Traders’ body CAIT has requested to the Union Finance Minister Nirmala Sitharaman to ask regulator IRDAI to direct insurance firms to initiate coverage for disruptions in businesses due to the coronavirus outbreak.
In a written communication to Sitharaman, CAIT suggested that insurance companies should be directed to introduce ‘disruptions due to coronavirus’ as an additional clause to fire and materials damage policies, and the existing policyholders may be given with an option to add the additional cover.
Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal undelined the need for insurers to introduced need-based policies such as cover against mosquito-borne diseases and vector-borne diseases that can include hospitalisation expenses due to coronavirus or fixed benefits upon its diagnosis.
CAIT has also issued a similar communication to Commerce Minister Piyush Goyal to initiate the matter with Finance Ministry
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