insured-

To avoid under or over-insuring, ensure that you have a correct estimation of your assets. It is important to mention the average value and wear-and-tear potential of your products for commercial policies. Do not compromise asset value in order to get a lower premium. It is highly recommended to cross-check the insured amount and asset value on a regular basis.

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Covered and Uncovered-

Today, insurance companies offer products as packages. These policies can be pre-underwritten or underwritten based on the specific needs of different segments. Consider all risks associated with your product or belongings to ensure that your policy covers your needs.


Check to see if any conditions are attached to the policy, such as loadings or voluntary / mandatory excesses. The agent or company may offer a policy at a lower rate to a bargaining customer. However, this would not compromise any of the above. This could cause you problems when filing a claim.

To learn about coverage, extensions, riders and omissions, as well as mandatory deductibles and voluntary / compulsory, take the time to read the underwriting guidelines. These can vary from one product to another and from company to company.

Third Party Insurance

The third party section of the policy covers the obligations of the insured with respect to the subject matter of insurance and those associated with it in the event of a claim.

If you cause damage to a customer’s vehicle in your workshop due to a fire, then you will also be liable. Third-party liability is mandatory in auto-loans. In other cases, we have the option to choose from the many options.

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Make sure to choose the right ones with help from an expert and verify with the policy documents if they are all covered.

Policy Endorsements

You can have the policy endorsed by the insurer if there are any errors. However, you must ensure that the endorsement certificate is signed and stamped at the branch.

Policy Cancellation

Policy holders have the right of cancellation within 15 days after receipt of policy documents. This applies to policies that are not in compliance with policy terms and conditions, misrepresentation, non disclosure of material facts, or non-cooperation. The insurer will inspect the policy and deduct a proportionate premium from the period of coverage.

It is recommended that all of your insurance needs be handled by one company. This will allow you to build a strong relationship that is both beneficial in terms of claims and discounts.