BANKING AND INSRANCE CIA-3

SHRIRAM General Insurance

Submitted By:

Dev Garg

1723210

4 BBA(H)-C

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Contents
About the Company: ......................................................................................................................... 3
Shriram General Insurance Company Vision and Mission ............................................................... 4
Shriram General Insurance Company Offers .................................................................................. 5
Products and Services on Offer from Shriram General Insurance Company ................... 6
Fire insurance: ................................................................................................................................... 6
Engineering insurance: ...................................................................................................................... 7
Cargo Insurance Policy:...................................................................................................................... 8
Product liability: ................................................................................................................................ 9
Personnel accident : ........................................................................................................................ 13
What Shriram General Insurance Personal Accident Covers? ................................................ 13
Who is eligible for this policy? .................................................................................................. 16
COMPARISON:................................................................................................................................. 17

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About the Company:

Shriram General Insurance Company is a joint venture between the Indian financial
sector major Shriram Capital and Sanlam Limited, which is the largest general
insurance company in South Africa. In the partnership Shriram Capital holds 74% stake
while the remaining 26% is held by Sanlam.

The Shriram Group was established in 1974 and the commercial vehicle financing
business is the biggest success storu so far. The company also has a retail lending
business which caters to personal loans, home loans, consumer durable and gold loans.
The company also has a life insurance business in Shriram Life insurance. The Sanlam
Group is a financial services major with insurance, banking and asset management
business lines.

In today's age of consumerism, insurance requirements have expanded to keep pace with
the increasing risks. Today we have wide assortment of risk coverage commencing from
ransom to wedding, shops to assets, travel to vehicles etc... General Insurance companies

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have willingly catered to these increasing demands and have offered plethora of
insurance covers that almost cover anything and everything under the sun.

Hence foreseeing the General Insurance business as a Sunrise Industry, Shriram Group
has entered into this business and as a result Shriram General Insurance came into
existence. Upto Sept 2012 it was a 74:26 Joint Venture between Shriram Capital Ltd.
and Sanlam Limited (South Africa).. SANLAM is a leading Financial Services Group
of South Africa with a market capitalization of more than $6 billion, established in 1918
and the Group demutualised in 1998. SANTAM is a part of Sanlam Limited, which is
engaged in short-term insurance cluster and is the leading short-term insurance company
in South Africa. Since September 2012, the stake of Sanlam Limited (South Africa) has
been transferred to Shriram Capital Ltd. The overall team of SGI includes young and
vibrant senior executives of insurance domain to handle Underwriting and Claim
matters.

The business philosophy of Shriram General Insurance is to serve the largest number of
common people ("Aam Admi"). The Group's continued focus on addressing customer
needs, nurturing talent and bringing a home grown technology platform while delivering
to the underserved segments of the economy, has ensured strong growth & sustainability
for over 3 decades. The Group's vision is serving to the underserved and creating value
atthebottomofthePyramid.

SGI is redefining the service parameters of General Insurance Industry by ensuring that
each employee understands the Slogan "BE INSURED... REST ASSURED" in its spirit
and the customer has an overall pleasant experience. The company is giving special
attention to the innovative products and application of latest IT developments in its
operations.

SGI has been awarded "Excellence In Growth Award" for 2 consecutive year (2011 &
2012)

Shriram General Insurance Company Vision and Mission

Shriram’s vision is to serve the underprivileged and create value at the bottom of the
pyramid. It also aims at serving all parameters of the General Insurance Company by

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ensuring that each of its employee understands the slogan ‘Be Insured Rest Assured’,
so that the customer can have an overall pleasant experience.

Besides all this, it intends to give special attention to innovative products and
application of its latest IT development.

Shriram General Insurance Company Offers

Shriram General Insurance offers a wide range of products such as

 Car Insurance
 Two Wheeler Insurance
 Home Insurance
 Travel Insurance
 Commercial Vehicle Insurance
 Fire Insurance
 Engineering Insurance
 Marine Insurance
 Liability Insurance
 Shri Suraksha Insurance
 Householder’s Umbrella Package Insurance
 Shopkeeper Umbrella Package Insurance
 Personal Accident Insurance
 Fidelity Guarantee Policy
 Burglary Insurance
 All Risk Insurance
 Business Protector PolicY

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 Products and Services on Offer from Shriram General Insurance
Company

Fire insurance:

PolicyCoverage:
This Policy may cover various assets such as Building, Plant & Machinery, Stock, and
Furniture, Fixtures against loss or damage due to:

 Fire, Lightning, Explosion / Implosion.

