The Insurance Board has allowed insurance companies to raise some premiums for policies covering losses from sabotage and terrorism almost eight times. The coverage for damage caused by arson is Rs 0.50 for Rs 1,000 of the value of property insured, up from Rs 0.06 per Rs 1,000 of the insured value. The decision will be effective retrospectively from 17 July. The rates for insuring private vehicles and those used for public transport have also been raised by 0.25 percent and 0.50 percent of the insured estimated value. The Board approved increased premiums for storage and transport of cash and also introduced a rate for insuring engineering works.