From a Glass of Water to a fancy Dinner...

One of my clients owns a hotel in Mumbai’s, prime location, Juhu. I have been visiting him regularly for almost six years now. He is a very polite and an astute businessman. Despite being busy he always welcomed me with a warm smile and offered me a glass of water. What impressed me about him was that he took personal interest in his business insurance related matters, whereas, usually business owners tend to leave such matters for their subordinates to handle. He would discuss his business risks with me in detail which enabled me to provide appropriate solutions with proper risk management tool.

Unfortunately, last year in Tauktae cyclone his hotel was partially damaged. On the same day, he called me at 3:00 pm to inform me about the incident and requested me to visit his hotel. Given the rough weather, it was a challenge to travel from my house to his hotel. Without a second thought, I drove to his hotel and reached there at the same time as him. We went to the damaged areas  and saw that the cooling tower of the hotel had completely collapsed due to the cyclone, as a result, the entire AC system was shut down.

He looked quite tensed. This incident meant his business would remain shut for at least 2 to 3 months till the cooling tower could be restored. Already, prior to this the hotel had been shut for more than a year due to lockdown. There were chances he would have to suffer huge financial losses. He looked at me hopefully. I knew I had to do something about this. After completing the claim process, I left the hotel around 6:30 in the evening.

Now, let me share with you something really interesting…

Flash back six years ago...

I advised him to add ‘Loss of Profit’ cover in his insurance policy which he took seriously and incorporated this clause in his policy, as a result, along with property damage claim he also received  the profit amount which he had lost during the time taken for reconstruction. When his claim was settled he was extremely happy as he had recovered maximum financial loss through insurance which he had never expected. He thanked me for my support in his critical time and for specially being physically present on the day of cyclone.

As a gesture of gratitude, he invited my family and me to join him for a special dinner at his restaurant. The meal was satisfying in more ways than one.

-Sachin Shedge