 Aircraft Damage,
 Riot, Strike & Malicious Damage.
 Storm, Cyclone, Tempest, Hurricane, Tornado, Flood and Inundation.
 Impact Damage, Subsidence and Landslide including Rockslide.
 Bursting and/or overflowing of Water Tanks, Apparatus and Pipes.
 Missile testing operations.
 Leakage from Automatic Sprinkler Installations and Bush Fire.

Add-onCoverage:
The Add-on covers offered are as follows:

 Fees for Architects, Surveyors and Consulting Engineers are beyond 3% of the
claim amount.
 Expenses for removal of Debris beyond 1% of claim amount.
 Deterioration of Stocks in Cold Storage premises due to power failure /change
in temperature arising out of loss or damage to the cold storage machinery (ies)
due to operation of insured peril.
 Forest Fire.
 Impact Damage due to Insureds own Rail/Road Vehicles, Forklifts, Cranes,
Stackers and the like and articles dropped there from
 Spontaneous Combustion.
 Omission to insure additions, alterations or extensions.
 Earthquake damage caused by Fire and Shock.

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  Temporary removal of stocks is covered to any other premises for the purpose
of production or processing or finishing or similar purposes.
 Loss of Rent and / or additional expenses of rent for alternative
accommodation.
 Start Up Expenses
 Spoilage Material Damage Cover
 Leakage And Contamination Cover
 Temporary Removal of Stocks Clause

Specific Exclusion:

 Loss, destruction or damage caused by war, invasion, act of foreign enemy

hostilities or war like operations (whether war be declared or not), civil war,
mutiny, civil commotion assuming the proportions of or amounting to a popular
rising, military rising, rebellion, revolution, insurrection or military or usurped
power.

Engineering insurance:

Scopeofcover:
This Policy covers civil construction projects, such as residential / commercial
buildings, theatres, factory sheds, warehouses, roads, bridges, dams, reservoirs, tunnels,
oil / gas pipelines, water / sewage disposal works, airports, flyovers, etc.
Following perils covered under this Policy:
This is all risk insurance, which covers :

 Section 1:-Material damage by accidental physical loss and

 Section 2:-Third party losses

During the execution of a civil engineering project unless specifically excluded.

SumInsured
The Sum Insured shall include landed cost at site of imported / indigenous materials,
construction cost (including visits of specialists / experts, supervision charges). It is the
completely erected value of property inclusive of freights, custom duty, erection cost

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 adjusted to fluctuations in wages / prices.
Add on cover/Extension

 Maintenance Visits and extended Maintenance cover

 Earthquake
 Clearance & Removal of Debris
 Third Party Liability
 Owner's Surrounding Property
 Escalation
 Terrorism

Significant Exclusions

 War & Nuclear Risks

 Willful Act / Negligence
 Partial / Total cessation of Work
 Normal wear & tear
 Loss or damage due to faulty design
 Consequential Losses
 Cost of replacement / repair or rectification of defective material and / or
workmanship

Cargo Insurance Policy:

Scopeofcover:
This policy provides cover against loss or damage to cargo during transit (Inland
/Import/Export) from one place to another by any one or more mode of transport. You
can take marine policy, if you are Buyers, Sellers, Buying Agents and Contractors or
engaged in the business of movement of goods.
TypeofCovers:
1) Export/Import Cargo Insurance:-

 Institute Cargo Clause (A)

 Institute Cargo Clause (B)

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  Institute Cargo Clause (C)

2) Inland Cargo Insurance:

 Inland Transit (Rail or Road) Clause A (All Risks) ITC A

 Inland Transit (Rail or Road) Clause B (Basic Cover) ITC B
 Inland Transit (Rail or Road) Clause C (Fire Only) ITC C
 Other prevailing clause as per market agreement.

Sum Insured:

 This is an agreed value policy. Normally, insurance is taken for CIF+10%

Specific Exclusions

 This Policy does not cover loss or damage due to willful misconduct, ordinary
leakage, improper packing, delay, inherent vice, war, strike, riot and civil
commotion.

