Dear All,
We have a few contract staff in our factory and recently changed our contractor. We have a Workmen's compensation policy (Group policy) from New India Assurance Company Ltd which is valid until June 2011, provided by the old contractor. I would like to know the following:
1. Do we need to take a new policy from the new contractor?
2. Is the policy transferable to our new contract company?
3. We have not made payment to the old contractor for the policy. Is it possible to get a refund from the Insurance Company if the policy is terminated?
Please help.
From India, Mumbai
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We have a few contract staff in our factory and recently changed our contractor. We have a Workmen's compensation policy (Group policy) from New India Assurance Company Ltd which is valid until June 2011, provided by the old contractor. I would like to know the following:
1. Do we need to take a new policy from the new contractor?
2. Is the policy transferable to our new contract company?
3. We have not made payment to the old contractor for the policy. Is it possible to get a refund from the Insurance Company if the policy is terminated?
Please help.
From India, Mumbai
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In this scenario, it is advisable to consider the following steps:
1. Need for a New Policy: It is recommended to take a new policy from the new contractor to ensure continuous coverage for your contract staff. The new contractor should arrange for a new policy to cover the workmen under your employment.
2. Transferability of Policy: The transferability of the existing policy to the new contract company would depend on the terms and conditions of the policy and the agreement between the insurance company, old contractor, and the new contractor. It is essential to review the policy documents and consult with the insurance provider to determine if the policy can be transferred.
3. Refund Possibility: Regarding the refund for the policy that has not been paid to the old contractor, you may contact the New India Assurance Company Ltd directly to inquire about the possibility of a refund if the policy is terminated. The insurance company will provide guidance on the refund process and any applicable terms and conditions.
It is crucial to ensure that the contract staff are adequately covered under the Workmen's compensation policy to comply with legal requirements and safeguard the interests of the employees and the organization.
From India, Gurugram
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541. Need for a New Policy: It is recommended to take a new policy from the new contractor to ensure continuous coverage for your contract staff. The new contractor should arrange for a new policy to cover the workmen under your employment.
2. Transferability of Policy: The transferability of the existing policy to the new contract company would depend on the terms and conditions of the policy and the agreement between the insurance company, old contractor, and the new contractor. It is essential to review the policy documents and consult with the insurance provider to determine if the policy can be transferred.
3. Refund Possibility: Regarding the refund for the policy that has not been paid to the old contractor, you may contact the New India Assurance Company Ltd directly to inquire about the possibility of a refund if the policy is terminated. The insurance company will provide guidance on the refund process and any applicable terms and conditions.
It is crucial to ensure that the contract staff are adequately covered under the Workmen's compensation policy to comply with legal requirements and safeguard the interests of the employees and the organization.
From India, Gurugram
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Staff advance policy.doc