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Liability insurance
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- Carrier's Liability Insurance
- Highlights
- Pay all sums for which the insured shall become legally liable as compensation for physical loss or destruction of or damage to goods or merchandise ... while in transit ... including during loading or unloading and while temporarily housed on or off vehicles in the ordinary course of transit.
- Scope
- Policy covers
•Damage to cargo directly caused by fire, explosion or accident to the carrying vehicle
•Carrier's liability for cargo
•Cargo salvage, transhipment, emergency storage costs
•Financial loss due to the lost freight in respect of the damaged part of the cargo
•Legal and other costs, incurred in the litigation against the claimants
•Costs of average adjusters
•Breakage due to improper handling
•Flood or water damage or damage by other cargo
- Commencement of Policy
- The cover will commence with the loading of cargo on the vehicle and will be in force until unloading of the cargo at the discharging point or expiry of 7 days after the first arrival of the vehicle at the destination town whichever may first occur.
- Exclusions
- 1.Liability under any other contract not under Carriers Act 1865
2.Liability in respect of damage to property belonging to insured or his employees or in his control
3.Inherent defect or vice, wear and tear, deterioration, spontaneous combustion or decay of perishable goods.
4.Consequential loss arising from loss or damage to goods
5.Any consequence of riots, strikes, war, ionising radiations.
6.Goods which may be illicit or illegal or smuggled.
- Directors and Officers Liability Policy
- Highlights
- This cover is suitable for those Directors & key officers who are in a decision -making position.These directors and officers in pursuance of their duties may take some actions which may be in violation of certain statutes or Indian Laws.
- Scope
- Provides cover
1.Against any loss that the Organization may incur, on account of mistaken actions taken in their individual capacity as Directors & Officers in pursuance of their duties under Memorandum and Articles of Association.
2.Against loss arising from claims made against them by reason of any wrongful Act in their Official capacity.
3.Legal costs & expenses incurred with the written consent of the insurers arising out of prosecution (criminal or otherwise) of any Director / officer and attendance at any investigation, examination, inquiry or other proceedings by the authority empowered to do so.
4.Expenses incurred by any shareholder of the Company in pursuance of a claim against any Director / Officer, which the Company is legally obliged to pay, pursuant to an order of a Court.
5.Provide indemnity to the estate of, legal heirs or legal representatives of the Director / officer in the event of the Director / officer becoming insolvent.
- Exclusion
- 1.Any bodily injury ,sickness, disease or death of any person or any damage to tangible property
2.Dishonest, fraudulent, criminal or malicious act.
3.Personal guarantee.
4.Libel and slander
5.Personal injury and damage to property.
6.Pollution damage
7.Directly resulting from goods or products manufacture or sold by the company
8.Fines, penalties, punitive or exemplary damages.
9.Any circumstances existing prior to inception date of policy
- Premium
- Premium depends on profile of the client, the Sum Insured selected, present and past functioning of the company, information in the balance sheet and annual report, degree of exposure etc.
- Special Conditions
- 1.Directors and the Company shall give to underwriters immediate notice in writing of any claim
2.Directors and the Company shall not disclose to anyone the existence of the policy without underwrites' consent
3.Directors of the Company shall not be required to contest any legal proceedings Counsel shall advise that such proceedings should be contested.
4.Underwriters shall not settle any claim without the consents of the Directors or the Company
- Employers' Liability Policy
- Highlights
- The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by the workmen arising out of and in course of employment.
Who can be Insured?
Any employer whether as a Principal or contractor engaging "workmen" as defined in WC Act to cover his liability to them under statute and at common law. Employer can cover Employees who do not qualify as "Workmen" under separate table
- Scope
- 1.To pay all sums which the insured is legally liable to pay the employees in respect of personal injury by accident or diseases 'arising out of and in the course of the employment'
2.Insured's liability arising either under common law or the laws set out in the schedule Workmen's Compensation Act 1923.
3.Costs or expenses incurred by the insured with the consent of the company, to defend any claims are paid in addition.
- Exclusions
- 1.Any injury by accident or disease directly attributable to war and nuclear risk
2.Insured's liability to employees of contactors to the insured
3.Any liability of the insured which attaches by virtue of an agreement.
4.Any compensation for diseases mentioned in Part 'C' of Workmen's Compensation Act-1923
- Premium
- Premium rating is governed tariff. It depends on the nature of work carried on by the insured.
Tariff prescribes 2 forms of insurance
Table-A: Indemnity against legal liability for accident to employees under
i.Workmen's Compensation Act 1993
ii.Fatal Accident Act 1855
iii.Common Law
Table-B: Indemnity against legal liability
1.Fatal Accident Act 1855
2.Common Law
Table A policies may be extended to cover insured's liability for contractor's workmen.
- Golfers Indemnity Insurance Policy
- Highlights
- The Policy provides cover for liability of Insured, Personal Accident cover of Insured and loss or damage to Golf kit.
- Scope
- Section I- Third Party Liability
If any claim or claims shall be made on the Insured in respect of -
a.Death of or bodily injury to any person not being the member of the Insured's family or household or in his service; or
b.Damage to property not belonging to or in the charge or under the control of the Insured or of a member of his family or of a person in his service;
Caused at any time during the continuance of this policy through the fault or negligence of the Insured whilst playing golf on any recognized Golf course in India, and he shall become legally liable for the same then the Company will pay the amount of such claim or claims upto but not exceeding an amount as specified in the shedule (Limit of Indemnity ) in any one year of insurance.
The Company will also pay within the said amount all costs and expenses incurred with its written consent.
Section II- Personal Accident Cover to Insured
Section III-Fire & Burglary
If the Golf kit belonging to the Insured whilst in any Golf Club House or Golf course or Insured's private residence in India is lost, destroyed or damaged by fire, burglary or housebreaking the Company will subject to the terms, exceptions and conditions contained herein or endorsed hereon pay or make good to the Insured such loss to the extent of the intrinsic value of the property so lost or such damage sustained upto but not exceeding an amount as specified in the shedule (sum insured for kit ) during any year of insurance.
- General Exclusions
- Any consequences whether direct or indirect of War Invasion Act o Foreign Enemy Hostilities (Whether war be declared or not) Civil war, Rebellion, Revolution, Insurrection, Mutiny, Riots, Strikes, Civil Commotion, Military or Usurped power, Seizure, Capture, Arrests, Restraints and detainments of all kings, princess, locked-out workers and people of whatever nation, condition or quality so ever.
- Liability Insurance Policy
- Scope
- The policy covers the statutory liability of insured arising out of accidents occurring during the currency of the policy due to handling hazardous substances as provided in the PUBLIC LIABILITY INSURANCE ACT 1991 and the Rules framed thereunder.
- Who can take the policy
- A person who owns or has control over handling any hazardous substance at the time of accident and includes:
i.in the case of a firm any of its partners
ii.in the case of an association, any of its members,
iii.in the case of a company, any of its directors, managers, secretaries or other officers who is directly in charge of, and is responsible to the company for the conduct of the business of the company.
- Exclusions
- This Policy does not cover liability:
1.arising out of willful or intentional non compliance of any statutory provisions.
2.in respect of fines, penalties, punitive and/or exemplary damages.
3.arising under any other legislation except in so for as provided for in Section 8 Sub Section (1) and (2) of the Act.
4.in respect of damage to property owned, leased or hired or under hire purchase or on loan to the Insured or otherwise in the Insured Owner's control, care or custody.
5.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.
6.directly or indirectly caused by or contributed to by.
7.ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel.
8.the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof.
- Special Condition
- Besides all usual conditions of liability conditions the following condition is applicable-
The Insured Owner shall keep record of annual turnover, and at the time of renewal of insurance declare such turnover and all other details as may be required by the Company. The Company shall at all reasonable times have full rights to call for and examine such records.
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- Lift (Third Party) Insurance
- Highlights
- Designed for owners of passenger lifts in building to cover third party liabilities for personal injuries or property damage arising out of the use and operation of lifts including their machinery, plant, doors, safety devices or other appliances.
- Scope
- a.Death or bodily injury of any person (not being a member of the Insured's family or an employees of the insured)
b.Loss or damage to property (not being the property of the insured or of his family members or of his employees)
c.Direct damage to personal effects of any person (not being a member of the Insured's family or an employees of the insured)
- Premium
- The rates of premium vary according to limits of indemnity- any one person, any one accident or any one year.
- Product Liability Policy
- Highlights
- This policy covers all sums (inclusive of defence costs) which the insured becomes legally liable to pay as damages as a consequence of:
a.accidental death/ bodily injury or disease to any third party.
b.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 insured's premises.
The policy offers the benefit of retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of policy, also become payable.
- Scope
- The defect in the product may be a manufacturing defect or may even be due to faulty packaging, delivery specifications or instructions as to use of the product.
The policy covers the sales turnover of the company- both domestic and/or exports.
The policy is on a claims made basis i.e. the claims must arise and be made in writing on the insurance company during the policy period.
The policy does not cover any liability for product recall, product guarantee, pure financial loss such as loss of goodwill or loss of market. The policy also does not pay for the cost incurred for repairing or reconditioning or modifying the defective part of the product.
- Add on covers
- The policy can be extended to cover liability arising out of judgments or settlements made in countries which operate under the laws of U.S.A or Canada (which is an exclusion under the policy) by opting for the North American Jurisdiction Clause.
The policy can also be extended to cover Limited Vendors Liability for named or unnamed vendors. Limited vendors liability means liability arising out of the sale and distribution of named insured products by vendors with original warranties and instructions of use of the product specified by the manufacturers.
- How to select the sum insured
- In Product Liability Policy, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively. The ratio of AOA limit to AOY limit can be chosen from the following:
a. 1:1
b. 1:2
c. 1:3
d. 1:4
The AOA limit which is the maximum amount payable for each accident should be fixed taking into account the nature of product covered and the maximum number of people who could be affected and maximum property damage that could occur, in the worst possible accident after sale of the product.
- How to claim
- In case of any event likely to give rise to a liability claim as described above, insurance company should be informed immediately. In case any legal notice or summons is received, it should be sent to the insurance company. The company has the option of arranging the defence of the case.
The event giving rise to the claim should have occurred during the period of insurance or retroactive period and the claim first made in writing against the insured during the policy period. The maximum amount payable including defence cost will be the AOA limit selected. The Any One Year limit will get reduced by the amount of claim or indemnity paid for any one accident. Any number of such claims made during the policy period will be covered subject to the total indemnity not exceeding the Any One Year limit.
- Professional Indemnity Policy
- Highlights
- This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service.
The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.
Group policies can also be issued covering members of one profession. Group discount in premium is available depending upon the number of members covered.
- Scope
- The policy covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected.
Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law or ordinance is not covered.
- Who can take the policy
- The policy is meant for professionals. We issue 'Professional Indemnity' policies to the following group of professionals:-
1.Doctors and medical practitioners - which covers registered medical practitioners like physicians, surgeons, cardiologists, pathologists etc.
2.Medical establishments - which covers legal liability falling on the medical establishment such as hospitals and nursing homes, as a result of error or omission committed by any named professional or qualified assistants engaged by the medical establishment.
3.Engineers, architects and interior decorators.
4.Lawyers, advocates, solicitors and counsels.
5.Chartered accountants, financial accountants, management consultants.