Main Extension
Inland Cargo Insurance:-
Extensions available include strike, riot and civil commotion.
Import Cargo Insurance:-
Extensions available are include War, Strike, Riot and Civil Commotion and Duty
Insurance Cover.
Export Cargo Insurance:-
Extensions available are include War, Strike, Riot and Civil Commotion and Duty
Insurance Cover

Product liability:

As a manufacturer supplying products, you are always susceptible to the possibility that
your product could cause damage to a third party either property or a person. A small
defect could open up to massive claims. In such a case, Shriram Generals Product
Liability Insurance is vitally important for product manufacturers. The policy not only

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protects your organisation from claims but also covers legal costs associated with
defending these claims against your organisation.

COVERAGES
The policy covers all sums (including defence costs) which the insured becomes legally
liable to pay as damages as a consequence of:

 Accidental death/bodily injury or disease to any third party;

 Accidental damage to property belonging to a third party;

Arising out of any defect in the product manufactured by the insured and specifically
mentioned in the policy after such product has left the insureds premises. Coverage is
written on a claims made basis, i.e. a liability policy that provides coverage for an
injury or loss if the claim is first reported or filed during the policy period. However,
the policy offers the benefit of retroactive date, i.e. a date stipulated in a claims-made
liability policy declarations section as the first date of incidents covered by the policy.
The retroactive date is designed to provide coverage for claims resulting from
incidents that take place prior to the current policy term. Renewal claims-made
policies usually have the retroactive date of the first policy issued to the insured.
When this is not done, there is a gap in coverage.

ADD-ON COVERS

 a) Technical Collaborators Inclusion Clause: This policy may be extended to

include the legal liability of Collaborator with respect to the technical
Collaboration Agreement between the Insured and the Collaborator. No claim
shall be payable under this policy unless the cause of action arises in India and
the liability to pay claim is established against the Insured in an Indian Court,
except for the claims in respect of exports of products covered under the Policy.
 b) Vendors Liability Extension: This Policy may be extended to include any
person or organisation designated below (herein referred to as 'vendor') as an
insured but only with respect to the distribution or sale in the regular course of
the vendor's business of the Insured's products. However if Insured is not the
manufacturer of the Product & it is manufactured by Sub-Contractors and/or

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 Loan & Licence Manufacturers on their own brand name, the same can be
covered under the Products Liability Policy by charging an additional premium.
 c) North American Jurisdiction Extension Clause: The Policy may be
extended to cover for the indemnity to be granted in respect of any judgement,
award or settlement made within countries which operate under the laws of the
United States of America or Canada (or to any order made anywhere in the
world to enforce such judgement, award or settlement either in whole or in part)
such extension where a specific amount has been entered against 'Applicable
Excess', and where a specific date has been entered against "Retroactive Date"
in the Schedule under the heading "North American Jurisdiction".

EXCESS:
Exports to U.S.A/Canada: All Policies covering exports to U.S.A/ Canada shall bear a
Compulsory Excess of 1% of the limit of indemnity per any one accident subject to a
minimum of Rs. 4,000/-. Domestic Turnover & / or Exports to OECD & Non-OECD
Countries: All Policies covering Domestic Turnover & / or Exports to OECD & Non-
OECD Countries but excluding exports to U.S.A/Canada shall bear a Compulsory
Excess of 0.5% of the limit of indemnity per any one accident subject to a minimum of
Rs. 2,000/- This Compulsory Excess shall be applicable to both (a) death/bodily injury
(b) property damage, inclusive of defence costs arising out of any one accident. The
Company's liability shall attach for the claim in excess of such Compulsory Excess (and
Voluntary Excess, if any, opted by the Insured).

EXCLUSIONS
This Policy does not cover liability

 for costs incurred in the repair, reconditioning, modification or replacement of

any part of any product which is or is alleged to be defective;
 for costs arising out of the recall of any product or part thereof;
 arising out of any product which with the Insured's knowledge is intended for
incorporation into the structure, machinery or control of any aircraft;
 arising out of deliberate, willful or intentional non- compliance of any statutory
provision.

