Stocks kept in cold storages can suffer deterioration following breakdown of the refrigerated machinery. A separate policy called deterioration of stocks (DOS) can be issued to cover damage to the stocks.
Stocks kept in cold storages can suffer deterioration following breakdown of the refrigerated machinery. A separate policy called deterioration of stocks (DOS) can be issued to cover damage to the stocks.
For the purpose of this policy, Glass is defined as fixed plain glass and mirrors in or on the premises of the Insured where such glass is situated, excluding painting, tinting, embossing or ornamental works on the Glass unless expressly stated in the Schedule and its value included in the Sum Insured.
Glass shall also include frames and framework provided it is expressly stated in the Schedule and its value included in the Sum Insured.
For the purpose of this policy Sum Insured means Sum Insured as mentioned in the policy schedule which is the maximum sum payable as a whole under the policy during the policy period for all the insured perils. Sum Insured shall be on Reinstatement Value basis.
Reinstatement Value means the cost of replacing or reinstating Glass of the same kind or type but not superior to or more expensive than the Glass when insured.
Covers any losses or damage due to accidents, fire and allied perils, riots and strikes to the neon / glow signs.
All Risk Insurance cover a wide range of risks. Infact it covers damage to or loss of property due to any reason whatsoever except for those specifically excluded in the policy. This cover is especially suitable for all kinds of portable devices are equipment. Since fire insurance is location specific and portable equipment can move anywhere within certain geographical limits, they cannot be covered under a Fire Insurance policy. An All Risk Insurance policy provides them a comprehensive cover. Hence the following equipment and similar equipment should be covered under am All Risk Insurance:
The main exclusions in the policy are:
The major Property Insurance cover in India is Fire Insurance. Although called Fire Insurance, it is an umbrella insurance policy covering many risks. The risks covered under Fire Insurance, technically named as Standard Fire and Special Perils Policy, are:
The policy is technically named as Standard Fire and Special Perils Policy.
Fire, Lightening, Explosion & Implosion, Forest Fire, Bush Fire
Storm, Tempest, Flood, Inundation, Earthquake, Landslide, Rockslide
Riot, Strike, Malicious Damage and Terrorism
Impact Damage, Aircraft Damage, Bursting and/or overflowing of Water Tanks, Apparatus and Pipes, Missile Testing operations, Leakage from Automatic Sprinkler Installations
This Policy does not cover
The first 5% of each and every claim subject to a minimum of Rs.10,000 in respect of each and every loss arising out of “Act of God perils” such as Lightening, STFI, Subsidence, Landslide and Rock slide covered under the policy
The first Rs.10,000 for each and every loss arising out of other perils in respect of which the Insured is indemnified by this policy. The Excess shall apply per event per insured.
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.
Loss, destruction or damage directly or indirectly caused to the property insured by
Loss, destruction or damage caused to the insured property by pollution or contamination excluding
Loss, destruction or damage to bullion or unset precious stones, any curios or works of art for an amount exceeding Rs. 10000/-, manuscripts, plans, drawings, securities, obligations or documents of any kind, stamps, coins or paper money, cheques, books of accounts or other business books, computer systems records, explosives unless otherwise expressly stated in the policy.
Loss, destruction or damage to the stocks in Cold Storage premises caused by change of temperature.
Loss, destruction or damage to any electrical machine, apparatus, fixture, or fitting arising from or occasioned by over-running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity from whatever cause (lightning included) provided that this exclusion shall apply only to the particular electrical machine, apparatus, fixture or fitting so affected and not to other machines, apparatus, fixtures or fittings which may be destroyed or damaged by fire so set up.
Expenses necessarily incurred on (i) Architects, Surveyors and Consulting Engineer’s Fees and (ii) Debris Removal by the Insured following a loss, destruction or damage to the Property insured by an insured peril in excess of 3% and 1% of the claim amount respectively.
Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind or description whatsoever.
Loss or damage by spoilage resulting from the retardation or interruption or cessation of any process or operation caused by operation of any of the perils covered.
