Life or health insurance policies are the most popular. Apart from this, common people also get motor insurance and travel insurance. Home insurance is also now being done by a large number of people. Among all these insurances, cyber insurance and pet insurance are also becoming popular with time. But the share of cycle insurance and trip insurance is still limited. But what about those specific insurance covers for which there is no option available. Not many people know that an all insurance policy also exists. We got this question on the helpline of Money9. Now know the answer.
Question- My baby is completely unable to hear with his ears since birth. He had undergone cochlear implant surgery on his right ear last September. It cost a total of 12 lakhs (including surgery, 50 per cent of which was covered by the public sector bank where his wife was employed). Accidentally a few days back my child’s cochlear device got lost while traveling. Now I am depositing money for that device again. Is there any insurance through which we can keep such an expensive device safe?
– Anirudh Prasad
To answer this question, we took the advice of two experts.
Prerak Sethi, Founder, RIA Insurance
Check with different insurance companies to see if they are willing to cover the device under all risk policies. This policy covers the loss and damage of high-value items. These policies are not widely publicized. Contact public sector companies, they cover such expensive value cameras etc. Contact United India Insurance for an all risk policy.
https://uiic.co.in/en/product/miscellaneous/All-Risk-Policy
Rakesh Goyal, Director, Probus Insurance
Insured against financial loss, loss, repair and replacement of goods of high value. However, before doing so, one has to look at the coverage offered by the insurance companies. Such insurances offer accidental damage cover and breakdown cover etc. Loss or damage due to external causes is usually not covered by the policy. Before buying a policy, you should read and understand the documents thoroughly.