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 e) arising out of pure financial loss such as loss of goodwill, loss of market
etc.
 f) arising out of fines, penalties, punitive and/or exemplary damages;
 g) directly or indirectly occasioned by happening through or in consequence
of war, invasion, act of foreign enemy, hostilities (whether war be declared or
not), civil war, rebellion, revolution, insurrection or military or usurped power;
 h) directly or indirectly caused by or contributed to by or arising from;
1) ionising radiation or contamination by radioactivity from any nuclear fuel or
from any nuclear waste from the combustion of nuclear fuel
2) the radioactive, toxic, explosive or other hazardous properties of any
explosive nuclear assembly or nuclear component thereof;
 i) for damage to property belonging to the Insured or held in trust or in custody
or control of the Insured or a person in the service of the Insured.
 j) arising out of Injury and/or Damage occurring prior to the Retroactive Date
in the Schedule. Provided always that in the event of any Injury or Damage
arising from continuous or continual inhalation, ingestion or application of any
substance following the covered accident and where the Insured and the
Company cannot agree when the Injury or Damage occurred, then:
1) Injury shall be deemed to have occurred when the Claimant first consulted a
qualified medical practitioner in respect of such Injury;
2) Damage shall be deemed to have occurred when it first became evident to the
Claimant, even if the cause was unknown.
 k) arising out of deliberate, conscious or intentional disregard of the Insured's
technical or administrative management of the need to take all reasonable steps
to prevent claims;
 l) Injury to any person under the contract of employment or apprenticeship
with the Insured their contractor(s) and/or Sub-contractor(s) when such injury
arises out of the execution of such contract;
 m) arising out of contractual liability unless liability have existed in the
absence of the specific contract;
 n) arising out any product guarantee;
 o) arising out of claims for failure of the goods or products to fulfil the purpose
for which they were intended.

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Personnel accident :

What Shriram General Insurance Personal Accident Covers?

Accidental Death
In case of accidental death, we will pay the nominee 100% of the sum insured shown
under each of the Basic Plan, Basic Plus Plan, Advance Plan or Comprehensive Plan
that is selected by Insured Person, if during the Policy Period, an insured person named
in the schedule meet with any Accidental Bodily Injury, that causes his/her death within
12 Months from the date of such accident and such accident is the sole and direct cause
of such death.

Permanent Total Disability

If the person involved with an accident and get damages permanently. We will pay
Insured Person 100% of the sum insured shown under Basic Plus Plan, Advance Plan
or Comprehensive Plan that is selected by Insured Person, if the insured person named
in the schedule meet with Accidental Bodily Injury during the Policy Period that causes
Permanent Total Disability (shown in the table below) within 12 months from the date
of accident is the sole, and direct cause of such Permanent Total Disability.

Disability % of SI
Loss of sight of both the eyes 100%
Loss of two entire hands or two entire feet 100%
Loss of one entire hand and one entire foot 100%
Loss of sight of one eye and loss of one entire foot or hand 100%
Complete loss of hearing of both ears or complete loss of Speech 100%
Complete loss of hearing of both ears and loss of one limb 100%
Complete loss of hearing of both ears and loss of sight of one eye 100%
Complete loss of speech and loss of one limb 100%
Complete loss of speech and loss of sight of one eye 100%

Permanent Partial Disability

If the insured person named in the schedule meet with Accidental Bodily Injury during
the Policy Period that causes Permanent Partial Disability within 12 months from the

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date of such accident and such accident is the sole and the direct cause of such
Permanent Partial Disability, then We will pay the percentage (shown in the table
below) of the sum insured shown under each of the Schedule headings Advance Plan
and Comprehensive Plan that is selected by the insured, however, in case of multiple
permanent partial disability maximum payable amount will not be more than 100% of
Capital Sum Insured.

Nature of Disability Percentage of Sum Insured Payable

An arm at the shoulder joint 70%
An arm above the elbow joint 65%
An arm beneath the elbow joint 60%
A hand at the wrist 55%
A thumb 20%
An index finger 10%
Any other finger 5%
A leg above mid-thigh 70%
A leg up to mid-thigh 60%
A leg up to beneath the knee 50%
A leg up to mid-calf 45%
A foot at the ankle 40%
A large toe 5%
Any other toe 2%
An eye 50%
Hearing of one ear 30%
Sense of smell 10%
Sense of taste 5%

Temporary Total Disability

If the insured named in the schedule suffer Accidental Bodily Injury during the Policy
Period shown under each of the Schedule headings comprehensive plan that is selected
by the insured. Which is the sole and direct cause of a temporary disability which
completely prevents the insured person from engaging in his/her respective occupation,

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then we will make a weekly payment of 1 % of capital sum insured per week, maximum
Upto Rs 50000/- per week, subject to:

- The insured temporary disablement is certified by a Medical Practitioner/ Physician.

