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Mega Risk Policies for India

IRDA has defined a Mega Risk as (i) Insurance for total sum insured of Rs. 2,500 crores or more at one location for property insurance, material damage and business interruption combined. (ii) Rs. 100 crores or more per event for liability insurance. These are typically insurances that are designed for individual large clients and where the rates, terms and conditions may be determined by reference to the international market. The Indian Insurer will quote terms in line with the terms quoted by reinsurers including the extent of cover and deductibles or claims conditions. If the insurer varies the terms quoted by the reinsurers such variation of terms and any increased retention shall be consistent with the underwriting policy and reinsurance policy approved by the Board. Variations also to be filed with IRDA. The Mega Risk Policies are along the lines of the Industrial All Risk Policies but certain covers like Inland Transit for consumables and spares are also packaged in the same cover. The Sections covered are usually (i) All Risks Property Damage (ii) MB and Associated Engineering Risks (iii) Hull and Offshore Property like Jetty and Secondary Buoy Moorings (iv) Loss of Profit following Fire and Engineering Risks, (v) Cash in Transit and Fidelity Guarantee, if opted. Since it is an All Risks the coverage will depend on the exclusions of the policy which vary from industry to industry, risk to risk and insurer to insurer and must be clearly and unambiguously enunciated on the policy document.

Member

1. Person covered under the Blue Cross/Blue Shield subscriber’s contract including the subscriber or contract holder who is the person named on the membership identification card and in the case of (1) two-person coverage, (2) one adult–one child coverage, or (3) family coverage, eligible family dependents enrolled under the subscriber’s contract. 2. Individual who purchases health insurance coverage. Also called certificate holder, enrollee, insured, policyholder , and subscriber .