There is no documented policy and procedure for taking insurance Current Process 1.

A request from the concerned dept forwarded to Insurance Department(ID

!. ID analyses the request" if required professional analysis is o#tained from outside. After the analysis" its decided whether the insurance is required or not $. %&en though there is no general process in tracking repetition" for general cases if the request is a repetition of the e'isting insurance" its recognisa#le #ut where professional e'pertise is required repetition can come( due to the lack of an in house e'pert (. The ID decides which insurance company to #e approached and to whom )*+s are to #e sent ,. The ID is not &erifying whether there is any other risks to #e co&ered while placing )*+ -. )equest for quotations()*+ are sent to minimum ! or $ insurance companies for a particular insurance #ased on the &alue of asset(#ased on the Pro#a#le risk #ut #ased on the request it can also #e 1 .. Correspondences with the insurance company is through mail" so softcopy is there e&en though it/s not properly filed 0. If the insurance company is requiring e&aluation certificate then &aluation is done #y a registered &aluator 1. After recei&ing the +uotes" Primary e&aluation is done #y the ID 12. +uotes are selected Primarily #ased on the Premium #ut if the premium amount is negligi#le then quotes are selected #ased on the settlement time and comfort le&el with the company 3 *or new Policies where appro&als are required" is sent to a higher authority (4)I56 . 3 +uotes are not documented

11. *or Insurance with high &alue" the appro&ed quotes are sent to the C4D for finalisation else a &er#al appro&al is o#tained from C4D and the sanction papers are forwarded to the 7ead of the )equested department 1!. The request sender is not analysing the appro&ed insurance ()isk co&erage" T 8 C 1$. *rom there the payment is processed and cheque is gi&en to ID 1(. Acknowledgement is not mandatorily obtained. Its obtained only if request sender ask for it 1,. All the sanction papers and documents are filed #y ID 1-. 9o process for filing the documents. A process is not followed due to lack of man power. It is filed according to the receipt of the policy document. 1.. An e'cel is maintained with the details of the policy containing 3 3 3 Description :nit )isk

3 3 3 3 3 3 3 3 3 3

6um Insured Policy 9um#er Insurance Company Premium Ta' %'piry date Policy document )ecei&ed or not Cheque 9um#er;#ank(not entered Date(not entered Amount(not entered

10. The copy of the policy document sent to the requested dept and the document is shared with any#ody who asks for it 11. The e'cel is sorted e&ery month to find out a#out the monthly payment !2. The financial appro&al for the payment is o#tained from the company secretary !1. This e'cel is sorted monthly to get the renewal dates !!. During renewal time" &alue should #e e&aluated mandatorily in all cases #ut it/s not done in all cases. Depending on the insurance &aluation is done !$. The financial appro&al is o#tained from the company secretary !(. If the claim e'perience is #ad then another company is considered while renewal !,. During the renewal time" a check is done to see if there is any addition or deletion of the asset" if it/s the case then the &alue is e&aluated !-. *or renewal" if the change in the premium is negligi#le" instead of appro&al a re&iew is done #y the higher authority