-We will make the first payment when the insured person named in the schedule satisfy
us that the Accidental Bodily Injury has completely prevented the insured person from
engaging in his/her occupation.

- We will stop making payments when We are satisfied that the insured person named
in the schedule can engage in his/her occupation again, or when We have made
payments for a maximum period of 100 weeks from the date the insured person met
with the Accidental Bodily Injury, whichever is earlier.

Additional Benefit Transportation of Mortal Remains

If we have accepted a claim under Accidental Death, for the death of the insured named
in the schedule, and then we will pay towards the actual cost of transporting the remains
of the deceased from the place of death to a hospital, cremation ground or burial ground.
The amount We pay will be limited to the lower of Rs.5, 000/- or 2% of the sums
insured shown as under with respect to any one of the plan (Basic Plan, Basic Plus Plan,
Advance Plan or Comprehensive Plan) that is selected by the insured.

Children‘s Education Benefit

If we have accepted a claim under either Accidental Death or Permanent Total
Disability, then we will make a one-time payment of 2% of the benefit for each child
towards the cost of education, up to first 2 of the insured’s dependent children who are
studying. In case of more than two children then the company will pay to first two
children only.

Personal Accident Cover % SI

Accidental death Sum insured 100%
Permanent Total Disability (losing both limbs,
Sum insured 100%
eyes, hearing & speaking ability/
Permanent Partial Disability (loses a limb or an
Sum insured up to 70%
eye partially

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 (1 % of capital sum insured per week,
Temporary Total Disability maximum Up to Rs.
50000/- per week)
Transportation of mortal remains (Additional cover with Sum insured 2%)
Children's education benefits (Additional Cover (Additional Cover Additional cover with
Additional cover with Sum insured 2%) Sum insured 2%)

Who is eligible for this policy?

Personal accident coverage is important and needful for everyone but there are some
criteria for buying it. You must be eligible for it and know the norms.

Shri Personal Accident only covers those individuals who are a minimum age of 1 year
and maximum 70 years. The comprehensive plan will not be offered/renewed for
insured below the age of 21 or above 70.

Premium Rate:
The premium rate of personal accident insurance policy differs on the level of risk of
the insured -

Risk Level I: The highly reputed professionals count in the higher risk category like
the accountant, doctors, lawyers, architects, consulting engineers, teachers, bankers,
and the people engaged in administrative functions.

Risk Level II: Professionals like builders, contractors, and engineers who are engaged
in superintending functions only, veterinary doctors, paid drivers of motor cars and light
motor vehicles and persons engages in occupations of similar hazard and not engaged
in manual labour.

Shriram Personal Accident Plans:

The Basic Plan: If you select the basic PA plan then you will be covered for accidental
death, transportation of mortal remains and will be given children's education benefits.

The Basic Plus Plan: In this plan, you will be protected against the accidental death,
children's educations benefits and permanent total disability.

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 The Advance Plan: The Shriram Personal Accident advance plan covers accidental
death, children's educations benefits and permanent total disability and the permanent
partial disability.

The Comprehensive Plan: Here's the complete package of personal accident i.e., the
comprehensive plan contains accidental death, children's educations benefits,
permanent partial disability, and temporary total disability.

COMPARISON:
ENGENIERING INSURANCE:

BASIS SHRIRAM GENERAL RELIANCE GENERAL

INSURANCE INSURANCE

SUM INSURED The Sum Insured shall include Comprehensive, continuous

landed cost at site of imported / cover for any eventuality
indigenous materials, during construction period
 Various options available for
construction cost (including
visits of specialists / experts, the insured to choose specific
supervision charges). additional coverage such as
It is the completely erected removal of debris, express
value of property inclusive of freight, covering insured's
freights, custom duty, erection surrounding property, third
cost adjusted to fluctuations in party liability, etc.
wages / prices.  Flexibility for the insured to
assign limits for the amount of
additional coverage

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INCLUSION  Maintenance Visits and
extended Maintenance Provides cover to civil
cover engineering projects:
 Earthquake  Where the value of civil works
 Clearance & Removal is more than 50 per cent of the
of Debris total contract value
 Third Party Liability  During storage,
 Owner's Surrounding erection/construction, up to
Property completion and handing over of
 Escalation the works to the principal.

