NGO Archives | Odin Insurance Broking

Apart from the standard office risks, NGOs have their own share of niche issues that need cover. For example, directors and executives are subject to public scrutiny and need liability insurance. Staff need hospitalization and accident cover. Gratuity cover is useful if your NGO has highly paid staff.

Odin presents here a handpicked a list of insurance products that will suit the NGO sector well.

Products

Standard Fire and Special Perils Policy

The Standard Fire and Special Perils Policy is designed to insure your property and articles within it from damage due to accidental fire also from the perils brought about not only by fire but by other disasters as well, such as lightning, explosion, riot, terrorism (by payment of additional premium), storm, flood, bush fire, etc.

Bharat Laghu Udyam Suraksha Policy

This policy is meant for small-scale businesses to cover the unexpected physical loss, damage, or destruction of property and/or movable or immovable assets within the property, and offers cover for a sum insured of between Rs.5 crores and Rs.50 crores. It covers the cost of repairs in case of damage to property or reinstatement of property in case of a complete rebuild; cost of inventory in case of loss of stocks; loss of cash at insured premises up to a fixed value; etc. Risks covered include fire, explosion, lightning, earthquake, storm, bush fire, Terrorism ,collision caused by any external physical object and not belonging to or owned by the insured or their employee while acting in course of employment, riots, etc.

Bharat Sookshma Udyam Suraksha Policy

Tailored for micro businesses, this policy covers the unexpected physical loss, damage, or destruction of property and/or movable or immovable assets within the property, for a sum insured of up to Rs.5 crores. It covers the cost of repairs in case of damage to property or reinstatement of property in case of a complete rebuild; cost of inventory in case of loss of stocks; loss of cash at hand up to a fixed value; etc. Risks covered include fire, explosion, lightning, earthquake, storm, bush fire, Terrorism, collisions caused by any external physical object and not belonging to or owned by the insured or their employee while acting in course of employment, riots, etc.

Bharat Griha Raksha Policy

Every home owner must consider covering his or her precious dwelling by a policy under Bharat Griha Raksha. The policy insures your home as well as its movable and immovable contents in case of any unfortunate occurrence, such as fires, explosions, lightning, earthquake, storm, bush fire, collisions, riots, terrorist acts, and even theft. The policy can be adapted to include precious personal belongings such as jewellery and works of art, as well as personal injury to you or your spouse.

Office/Business Package Policy

The Office/Business Package Policy is specifically tailored towards the needs of typical businesses. While the policy offers standard risk cover against fire and allied perils such as earthquake and flood, it also covers typical problems that an office faces such as breakdown of equipment, accidents and burglary. Loss due to fraud, damage to signages like neon lights, expenses towards death of staff on duty, and loss of office material while executives are on tour, are also covered by some insurers.

Group Mediclaim Policy

A Mediclaim Policy helps individuals cover the costs of hospitalization. A Group Mediclaim Policy serves to provide a similar cover but for a group of employees of an organization. A godsend to companies in these days of high medical costs, the Group Mediclaim Policy offers financial support to its employees in case of sudden hospitalization, either due to an accident or illness, by paying most of the hospital’s bills. Premiums too can be lower based upon the number of employees covered. Dependents of employees can be covered too under this policy.

Group Gratuity Policy

Gratuity is a lumpsum paid on closure of account of any employee who has resigned/retired after serving at least five continuous years at an organization, at the rate of roughly half the latest Basic salary multiplied by the number of years of service put in. Gratuity can therefore be a sizable cash outflow. However, resignations cannot always be anticipated. The Group Gratuity Policy helps cover gratuity payouts across the board, thus avoiding unexpected cashflow problems for the company.

Director & Officer Liability Policy

Running an organization is filled with risks that go beyond the regular running of the business! Wrongful acts by staff, misleading advertising, fraud, sexual harassment, etc, result in lawsuits from employees, vendors, customers, and other stakeholders, that are usually targeted at the directors and senior executives of the company, who are personally held responsible for such wrongdoings, whether alleged or real. The Director & Officer Liability Policy provides defence costs and protects the assets of such sued individuals, thus shielding them from personal loss.

NGO

Here’s a handpicked list of insurance policies that would be useful to the NGO sector.

Products

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