General Insurance: Rakesh Jain

My housing society has taken insurance for our residential building, which covers damage for natural calamities, etc. Do I need to take a separate insurance for my flat? What additional benefit will the insurance for my flat give?

It is recommended the flat owner should avail separate insurance cover as:

(a) The housing society generally does not cover the contents (furniture, fixtures, etc) of individual flats. Society covers the structure and other common areas that belong to it.

(b) You should also check the coverage and the sum insured opted for by the society under their policy. In case you feel the sum insured is not appropriate to cover all the losses, you can opt for a separate policy for your flat, which could cover the structure and contents.

My school alumni association is hosting an alumni meet during the summer holidays and many former students are expected to attend from all over the world. Someone suggested taking insurance for the event in case it gets cancelled. Is such a cover available for an alumni meet? What all will be covered? What are the other conditions?
Insurance can be taken for a planned event like an alumni meet. Any planned event has a chance of getting cancelled, abandoned or relocated due to reasons such as state mourning on account of death of a state head, inclement weather, strike, riots in the area, etc. The event insurance would basically cover cancellation/abandonment of an event because of defined reasons and pays for the pre-agreed cost of organising the event. Additionally, cover can also be taken for any third-party liability arising out of death or damage to any third person or property of third person due to an such event.

My car got damaged while it was towed away by the traffic police. Will my insurance pay for the repair?
Compliance with provisions of the Motor Vehicles Act and Motor Vehicle Rules is an implied condition under the Motor Insurance Policy. It would not pay for damages sustained when a vehicle is towed away by the traffic police for non-compliance with law.

The views expressed are the expert's own. Send your queries to yourmoney@bsmail.in
Rakesh Jain, chief executive officer of Reliance General Insurance, answers your questions