Tac Launches New Insurance Package For Industry

The Tariff Advisory Committee (TAC) has launched a new comprehensive package policy, industrial all risk policy, targeting all the large industrial undertakings, according to C N Ravi, general-manager and secretary of the committee.

Talking to reporters in Hyderabad yesterday after inaugurating a workshop on chemical and pharmaceutical industries of southern zone, Ravi said under the new policy, introduced last month, any industrial undertaking with a minimum insured amount of Rs 100 could avail all major insurance requirements by taking a single insurance policy.

The new policy was administratively convenient and cost effective, Ravi said, adding that smaller industrial undertakings would also be covered under this policy if it became successful.

 

All the property risks were covered and the industrial unit could avail a discount of 60 per cent of the premium under the policy, he said.

Earlier, inaugurating the workshop, Ravi said TAC, an autonomous statutory body under the Insurance Act, 1938, was performing a dual role: protecting the interests of the policy holders and that of the insurance companies. TAC formulates and administers tariff for major classes of general insurance business such as fire and allied perils, petrochemicals, marine engineering and motor.