- How to select the sum insured
- In Professional Indemnity Policy, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively. The ratio of AOA limit to AOY limit can be chosen from the following:
a. 1:1
b. 1:2
c. 1:3
d. 1:4
The AOA limit, which is the maximum amount payable for each accident, should be fixed taking into account the nature of activity of the insured and the maximum number of people who could be affected and maximum property damage that could occur, in the worst possible accident.
In the case of Professional Indemnity policy issued to engineers, architects, interior decorators, lawyers, advocates, solicitors, counsels, chartered accountants, financial accountants and management consultants, the Any One Accident (AOA) limit is restricted to 25% of the Any One Year (AOY) limit.
- How to claim
- The term "liability" means responsibility and "legal liability" means responsibilities which can be enforced by law. Legal Liability may be classified into Criminal Liability and Civil Liability. Only Civil Liability claims are payable.
Civil Liability claims will arise if there is prima facie evidence of negligence by the insured resulting in injury or death to any third party or resulting in damage to property belonging to a person other than insured.
Negligence will be proved only when following conditions are satisfied:
a.Existence of duty of care
b.Breach of this duty
c.Injury suffered by a person or property damaged as a result of that breach.
In case of any event likely to give rise to a liability claim as described above, insurance company should be informed immediately. In case any legal notice or summons is received, it should be sent to the insurance company. The company has the option of arranging the defence of the case.
The event giving rise to the claim should have occured during the period of insurance or retroactive period and the claim first made in writing against the insured during the policy period. The maximum amount payable including defence cost will be the AOA limit selected. The Any One Year limit will get reduced by the amount of claim or indemnity paid for any one accident. Any number of such claims made during the policy period will be covered subject to the total indemnity not exceeding the Any One Year limit.
The policy will not pay for claims arising out of contractual liability, intentional non-compliance of any statutory provision, loss of goodwill, slander , fines ,penalties , libel , false arrest , defamation , mental injury etc.
- Public Liability Policy
- Highlights
- This policy covers the amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury, loss or damage to the property belonging to a third party. The legal cost and expenses incurred in defending the case with prior consent of the insurance company are also payable subject to certain terms and conditions.
One can insure more than one unit situated in different locations under a single policy.
The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.
- Scope
- We issue three types of Public Liability Policies.
1.Public Liability Non Industrial Risk - For offices,hotels, cinema houses,hospitals, schools etc.
2.Public Liability Industrial Risk - For godowns , warehouses and factories.
3.Public Liability Insurance Act 1991 - This is a mandatory policy to be taken by owners ,users or transporters of hazardous substance as defined under Environment (Protection) Act 1986 in excess of the minimum quantity specified under the Public Liability Insurance Act 1991.
- Add on covers
- The Public Liability Policy can be extended to cover the following risks on payment of an additional premium.
a.Natural calamities like flood, earthquake etc.
b.Pollution Risk subject to NOC from Pollution Control Board
c.Transportation Risk
- How to select the sum insured
- In Public Liability Policy, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively. The ratio of AOA limit to AOY limit can be chosen from the following :
a.1:1
b.1:2
c.1:3
d.1:4
The AOA limit which is the maximum amount payable for each accident should be fixed taking into account the nature of activity of the insured and the maximum number of people who could be affected and maximum property damage that could occur, in the worst possible accident in the insured's premises.
In the case of Public Liability Insurance Act 1991, the AOA limit should represent the paid up capital of the company subject to maximum of Rs.5 crores. The AOY limit is fixed at 3 times the AOA limit (Max.Rs.15 Crores).
- How to claim
- Legal liability under the Law of Tort ,can arise under several circumstances in insured's premises such as
a.Collapse of building structure
b.Accidental falling of fixtures
c.Bad maintenance or poor housekeeping resulting in accident to visitors on the premises
d.Accidental leakage of toxic substance which pollutes the atmosphere and injures or kills people
The term "liability" means responsibility and "legal liability" means responsibilities which can be enforced by law. Legal Liability may be classified into Criminal Liability and Civil Liability. Only Civil Liability claims are payable.
Civil Liability claims will arise if there is prima facie evidence of negligence by the insured resulting in injury or death to any third party or resulting in damage to property belonging to a person other than insured, or in insured's custody.
Negligence will be proved only when following conditions are satisfied:
a.Existence of duty of care
b.Breach of this duty
c.Injury suffered by a person or property damaged as a result of that breach.
In case of any event likely to give rise to a liability claim as described above, insurance company should be informed immediately. In case any legal notice or summons is received, it should be sent to the insurance company. The company has the option of arranging the defence of the case.
The event giving rise to the claim should have occured during the period of insurance or retroactive period and the claim first made in writing against the insured during the policy period. The maximum amount payable including defence cost will be the AOA limit selected. The any one year limit will get reduced by the amount of claim or indemnity paid for any one accident. Any number of such claims made during the policy period will be covered subject to the total indemnity not exceeding the Any One Year limit.
In case of Public Liability Insurance Act 1991 Policy, any award which exceeds the AOA limit will be paid by the government through Environment Relief Fund to which the insured has to contribute an amount equivalent to the premium paid under the Public Liability Insurance Act Policy.
The policy will not pay for claims arising out of contractual liability, intentional non-compliance of any statutory provision, loss of goodwill,slander ,fines ,penalties , libel , false arrest , defamation , mental injury etc.
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Social Insurance
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- Ashrya Bima Yojana
- Applicability
- Cover is available for on-going companies only.
The Company :- should paying its statutory dues regularly.
•Should be registered under ID Act or Factories, Shops and Establishment Act, as applicable.
•Should be a non-BIFR company and its borrowings not termed as NPAs by their lenders.
•Should not have been closed for a continuous period over 30 days during last 12 months from the date of proposal.
•Should not have any immediate plan to go for re-engineering and upgradation at the time of proposing the cover.
- Eligible Employees
- •Employees should be contributing to EPF for at least 12 months at the time of proposing the cover.
•Employees' salary should not be more than Rs.10000/- per months; (salary for this purpose means Basic + D.A.
- Requirements
- •Audited financial results of the company for the last 3 years.
•Statutory Dues Compliance Certificate
•Certificate from the financial institutions in regard to repayment of loan, cash and credit etc
- Claims Payment Procedure
- •The sustenance allowance is payable upto 12 months or until he/she secures alternate employment whichever is earlier.
•An undertaking from the affected employee and duly certificate by an authorized official of the employer to be obtained to secure monthly payment from the authorized banker
•After obtaining claim form and other certificates as mentioned in the claim form and ascertaining that a valid claim is payable under the policy, a banker near to the affected unit shall be designated and authorized to pay the amounts to the affected employees before the 7th of every month
•Underwriters countersign the certificate issued by the insured/employer and send it to the bank for transfer of sustenance allowance to the respective accounts of the employees
- Bhagyashree Child Welfare Policy
- Highlights
- The scheme is intended to provide insurance cover to ONE girl child in a family who loses either the father or the mother due to accidental death. The insurance cover is available on 24 hour risk basis. Incase of death of parents, the company deposits a sum of Rs25000/- in the name of the girl child mentioned in the schedule of the policy with a financial institution named in the schedule. The premium is Rs15/- per girl child per year. Group discount is also provided.
- Scope
- The policy covers death of one or both parents of the girl by accident caused by external, violent and visible means would include death or permanent total disablement arising out of or traceable to slipping, falling from the mountain, insect bites, snakes and animals bite, drowning, washing away in floods, landslide, rockslide, earthquake, cyclone and other commotions or nature and/or calamities, murder or terrorist activities In case of women it also includes death and PTD due to surgical operations such as sterilisation, ceasarean, hysterectomy i.e. removal or uterus and removal or breasts due to cancer operations, death at the time of child birth provided that such death occurs during the surgical operation in hospital/nursing home or whilst being in the hospital/nursing home after such surgery convalescene. However not beyond a period of 7 days from the date of surgical operations.
- Eligibility
- This scheme is applicable to girl children in the age group of 0 to 18 years, whose parents' age does not exceed 60 years.
- Major Exclusions
- Pre existing disability, death, injury or disablement arising from or traceable to whilst under the influence of intoxication, liquor and drugs, Death caused by earthquake or other convulsions of nature, suicide and intentional self injury. Death or injury directly or indirectly caused by insanity, nuclear weapons etc.
- Jan Arogya Bima Policy
- Highlights
- This policy is designed to provide cheap medical insurance to poorer sections of society Premium upto Rs.10000/- qualifies for tax benefit under Sec 80D of the Income Tax Act. Service tax is not applicable to the policy.
- Scope
- The coverage is along the lines of individual mediclaim policy except that cumulative bonus and medical checkup benefits are not included. The Sum Insured per insured person is restricted to Rs5000/-.
- Eligibility
- The policy is available to individuals and family members. The age limit is 5 to 70 years. Children between the age of 3 months and 5 years can be covered provided one or both parents are covered concurrently.
- Major Exclusions
- Any disease contracted within 30 days from commencement of risk, Injury/disease caused by war perils/nuclear perils, Circumcision, Routine eye examination, Dental treatments/surgery of any kind unless requires hospitalization, Convalescence/general disability/run down condition or rest cure etc, Expenses on vitamins and tonics, Treatments arising from or traceable to pregnancy/child birth inclusion of caesarian section.
- Janata Personal Accident Insurance
- Highlights
- The insurance pays specified benefits if the insurance sustains bodily injury resulting solely and directly from accident caused by outward violent and visible means. The minimum sum insured is Rs 25000/- and maximum Rs 1,00,000/- per person per annum. The rate of premium is Rs 15/- per sum assured of Rs 25000/- which can be increased in multiples of Rs 25,000/-.
- Scope
- This policy provides compensation in the event of death or permanent disablement or loss of limbs or sight in eyes.
- Eligibility
- Any person, irrespective of sex and occupation in the age group 10 to 70 years may be covered.
- Major Exclusions
- Intentional self injury, suicide or attempted suicide,Accident while the insured in under the influence of intoxicating liquor or drugs, loss caused by insanity,loss due to breach of law with criminal intent, War and allied perils, nuclear radiation.
- Raj Rajeshwari Mahila Kalyan Yojana
- Highlights
- This is a personal accident insurance scheme which provides economic security to women irrespective of their income, occupation or vocation. Premium is Rs.15/- per woman per annum for the basic cover and Rs23/- per woman per annum for both basic and additional cover.
- Scope
- The policy covers Loss of limbs or eye sight. Death or disability by accident caused by external, violent and visible means would include death or permanent total disablement arising out of or traceable to slipping, falling from the mountain, insect bites, snakes and animals bite, drowning, washing away in floods, landslide, rockslide, earthquake, cyclone and other commotions or nature and/or calamities, murder or terrorist activities In case of women it also includes death and PTD due to surgical operations such as sterilisation, ceasarean, hysterectomy i.e. removal or uterus and removal or breasts due to cancer operations, death at the time of child birth provided that such death occurs during the surgical operation in hospital/nursing home or whilst being in the hospital/nursing home after such surgery convalescene. However not beyond a period of 7 days from the date of surgical operations.
- Eligibility
- All sections of women in the age group 10 to 75 years.
- Major Exclusions
- Pre existing disability, death, injury or disablement arising from or traceable to whilst under the influence of intoxication, liquor and drugs, Death caused by earthquake or other convulsions of nature, suicide and intentional self injury. Death or injury directly or indirectly caused by insanity, nuclear weapons etc.
