Optima Insurance Brokers Pvt. Ltd.

Archive for the ‘Other Policies-Property’ Category

Boiler Explosion Policy

Posted on: November 8th, 2019 by shiv No Comments

This policy covers:

  • Sudden / accidental explosion, implosion and collapse risks to insured boilers / pressure plants.
  • Insured’s own surrounding property
  • Third party liability arising out of a sudden and unforeseen physical loss of, or damage due to explosion or collapse of the boiler and / or pressure plant.

While Fire Insurance also covers damage to assets from explosions, damage to boiler or pressure plant itself is not covered in the Fire policy. Damage to boiler and pressure plant due to an explosion can only be covered through this policy. The policy provides coverage for all types of boilers and other pressure plants.

Main exclusions in the policy are:

  • Fire and related perils
  • Contractual liability
  • Consequential loss
  • Loss arising from an existing defect
  • War group of perils, Social group of perils
  • Nuclear perils
  • Gross negligence
  • Failure of individual tubes

Deterioration of Stocks (DOS)

Posted on: November 8th, 2019 by shiv No Comments

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.

Plate Glass Policy

Posted on: November 8th, 2019 by shiv No Comments

The policy provides you with the following benefits:

  • It covers the cost of making good accidental breakage of insured glass by any reason whatever, except those that are specifically excluded
  • It also provides protection for loss or damage to ornamental, embossed, lettered or stained plate or sheet glass

Some of the major exclusions under the policy are:

  • Damage caused by fire, explosion, gas and heat
  • Damage caused by Act of God perils like flood, earthquake, storm etc
  • Damage due to war and nuclear perils, terrorism, riot, strike

These risks are covered under the Fire Policy. The other exclusions are:

  • Loss or damage due to removal, repair or alteration
  • Damage to frames (can be covered if declared and covered separately)
  • Cost of removal or replacement of any fittings or fixtures necessitated for replacing the broken glass
  • Cracked or imperfect glass
  • Any superficial damage or scratching

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.

Neon Sign Policy

Posted on: November 8th, 2019 by shiv No Comments

Covers any losses or damage due to accidents, fire and allied perils, riots and strikes to the neon / glow signs.

All Risk Insurance

Posted on: November 8th, 2019 by shiv No Comments

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:

  • Cameras
  • Laptops
  • Mobile phones
  • Medical Devices
  • Telecom Devices
  • Various kinds of measuring devices and meters
  • High value watches

The main exclusions in the policy are:

  • Wear and tear or depreciation
  • Damage due to moth, vermin, insects, mildew
  • Damage during cleaning, dyeing, restoring or repairing
  • Denting, scratching, or breakage of fragile and brittle substances
  • Mechanical or electrical breakdown
  • War and nuclear perils


Optima’s core group has more than 100 man-years of experience in insurance. Our experience has trained us in reading the fine print of insurance policies, understanding it and applying it for the benefit of our clients.

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