EXCLUSION  War & Nuclear Risks  Excess as specified in the

 Willful Act / Schedule
Negligence  Loss discovered only at the
 Partial / Total cessation time of taking an inventory
of Work  Normal wear and tear, gradual
 Normal wear & tear deterioration due to
 Loss or damage due to atmospheric conditions or lack
faulty design of use or obsolescence, rust,
 Consequential Losses scratching of painted or
 Cost of replacement / polished surfaces or breakage
repair or rectification of of glass
defective material and / Loss or damage due to faulty
or workmanship design
 The cost of replacement, repair
or rectification of defective
material and/or workmanship

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Product Liability:

BASIS SHRIRAM GENERAL RELIANCE GENERAL

INSURANCE INSURANCE

FEATURES  Protection against legal liability

The policy covers all sums
(including defence costs) which that could arise out of product
the insured becomes legally defects
liable to pay as damages as a Extension available includes
consequence of: any judgment / payment made
within countries that operate
 Accidental death/bodily
under the laws of the United
injury or disease to any
States of America, Canada, or
third party;
anywhere in the world
 Accidental damage to
 Complete coverage for legal
property belonging to a
liability arising out of injury,
third party;
damage or pollution

INCLUSION Technical  Accidents arising due to defects

Collaborators
Inclusion Clause in the products
 Injury, damage, or pollution
North American Jurisdiction
Extension Clause arising out of products
Vendors Liability Extension  Compensation shall include -
 Claimant’s costs, fees and
expenses anywhere in India,
payable under the law of the
country

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EXCLUSION  for costs incurred in the  Cost, repair or
repair, reconditioning, replacement of
modification or allegedly defective
replacement of any part product.
of any product which is  Product recall
or is alleged to be  Contractual agreement
defective; liability
 for costs arising out of  Any product which is
the recall of any product intended for
or part thereof; incorporation into any
 arising out of any aircraft
product which with the  Financial loss or loss of
Insured's knowledge is goodwill
intended for  Deliberate, willful,
incorporation into the intentional non-
structure, machinery or compliance of statutory
control of any aircraft; provisions

 arising out of  Any product guarantee

deliberate, willful or 

intentional non-
compliance of any
statutory provision.

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FIRE INSURANCE

BASIS SHRIRAM GENERAL INSURANCE RELIANCE GENERAL

INSURANCE
COVERAGE  Fire, Lightning, Explosion /  Industrial/manufacturing
Implosion. risks
 Aircraft Damage,  Property located outside the
 Riot, Strike & Malicious compounds of
Damage. industrial/manufacturing
 Storm, Cyclone, Tempest, risks, namely
Hurricane, Tornado, Flood and o Dwellings, offices,
Inundation. hotels, shops, etc.
 Impact Damage, Subsidence o Utilities
and Landslide including o Storage risks
Rockslide. o Tank farms/gas
 Bursting and/or overflowing of holders
Water Tanks, Apparatus and The Reliance Standard Fire and
Pipes. Special Perils Policy covers the
 Missile testing operations. following risks:
 Leakage from Automatic  Fire
Sprinkler Installations and Bush  Lightning
Fire.  Explosion / implosion
 Aircraft damage
 Riot, strike and malicious
damage
 Storm, cyclone, typhoon,
tempest, hurricane, tornado,
flood and inundation
 Impact damage
 Subsidence and landslide
including rockslide -
demolition, construction,
structural alterations, or

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 repair of any property, or
ground works, or excavations
 Bursting and/or overflowing
of water tanks, apparatus and
pipes
 Missile testing operations
 Leakage from automatic
sprinkler installations
excluding loss, destruction or
damage
 Bush fire
 Architects, surveyors and
consulting engineers fees up
to three per cent of claim
amount
 Debris removal up to one per
cent of claim amount.

