Insurance - Types of polices available in Mauritius

Insurance is a type of compensation for some unplanned event (as in theft or even death) which is covered through an insurance policy. The policy is by means of a contract between the insurer (usually a company) and the insured that specifies certain criteria under which the insured will be covered in the face of certain named eventualities. While most insurance companies offer standard policies, some can have additional features to attract more clients or can be tailor made for the insurer. By paying a monthly or yearly premium (some fixed amount as the person can afford) over a fixed period of time, the insured can cover his life or belongings.

The contract is based on certain unforeseen events that are probable (like a cyclone doing damage to a house); it is usually in the form of a take it or leave it contract (adhesion contract) where the policy holder (the insured person) has little say or no say over the agreements of the so named policy. It also means that investment in the contract may or may not be equal in the sense that the insurer may not have to cover anything (since coverage is over uncertain matters) with the insured person paying the premiums as per the agreement. Or it can also mean that the insurer may end up covering some event for more than the policy holder actually paid for.

The policy includes the policy holder’s and insurer’s details such as name, address, period of coverage, premium to be paid etc; definitions of the terms being included in the contract for clarity of language; agreements being made in the contract by which both parties must abide by as well as the conditions pertaining to the nature and extent of coverage; exclusions to the contract specifying what is not covered in the contract and endorsements which may or may not relate to other parts of the contract and which can be quite difficult to interpret sometimes.

Types of insurance that you can get in Mauritius
Insurance policies vary from company to company as do the premiums to be paid and the coverage period. Most companies allow clients to get a quota online from their websites so that the customer can have an idea of how much he/she has to pay over how long with respect to the particular loan chosen. There is a wide range of insurance contracts as in:

Home insurance – It covers the house and belongings (furniture/jewellery/pets) of the insured in case of theft, accident and natural catastrophes (cyclones, landslides, tsunamis, volcanic eruption etc).
Vehicle insurance – This is a compulsory insurance for all vehicles as per law so as to insure third parties in case of accidents. It may be limited to that clause or it can cover the insured personally during an accident as well as damage done to the vehicle.
Travel insurance – This type of insurance brings you peace of mind during your vacations away from home where your entire luggage, unprepared events, accidents, legal matters abroad are covered.
Life insurance – With a life insurance, the insurer pays a capital to someone specified in the contract for whom the insured person made a claim in case of his/her death.
Health insurance – Health insurance covers a person in case of sickness and is usually in the form of a package to employees from the employer; it covers elements like eyesight/teeth treatment as well as common sicknesses. Personal health insurance can be extended from the insured person to include the whole family too.
Business insurance – Business insurance covers the risks and harms that your business may face and thus differs from company to company as well as what you want to cover in your policy.