Loss by theft during or after the occurrence of any insured peril except as provided under Riot, Strike, Malicious and Terrorism Damage cover.
Any Loss or damage occasioned by or through or in consequence directly or indirectly due to earthquake, Volcanic eruption or other convulsions of nature.
Loss or damage to property insured if removed to any building or place other than in which it is herein stated to be insured, except machinery and equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period not exceeding 60 days.
Burglary Insurance policy covers property contained in business premises like furniture, fixtures, fittings, office equipment, electronic equipment, stocks owned, or for which insured is responsible or held in trust and/or commission. It can also cover cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard if specifically mentioned.
The policy covers loss or damage caused by Burglary and Theft following upon an actual forcible and violent entry of and / or exit from the premises and Robbery. It also covers damage to your premises caused by burglars during burglary or attempts at burglary.
The Policy pays actual loss/damage to your insured property caused by burglary subject to the limit of Sum Insured. If Sum Insured is not adequate, Policy pays only proportionate loss.
There is also a provision in the Policy to cover bulk items on ‘first loss’ basis wherein a percentage of total stock stored can be taken as that exposed to the risk of burglary and housebreaking. The premium is charged on this percentage selected only. Policies can be issued on declaration basis and on floater basis for stocks
This policy is suitable for every industry which operates on machines and for whom breakdown of plant and machinery is of serious consequence. Monetary costs involved for restoration of machine to its original state are covered by the machinery (breakdown) insurance policy.
The policy offers cover against loss or damage to the plant and machinery due to sudden and unforeseen reasons whilst the machinery is at work or at rest caused by:
Additional expenses required to repair & restore the damaged machinery like overtime, express freight, surrounding property, third party liability, additional customs duty, air freight can be covered on payment of necessary additional premium.
In case of partial loss, all expenses necessary for restoration of the affected machinery will be paid to the extent insured in the policy. Claims will be paid in full provided the machine is adequately insured. Depreciation is not applied except for parts with limited life or which are subject to wear and tear. Excess at 1% of sum insured shall be deducted from all claims. Where the repair cost exceeds the cost of the machine, loss will be dealt on ‘total loss basis ‘ i.e claim will be settled for the depreciated cost of the machine as on the date of loss.
Premium is charged on the reinstatement value of individual machinery. The machine as a whole should be insured. Premium rates depend on the type of machine; the industry in which it is used and its value. Discounts are offered based on factors such as stand-by facilities, spares available and claims experience provided the value of all machinery at a particular location exceeds Rs.10 crores.
A duly filled in proposal form along with a schedule giving full details of the machinery required to be insured along with its reinstatement value is necessary. All the machinery should be in good working condition at the time of taking insurance. Selection of critical equipment is permitted but the machine needs to be insured as a whole.
This policy covers entire range of Electronic Equipments from a Personal Computer to sophisticated servers and routers. However the policy does not cover mobile electronic equipment like laptops, digital cameras etc
SECTION I – Covers any unforeseen and sudden physical loss or damage to Electronic Equipment’s from any cause, other than those excluded.
SECTION II – Covers External Data Media and the expenses for reconstruction and re-recording of information
SECTION III – Covers Increased Cost of Working
Costs arising from false programming, punching, labeling or inserting, inadvertent canceling of information or discarding of data media, and from loss of information caused by magnetic fields
Industrial All Risk Insurance is a comprehensive policy to cover damage to all types of fixed assets from all unforeseen circumstances except for those defined in “Exclusions”. The Policy also compensates for any loss of revenue or profits following a physical damage to the fixed assets. The risks generally included in the policy are:
This policy is particularly important for large greenfield projects where delay in project completion could have a substantial impact on the expected revenue of the Company, potentially impacting the sponsors’ ability to service debt and other fixed expenses.
The policy pays for Anticipated Net Profit plus Standing Charges (Fixed Expenses) during the period of delay, from the scheduled date of commencement of commercial operation up to the actual date of commencement of commercial operation, subject to a time excess and the Indemnity Period.
The delay must have occurred due to a loss during construction, and payable under the Construction/Erection All Risks policy.
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