Answer: You can buy insurance policies online, particularly vehicle, travel (motor), and medical insurance individual polices and also pay the premium electronically. However it is advised to contact the insurance intermediary Broker office to arrange policy for you. The benefit is in your favor, you know the office & people whom you approached to buy the right kind of product. Moreover Insurance Broker employees are knowledgeable about the product and they can easily find the best product for your need.
Answer: An Insurance Company is referred to as “underwriter”, it assumes insurance risks, whereas Insurance Broker Office is a Risk Management advisory firm. It has right knowledge about the products selects the best policy out of several products for you and is a channel of Insurance product distribution. Insurance Broker company has the right to approach multiple insurance companies to bring out choice, tailor made solutions, whereas Insurance Company provides one quotation to your query, thus reducing your choice on products. An Insurance Broker works for you free of cost or doesn’t charge advisory fee, but always ensures that your interest is taken care of.
Answer: If you approach Insurance Company it can’t provide you more than one quotation per query, but by contacting Insurance Broker you will receive several quotations, varying terms and premiums differing from one company to another because Broker has the right to contact several Insurance companies for the same query.
Answer: You will be tendered a simple proposal form indicating to write your date of birth, age, drivers’ license issue and expiry date , nationality and usage of car and past claim history, if any. These factors decide the motor insurance terms.
Answer: Home insurance is one of the forms of property Insurance against fire & allied perils. Perils are such events or occurrences alternatively named as Act of God, earth quake, flood, storm, tempest, impact damage, malicious damage, theft and burglary etc. conditions not under the control of human beings which affects your apartment or villa causing loss, damage, destruction in total or partial resulting in financial losses; but having a home insurance policy. Your losses caused by fire & perils are indemnified to you or brought back to you as settlement of payment out of the Insurance policy.
Answer: The Landlord might have insured his building as property Insurance against fire & allied perils. But this Fire insurance policy certainly does not provide cover for your dwelling, or personal effects or living rooms’ contents. Should any fire break out his policy will not provide any coverage for your personal items. When you occupy a villa or apartment on rent, you got to take home insurance to protect your items against any loss or damage and destruction due to fire & allied perils.
Answer: Comprehensive Motor Policy provides cover against collision by your own fault as well as the loss due to damage and destruction of others vehicles, property, bodily injuries, death of third party resulting in accident. Whereas if your car is insured only against a third party; and just in case there’s an accident due to your fault, your vehicle will not be covered for loss or damage. You have to repair your vehicle by paying for it yourself. Motor policy excludes claims arising out of racing the car, intentional damage to the insured car, driving the vehicle without having valid driving license, driving under the influence of alcohol etc.
Answer: There are many channels of registering a claim against the loss or damage and third party claims. You can straight away report the claim to the insurance brokers office. You can also visit nearest branch office of the insurance company, or you can report the fact of claim on line too, by simply sending a mail, or a message to the Broker office or to the Insurance Company
Answer: You can cancel your home insurance or personal insurance policy provided your policy must be valid at the time of requesting to cancel it. However in UAE you cannot cancel motor TPL policy. The other instances wherein you can cancel personal insurance are: if you have sold the car or you have transferred the ownership to a third party, or you have a major accident resulting in a total loss.
Answer: Of course, you can cover your liability towards your Domestic servant under your Home insurance. A rider could be attached to the policy covering your domestic helper to be covered against personal injuries or death while on duty at your premises.
Answer: All precious and antique items can be covered under Property Insurance or Home Insurance. A special rider has to be attached to the policy.
Answer: It’s not advisable to take your friends permission or advice while making a decision to take an insurance policy. You can speak or discuss with your friends or take their views to support your view, but beware that you will not be misled and repent later. You must only consult Insurance Professionals while you make your decision to take Insurance Policies. Insurance provides security & peace of mind and it’s a security certificate to protect all your financial savings.
Answer: The Insurance company or Insurance Broker Office both are part of the same industry. Insurance company designs product, whereas insurance broker masters the product knowledge and sells to the public. Therefore brokers are the best channels used worldwide to distribute the product and service the clients.
Answer: The Insurance Broker will audit the terms quoted, carefully study insurance coverage, extensions, and explains to you the exclusions in the potential policy document. The broker always ensures his clients gets the best coverage out of several quotes and bring out very competitive premium against the insurance.