Readers' Corner: Rakesh Jain

Chief Executive Officer of Reliance General Insurance, answers your queries

I recently bought an expensive pet dog. Are there any insurance policies, especially for pets bought from abroad?
Yes. Like personal insurance, pets can also now be insured. There are customised insurance policies/ extensions available in the market for cats and dogs. Additionally, there are companies that cover dogs of indigenous origin, cross and exotic breeds.

However, they have a defined age within which dogs are covered, normally eight weeks to eight years. Before offering a cover, they may insist on valuation to be done by a qualified veterinary doctor, along with a suitable identification mark for the dog. A detailed pedigree record and kennel club record may also be required. The insurance pays for the veterinary costs if one's pet becomes ill or is injured in an accident. It can be extended to cover theft or death of the pet as well.

I am moving my factory from Bhiwandi to Andheri East. Will my fire insurance premium remain the same? Also, will I need to file any documents so that my fire policy remains valid?
The rating for fire premium is based on parameters such as construction type, location of risk, safety features and practices available, past claims experience and, most important, the sum insured. Your fire premium could change if there is any modification to these.

Above certain sum insured, most companies also follow a practice of risk inspection before confirming the assumption of risk. To ensure continuous cover, the insurance firm should be informed in advance about the shift.

Information should be sent in writing with necessary details, substantiating the above parameters at the new location. Upon receiving the written communication, the insurer will confirm acceptance to underwrite the risk at the new location. The insurance company will also issue an endorsement for change of location and may charge additional premium or provide a discount as applicable.

Rakesh Jain,
Chief Executive Officer of Reliance General Insurance

The views expressed are the expert's own. Send your queries to yourmoney@bsmail.in