- Rural Insurance
- Student Safety Insurance
- Highlights
- This insurance is available to schools, colleges or other educational institutions. The policy is issued in the name of the Institution. The claim amount is payable to the parent/guardian as recorded in the school register. All students are to be covered. Additional students are covered during the policy period at extra premium. But no deletions are allowed.
- Scope
- The students will be covered against death, total loss of two limbs or two eyes, total loss of one limb and one eye, total loss of one limb or one eye and Permanent total and partial disablement.
•Death (Capital Benefit) : Rs 10,000/-
•Loss of two limbs, two eyes or one limb and one eye : Rs 10,000/-
•Loss of one limb or one eye : Rs 5,000/-
•Permanent total disablement from injuries other than those mentioned above : Rs 10,000/-
•Permanent partial disablement (percentage of benefits as given below on the capital benefit of Rs 10,000/-)
•Limit upto Rs 500/- (any one accident, any one year)
- Eligibility
- The policy provides personal accident benefits to registered students of the school.
- Universal Health Insurance Scheme
- Benefits
- Medical Reimbursement
The policy provides reimbursement of hospitalisation expenses upto Rs.30,000/- to an individual /family subject to the following sublimits:
A. (i) Room, Boarding expenses upto Rs.150/- per day
(ii) If admitted in ICU upto Rs.300/- per day
B. Surgeon, Anaesthetist, Consultant, specialists fees, Nursing expenses upto Rs.4,500/- per illness/ injury
C. Anaesthesia, Blood, Oxygen, OT charges, Medicines, Diagnostic material & X-Ray, Dialysis, Radiotherapy, Chemotherapy, Cost of pacemaker, Artificial limb, etc upto Rs. 4,500/- per illness/ injury
D. Total expenses incurred for any one illness upto Rs. 15,000/-
Personal Accident Cover
Coverage for Death of the Earning Head of the family (as named in the schedule) due to accident: Rs. 25,000/-.
Disability Cover
If the earning head of the family is hospitalized due to an accident / illness a compensation of Rs.50/- per day will be paid per day of hospitalization up to a maximum of 15 days after a waiting period of 3 days.
For purpose of this policy HOSPITAL means:
•Any Hospital/ Nursing home registered with the local authorities and under the supervision of a registered and qualified Medical practitioner.
•Hospital/ Nursing Home run by Government.
•Enlisted hospitals run by NGOS / Trusts / selected private hospitals with fixed schedule of charges.
•It should have minimum 15 beds (10 in case of class 'C' cities having a population lest than 5 lakhs) with fully equipped OT, fully qualified nursing staff round the clock and fully qualified doctor should be in charge round the clock.
•Hospitalization should be for a minimum period of 24 hrs. However this time limit is not applied to some specific treatments and also where due to technological advancement hospitalization for 24 hrs may not be required.
- Premium
- For an individual Rs. 300/- per annum
For a family upto 5 (including the first3 children) Rs. 450/- per annum
For a family upto 7 (including the first 3 children and dependent parents) Rs. 600/- per annum
Premium Subsidy For BPL Families
For families below the poverty line the Government will provide a premium subsidy of Rs.100/- per family.
- Main Exclusions
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•Corrective, cosmetic or aesthetic dental surgery or treatment.
•Cost of spectacles, contact lens and hearing aid.
•Vaccination, inoculation, change of life or cosmetic treatment or surgery HIV, AIDS, Sterility, Venereal Disease, Intentional Self injury, use of Intoxicating Drugs/ Alcohol.
•Primarily diagnostic expenses not related to sickness/ injury.
- Claim Settlement
- Claim settlement to be done through TPAS mentioned in the schedule or by the insurance company. To be made cashless as far as possible through listed hospitals.
- Other Features
- Any One Illness
Will be deemed to mean continuous period of illness and it includes relapse within 60 days from the date of last consultation with the hospital.
Age Limitations
This Policy covers people between the age of 3 months to 70 years.
Family
Means earning head, spouse and up to maximum of three dependent children. Dependent parents can also be included.
Floater Basis
The benefit of family will operate on floater basis i.e. the total reimbursement of Rs.30,000/- can be availed of individually or collectively by members of the family.
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Personal insurance
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- Householders Policy
- Highlights
- This is a package policy
specially designed to meet the insurance requirements of a householder by combining under a
single policy, a number of our standard policies usually taken by householders.
Discount in premium is offered depending upon the number of sections of the policy, opted
for, by the proposer.
- Scope
- The policy comprises of 10 sections as given here under
Section I - Fire & Allied Perils
A - Coverage for building
B - Covers contents of the dwelling belonging to the proposer and his/her family members
permanently residing with him/her.
Allied Perils:
Fire, Lightening, Explosion of gas in domestic appliances
Bursting and overflowing of water tanks, apparatus or pipes.
Damage caused by Aircraft
Riot, Strike, Malicious or Terrorist Act
Earthquake, Fire and/or Shock, subsidence and Landslide (including Rockslide) damage
Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tomado or Cyclone.
Impact damage
Section II - Burglary & House Breaking including larceny and theft.
Covers contents of the dwelling against loss due to burglary, house breaking, larceny or
theft.
Section III - All Risks (Jewellery & Valuables)
Covers loss or damage to your jewellery and valuables by accident or misfortune whilst kept,
worn or carried anywhere in India subject to the value declared in the schedule.
Section IV - Plate Glass
Loss or damage to fixed plate glass in the insured premises by accidental breakage subject
to limit of sum insured
Section V - Breakdown of Domestic appliances
Covers domestic appliances against unforeseen and sudden physical damage due to mechanical
or electrical breakdown.
Section VI - T.V. Set including VCP/VCR (ALL RISKS)
Covers loss or damage to T.V.Set including VCP/VCR by fire and allied perils, burglary,
house breaking or theft, breakage due to accidental external means, mechanical or electrical
breakdown. Any legal liability arising out of bodily injury or accidental death of any
person other than insured's family members or employee as also damage to property not
belonging to or in the custody of insured , caused by use of the T.V. Set is also covered
upto a limit of Rs.25,000/-.
Section VII - Pedal Cycles (All Risks)
Covers loss or damage to pedal cycles by :-
Fire & allied perils
Burglary, housebreaking, theft
Accidental external means
Third party personal injury or Third party property damage for Rs.10,000/-
Section VII - Baggage Insurance
Covers loss or damage to insured's accompanied baggage by accident or misfortune whilst the
insured is traveling on tour or holiday anywhere in India.
Section IX - Personal Accident
Covers Death or bodily injury by accidental, violent, external and visible means to the
insured person named in the schedule and subject to limits specified therein.
Section X - Public Liability
Covers Insured's legal liability for bodily injury or loss of or damage to property of third
party limited to amount specified in the schedule and workmen's compensation liability to
domestic servants engaged in insured's premises.
It is compulsory to opt for Section IB of the policy. A minimum of three sections including
Section IB have to be taken for issuance of this policy.
- How to select the sum
insured
- For the insurance of household items, it would be
necessary to group the items in a broad category like furniture, clothing , linen, utensils
, crockery etc. and give a value equivalent to the market value i.e. the value for which
this used item could be bought or sold in the market.
Sections I A & B, II, III, IV, VI ,VII & VIII should be insured on market value basis as
described above.
It is a condition of Section V i.e. breakdown of domestic appliances , that the sum insured
should represent the current replacement value of a similar item. For e.g. to insure 165
ltr. Godrej fridge which is 3 years old, the sum insured should be equivalent to the cost
price of a new 165 ltr. Godrej fridge.
However, the claim amount payable would be the amount required to bring the damaged item to
the same condition as it was prior to the damage subject to the adequacy of the sum insured.
The sum insured under section IX i.e. Personal Accident should not exceed 72 months salary
from gainful employment.
- How to claim
- In case of any incident
leading to a valid claim under the policy, following steps should be taken:
Take necessary steps to minimize the loss/damage.
In case of fire, inform fire brigade immediately.
In case of theft, larceny or burglary inform the police immediately along with a list of
items stolen and their approximate value.
Inform insurance company by phone or fax and in writing.
Extend full co-operation to the surveyor appointed by the insurance Co. and provide
necessary documents to the substantiate the loss. A claim form issued by the company is also
to be submitted.
In case any rights of recovery exist against any other party responsible for the loss, your
rights of recovery have to be subrogated to the insurance company on payment of claim.
- Money Insurance
- Highlights
- Money Insurance policy
provides cover for loss of money in transit between the insured's premises and bank or post
office,or other specified places occasioned by robbery, theft or any other fortuitous cause.
The policy also cover loss by burglary or housebreaking whilst money is retained at
Insured's premises in safe(s) or strong room.
- Scope of Cover
- Section I: Covers money in transit under the following
heads: Cash, Bank Drafts, Currency Notes, Treasury Notes, Cheques, Postal Orders and current
Postage Stamps.
Section II: Covers money in safe / on premises
- Basis of Sum Insured
- Two amounts are specified in the policy:
Limits of liability for any one loss (i.e. maximum liability of the Company)
Estimated amount in transit during the year for the purpose of premium computation. It is
also possible to issue group P.A. policy excluding the death benefit subject to a group life
policy covering death benefit being taken for the same group of persons for the same policy
period.
- Extensions
- This policy can be extended to include the risk of
infidelity of the employees, terrorism and disbursement risk.
- Exclusions
- Shortage due to error or omission
Losses due to the fraud/dishonesty of the employee of the insured.
Losses which are covered by other policies
- Mobile/Cellular Phone Insurance
- Highlights
- Suitable for cell phone
owner/users who can insure their mobile telephone instrument from loss and/or damages under
this policy
- Scope
- The policy for mobile phones provides cover against
Fire.
Riot, strike, malicious damage and terrorist activities.
Theft.
Accident.
Fortuitous circumstances.
- Exclusions
- Exclusions under the mobile phone insurance policy are
Mysterious disappearance.
Theft from unattended vehicles, except from fully enclosed car that is securely locked.
Theft, loss or damage during the hire or loan to a third party.
Mechanical and electronic breakdown or derangement.
Overloading and experimentation involving imposition of any abnormal conditions.
Damage by wear and tear, vermin, atmospheric or climatic condition or gradual deterioration,
inherent defect or from any process of cleaning, repairing or maintenance.
Loss or damage due to war or nuclear perils, loss by water or from any water borne craft.
Intentional or willful act of the insured party.
- Compensation
- The insurance cover provides compensation equivalent to
the the cost of replacement of the instrument by a new instrument of the same specification
and same capacity, including all taxes and duties.
.
- Motor Policy
- Highlights
- This policy covers all types
of vehicles plying on public roads such as:-
Scooters &Motorcycles
Private cars
All types of commercial vehicles
Motor Trade (vehicles in show rooms and garages)
As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a vehicle plying on
public roads, to take an insurance policy, to cover the amount, which the owner becomes
legally liable to pay as damages to third parties as a result of accidental death, bodily
injury or damage to property. A Certificate of Insurance must be carried in the vehicle as a
proof of such insurance.
Two types of covers are available:
Liability only policy. This covers third party liability for bodily injury liability and /
or death and property damage. Personal Accident cover for Owner-driver is also included.
Package policy. This cover loss or damage to the vehicle insured in addition to (1) above.
No- claim discounts are available on renewal of policy, ranging from 20% to 50%, depending
upon the type of vehicle and the number of years for which no claim has been made.
- Scope
- Liability Only policies:
The policy covers the vehicle owner's legal liability to pay compensation for:
Death or bodily injury to a third party person.
