Entrepreneur suffers again! case of Insurance claim getting rejected!

Entrepreneur suffers again! case of Insurance claim getting rejected!





Entrepreneur suffers again!


Another pathetic case of Insurance claim getting rejected!
One of our member industries recently lost goods worth about Rs.11.0 lacs from their premises. The entire theft was recorded in CCTV cameras. It was yet another case of theft with involvement of insider, in this case the Security Guard.
FIR has been duly lodged.

Interestingly, the Insurance company is denying the claim based upon the Surveyor's report citing reason that "Loss, if incurred due to involvement of insider, employee, will not be compensated under the Policy".

While we are taking up this matter with highest authorities and shall also seek legal remedy, it is another case of incomplete, half-cooked knowledge about Insurance because of which the entrepreneurs lose again and again.

SMEs, because of Nil or ill advice, often feeling foolishly safe behind the cover-note and the premium that they pay to Insurance companies but NOT actually going through essentials, gaps, loop holes, claim conditions which allow insurance companies to reject seemingly valid claims with impunity and callousness.

What Entrepreneurs MUST know about Insurance Policies they innocently buy for their homes, factories, godowns and stocks covering risks of Fire, Theft, Burglary, Infidelity, travel, transit, medical and more?

We at IamSMEofIndia have a Risk Management Cell that aims to educate its members through right information and lessons drawn out of our members' past mistakes and bad experiences.

Write to:
info@iamsmeofindia.com ; +91-9711101666