Tell us about IOGA Ltd(Indian Ocean General Assurance Limited)

IOGA Ltd is one of the oldest insurance companies in Mauritius. It provides a wide range of general insurance products with a superior service culture par excellence for over 5 decades now.

• What is General Insurance and what are the different kinds of General Insurance?

  General Insurance is essentially Non-Life Insurance. It offers protective coverage for assets other than life, providing financial protection to loss or damage to properties and in the event of various forms of financial liabilities. Depending on the kind of asset insured, there are different kinds of policies such as:

  • Some of the examples are fire insurance, engineering insurances and marine cargo as well as hull insurance
  • Home Insurance, which covers residential properties
  • Vehicle Insurance, which covers automobiles, cars, and other kinds of vehicles, depending on the specific terms of the policy
  • Travel Insurance, which insures the policyholder against several mishaps/accidents that could occur during travel

• What are the different types of engineering insurances?

  There are a number of engineering insurance covers. Some of the major policies are…

  • Contractor’s All Risk
  • Electronic Equipment
  • Machinery Breakdown
  • Construction Plant & Machinery
  • Erection All Risk
  • Consequential Loss/Business Interruption

• What does Travel Insurance cover?

  This policy is meant to take care of emergency medical expenses incurred either due to sickness or accident whilst travelling abroad. Herebelow is a list of some of the risks a Travel Insurance plan covers

  • Emergency medical/hospitalization expenses
  • Personal accident
  • Trip delays, cancellations or interruptions
  • Loss or damage to baggage checked-in
  • Loss of passport
  • Baggage delay

• Is there a policy to protect a business from frauds committed by own employees?

  Yes, one can opt for fidelity guarantee insurance which will take care of cash misappropriation as well as any other type of fraud/theft by staff/employees.

• Why do I need car insurance?

  Your car insurance or any other type of motor insurance covers loss of damage to the vehicle itself(own damage), bodily injury/death to a third party as well as third party property damage.
  In addition to these, your policy provides cover through a number of add-ons like Loss of use, Road side assistance, Towing service, Loss of keys, etc.,

• Is third party insurance for vehicles mandatory?

  Yes, it is compulsory as per the Motor Vehicles Act for any vehicle to be licenced to ply on road. However, one can opt for comprehensive cover as this is inclusive of third party cover in addition to own damage cover.

• What is “excess” or “deductible” under an insurance policy?

  An excess or deductible is that part of an insurance claim which is to be borne by the insured/claimant.

• What is “Home” Insurance? Does IOGA Ltd issue this policy?

  A Home, Householder’s or Domestic package is a policy which covers residential houses/dwellings right from the building, contents, valuables, personal liability, etc., A building can be insured only by the owner of the building. A tenant can opt for all other sections under such policy though he/she cannot take insurance for the building. Similarly, a owner can opt for all other sections under the policy in addition to the building section.
  This policy basically protects indemnity against fire, natural perils, burglary, all risks for valuable, personal liability, etc.,

• What is a personal accident policy?

  A personal accident policy provides compensation in the event of death, permanent total disability, temporary total disability, medical expenses, etc, but strictly provided these have arisen out of an accident.
  This policy can be issued to individuals as well as a group of people.

• What is money insurance? Does IOGA Ltd issue this policy?

  Money/Cash insurance is issued to corporate or business entities to protect them against loss of money in the business premises either in safe/in the counter, in transit in addition to cover for the safe itself.