Damage to third party property.
Liability is covered for an unlimited amount in respect of death or injury and damage to
third party property for Rs.7.5 lacs under Commercial vehicle and private and Rs. 1 lakh for
Scooters / Motor Cycles.
Package Policy
In addition to the coverage under liability only, this policy covers loss or damage to the
insured vehicle and its accessories due to:
Fire, explosion, self-ignition or lightning.
Burglary, housebreaking or theft.
Riot and Strike.
Malicious Act.
Terrorist Act.
Earthquake (Fire and Shock) Damage.
Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm.
Accidental external means.
Whilst in transit by road, inland waterway, lift, elevator or air.
By landslide/Rockslide
The policy also pays for towing charges from the place of accident to the workshop upto a
maximum limit of Rs.300/- for Scooters/Motorcycles and Rs.1500/- for cars and commercial
vehicles. It is also permissible to opt for higher towing charges subject to payment of
extra premium.
A restricted cover is also available covering the risk of Fire and/or Theft only, in
addition to the compulsory cover granted under "Liability Only Policy". However the same is
not available in case of vehicle ratable under Class D, Tariff for Miscellaneous and special
types of vehicles.
The important exclusions under the policies are:
Wear and tear, breakdowns
Consequential loss
Loss when driving with invalid driving license or under the influence of alcohol.
Loss due to war, civil war, etc.
Claims arising out of contractual liability.
Use of vehicle otherwise than in accordance with `limitations as to use ' (e.g. private car
being used as a taxi)
Rating factors Rating depends upon the following factors:
IDV.
Cubic capacity
Geographical zone
Age of the vehicle
GVW of in case of commercial vehicles
Add on Covers
- Add on covers
- The policy can be extended to cover the following risks
on payment of additional premium:
Loss or damage to accessories fitted in the vehicle such as stereos, fans, air-conditioners
etc.
Personal accident cover under private car policies for:
passengers
paid driver
Legal liability to employees.
Legal liability to non-fare paying passengers in commercial vehicles. . It is also possible
to issue group P.A. policy excluding the death benefit subject to a group life policy
covering death benefit being taken for the same group of persons for the same policy period.
- Who can take the policy
- Any vehicle owner whose vehicle is registered in his/her
name with the Regional Transport Authority in India.
.
- How to select the sum insured
- The sum insured of a vehicle in a Motor Policy is
referred to as the I.D.V., which stands for Insured's declared Value.
In case of theft of vehicle or if the vehicle is totally damaged and beyond repairs in an
accident, the claim amount payable will be determined on the basis of the IDV. The IDV of
the vehicle is to be fixed on the basis of manufacturer's listed selling price of the brand
and model of the vehicle proposed for insurance at the commencement of insurance / renewal
and adjusted for depreciation as per schedule.
IDV of vehicle which is beyond 5 years of age and of obsolete models of the vehicles (i.e.
models which the manufacturers have discontinued to manufacture) is to be determined on the
basis of an understanding between insurer and insured.
.
- How to claim
- In the event of an incident
giving rise to a claim under the policy, the following steps should be taken:
In case of accidental damage to the vehicle:
Immediate intimation to the nearest office, which will issue a Claim Form.
Claim Form duly filled in to be submitted along with copy of Registration Certificate and
driving license of the driver of the vehicle at the time of accident as also estimate of
repairs.
Vehicle will be surveyed by a Surveyor, appointed by the insurance company, who shall submit
his report to the company. In case of a major damage to the vehicle, a spot survey, at the
site of accident, would also be arranged by the company.
Final bills/cash memos are to be submitted duly signed by the insured.
Salvage of the damaged parts may be required to be deposited with the insurance company
after approval of the claim.
In case of theft of the vehicle:
Lodge an F.I.R. with the police immediately.
Inform the policy issuing office with a copy of FIR.
Submit the Final Police Report as soon as it is received.
Extend full cooperation to the surveyor and/or investigator appointed by the company.
After approval of the claim by the company, get the Registration Certificate transferred in
the name of the company, hand over the keys of the vehicle, submit a letter of Subrogation
and Indemnity on stamp paper duly notarized.
In case of liability claim:
Inform insurance company immediately of any incident likely to give rise to liability claim.
On receipt of summons from Court, the same should be sent to the company immediately.
Claim Form duly filled in along-with copies of Registration Certificate, Diving License, FIR
are to be submitted.
- Personal Accident Policy
- Highlights
- This policy offers
compensation in case of death or bodily injury to the insured person, directly and solely as
a result of an accident, by external, visible and violent means.
The policy operates worldwide and is a 24 hours cover.
Different coverages are available ranging from a restricted cover of Death only, to a
comprehensive cover covering death, permanent disablements and temporary total disablements.
Family Package cover is available to Individuals under Personal Accident Policy whereby the
proposer, spouse and dependent children can be covered under a single policy with a 10%
discount in premium.
Group personal accident policies are also available for specified groups with a discount in
premium depending upon the size of the group.
- Scope
- This policy is basically designed to offer some sort of
compensation to the insured person who suffers bodily injury solely as a result of an
accident which is external, violent and visible. Hence death or injury due to any illness or
disease is not covered by the policy.
The following types of coverages are offered under a Personal Accident policy:-
Table D
Death cover wherein 100% of the capital sum insured is payable.
Table C
Coverage under Table D
Loss of two limbs / both eyes / one limb and one eye wherein 100% of the capital sum insured
is payable.
Loss of one limb or one eye wherein 50% of the capital sum insured is payable.
Permanent Total Disablement other than above e.g. paralysis due to an accident, wherein 100%
of the capital sum insured is payable.
Table B
Coverage under Table C
Permanent Partial Disablement i.e. where a part of the body becomes permanently disabled due
to an accident, e.g. total and irrevocable loss of use of a finger due to an accident. In
such cases, a percentage of the capital sum insured as specified in the policy is paid.
Table A
Coverage under Table B
Temporary Total Disablement i.e. where the insured person becomes temporarily disabled from
undertaking any work as a result of an accident for e.g. fracture of legs. In such cases, a
weekly payment of 1% of the capital sum insured subject to a maximum limit, is paid for the
number of weeks or part thereof (maximum 100 weeks), during which the insured person is
totally disabled.
The insured can claim only under any one of these sections as a result of any one accident.
The policy also covers expenses incurred for carriage of dead body from place of accident to
the residence subject to a limit of 2% of the capital sum insured or Rs.2,500 whichever is
less. Under an Individual Personal Accident policy or Family Package Policy, an education
fund is payable for a maximum of 2 dependent school going children, in case of death or
permanent total disablement of the insured person.
- Add on covers
- Individual and group personal accident policies can be
extended to cover medical expenses incurred in the treatment of an accident covered under
the policy, subject to a limit of 10% of the sum insured or 40% of the death / disability
compensation claim payable, on payment of additional premium.
The policy issued to Indian personnel working in foreign countries on civilian duty can be
extended to cover War risk on payment of additional premium.
The policy can also be restricted to cover Personal Accident risk during duty hours only or
during off-duty hours only with discount in premium. It is also possible to issue group P.A.
policy excluding the death benefit subject to a group life policy covering death benefit
being taken for the same group of persons for the same policy period.
It is also possible to issue group P.A. policy excluding the death benefit subject to a
group life policy covering death benefit being taken for the same group of persons for the
same policy period.
- Who can take the policy
- Any adult residing in India can take the policy covering
himself / herself and dependent family members between the ages of 5 and 70yrs.
- How to select the sum insured
- It is very difficult to put a value to a human life.
Hence the principle of indemnity cannot be applied in this policy. However it becomes
necessary to apply some yardstick for fixing the sum insured so that human lives are not
overvalued for ulterior motives.
Hence the capital sum insured is restricted to 72months income from gainful employment. This
means that income from property, shares etc. will not be taken into account. For non working
spouse, the sum insured is restricted to 50% of the sum insured of earning spouse subject to
a maximum of Rs.1,00,000/- and for dependent children to 25% of the sum insured of earning
parents subject to a maximum of Rs.50,000/-. In case of Gramin Personal Accident, Student
Safety, Raj Rajeshwari, Bhagyashree policies the sum insured is fixed.
In Individual Personal Accident policy, facility of cumulative bonus is given whereby the
capital sum insured is increased by 5% every year on claim free renewals subject to a
maximum of 50%. This cumulative bonus is available only under tables A,B & C.
- How to claim
- In the event of an accident
giving rise to a claim the following steps should be taken:-
In case of death claim :-
Assignee under the policy should immediately notify the policy issuing office.
Submit the claim form alongwith death certificate, post mortem report, police report and
original policy.
In case of injury claim :-
Notify the policy issuing office immediately.
Submit Police report if any.
Submit claim form alongwith medical certificate certifying the disablement.
In case medical expenses extension has been taken, then the prescription alongwith bills are
to be submitted.
- Rasta Apatti Kavach (Road Safety Insurance)
- Highlights
- This insurance policy has
been designed to cater to the specific need of an individual who meets with an accident with
a motor vehicle on road and sustains injuries which requires hospitalization for treatment.
The policy also has provision for compensation for death and permanent disability. There are
two sections under the policy.
- Scope of Cover
- Section I: Personal Accident for the purpose of
compensation payment.
Section II: Medical expenses incurred during hospitalization for treatment of bodily injury
caused by and arising out of road accident.
- Sum Insured
- The Sum Insured under both section is identical. The
available Sum Insured is Rs.25,000/- , Rs.50,000/-, Rs.75,000/-, and Rs.1,00,000/- The
policy is issued on annual basis.
- Premium
- Premium depends upon the Sum Insured chosen.
Policy is also available on group basis.
The above is only broad indication of a cover offered. For further details contact any of
our Policy issuing office.
- TV/VCR/VCP Insurance
- Highlights
- Provides cover for loss or
damage to TV/VCR/VCP (including aerial fittings), liability of insured and loss & damage to
property belonging to or in the custody of the insured.
- Scope
- It covers loss and or damage due to
Fire, Lightning
Bursting and overflowing of water tanks
Accidental external means
Flood, hurricane, inundation, storm and cyclone
Theft, burglary and housebreaking
Riots, strike or malicious act
Mechanical or electrical breakdown
Earthquake
Aircraft or articles dropped therefrom
- Exclusions
- Consequential loss
Depreciation, wear and tear
Failure, breakage or damage caused by normal atmospheric conditions
Mechanical derangement
War and allied perils
Liability assumed by the insured by agreement
Ionising radiations
Loss or damage to external antenna or fittings by theft unless the television apparatus
itself is stolen at the same time
Loss or damage for which the manufacture or supplier is responsible either by law or
contract
Loss or damage caused by or arising out of or traceable to erection, repairing, cleaning or
dismantling the TV/VCR/VCP set.
- Premium
- Premium is charged at a rate percent of the value of the
apparatus.
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- Aviation Insurance
- Highlights
- New India participated in the Aviation Insurance of Air India way back in 1946. New India Assurance Company provides professional aviation insurance advice and solutions to the needs of small aircraft operators as well as scheduled airlines.
- Hull All Risk Insurance Policy
- This policy is suitable for small aircraft operators belonging to flying clubs, companies engaged in agricultural spraying operations, aircrafts especially designed for VVIPs, business executives and for those engaged in industrial aids. The policy scope includes all physical loss or damage sustained by the insured aircraft including total loss, disappearance. All losses are paid subject to deductibles.
.
