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CAIT writes to FM, seeks insurance cover for coronavirus-hit businesses

CAIT suggested that insurance companies may be mandated to introduce 'disruptions due to coronavirus' as an additional cover to fire and materials damage policies

Press Trust of India  |  New Delhi 

Coronavirus
Health officials along with police raid houses to cull domesticated birds to prevent spread of bird-flu, at Vengeri in Kozhikode. PTI

Traders' body CAIT has appealed to Finance Minister Nirmala Sitharaman to direct regulator IRDAI to mandate insurance firms to introduce coverage for disruptions to businesses on account of the outbreak.

In a letter to Sitharaman, CAIT suggested that insurance companies may be mandated to introduce 'disruptions due to coronavirus' as an additional cover to fire and materials damage policies, and the existing policyholders may be offered an option to add the additional cover.

Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal highlighted the need for insurers to come up with need-based policies like cover against mosquito-borne diseases and vector-borne diseases, which can cover hospitalisation expenses due to or fixed benefits upon its diagnosis.

CAIT has also sent a similar representation to Commerce Minister Piyush Goyal to take up the matter with Finance Ministry.

First Published: Sun, March 15 2020. 17:58 IST
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