Insurance Authority of India (IA) has introduced horse insurance policy, what are the criteria and conditions?

Kathmandu. Nepal Insurance Authority (NIA) has issued insurance policies for horse insurance. Now, non-life insurance companies can issue horse insurance policies. This policy will start after the insured pays the premium.

Under this policy, the insured has to pay a minimum of Rs 2 lakhs. The insurance premium will be Rs 200 and there will be no subsidy on it.

The premium will also be applicable on a policy issued for a period of less than 1 year. The term of the accident insurance will be 1 year.

Conditions to be followed by the insurer{

• Before issuing an insurance policy, you must obtain at least 3 photos and at least 30 seconds of video clips from various funds covering the horses to be insured.
• Damage should not be done without doing anything against the rights of the insured.
• } If the insurer insures the horse pursuant to this policy without fulfilling the conditions, the insurer shall not be allowed to reject the claim on the ground that the condition has not been fulfilled at the time of the claim.

{{TAG_OPEN_li_40} The insurer shall keep a secure record of all the details and documents, photos and videos required while issuing the insurance policy or settling the insurance claim.

• The insurer will have to provide all the information related to this policy to the insured.
• It shall be the responsibility of the insurer to ascertain whether the insured has complied with the terms and conditions mentioned in the policy.

Conditions to be followed by the insured{

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• All the conditions mentioned in the insurance policy must be followed.
• The insurer or the authorized representative of the designated institution shall be allowed to monitor and inspect the horse insured by the insured.

The police, insurers and other competent authorities shall have to fully cooperate in the course of claim, investigation, investigation or damage assessment.TAG_OPEN_li_35

• The insured must assist the insurer in gathering the necessary evidence in order to confirm the claim.
• All horses reared in the same stable must be insured.

Protection

Under this policy, the insurance policy covers the damage caused by fire or fire, storm related damage, water-induced and weather-induced damage, land-related damage, damage caused by lightning, damage caused by disease or insects, accident due to external causes, and damage caused by wild animals.