- Spares All Risk Insurance Policy
- Covers loss or damage to spares, tools, equipments and supplies owned by the insured or the property for which the insured is responsible whilst on ground or in transit by land, sea, air including in own aircraft or whilst on the premises of others for storage only.
- Hull/Spares War Risk Insurance
- Indemnity is provided to the aircraft as well as spares caused by war, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, resurrection, martial law, strikes, riots, civil commotion, malicious acts, sabotage..
- Hull Deductible Insurance
- Airlines at times have to bear a proportion of loss due to application of a deductible under All Risk Policy, which may impose considerable financial difficulty on the insured. Therefore the operators insure part of their deductibles under this kind of insurance.
- Aviation Personal Accident (crew member) Insurance
- This cover is designed to cover insured person against injury, disablement or death arising as result of an accident that is generally granted on annual basis. The cover operates while mounting or dismounting from and whilst traveling an aircraft while the aircraft is being used within the geographical scope as per its permitted usage. This cover can also be on 24 hours basis. The capital sum insured varies according to the status of the insured or earning capacity and fixed by the insurers.
- Loss of License Insurance
- Operating crews of the aircraft are required to have valid license. License is liable to be suspended either temporarily or permanently on medical grounds. Consequential financial loss is covered by the loss of license policy. Cover provided is in respect of incapacity causing permanent total disablement or temporary total disablement due to bodily injury or illness.
- claim
- In case of claims following are illustrative documents that are generally called for from the insured.
Documents in connection with aircraft details
Documents in connection with flight details
Documents in connection with the accident
Certificate of airworthiness/registration
Crew details
Maintenance & engineering information
Operational manual passenger documentation in case of claims
- Bankers Indemnity Policy
- Highlights
- A package policy designed specially to cover the risks related to banking sector. A single policy covering all branches in India of the particular bank.
Retroactive period facility available whereby losses discovered during policy period due to an incident occurring in earlier period but after inception of first policy , also become payable, provided the policy has been continuously renewed with us without break.
Discount in premium available for banks having less than 500 branches.
- Scope
- The policy comprises of following 7 sections :
On Premises : Covers money and/or securities belonging to, or in the custody of bank, whilst on their own premises or on the premises of their bankers, against loss or destruction by Fire, Riot & Strike, Malicious damage, terrorist act, burglary ,theft ,robbery or hold-up.
In Transit : Covers money and/or securities if they are lost ,stolen, mislaid, misappropriated or made away with, whilst in transit in the hands of its employees whether by negligence or fraud of the employees.
Forgery or Alteration : Covers losses suffered as a result of payment of bogus, fictious, forged cheques or drafts as also forged endorsements on genuine cheques or drafts or FDRs.
Dishonesty : Covers loss of money and/or securities suffered due to dishonest or criminal act of its employees.
Hypothecated Goods : Covers losses suffered due to fraudulent or dishonest act of employees in respect of goods or commodities pledged or hypothecated to the insured bank and under its control.
Registered Postal Service : Covers loss of registered postal sending by robbery,theft or any other cause not specifically excluded, provided that each post parcel shall be insured with the post office.
Appraisers : Covers loss due to infidelity or criminal act on the part of appraisers, provided that such appraisers are on the bank's approved list.
Janata Agents : Covers loss due to infidelity of criminal acts on the part of Janata Agents, Chhoti Bachat Yojana Agents/Pygmie Collectors.
- Add on covers
- The following additional perils can be covered on payment of an additional premium :
Losses due to flood, inundation, hurricane, typhoon, storm, tempest, tornado and cyclone.
Losses due to earthquake - Fire & Shock
Additional sum insured can be opted for under Section A & B.
- Who can take the policy
- Any banking company as defined under various Banking Acts like Banking Regulation Act 1945, State Bank of India Act 1955 etc.
.
- How to select the sum insured
- It is very difficult to put ae yardstick for fixing the sum insured so that human lives are not overvalued for ulterior motives.
- How to select the sum insured
- The proposer has to select a basic sum insured which will apply to Sections A to E of the policies. This sum insured should represent the maximum amount of loss which could be suffered by the bank due to any single incident covered under Sections A to E. The sum insured under Section F,G&H is fixed at a percentage of the basic sum insured.
In addition to the basic sum insured , an additional sum insured can be opted under Section A and/or B on payment of additional premium.
- How to claim
- In case of discovery of any loss falling under the scope of the policy, the following steps should be taken:
Inform insurance co. by phone and/or fax/letter.
In case of burglary/robbery/theft/hold-up etc. inform police and get FIR registered.
In case of dishonest act of employee, inform police and initiate departmental enquiry.
Submit claim form and relevant documents to substantiate loss to the surveyor appointed by the insurance company.
Take reasonable steps to prevent further loss due to the same reason.
- Fidelity Guarantee Insurance Policy
- Highlights
- The policy covers the employer in respect of any direct financial loss which he may suffer as a result of employees dishonesty.
- Scope
- The Company agrees to indemnify the insured against a direct pecuniary loss sustained by reason of any act of fraud/dishonesty committed
On or after the date of commencement of this policy
During uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof
In the case of death, dismissal or retirement of the Employee with twelve calendar months of such death, dismissal or retirement whichever of these events shall first happen. .
- Conditions
- The liability of the Company shall not exceed
(a) in respect of any employee the sum insured stated against his name or as declared herein.
(b) in respect of all claims under this policy, the total sum insured.
If this policy shall be continued in force for more than one period of indemnity or if any liability shall exist on the part of the Company under this Policy and also under any other Policy in respect of fraud or dishonesty of the employee, the liability of the Company hereunder shall not be accumulated or increased thereby but the aggregate liability of the Company during any number of periods of indemnity and for any number of acts of fraud or dishonesty committed by the employee shall not exceed the sum insured hereunder or the sum insured under any other such policy as aforesaid whichever is greater.
The Company shall not be liable to pay more than one claim in respect of the action of any one employee.
- Exceptions
- The Company shall not be liable in respect of losses arising elsewhere than in India.
- Jewellers Block Policy
- Highlights
- This is a package policy specially designed for jewellers & diamontaires i.e. those establishments dealing solely in diamonds.
Jewellers premises are categorised into Class I, II or III depending upon the type of security provided for the premises.
Discount in premium is available in case the premises have special protection devices like built-in vaults, strong rooms ,closed circuit T.V. or armed guards.
- Scope
- The policy comprises four sections which are optional except for section I which is compulsory.
Section I : Covers loss or damage to jewellery , gold and silver ornaments or plates , pearls, precious stones, cash and currency notes whilst contained in the premises insured, by fire,explosion, lightning,burglary,house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.
Section II : Covers loss or damage to jewellery, gold etc. as described in Section I whilst it is in the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths.
Section III : Covers loss or damage to property described in Section I whilst in transit by registered parcel post, air freight or through angadia.
Section IV : Covers loss or damage to trade and office furniture and fixtures in insured premises due to fire,explosion, lightning,burglary,house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.
- Who can take the policy
- The policy can be taken by jewellers who are wholesalers or retailers. The policy cannot be given to establishments whose work is predominantly manufacturing like cutters and goldsmiths. The policy also cannot be given to angadias , brokers or pawn brokers etc.
- How to select the sum insured
- The sum insured under Section I and II should represent the cost price of the jewellery items. The sum insured under Section III should represent the maximum loss likely, arising out of any one incident. The sum insured under Section IV should represent the market value of the property..
- How to claim
- In case of any incident giving rise to a claim under the policy , the following steps should be taken :
Inform insurance company within 24 hrs.
In case of burglary,theft etc. inform police immediately and obtain FIR
Submit claim form and relevant documents to surveyor appointed by Insurance Co. to substantiate loss. test
- Marine Cargo Policy
- Highlights
- This policy covers goods,freight and other interests against loss or damage to goods whilst being transported by rail,road,sea and/or air.
Different policies are available depending on the type of coverage required ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover.
This policy is freely assignable and is basically an agreed value policy.
- Scope
- Transportation of goods can be broadly classified into three categories:
Inland Transport
Import
Export
The types of policies issued to cover these transits are:
For Inland Transit
Specific Policy - For covering a specific single transit
Open Policy -For covering transit of regular consignments over the same route .The policy can be taken for an amount equivalent to three months despatches and premium paid in advance.As each consignment is despatched, a declaration giving details of the despatch including GR/RR No. is to be sent to the insurer and the sum insured gets reduced by the amount of the declared despatch.The sum insured can be increased any number of times during the policy period of one year;but care should be taken to ensure that adequate sum insured is available to cover the consignment to be despatched.
Special Declaration Policy - For covering inland transit of goods wherein the value of goods transported during one year exceeds Rs.2 crores.Although the premium for the estimated annual turnover [i.e.the estimated value of goods likely to be transported during the year] has to be paid in advance,attractive discounts in premium are available.
Multi-transit Policy - For covering multiple transits of the same consignment including intermediate storage and processing.For e.g.covering goods from raw material supplier's warehouse to final distibuter's godown of final product.
For Import/Export
Specific Policy - For covering a specific import/export consignment.
Open cover - This policy which is issued for a policy period of one year indicates the rates, terms and conditions agreed upon by the insured and insurer to cover the consignments to be imported or exported.A declaration is to be made to the insurance company as and when a consignment is to be sent along with the premium at the agreed rate.The insurance co. will then issue a certificate covering the declared consignment.
Custom duty cover - This policy covers loss of custom duty paid in case goods arrive in damaged condition.This policy can be taken even if the overseas transit has been covered by an insurance company abroad,but it has to be taken before the goods arrive in India.
- Add on covers
- Inland transit policies can be extended to cover the following perils on payment of additional premium :
SRCC - Strike, riot and civil commotion (including terrorist act)
FOB - Where the inland transit is required to be extended to cover the goods till they are loaded on board the vessel , this extension can be taken.
Export /Import policies can be extended to cover War and /or SRCC perils on payment of an additional premium.
- Who can take the policy
- The contract of sale would determine who buys the policy. The most common contracts are :
FOB (Free on Board)
C & F (Cost & Freight)
CIF (Cost, Insurance & Freight)
In FOB AND C&F contracts, the buyer is responsible for insurance. Whereas in CIF contracts the seller is responsible for insurance from his own premises to that of the purchaser.
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- How to select the sum insured
- The sum insured or value of the policy would depend upon the type of contract. Usually, in addition to the contract value 10/15% is added to take care of incidental cost.
s.
- How to claim
- The following steps should be taken in event of a loss or damage to goods insured :
Take immediate steps to minimise loss.
Inform nearest office of the insurance company or claim settling agent mentioned on the policy.
In case of damage to goods whilst on ship or port , arrange for joint ship survey or port survey.
Lodge monetary claim with carrier within stipulated time period.
Submit duly assigned insurance policy/certificate along with the original invoice and other documents required to substantiate the claim such as :
Bill of Lading / AWB/GR
Packing list
Copies of correspondence exchanged with carriers.
Copy of notice served on carriers along with acknowledgment/receipt.
Shortage/Damage Certificate issued by carriers.
Survey fees is to be paid to the surveyor appointed by the insurance company. This fees will be reimbursed along with the claim if the claim is otherwise admissible.
- Marine Hull Policy
- Highlights
- Covers any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing boats and sailing vessels.
- Who can take the Policy?
- Shipowners, charterers, Shipbuilders, bankers, financiers of Ships or vessels who have Insurable interest.
- What is covered?
