Most of us are using debit cards and credit cards almost daily. It is quite possible that the cards are either stolen or lost. Immediately we report the matter to the Bank and ensure the card is blocked. But the person who has taken this card will be normally faster and smarter. Before the report is made some transactions will take place and bank will not take responsibility.
Is it possible to get compensation from such pre reporting loss? Yes there is insurance. Three different companies offer insurance cover. The salient features are:
MISUSE OF CARDS:
1. Loss due to unauthorized use of lost or stolen card is covered up to sum Insured.
2. Procedure for claim is:
ARTICLES PURCHASED THROUGH CARDS:
You purchase a laptop using credit card. After some days suddenly the laptop slipped from your hand and broken. This insurance will pay. It will pay for loss/damage to all articles purchased through the insured credit card.
LOSS OF CASH DRAWN FROM ATM:
The cash drawn from the ATM is fully protected till reaches the destination. That is up to 6 hours of transit is covered by the policy. Loss due to theft, robbery and any unforeseen causes are covered.
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