Fire Insurance

introduction:
Every business has a specific set of requirements. Our range of business
products is especially designed to meet your business needs across the
commercial spectrum. It is pivotal to get adequate insurance cover for your
business to mitigate risk.
Fire and Special Perils Policy (Material Damage)
Scope of cover
The Insurance Policy broadly covers losses
due to:
Fire, lightning, explosion and implosion
Aircraft damage, riot, strike, malicious
damage and terrorism
Storm, tempest, flood and inundation
Impact damage, subsidence
Landslide/rockslide
Bursting and/or overflowing of water tanks,
apparatus and pipes
Missile 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.
Discount/ loading in premium is given based on past claims experience
for risks exceeding Rs. 50 crores sum Insured at any location and
installation of Fire Extinguisher Appliances.
Significant Exclusions
The Insurance Policy does not cover the first Rs.10,000 (or as applicable)
of each and every claim. Losses arising out of war and allied perils, theft,
willful act or gross negligence, loss of earnings, loss to bullion, documents,
currency etc. for an amount exceeding Rs. 10,000, unless expressly stated.
Excess
5 % of every claim resulting from Lightning, Storm, Tempest, Flood and
Inundation, Subsidence and Landslide
Main Extension
Earthquake (Fire & Shock)
Spontaneous Combustion
Deterioration of stocks in cold storage
Impact Damage due to own vehicles
Omission to insure additions
Architect, Surveyors & Consulting engineer's fees in excess of 3 % of
claim amount
Debris removal in excess of 1 % of claim amount.

All Risks Insurance Policy

Scope of cover
This policy broadly covers loss or damage to
insured property by fire, riot and strike,
terrorist activity, theft, accident, any of which
arising from any fortuitous cause anywhere

within the geographical limit stated.

Sum Insured
The basis of arriving at the sum insured will be the market value of the
property.
Premium
Premium chargeable depends on nature of insured property, territorial limits
(India or worldwide) and claims experience.
Significant Exclusions
The first 1% of the claim, subject to a maximum of Rs.5,000/- (hereinafter
called 'Compulsory Excess'), shall be borne by the Insured.
This Policy does not cover loss or damage arising from war and warlike
operations, civil commotion, wear & tear, electrical breakdown, breakage
of glass, theft from unattended vehicles, detention or confiscation by
customs or other authorities and consequential loss.

Excess
1% of the claim amount subject to maximum of Rs. 5000/- Higher
voluntary excess qualifies for reduction in premium level.

Main Extension
Policy may be extended to cover electrical and mechanical breakdown on
payment of additional premium.

Electronic Equipment Insurance Policy

Introduction
Covers loss or damage to the contractor's
property due to any cause that is accidental
and external in nature. (Code: Engg 02)

Scope of cover

Cover operates when the insured property is at work or at rest or being

dismantled for the purpose of cleaning/overhauling or during subsequent
re-erection.
The Policy broadly covers:
Material damage to electronic equipment (which can include systems
software) due to sudden and unforeseen events, under Section I
Cost of external data media, including cost of reconstruction of data under
Section II, as also increased cost of working under Section III. While
Section I is compulsory, Section II and Section III are optional.
Sum Insured
Section I: New Replacement cost of the insured property including
Freight, Erection cost, Customs Duty, if any.
Section II: Cost of restoring the external data media by replacing lost or
damaged data media by new 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
Rate of Premium: 1 % For equipments valued more than Rs 1,00,000, a
valid maintenance agreement is required to be in force, failing which 100 %
loading is attracted.
Significant Exclusions

The Policy does not cover losses/ damages due to:

Wear & tear
War, wilful act or wilful negligence
Aesthetic defects and consequential loss.
Excess
Policy is subject to compulsory excess. Excess depends upon value of
equipment. Separate excess applies to Winchester Drive. Higher voluntary
excess qualifies for reduction in premium level.

Home Insurance - Policy Details

Key Benefits

Comprehensive cover available, which covers both structure and / or

contents of your home

Coverage up to 10 years for only structure, 5 years for only contents

and 5 years for structure & content

Cover against Fire and allied perils, Burglary & Theft and Optional
cover for Terrorism and Additional expenses of rent for alternative
accommodation.

What is covered
You can choose to buy insurance for only the building (structure) of your

home, or only the contents (belongings) or both.

The policy covers the losses to the structure and contents of your home due
to any natural and man-made calamities.

What is not covered

Willful destruction of property.

Loss, damage and destruction caused by war, wear and tear etc.

Losses if your home has been unoccupied for more than 30

days,without prior notice to the company.

Cash, bullion, painting, works of art and antiques.

For more details, kindly refer to the Policy Wordings.

How to calculate the Sum Insured
The home insurance policy insures the structure of your home for its
reconstruction value (and not for market value). Reconstruction 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 & supply
scenario, etc.

Claim Process
Call us on our 24x7 Toll Free insurance helpline number 1800 2666.
Provide relevant information, which includes your policy and other details

regarding your claim. Consequently, your claim request is authenticated

and is escalated to the company's claims department.
The company's claims department validates and registers the request. The
company appoints a surveyor within 48 hours.
You will need to submit all the relevant documents to the surveyor. The
surveyor submits the Final Survey Report (FSR) along with the
documents within 7 days.
On receipt of documents, the claims department processes the claim
within 7 days.