- All types of Oceangoing vessels
All type of Coastal/Inland vessels
Yard and pleasure Crafts
Port Crafts
Shipbuilding- construction of vessel
Ship Repairers' Liabilities
Charterers Liabilities
Breaches of warranties / voyage cover
Freight- at -Risks insurance for voyages
Dredgers
Fishing vessels / Trawlers
Sailing Vessels
Jetties ( with or without cranes ), fixed pontoons/Pontoons Jetties, wharves etc.
Shipbreaking .
- SCOPE OF INSURANCE COVER :
- All risks relating to Vessels, Floating Dry Docks, Jetties and Shipowners' Interests including Hull & Machinery (H&M), Freight, Disbursements, Increased Value, Premium Reducing, Excess Liabilities, Protection and Indemnity (P&I) Liabilities, Charterers' Liabilities, Charterers' Freight, Charterers' Hire and/or Disbursments, General Average Disbursments, Ship Repairers' Liabilities, Shipbuilding Risks, Shipbreaking Risks and other allied interests of whatsoever nature required to be insured in India.
- Perils / Risks
- (A) The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by :
Fire, explosion
Stranding, sinking etc.
Overturning, derailment ( of land conveyance )
Violent theft by persons outside the vessel.
Collision
General average sacrifice, sacrifice, salvage charges
Jettisons
Piracy
Breakdown of or accident to nuclear installations or reactors
Contact with aircraft or similar objects, or objects falling therefrom, land conveyance , dock or harbour equipment or installation.
Earthquake volcanic eruption or lightning.
Crew Negligence.
. Exclusions
The policy does not cover loss/ damage due to :
Deliberate damage/destruction of the vessel by wrongful act of any person
Use of any weapon of war employing atomic / nuclear fission and or fusion.
Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons.
Insolvency or financial default of the vessel owner /operators /charterers
War / civil war, Strike, Riot or Civil Commotion
Any terrorist or person/s acting with political motive
(B) COMPREHENSIVE PORT PACKAGE POLICIES:
. Cover can be purchased by :-
- Port Authorities
- Port / Terminal operators
- Private Jetty Owners
. Scope of Comprehensive covers :-
- Physical Damage
- Third Party Liability
- Business Interruption
- Terrorism
- Wreck Removal
- H & M Cover for Vessels
. Exclusions :-
- Confiscation, requisition, detention
- Blocking of sewers, drains
- Wear & Tear, deterioration
- Error in design, workmanship
- Mechanical / Electrical Breakdown
(C) OIL & ENERGY RISK INSURNACE POLICIES :
· Cover can be purchased by - Oil and Energy Industries.
· Scope of Comprehensive covers -
- Offshore / Onshore constructions / Erections ( Builders Risks )
- Production / Operation Cover - Well head platform/ process platform.
- Exploratory Drilling (Offshore - Jack Up Rigs, Drilling Rigs, Semi Submersibles etc. Onshore- Fixed Land rigs, Mobile Land Rigs, Work-over Land rigs)
- Seismic Survey
- Single Buoy Mooring ( SBM )
- Under water pipeline / Cable Insurance
CLAIM INTIMATION AND STEPS TO BE TAKEN BY OWNERS:
In the event of casualty likely to give rise to a claim
- Immediate notice to policy issuing office.
- Giving brief details as to name of vessel, place of occurrence, date & time of casualty, circumstances leading to incident.
- Seek appointment of surveyor to inspect and assess loss.
- In case of theft please notify police.
- In case of fire assistance of fire brigade to extinguish fire.
- Appointment of adjuster in case of Oceangoing Vessels where necessary.
- All steps to minimise loss as prudent uninsured.
DOCUMENTS ESSENTIAL :
- Certified copy of note of protest by master
- Marine casualty form issued by M.M.D.
- Insured's report on occurrence.
- Survey Report
- Original Repair Bill, cash memo, Invoices
- Weather Report by Meteorological Dept.
- Affidavits filed by rescue vessels
- Certificate of survey for inland vessels
- Registry certificate
- Free board certificate
- Loadline certificate (where applicable )
- Status / copies of Mandatory certificates
- Notarized statements of master and chief engineer of the vessel.
- Log Book extracts (Engine & Deck )
- Crew list with details of competency certificates.
- Copy of Claim bill with supporting documents.
* Why New India for the lead mandate ?
? Superior Financial Strength - Indian Premium / Overseas Premium / Profit / Net Worth etc.
? M/s. A.M. Best (Europe) have conferred "A" Excellent Rating based on Superior Credit Position.
? New India has Largest Retention Capacity and Deductible Buy-Back in Indian Hull Market
? Overwhelming Global Presence vis-a-vis Other PSUs / Our London Office can help Liaise with Brokers & Re-insurers in Placement and Servicing.
? Leader in Non-Life Insurance.
? More Experience of Mega-Policies useful for New India and Placements / Proves High Level of Market Confidence in our Security and Services.
? Better Day-to-Day Liaisoning with our Head Office being in Mumbai.
? Overseas Operation in 23 Countries.
- Multi Peril Policy for L.P.G. Dealers
- Highlights
- Specially designed to meet the Insurance requirements of L.P.G. dealers.
- Scope
- It covers
Risk of fire and allied perils for building & contents
Theft and burglary
Gas Cylinders in Transit
Cash-in-Transit/Safe/Cash box
Fidelity Guarantee
Pedal Cycle
Public Liability
Personal Accident
Personal Accident to customers
Workmen's Compensation
Plate Glass
Neon Sign/Glow Sign .
- Special Conditions
- This cover cannot be given when the value of property exceeds Rs.5 Lacs
- How to claim
- In case of any incident giving rise to a claim under this policy, please take the following steps:
Take necessary steps to minimize the loss/damage.
In case of fire, inform fire brigade immediately.
In case of theft, larceny or burglary inform the police immediately along with a list of items stolen and their approximate value.
Inform insurance company by phone or fax and in writing.
Extend full co-operation to the surveyor appointed by the insurance Co. and provide necessary documents to substantiate the loss. A claim form issued by the company is also to be submitted.
In case any rights of recovery exist against any other party responsible for the loss, your rights of recovery have to be subrogated to the insurance company on payment of claim.
- Neon Sign Insurance
- Highlights
- Insurance in respect of loss or damage to the neon sign installation.
- Scope
- Covers loss or damage to the neon sign installation by
accidental external means
fire, lightning, external explosion and theft
- Exclusion
- Fusing or burning out of any bulbs/tubes arising from short circuiting or arcing or any other mechanical or electrical defect or breakdown
Repair, cleaning, removal or erection, wear and tear, depreciation or deterioration
Damage to tubes unless the glass in fractured
Over running, over heating or strain
Atmospheric conditions
War and kindred perils
Natural risks
Consequential loss
- Special Condition
- Insured neon sign must be examined and inspected at regular intervals of not longer than 6 months by a qualified electrician or engineer.
- Plate Glass Insurance
- Highlights
- It is an annual policy that covers all kinds of accidental breakages of the plate glass fixed to display windows or show cases of commercial establishments.
- Scope
- The policy covers the cost of making good accidental breakage of insured glass by any reason whatever, except those that are specifically excluded.
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- Exclusions
- Fire or explosion
Earthquakes or such other convulsion of nature
Damage to frames
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
- Who can take the policy
- Any person who installs plate glass of substantial value can avail of this policy.
- Premium
- Rate of premium depends on the type of glass, situation, previous experience and neighbourhood.
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- Shopkeepers Policy
- Highlights
- This is a package policy specially designed for small shopkeepers. It is a single policy combining the various insurance requirements of shopkeepers.
Discount in premium is available if a minimum number of four sections is selected including Section I (b). .
Only one policy can be taken by one shopkeeper for each shop in a specific location having separate books of accounts.
- Scope
- The policy comprises of following 11 sections :
Section I - Building & Contents
Covers shop building and/or contents therein against loss or damage caused by Fire & Allied perils i.e.
Fire, lightning, explosion of gas in domestic appliances
Bursting and overflowing of water tanks, apparatus or pipes
Aircraft or articles dropped therefrom
Riot, strike, malicious damage, terrorist act
Earthquake-Fire and/or shock, subsidence and landslide (including rockslide)
Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tornado or Cyclone.
Impact damage by rail/road vehicle not belonging to the insured.
Section II - Burglary & Housebreaking
Covers contents of insured shop premises(excluding money and valuables) against loss or damage by burglary and/or housebreaking.
Section III - Money Insurance
Covers loss of money in transit, loss of money/valuables whilst contained in a locked safe, loss of money contained in cashier's till and/or counter by burglary/housebreaking.
Section IV - Pedal - Cycles
Covers loss/damage to pedal cycles belonging to insured by :
Fire, lightning or external explosion.
Riot, strike, malicious or terrorist act.
Burglary and/or Housebreaking or theft
Accidental external means
Flood, cyclone, storm, tempest, and other similar convulsions of nature and atmospheric disturbance
Earthquake Fire and shock
This section also covers legal liability of insured for death/injury to third parties or damage to their property arising out of use of the insured pedal cycles.
Section V - Plate Glass
Covers loss of or damage to fixed plate glass in insured's shop by accidental means.
Section VI - Neon Sign/Glow Sign
Covers loss of or damage to neon sign/ glow sign by :
Accidental external means
Fire, lightning or external explosion or theft.
Riot, strike, malicious or terrorist act
Flood, inundation, storm, tempest, typhoon, hurricane, tornado, cyclone.
Section VII - Baggage
Covers loss or damage to accompanied personal baggage of insured or baggage in connection with his trade, whilst anywhere in India, by accident or misfortune.
Section VIII - Personal Accident
Covers insured and spouse and/or his children, named in the schedule and aged between 5&70 years, against bodily injury caused solely and directly by accident and resulting in death or permanent total or partial disablement or temporary total disablement within 12 calendar months of such injury.
Section IX - Fidelity Guarantee
Covers direct pecuniary loss suffered by the insured due to fraud or dishonesty committed by any of insured's salaried employees.
Section X - Public Liability
Covers
Legal liability in respect of accidental death or bodily injury to a third party or accidental damage to their property during performance of any act in connection with insured's business.
Compensation to insured's employees under Workmen's Compensation Act or Common Law.
Section XI - Loss of Profit
Covers loss of profit due to interruption of business consequent upon loss or damage sustained by property insured under Section I of the policy due to insured perils.
It is necessary to opt for a minimum of 4 sections for this policy to be issued of which Sections I&II are compulsory.
- Who can take the policy
- This policy can be taken by small shopkeepers whose shop building value and contents value does not exceed Rs. 10 lacs. In case it exceeds Rs.10 lacs, this policy cannot be given.
This policy is meant for shops only. Mere registration under Shops and Establishment Act does not entitle the premises to be insured under this policy. Hence Restaurants and Tea /Coffee shops cannot be insured under this policy. However,shops selling goods where minor repair work is carried on incidental to the main business of selling, can take this policy.
- How to select the sum insuredy
- The shop building should be insured on market value basis i.e.depreciated value basis.The contents should be insured on cost price basis. The sum insured for contents under Section I&II should be identical. The sum insured under Sections III,V,VI,VII,IX,X&XI is limited to specified percentage of the sum insured for contents
- How to claim
- In case of any incident giving rise to a claim under this policy, please take the following steps:
Take necessary steps to minimize the loss/damage.
In case of fire, inform fire brigade immediately.
