SURAT – The South Gujarat Chamber of Commerce and Industry (SGCCI) organized a seminar on fire insurance policies to help businesses understand the importance of adequate insurance coverage and the intricacies of fire insurance claims. The seminar featured expert speaker Mitesh Desai, an insurance surveyor and loss assessor of plant and machinery, who provided valuable insights to businessmen and traders.
In his welcome address, SGCCI Vice President Vijay Mewawala emphasized the need for entrepreneurs and businessmen to carefully consider various aspects of fire safety, from machinery to office and warehouse security. He advised participants to seek proper information about the positive and negative aspects of different fire insurance policies before selecting one that is tailored to their specific industry requirements.
Desai stressed the importance of focusing on the quantity of machinery, buildings, and resources covered by the policy rather than solely on the premium amount. He educated participants on the process of submitting evidence to the insurance company at the time of a policy claim to ensure a smooth and successful claim settlement.
The seminar also delved into the nuances of India Home Industries, India Micro Industries Security, and India Small Industries Security Policy. Desai explained the distinctions between risk, peril, and hazard, and urged businessmen to select policies that align with their respective sectors.
Highlighting the common pitfalls that businesses encounter in receiving policy claims, Desai advised participants to thoroughly verify the registration number, company address, PAN card, Aadhar card details, and spelling of names before taking out a policy.
Nirav Mandlewala, Group Chairman of SGCCI, pointed out that an estimated 85 to 90 percent of businesses in industries today have under-insured fire insurance policies, with under-insurance ranging from 10 to 60 percent. This often leads to substantial financial losses in the event of a fire due to deductions based on under-insurance. Mandlewala urged all industrialists to review their fire insurance coverage regularly and adjust it to reflect current market prices to avoid under-insurance penalties.
Kiran Thummar, Honorary Treasurer of SGCCI, expressed gratitude to all participants and acknowledged the contributions of N.C. Patel, Chairman of the Chamber's Insurance Committee, and Bipin Hirpara, co-chairman, for organizing and conducting the informative seminar.
The seminar concluded with an interactive Q&A session where Desai addressed various insurance-related queries from the audience.
