Insurance is still considered an expensive product? Many people still consider insurance to be expensive and out of reach. In fact, there are many insurance options provided by the government and private companies to reach various groups of people.
Here are many insurance products on the market, including general insurance. However, not many people understand the meaning of general insurance. Quoting the old adage, do not know, do not love, so it is with insurance. Limited knowledge makes not many people have general insurance. In fact, if you have assets, a business, or anything that has a risk of loss, then you actually need general insurance. Read further in this article to get to know more about the notion of general insurance.
Many people still consider insurance to be expensive and out of reach. In fact, there are many insurance options provided by the government and private companies to reach various groups of people.
There are many insurance products on the market, including general insurance. However, not many people understand the meaning of general insurance. Quoting the old adage, do not know, do not love, so it is with insurance. Limited knowledge makes not many people have general insurance. In fact, if you have assets, a business, or anything that has a risk of loss, then you actually need general insurance. Read further in this article to get to know more about the notion of general insurance.
What is the Definition of General Insurance or General Insurance?
In general, the definition of general insurance is insurance that provides benefits in the form of compensation to the insured in the event of damage, loss or loss of property. By having general insurance, you can avoid losses or keep losses to a minimum if a risk occurs. There are various risks of loss that you can face, for example fire, damage, accident, theft, loss, late flight, and so on.
Types of General Insurance or General Insurance
General insurance or general insurance is divided into several types, including:
1. Fire insurance
This general insurance product provides protection against the risk of fire. Fire insurance is used to protect homes from the possibility or risk of fire caused by flames, whether small or large, accidentally and generally difficult to control. Fire insurance is also useful for protecting businesses.
Who needs fire insurance?
This insurance is suitable for those who own a house, warehouse, shop house, or other immovable assets. In addition, fire insurance is also commonly owned by business people to anticipate the risk of fires hitting their assets, such as offices, factories, warehouses and inventories.
2. Motor vehicle insurance (vehicle insurance)
Motor vehicle insurance is a type of general insurance that provides protection in the form of compensation if a motor vehicle is damaged or lost. The definition of a vehicle that is the object of general insurance coverage is a vehicle driven by a motorbike, such as cars and motorbikes. However, the vehicles here do not include vehicles that do not have a police number.
Motor vehicle insurance can now be classified again based on the type of protection it offers into:
Providing protection for loss and / or damage to motorized vehicles and / or interests caused by collisions, collisions, overturning, slipping, falling, evil deeds, theft, fire, and transportation by ferry.
Total loss only
The terms of benefit in this insurance are similar to comprehensive. However, this benefit will only come out if the loss or damage to the vehicle has reached 75% of the market price of the vehicle that is borne.
Third party liability
In this insurance, the insurance company also provides benefits in the form of legal liability to third parties to reimbursement of medical expenses for drivers and passengers involved in accidents. For example, if your car is involved in a collision and someone else’s car is damaged, if you have third party liability insurance, the insurance company will cover the compensation for the third party involved in the collision with your car.
Currently, some insurance companies also offer extended coverage in motor vehicle insurance. The extension of the protection offered includes losses due to mass action, riots, damage due to natural disasters, covering medical expenses due to accidents, death compensation if the insured dies due to an accident, and so on.
Who needs motor vehicle insurance? Motor vehicle insurance needs to be owned by the owner of a car or motorcycle. Motor vehicle insurance is even mandatory for those who buy cars or motorbikes on credit.
3. Engineering insurance
This type of general insurance or general insurance can minimize the various risks that arise related to engineering. There are two aspects of engineering covered by engineering insurance, namely:
Engineering project, Namely insurance that provides protection against technical activities in order to build something.
Non-project engineering, Namely insurance that provides protection for the operation of engineering tools, such as heavy equipment, machinery, and so on.
Who needs engineering insurance?
Engineering insurance is very useful for those of you who are working on construction projects or operating engineering tools such as factory machines, heavy equipment in mines, or trucks that do not have police numbers only.
Types of engineering insurance that are popular today are limited to CAR (Construction All Risks) and EAR (Erection All Risks) Insurance Both CAR and EAR provide compensation due to risks that can be assessed at the time of loss due to an unexpected and sudden event. arrived.
Types of Engineering Insurance (Standard Munich Re) are divided into:Contractors All Risk (CAR) Civil Engineering Works / contractors
Erection All Risk (EAR) Machine Installation Work
Machinery Breakdown (MB) Machine Breakdown
Loss of profit Following MB
Deterioration of Stock (DOS) Machine stock spoilage
Electronic Equipment Insurance (EEI)
Contractors Plant and Machinery (CPM)
Civil Engineering Completed Risk (CECR) Infrastructure