In case of theft, larceny or burglary inform the police immediately along with a list of items stolen and their approximate value.
Inform insurance company by phone or fax and in writing.
Extend full co-operation to the surveyor appointed by the insurance Co. and provide necessary documents to substantiate the loss. A claim form issued by the company is also to be submitted.
In case any rights of recovery exist against any other party responsible for the loss, your rights of recovery have to be subrogated to the insurance company on payment of claim.
- Special Contigency Policy
- Highlights
- Caters to the requirements of the clients who desire to have all risks in respect of their machinery and/or equipment or any other property covered under a single policy.
- Scope
- Damage or financial loss caused due to fire, lightning, burglary etc. are covered.
- Exclusions
- War & allied perils
Nuclear risks
Overloading or strain
loss or damage occurring whilst being used for racing or pacemaking
Consequential loss, depreciation, wear & tear or mechanical breakdown
- Add on Covers
- Riot, strike and civil commotion can be covered on payment of additional premium
Earthquake, flood sometimes covered on payment of additional premium
- Premium
- The rate of Premium varies from 1% to 2% of the value of the property to be covered.
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Industrial policy
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- Advanced Loss of Profit / Delay in Startup Policy
- Highlights
- A Marine-cum-Erection or Contractor's All Risk policy covers only physical damage to property which, at best, covers the expenses incurred for repairing or replacing the damaged property.
- Scope
- The Advance Loss of Profit is designed to cover:
Loss of Gross Profit = Net Profit+Standing Charges
OR
Loss of Gross Earnings = Turnover-Specified Working Expenses
OR
Fixed Operation & Management Costs
Debt Service Charges
Increased Cost of Working
Special Expenses e.g. penalties
The policy pays for the actual loss of gross profit incurred during the period of delay, commencing from the scheduled date of commencement of commercial operation upto the actual date of commencement of commercial operation subject to a time excess and indemnity period selected. The delay, however should have occurred due to a claim payable under marine -cum- erection policy, storage-cum -erection policy or contractor's all risk policy.
The policy does not cover delay due to:
Inventory losses
Delay in shipment of supplies
Normal project schedule slippages
Non -availability of funds for repairs/replacement to damaged items
Cancellation of licence or Govt. restrictions etc
- How to select the sum insured
- The sum insured should represent the Anticipated Gross Profit (i.e.Net Profit + Standing Charges) for the Indemnity Period selected.Net Profit means Business profit before taxation.
Standing Charges means fixed charges incurred even in the absence of business activity e.g. interest charges, salary &wages, Director's fees, O&M costs, liquidated damages.
Indemnity Period should be selected keeping in mind the maximum period required for re-importing, re-erecting and/or re-testing any part of the project.
- Who can take the policy
- The policy is taken by the Principal as he stands to lose in case of any delay in the commissioning of the project.
- Burglary Policy
- Highlights
- Policy is designed to cover business premises only like godown, factory, office etc.
There are three types of policies available :-
Full Value Insurance: The policy must be effected for the full value of the property to be insured.
First Loss Insurance: In the event of improbability of total loss, proposer can opt for a percentage of total stocks to be insured
Stock Declaration Policies: These policies are given where large stocks frequently fluctuate in quantity during the year. The sum insured is fixed at the maximum value of stocks which the insured anticipates he will hold at any one time. A deposit premium of 100% of the annual premium will be paid at the beginning of the insurance. Monthly declarations of value are to be sent to the company and the “deposit” premium will be adjusted at the end of the policy period based upon the average of the monthly declarations
- Scope
- Loss or damage to the property insured by theft following upon actual, forcible and violent entry into the premises.
Damage to the premises following upon entry as above or any attempt thereat
The indemnity provided is to the extent of the intrinsic value of the property so lost or damaged, subject to the limit of the sum insured.
- Exclusions
- The company shall not be liable in respect of :
Gold, watches, jewellery, precious stones, plans, designs, money, business books etc. unless specifically insured.
Loss or damage where any insured or member of the insured’s household or of his business staff is concerned in the actual theft or damage.
The policy shall cease to attach:
If the premises are left uninhabited for 7 or more consecutive days and nights.
In the event of material alterations to the premises whereby the risk is increased.
If the insurable interests has passed from the insured otherwise by will or operation of law
- In event of claim
- The insured should give immediate notice to the police and also to the company and within 14 days submit to the company his claim in respect of loss or damage sustained.
The insured should also tender to the company all reasonable information, assistance and proofs in connection with any claim here under.
- Consequential Loss Policy
- Highlights
- Generally insurance policies cover only physical damage to property by insured perils. This, at best , covers the expenses incurred for repairing or replacing the damaged property . But what about the financial loss suffered due to interruption of business operations whilst the damaged property is being repaired or replaced ?
This policy offers a solution by covering profit lost due to reduction in turnover arising from interruption of business following damage to the property insured.
This policy can be taken only in conjunction with Fire Policy or Machinery Breakdown policy.
This policy is also known as Business Interruption Policy or Loss of Profit Policy. test
- Scope
- The policy covers:
Loss of gross profit
Increased cost of working
- Add on covers
- The Fire Consequential Loss Policy can be extended to cover loss of profit to the insured due to :
Accidental failure of public electricity/gas/water supply
Damage to customer's premises due to perils covered under Fire Policy
Damage to Supplier's premises due to perils covered under Fire Policy
- How to select the sum insured
- The sum insured under CL Policy (Consequential Loss) should represent the gross profit of the indemnity period selected.
The indemnity period is the maximum period required to put the business back into normal operation after damage to insured property by an insured peril. The indemnity period could vary from 6 months to 3 years.
Upto an indemnity period of one year , the annual gross profit should be selected as sum insured. Thereafter the GP should be in proportion to the indemnity period selected i.e. for 18 months - 1 1/2 times the annual gross profit for 24 months - 2 times the annual gross profit for 36 months - 3 times the annual gross profit
The gross profit should represent the net trading profit plus insured standing charges (fixed charges). The standing charges which are to be insured have to be specified.Gross profit can be insured on one of the following basis :
Turnover basis
Output basis
Difference basis
Revenue basis .
- How to claim
- The policy operates once there is a valid claim under the Fire Policy or Machinery Breakdown Policy.
The loss of profit is measured by comparing the turnover/output /revenue during the indemnity period with the turnover during the corresponding period in the previous year (known as the standard turnover).
Hence loss of gross profit = Rate of gross profit X Reduction in turnover
Gross Profit
= ------------------ X Reduction in turnover
Annual turnover
The documents establishing reduction in turnover have to be submitted to the surveyor appointed by the insurance company.
In addition if any extra expenses have been incurred to minimize reduction in turnover the same are also payable subject to the overall sum insured.
- Contractor Plant and Machinery Policy
- Highlights
- This policy covers all different types of machinery used for handing material or construction.
- Scope
- The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy.
The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.
The main exclusions of the policy are:-
loss or damage due to any internal electrical or mechanical break down, defective lubrication, lack of oil or coolant although any consequent external damage is payable.
loss or damage to replaceable parts or attachments such as bits, drills, knives, dies, moulds etc.
loss or damage whilst in transit from one location to another.
loss due to wear and tear, corrosion, rust, deterioration, atmospheric conditions.
loss or damage during testing operating or whilst being used for a purpose other than designed for.
loss or damage to machinery working under ground.
loss or damage for which the supplier or manufacturer is responsible either by law or under contract.
- Add on covers
- The policy can be extended to cover
third party liability - personal injury and property damage.
damage to owner's surrounding property.
- Who can take the policy
- The policy can be taken by any one of the following parties, either individually or jointly :-
The owner of the machine
The contractor / user of the construction machinery
The financial institutes who have an interest in the construction machinery.
- How to select the sum insured
- The sum insured of each item of machinery should represent the current purchase cost of a similar new machine including all incidental expenses like freight, duty, taxes, cost of erection etc.
- How to claim
- In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken:-
take necessary steps to minimise the loss.
inform insurance company immediately.
extend full cooperation to the surveyor deputed by the company.
submit duly filled in claim form along with necessary documents to substantiate the financial loss suffered as a result of the accident.
- Contractors All Risk Policy
- Highlights
- This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.
In case the policy period exceeds 12 months, the premium can be paid in quarterly installments with the first installment being more by 5% and the last installment being paid 6 months before expiry of the policy.
- Scope
- The policy comprises of 2 Sections :
Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.
The main exclusions under Section I for which no claim is payable, are loss or damage due to:
faulty design
rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect.
The exclusion of defective material / workmanship is limited to the parts of the structure immediately affected and does not apply to any consequential loss to correctly executed items, arising out of the accident due to defective material or workmanship.
loss or damage due to gradual deterioration, atmospheric condition, rusting etc.
loss discovered only at the time of taking inventory.
loss arising out of penalty for delay, non-fulfillment of terms of contract.
- Add on covers
- The policy can be extended to cover the following items :-
construction equipment like scaffolding, shuttering materials
construction equipment like scaffolding, shuttering materials
damage to surrounding property not forming part of the contract work.
maintenance visit / extended maintenance cover to cover accidental loss or damage whilst carrying out any rectification during maintenance period and / or any amount incurred for rectification of such original defects or faults during construction.
- Who can take the policy
- The policy can be taken by the principal, contractor or sub contractor, jointly or separately.
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- How to select the sum insured
- The sum insured selected under section I should represent total contract value including the estimated cost of labour charges and cost of materials but excluding profit. The cost of materials supplied by the principal is to be declared separately.
In case of long term contracts, there is bound to be escalation in prices. The basic policy will pay only as per the original cost and prices. However escalation clause can be opted for, under which escalation upto 50%, can be selected to take care of such increase in prices.
The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured's site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.
- How to claim
- In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken :-
take necessary steps to minimise the loss.
inform insurance company immediately.
extend full cooperation to the surveyor deputed by the company.
submit duly filled in claim form along with necessary documents to substantiate the financial loss suffered as a result of the accident.
- Period of Insurance
- Unlike other policies where the period of insurance is one year, in this policy the period of insurance should be equivalent to the period of contract, commencing from the date of unloading of the first batch of material at the site of construction and expiring on the date of handing over of the contract work to the principal.
Although it is possible to extend the policy period in case of delay in completion of contract, it is always advisable to choose a slightly longer period of insurance initially, to avoid paying the higher extension premium.
- Electronics Equipment Policy
- Highlights
- This is a specially designed policy which covers accidental loss or damage to electronic equipment.
What equipment can be covered under this policy: The policy covers the following types of equipments:
Electronic data processing machine.
Telecommunication equipment.
Transmitting and receiving installations(including Radio, TV, Cinema Sound Reproduction and Studio Equipment).
Material testing and research equipment.
Electro-Medical Installations.
Signal and Transmitting units.
Office calculators, duplicating machines and Reproduction machines.
Control and supervisory units.
Note: The above items should not be portable and mobile
Who can take this policy: This policy can be taken by the owner, lessor or hirer of electronic equipment.
- Scope
- The policy covers sudden and unforeseen physical damage including breakdown to the electronic equipment covered under the policy due to any reason not specifically excluded.
Thus it covers damage caused by the following perils:-
Smoke, soot, dust, corrosive gases etc.
Water and Humidity.
Short circuit and Electrical fire risk.
Faulty operations, lack of skill.
Falling object and entry of foreign bodies
Fire, lightning, explosion.
Riot and strike and malicious damage and terrorism.
Theft and burglary.