ADD ON  Fees for Architects, Surveyors  Earthquake (fire and shock)

COVERAGES and Consulting Engineers are  Fees to architects, surveyors
beyond 3% of the claim amount. and consulting engineers in
 Expenses for removal of Debris excess of 3% of claim amount
beyond 1% of claim amount.  Debris removal in excess of
 Deterioration of Stocks in Cold 1% of claim amount
Storage premises due to power  Deterioration of stocks in
failure /change in temperature cold storage due to :
arising out of loss or damage to o Accidental power
the cold storage machinery (ies) failure resulting from
due to operation of insured peril. damage at the
 Forest Fire. premises of power
 Impact Damage due to Insureds station due to an
own Rail/Road Vehicles, insured peril.
Forklifts, Cranes, Stackers and

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 the like and articles dropped there o Change in
from temperature arising
 Spontaneous Combustion. out of loss or damage
 Omission to insure additions, to the cold storage
alterations or extensions. machinery in the
 Earthquake damage caused by insured premises due
Fire and Shock. to operation of
insured peril.
 Forest fire
 Impact damage due to
insured's own rail/ road
vehicles, forklifts, cranes,
stackers and the like and
articles dropped there from.
 Spontaneous combustion
 Omission to insure additions,
alterations or extensions
 Spoilage material damage
 Leakage and contamination
 Temporary removal of stocks
clause
 Loss of rent clause Additional
expenses towards rent for an
alternative accommodation
 Start–up expenses
 Molten metal spillage

EXCLUSIONS  Loss, destruction or damage  War and nuclear perils

caused by war, invasion, act of  Pollution and contamination
foreign enemy hostilities or war  Consequential loss
like operations (whether war be  Volcanic eruption or other
declared or not), convulsions of nature

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  civil war, mutiny, civil
commotion assuming the
proportions of or amounting to a
popular rising, military rising,
rebellion, revolution, insurrection
or military or usurped power.

CARGO INSURANCE:

BASIS SHRIRAM GENERAL RELIANCE GENERAL

INSURANCE INSURANCE
COVERAGE 1) Export/Import  Land: Road or railway
Cargo
Insurance:-  Waterways: Ships, inclusive of
every description of vessel used
 Institute Cargo Clause
in navigation
(A)
 Air: Aircraft used for the
 Institute Cargo Clause
transport of cargo, among others
(B)
Government or private postal
 Institute Cargo Clause
services
(C)
The coverage provided under

2) Inland Cargo Insurance: these policies ranges from a

restricted form of cover, e.g.
 Inland Transit (Rail or Fire and Lightning perils only,
Road) Clause A (All to the widest available form of
Risks) ITC A cover, namely, All Risks, at the
 Inland Transit (Rail or option of the insured. The
Road) Clause B (Basic different types of polices are:
Cover) ITC B Specific Policy: Covers those
 Inland Transit (Rail or specified risks under marine
Road) Clause C (Fire
Only) ITC C

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  Other prevailing clause cargo sent or received during the
as per market agreement. policy period.
Open Policy: Provides
automatic and continuous
insurance protection to all
shipments sent/ received during
the policy period.
Open Cover: Similar to Open
Policy, this variant covers loss
or damage to cargo where a
specific stamped certificate is
issued for the declaration made.

ADD ON COVERAGES Inland Cargo  Policy extendable to cover war

Insurance:-
Extensions available include and strikes perils
strike, riot and civil commotion. Three variants to choose from
Import Cargo Insurance:- (Specific Policy, Open Policy
Extensions available are include and Open Cover)
War, Strike, Riot and Civil
Commotion and Duty Insurance
Cover.
Export Cargo Insurance:-
Extensions available are include
War, Strike, Riot and Civil
Commotion and Duty Insurance
Cover

EXCLUSIONS   Willful
This Policy does not misconduct of the
cover loss or damage insured
due to  Insufficiency or unsuitability of
willful
misconduct, ordinary packing or preparation of the
leakage, improper cargo insured

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  Ordinary wear and tear and
packing, delay, inherent
vice, war, strike, riot and inherent flaws in the cargo
civil commotion. insured
 Delay
 Insolvency and financial
distress of the carriers
 Unseaworthiness of the vessel

PERSONAL ACCIDENT

BASIS SHRIRAM GENERAL RELIANCE GENERAL

INSURANCE INSURANCE
COVERAGE  Accidental Death  Accidental Death
 Permanent Total Disability  Permanent Total Disability
 Permanent Partial Disability  Medical Expenses Extension
 Accidental Death
 Permanent Total Disability
 Permanent Partial Disability

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