Fire Insurance

Fire Insurance

introduction:

Every business has a specific set of requirements. Our range of business  products is especially designed designed to meet your business business needs across the commercial spectrum. It is pivotal to get adequate insurance cover for your  business to mitigate mitigate risk. Fire and Special Perils Policy (aterial ( aterial !amage" Scope of cover

#he Insurance Policy broadly covers losses due to$ Fire% lightning% e&plosion and implosion 'ircraft damage% riot% strike% malicious damage and terrorism Storm% tempest% flood and inundation Impact damage% subsidence andslide)rockslide *ursting and)or overflo+ing of +ater tanks% apparatus and pipes issile testing% leakage from automatic sprinkler installations and bush fire Code: Fire 01 Sum Insured

Property can be insured on depreciated cost (market value" or replacement cost basis. In order to get full protection% insurance on reinstatement

(replacement" basis is recommended. Premium

Premium rate depends on construction of building and occupancy. !iscount) loading in premium is given based on past claims e&perience for risks e&ceeding ,s. - crores sum Insured at any location and installation of Fire E&tinguisher 'ppliances. Significant Exclusions

#he Insurance Policy does not cover the first ,s./% (or as applicable" of each and every claim. osses arising out of +ar and allied perils% theft% +illful act or gross negligence% loss of earnings% loss to bullion% documents% currency etc. for an amount e&ceeding ,s. /%% unless e&pressly stated. Excess

- 0 of every claim resulting from ightning% Storm% #empest% Flood and Inundation% Subsidence and andslide Main Extension

Earthquake (Fire 1 Shock" Spontaneous 2ombustion !eterioration of stocks in cold storage Impact !amage due to o+n vehicles Omission to insure additions 'rchitect% Surveyors 1 2onsulting engineer3s fees in e&cess of 4 0 of claim amount !ebris removal in e&cess of / 0 of claim amount.

All Riss Insurance Polic! Scope of cover

#his policy broadly covers loss or damage to insured property by fire% riot and strike% terrorist activity% theft% accident% any of +hich arising from any fortuitous cause any+here

+ithin the geographical limit stated.

Sum Insured

#he basis of arriving at the sum insured +ill be the market value of the  property. Premium

Premium chargeable depends on nature of insured property% territorial limits (India or +orld+ide" and claims e&perience. Significant Exclusions

#he first /0 of the claim% sub5ect to a ma&imum of ,s.-%)6 (hereinafter called 32ompulsory E&cess3"% shall be borne by the Insured.

#his Policy does not cover loss or damage arising from +ar and +arlike operations% civil commotion% +ear 1 tear% electrical breakdo+n% breakage of glass% theft from unattended vehicles% detention or confiscation by customs or other authorities and consequential loss.

Excess

/0 of the claim amount sub5ect to ma&imum of ,s. -)6 7igher voluntary e&cess qualifies for reduction in premium level.

Main Extension

Policy may be e&tended to cover electrical and mechanical breakdo+n on  payment of additional premium.

Electronic Equipment Insurance Policy Introduction

2overs loss or damage to the contractor3s  property due to any cause that is accidental and e&ternal in nature. (2ode$ Engg 8"

Scope of cover

2over operates +hen the insured property is at +ork or at rest or being dismantled for the purpose of cleaning)overhauling or during subsequent re6erection.

#he Policy broadly covers$ aterial damage to electronic equipment (+hich can include systems soft+are" due to sudden and unforeseen events% under Section I 2ost of e&ternal data media% including cost of reconstruction of data under  Section II% as also increased cost of +orking under Section III. 9hile Section I is compulsory% Section II and Section III are optional. Sum Insured Section I: :e+ ,eplacement cost of the insured property including

Freight% Erection cost% 2ustoms !uty% if any. Section II: 2ost of restoring the e&ternal data media by replacing lost or damaged data media by ne+ material and lost information. Section III: Sum Insured should represent the hiring charges per hour for a substitute equipment for ensuring continued data processing for the  period of indemnity specified% including personnel and transportation charges. Premium

,ate of Premium$ / 0 For equipments valued more than ,s /%%% a valid maintenance agreement is required to be in force% failing +hich / 0 loading is attracted. Significant Exclusions

#he Policy does not cover losses) damages due to$ 9ear 1 tear  9ar% +ilful act or +ilful negligence 'esthetic defects and consequential loss. Excess

Policy is sub5ect to compulsory e&cess. E&cess depends upon value of equipment. Separate e&cess applies to 9inchester !rive. 7igher voluntary e&cess qualifies for reduction in premium level.

"ome Insurance # Polic! $etails ;ey *enefits •

2omprehensive cover available% +hich covers both structure and ) or contents of your home

•

2overage up to / years for only structure% - years for only contents and - years for structure 1 content

•

2over against Fire and allied perils% *urglary 1 #heft and Optional cover for #errorism and 'dditional e&penses of rent for alternative accommodation.

%&at is covered


home% or only the contents (belongings" or both.

#he policy covers the losses to the structure and contents of your home due to any natural and man6made calamities.

%&at is not covered •

9illful destruction of property.

•

oss% damage and destruction caused by +ar% +ear and tear etc.

•

osses if your home has been unoccupied for more than 4 days%+ithout prior notice to the company.

•

2ash% bullion% painting% +orks of art and antiques.

For more details% kindly refer to the Policy 9ordings.

"o' to calculate t&e Sum Insured

#he home insurance policy insures the structure of your home for its reconstruction value (and not for market value". ,econstruction value is defined as the cost incurred to reconstruct the home if it is damaged. On the other hand% market value is a combination of cost of land% demand 1 supply scenario% etc.

2laim Process 2all us on our 8=&> #oll Free insurance helpline number /? 8@@@.

Provide relevant information% +hich includes your policy and other details

regarding your claim. 2onsequently% your claim request is authenticated and is escalated to the company3s claims department.

#he company3s claims department validates and registers the request. #he company appoints a surveyor +ithin =? hours.

days.

On receipt of documents% the claims department processes the claim +ithin > days.