EMPLOYEES STATE INSURANCE

EMPLOYEES STATE INSURANCE

State Civil Service insurance Very useful and important.



The Employees’ State insurance Act came into a  force in 1948, laying  the foundations  for a nationwide  comprehensive  social insurance program  the first of its kind in South East Asia. The scheme covers an integrated  system of social insurance wherein  the benefits include  cash payments  in the event of sickness, maternity, employments  injury benefits and pension  to the dependants, and medical  benefits  to the workers and their families  . From January 1997, an employees  is required  to contribute 4.75% of the payable and the employee 1.75% of the receivable  as the Employee’s state insurance Scheme  (ESIS)  contributions . Though offering  a comprehensive  social security scheme to all Indian citizens  from Kashmir to Kanyakumari  may be a far-fetchedc one , the  Government  as the first major step, announced  the launch of a comprehensive social security  scheme, under the Rajiv Gandhi Shramik Kalyan Yojana to  employees covered  under the ESIS. This scheme was put  into  operations  on April 1, 2005, Benefits of Insuring Homes



The Employees’ State insurance Act came into a  force in 1948, laying  the foundations  for a nationwide  comprehensive  social insurance program  the first of its kind in South East Asia. The scheme covers an integrated  system of social insurance wherein  the benefits include  cash payments  in the event of sickness, maternity, employments  injury benefits and pension  to the dependants, and medical  benefits  to the workers and their families  . From January 1997, an employees  is required  to contribute 4.75% of the payable and the employee 1.75% of the receivable  as the Employee’s state insurance Scheme  (ESIS)  contributions . Though offering  a comprehensive  social security scheme to all Indian citizens  from Kashmir to Kanyakumari  may be a far-fetchedc one , the  Government  as the first major step, announced  the launch of a comprehensive social security  scheme, under the Rajiv Gandhi Shramik Kalyan Yojana to  employees covered  under the ESIS. This scheme was put  into  operations  on April 1, 2005, . The scheme offers invalidity arising  out of the non-employees as a result of retrenchment  , closure or permanent members   of the workers will be supported by the Employees  state insurance Corporations (ESIC)  without any burden on the employer or employee.  The scheme provides  an unemployment  dole of fifty per cent of the wage of the unemployed  to receive medical care in the dispensaries  and hospitals of the ESIC. To be eligible  and to get benefits under this scheme , the workers should have contributed for a period of five years before the cessation of employments.


ENGINEERING INSURANCE:  As the indicates these are policies  designed to cover various risks associated with engineering  applications during various   stages of productions  or constructions  as the case may be. These policies are process-specific. There are different types of plans to meet specific  requirements.  The Contractors.’ All risks policy is one that safeguard the interest of  contractors  and principals in respect of civil engineering  projects. This is an all-risk cover and cover can also be extended  for third party and other liabilities. The sum insured under the policy is equal to the estimated  final erected value of the contract  on a full cost basis. In the event of underestimation  due to cost escalation, the insurer applies the doctrine of average to the extent of under -insurance. Another variations  is the Erections all Risks Policy that is concerned with the erection  of electrical plants and installations  including machinery,  equipments  and structures with little or negligible  civil works terms and conditions are similar to the Contractors, “All Risk Policy” . Under the contractors’ All Risk Policy”  and Erection All Risk Policy,


The option  is available for additionally insuring the contractor’s plant and machinery. If the sum insured is within the specified  percentage  of the main contract then the additional cover will be conterminous  with the main contract of insurance . Wherever the sum insured exceeds the specified percentage, the  contract   could be an annual contract, for the contractors  could be using the machinery and equipments in connections   with other works too. the additional cover indemnifies the contractors  against unforeseen  and sudden physical loss or damage to the plant and machinery due to any of the specified  causes like burglary theft, riots, malicious acts, terrorism  fire explosions, storms, accidental damages, faulty  handling etc.,

The various locations where the plant and machinery will be stored should be   declared to the insurer.  The insurance are  also allowed to issue  the contingency policy on a “First Loss Basis” where the contractors  find it difficult  to provide  the value of individual Contractors’ Plant and Machinery (CPM) particularly in the case of mega projects. The insurers are allowed  to issue such covers under the “File & Use’ procedure subject to adequate reinsurance support.  In the case of the collapse of the New Air Terminal built in Paris at a cost of $ 925 million, as nearly 400 firms were involved  in the constructions  of the terminal, it was expected  that the investigations  team headed by prof. Jean Berthier might find it difficult  to pin down the  responsibility  to any one firm. It was opined that in the event of any fault by a company, the claims have to be met by the police unique chantier, an engineering  insurance policy that covers  the liability  of any firm involved in the constructions of the terminal for a period of ten years from the date of completions  . It is reported that the reinsurance is shared by Swiss Re, Munich Re, General Re, and SCOR Group of France. 

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