All classes of Non-life business which do not fall under the category of fire and marine business falls under the miscellaneous insurance.
Bhutan Insurance Limited (BIL) had launched the Student Care Insurance policy on 17th February 2015 to commemorate the 35th Birth Anniversary of his Majesty the DrukGyalpo. The Student Care Insurance has been approved by RMA vide their letter number RMA/FRSD/22/2014-2015/0959 dated on 28th August, 2014.
The Student Care Insurance policy provides cover to the school and college going students along with their parent or guardian, and can be bought by Parent or Guardian including other educational and vocational institutes. This policy can serve as a backup for students education in the event of accidental mishap of their parent or guardian at a nominal premium.
The Student Care policy covers two perils for both the parent and student which include Accidental Demise and Permanent Total Disability, a first of its kind in the country. It provides 24/7 worldwide cover for the parent /guardian, and the student.
The Parent or guardian up to the age of 65 can avail this policy for their school going children from Kindergarten to class twelve, and for the college students (i.e. University/college/vocational professional institutions) up to age 25.
The student Care Insurance policy has been divided into following two categories:
1. For school going students only, and
2. For college going students (university, college, vocational or professional institute) only.
Accordingly, the staring premium for school student (Age 3 and above- between KG to class 12) will be Nu. 225 for the sum insured of Nu.50, 000/-. The maximum sum insured will be up to 100,000/- with the increase amount of premium correspondingly.
And the staring premium for college student (University/college/vocational or professional institutions up to age 25) will be Nu.450/- for the sum insured amount for nu.100, 000/- . The maximum sum insured will be up to Nu.200, 000/- with the increase amount of premium correspondingly.
In the event of parent/guardian claim due to covered perils, the allowance will be paid according to the Sum Insured over a period of four years without having to renew the policy which is expected to assist the student to continue their education.
Further, the insured student is also covered for demise and permanent disability due to accident to the tune of 60% of the sum insured.
2. Engineering Insurance Policy: Provides cover for construction projects including equipment.
2.1 Contractors All Risk (CAR): The Contractors All Risks Insurance is specially designed to cover engineering projects involving both constructions of the building and other civil engineering works that are being carried out. The Contractors All Risks Insurance provides coverage against any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded.
Section I Material Damage
1. Material damage to work under construction
2. Damage to the contract works/Projects
Section II Third Party Liability
Accidental loss or damage to third party property and/or bodily injury arising in connection with the contract work.
The policy also provides coverage for the maintenance period.