Frequently Asked Questions

Q. What is Insurance?
A. Insurance is the method of sharing the losses of the few individuals in a group who suffer them among the many members of that group who do not.

Technically, insurance is a contract in which one party, the insurer, for monetary consideration agrees to reimburse another, the insured, for loss or liability for a loss on a defined subject caused by specified hazards or perils.

By making a small periodical payment called “premium” you can be protected from financial losses due to an unforeseen events. Your insurance policy in such cases provides compensation. By this process one person's misfortune is spread over all the people who contribute to the common fund by way of premium. The purpose of Insurance is to put you back in the same financial position as you were in prior to the loss.

Q. What is Deductible?
A. An agreed specified sum to be deducted from the amount of loss and assumed by the insured.

Q. What is a Policy Exclusion?
A. Risks, perils or properties defined in the policy as not covered.

Q. What is Indemnity?
A. A contract, expressed or implied, to repay in the event of a loss. Insured neither gains nor loses.

Q. What can be insured?
A. Generally speaking, we are exposed to three general types of risk: personal, property and liability. Personal risks are based on the loss of life or income; property risks are related to the property we own; liability risks arise out of our obligations to other people. Insurance can be arranged for Pure risks only, where there is a chance of loss but no chance of profit or gain.

You can insure any property that you own, any legal liability that you may be exposed to or even insure yourself. Insurance can only be bought for events that are “unforeseen”.

Q. What are the different types of Insurance designed for Individuals?
A. There are a variety of insurance policies that are designed for insuring individuals and the property they own against different perils:
  • House and/or contents against Fire and Allied Perils.
  • Homeowner's Insurance policy (All Risks basis)
  • Motor Vehicle Insurance.
  • Personal Accidents Insurance.
  • Travel Insurance.
  • Medical Insurance.
  • Life Insurance.
Q. What are the different types of Insurance available for Commercial establishments in general?
A. Businesses are exposed to the same types of risks as individuals. However, there tends to be more variety within each class simply because of the nature and variety of business operations, classes designed for businesses include:
  • Fire and Allied perils.
  • Property All Risk.
  • Business Interruption.
  • Liability Insurance.
  • Money Insurance.
  • Fidelity Guarantee.
  • Workmen’s Compensation.
  • Contractors All Risks
  • Machinery Insurance
  • Electronic Equipment Insurance
  • Marine Insurance.
  • Personal Accidents.
  • Medical Insurance.
  • Life Insurance.
Q. How do I buy an Insurance Policy?
A. You can:
  • Call our Sales Representative who will arrange a visit by one of our Professional Underwriters to your premises to help you identify your insurance requirements then help you in buying the right insurance policy.
    JIC will provide this service at no cost to you and there will be no obligation or commitment to buy from us if you are not fully satisfied with our solutions.

  • Complete and submit the appropriate proposal form online (where available) or by email or fax. Once we receive your form, we will contact you as soon as possible to help you choose the right coverage.
Q. What amount should I insure for?
A. If you are insuring your house and its contents then you should insure on the actual value or the market value of the house, (land value to be deducted). If you are insuring “new for old” you should insured for the replacement cost of the contents.

If you are insuring your business then you should insure for the replacement cost of your business assets in addition to stock (which is insured on actual cash value). As businesses tend to have different needs and requirements, our professional underwriters will help you make the right decisions.

If you are insuring your motor vehicle on comprehensive basis, then you should insure for the actual cash value of the vehicle in its present condition.

Q. What does “Actual Cash Value” mean?
A. The fair market value of property taking into account factors that might augment or reduce the value of the property in question.

Q. What does “market value” mean?
A. The value of an asset based on a current market valuation, e.g., the amount for which the item could be sold on the open market.

Q. Will JIC survey the property before providing the insurance?
A. We will survey your house or your business establishment prior to submitting our quotation and affecting an insurance cover. This survey is carried out to ensure that you are provided with the right insurance policy at the most competitive terms. During this survey we may make a few suggestions to improve the overall quality of the risk. This will help in minimizing your premium and reducing the chance of a loss.

Q. How long will it take for the Insurance to be effected?
A. Your insurance will be affected as soon as you pay the premium quoted, and in certain cases fulfill all the requirements mentioned in our quotation. You will receive our confirmation of cover when the insurance is affected.

Q. What should I do if I have to make any changes in my Insurance policy?
A. Send an email, fax or a letter to us advising the change that has taken place under your policy immediately. The change under the policy could take place for many reasons, for example you have bought new items in your house or you have changed address or you are going on an extended vacation during which the house will remain vacant. Upon receiving your advice, our Underwriter will get in touch with you and advise an appropriate course of action.

Q. What should I do in case of a claim?
A. The conditions of the insurance policy require that any person sustaining a loss insured by the policy shall immediately give notice to the company of such loss. Failure to give notice as required has been held to be a bar against recovery. The notice is required to be in writing, verbal notice to the agent or broker will not be sufficient to comply with the condition.

Once we receive your notice of loss, our Claims Adjuster will be at your site within one working day from the date of reporting the claim. Meanwhile you should take all necessary steps of reporting the incident to the Police, Traffic etc. as the case may require. Our representative will guide you through the basic procedures when you report a claim.

Q. How long will it take for a claim to be settled?
A. In case of motor, the cost of repairs is paid directly to the garage. In some cases where the claim is to be paid to you, then it may take 10 working days from the time all papers have been submitted in support of the amount claimed. In other lines of insurance, payment may take up to 15 working days from the time the Loss Adjuster has submitted his final report.

Q. Can I choose the repair workshop in case of Motor claims?
A. The answer is Yes. Unlike other insurance companies, JIC will give you the option to choose a certain repair shop to repair your car at.

Q. How will a claim affect my renewal?
A. In case of a motor claim, if the accident was caused by you (according to the Police report) and the loss is not recoverable then your “No Claim Bonus” will be affected. In case of “no-fault” on your side, all your discounts will remain unchanged.

In case of other lines of Insurance claims, such as Fire, Liability, Cash, each case will be studied on its own merits and our professionals may make suggestions to improve certain conditions or take certain actions, which could result in minimizing losses in future.

Q. What is a “Material Fact”?
A. Something affecting a contract of insurance important enough to change the agreement between the company and the policyholder. Material facts must be disclosed if asked about. Failure to do so may result in a voiding of the policy involved.

Q. What is Negligence?
A. Failure to use the degree of care expected from a reasonable and prudent person.

Q. What is Salvage?
A. The remaining value of property after severe damage by fire or other peril. The overall loss is reduced by the salvage value. Undamaged property may be quite saleable and some property may be partially damaged, thus repairable and then saleable.