Natural calamities – flood, inundation, storm, cyclone and earthquake
Subsidence, landslide, rockslide.
Loss of damage caused by the following perils are specifically excluded from the scope of the policy.
Normal wear and tear and corrosion of parts arising from use and continuous operation (limited to parts immediately affected, subsequent damage to other parts of the unit covered).
War, wilful acts, gross negligence.
Faults for which third party is responsible by law or contract.
Failure due to interruption of gas, water or power supply.
Aesthetic defects.
Consequential loss of any kind.
Loss to consumables and operating media etc.
- How to select the sum insured
- The policy can be extended to include the following risks on payment of additional premium.
Damage to external data media for example punch cards, tapes, discs etc. as also the cost of reconstruction of data on this external media caused by a peril covered under the policy.
The additional expenditure incurred due to use of a substitute computer system as a result of an accidental damage to the computer insured under the policy and which is covered by the policy.
- How to claim
- In case of any such incident which falls under the scope of the policy, the following steps should be followed:
Please inform the insuring office by phone, letter or fax.
Take all necessary steps to minimise the loss.
Obtain estimate of repair from repairer of your choice.
Submit this repair estimate and claim form to the surveyor deputed by the insurance company.
After getting clearance from the surveyor, proceed for repairing machine or ordering for replacement as the case may be.
Submit actual bills of repair/replacement with proof of payment to the surveyor.
- Fire Policy
- Highlights
- Fire Insurance is governed by All India Fire Tariff effective from 31.3.2001 issued by Tariff Advisory Committee, a Statutory Body.
The Standard Fire and Special Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils.
Special Types of Policies are designed for Stocks (declaration and floater), Building, Plant & Machinery keeping in mind the nature of property, proposers' requirements and basis of indemnification.
Long Term Policies available for Dwellings with suitable discounts in premium.
Policy can be extended to cover certain additional perils and expenses at additional premium.
Certain perils can be deleted with discount in premium rates.
Discount in premium available for good claims experience for sum insured more than Rs. 50 crores in one location and for installation of fire extinguishing appliances.
Concept of "one risk one rate" for all properties in an Industrial or Manufacturing Complex, for administrative convenience of the proposer.
- Scope
- Properties that are covered:
All moveable/ immoveable properties of the proposer on land (excluding those in transit) broadly categorised as follows :
Building (including plinth and foundations, if required):
Whether completed or in course of construction (excluding the value of land).
Interiors, Partitions and Electricals.
Plant & Machinery, Equipments & Accessories (including foundations, if required)
Bought Second hand.
Bought New
Obsolete Machinery
Stocks:
Raw Material
Finished Goods
In process
In trade belonging to Wholesaler, Manufacturer and Retailer.
Other Contents such as
Furniture, Fixtures and Fittings
Cables, Pipings
Spares, Tools and Stores
Household goods etc.
Specific Items such as bullion, unset precious stones, curios, work of arts, manuscripts, plans, drawings, securities, obligations or documents, stamps, coins or paper money, cheques, books of accounts, computer system records, explosives.
Special types of Policies available for Stocks:
Declaration Policy :
To care care of frequent fluctuations in Stocks/ Stock Values
Minimum Sum Insured Rs. 1 crore per location.
Monthly declaration on any one of the following basis to be submitted before the last day of the succeeding month
average of the highest values at risk on each day (or)
highest value on any day of the month.
Refund of premium, on expiry of policy, based on the average declaration upto 50% of the provisional premium.
Floater Policy :
to take care of frequent changes in values at various locations.
Single sum insured for all the stocks in all the locations.
Nominal premium loading to cover all the stocks in all the locations.
Perils Covered:
Fire
Lightning
Explosion / Implosion
Aircraft damage
Riot, Strike, Malicious and Terrorism damage (hereinafter called RSMTD Perils)
Storm, Tempest, Flood, Inundation, Hurricane, Cyclone, Typhoon and Tornado.
Impact by any Rail/ Road vehicle or animal
Subsidence / Landslide including rockslide.
Bursting and / or overflowing of water tanks, apparatus.
Leakage form Automatic Sprinkler Installation.
Missile Testing Operation.
Pollution or contamination resulting from any of the above perils
Any insured peril resulting from pollution and contamination.
Bush Fire
Expenses Covered:
The policy automatically covers the following expenses incurred following loss / damage / destruction of a covered property as a result of the operation of an insured peril.
Architects, Surveyors and Consulting Engineers' Fees upto 3 % of the claim amount.
Expenses incurred for removal of debris to clear the site upto 1 % of the claim amount.
Exclusions Applicable:
Losses/ Expenses not covered:
5% of each and every claim subject to minimum of Rs. 10,000 resulting from Lightning, STFI and Subsidence and Landslide including Rockslide and Rs. 10,000 in respect of all other perils.
Expenses incurred on Architects, Surveyors' Consultant Engineers fees and Debris Removal in excess of 3% and 1% of claim amount respectively.
Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind.
Perils not covered:
War and allied perils
Ionising radiations and contamination by radioactivity
Pollution or Contamination
Properties not covered:
Items like manuscripts etc. unless specifically declared.
Cold storage stocks due to change of temperature.
Loss / damage/ destruction of any electrical and/or electronic machine,apparatus, fixture or fitting arising from over running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity, from whatever cause including lightning.
Loss / damage / destruction of Boilers, Economisers or other Vessels in which steam is generated machinery or apparatus subject to Centrifugal force, by its own explosion/ implosion.
Location of Risk:
The proposer shall describe all locations where the properties are built or installed or stored or kept at the inception
Any change of location of risk shall be covered on intimation of such change.
Change of ownership in the insured property shall be intimated so that the new owner may be covered be means of suitable endorsement.
Any material change in the location of risk, trade or manufacturing activities shall be intimated to the insurer so that the changes are endorsed to offer continuous cover.
Period of Coverage:
Fire Policy is an annual policy, generally, renewable each year.
Long Term policy (for a minimum period of three years) can be considered for covering "dwellings" only with suitable discounts in premium.
Cover for STFI and RSMTD perils can be considered during currency (where they are deleted at inception by choice) in special circumstances.
Policy can be cancelled at any time during the currency with suitable refund of premium for the unexpired period.
Deletion of Perils at the inception:
STFI and RSMTD perils can be deleted at the inception of the policy for which suitable reduction in package premium rate is allowed.
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- Add on covers
- In addition to the perils/ expenses covered, the proposer can opt to seek cover in respect of the following perils/ expenses at inception or during currency of the policy on payment of additional premium :
Perils:
Loss/ damage/ destruction of the property caused by
Deterioration of Stocks in Cold Storage premises due to power failure following damage due to an insured peril
Forest Fire
Impact Damage due to Insured's own Vehicles, Fork lifts and the like and articles dropped therefrom
Spontaneous Combustion
Omission to insure additions, alterations or extensions
Earthquake (Fire and Shock).
Spoilage material damage cover.
Leakage and contamination cover.
Temporary removal of stocks.
Expenses :
Architects , Surveyors and Consulting Engineer's Fees (in excess of 3% claim amount)
Debris Removal (in excess of 1% of claim amount)
Loss of rent.
Insurance of additional expenses of rent for alternative accommodation.
Start up Expenses.
- Who can take the policy
- Any person / firm / organisation / institution who may suffer financial loss in the event of operation of insurable perils may insure such property under the fire policy. They may be broadly categorised as under :
Owners of Building and contents such as house hold articles, furniture etc.
Shop Keepers.
Educational/ Research Institutions.
Hotels, Boarding and Lodgings, Hospitals, Clinics or such service providers.
Industrial and Manufacturing Firms.
Godown Keepers.
Bailees, Lessor, Lessee, Banks, Financial Institutions, Mortgagors, Mortgagees.
Traders in stocks.
Trustees, Charitable Institutions.
Transporters and C & F Agents. .
- How to select the sum insured
- 1. Building
(a) Completed Depreciated Value Basis Estimated cost of Reinstatement (material + Labour) of a similar property as on the date of proposal with suitable escalation for the policy period less depreciation for age.
Reinstatement Value Basis Same as above but without depreciation. In other words, the policy will pay, in the event of loss/ damage, without any deduction for depreciation.
(b) In course of Construction Reinstatement Value Basis Estimated Total completed value (Material + Labour)
2. Plant & Machinery
(a) Bought II hand Market Value Estimated landed cost of replacement of a similar machine of the same kind and capacity as on the date of proposal with suitable escalation over the policy period less depreciation for age and usage for number of years from the date of manufacturing (and not from the year in which it was bought)
(b) Bought New Market Value Estimated landed cost of replacement of a similar machine of the same kind and capacity as on the date of proposal with suitable escalation for the policy period less depreciation for age and usage.
RIV Basis Estimated landed cost of a similar machine of the same kind and capacity as on the date of proposal with suitable escalation for the policy period.
P.S. Generally, the landed cost of an imported or indigenous machinery will include its prime cost, Customs Duty/Excise Duty , CV Duty, , loading and unloading charges, freight, insurance, incidental expenses and cost of erection at site.
(c) Obsolete M/c. Agreed Value Value has to be ascertained by an expert valuer. The value so ascertained will be the agreed value between insurer and proposer and loss/ damage will be assessed on this basis.
3. Stocks
(a) Raw Material Market Value Landed cost at the time of proposal with suitable increase for inflation, if any.
(b) Finished Goods Market Value Landed cost of Raw materials at the time of proposal plus direct and indirect charges incurred for processing with suitable increase for inflation, if any.
(c) Stock in process Market Value Landed cost of Raw materials at the time of proposal plus direct and indirect charges incurred upto the stage of processing with suitable increase for inflation, if any.
P.S. : Landed cost means prime cost plus all duties plus freight, insurance and incidental charges.
(d) Stock-in-trade
Manufacturer Market Value Cost of Raw materials plus manufacturing costs (direct and indirect charges) as on the date of proposal with suitable increase for inflation, if necessary.
Wholesaler Market Value Landed cost at which the goods can be purchased from Manufacturer as on the date of proposal with suitable increase for inflation, if necessary.
Retailer Market Value Landed cost at which the goods can be purchased from Wholesaler as on the date of proposal with suitable increase for inflation, if necessary.
4. Furniture, Fixture & Fittings
Market Value Estimated cost of replacement of property of the same kind as on the date of proposal with suitable escalation for the policy period less depreciation for usage.
RIV Basis Estimated cost of Reinstatement) of a similar property as on the date of proposal with suitable escalation over the policy period.
5. Items to be covered specifically on declaration
Agreed Value Basis Value as certified by an expert valuer.
- How to claim
- If a misfortune befalls, leave the worry to us but please
intimate such loss / damage immediately so that a Competent Surveyor may be deputed to minimise the loss.
give an account of all properties damaged or destroyed with estimated amounts having regard to their values as on the date and place of loss.
cooperate with surveyors by providing all the necessary documents for assessment of loss and establishing liability.
cooperate with the insurer in all their activities of entering the premises, taking possession of properties, their examining, sorting, removing or selling to your account, without prejudice.
inform particulars of all other insurances existing on the property at the time of loss.
Documents required by insurer for processing the claim :
Common Documents for all claims under a Standard Fire and Special Perils Policy:
Certified True copy of the policy along with schedule and Endorsements/clauses.
Claim Form.
Newspaper reports on the incident, if any.
Photographs.
Past claims experience.
Fire Claims (additional documents)
Report of the Internal Committee constituted for the purpose of investigating the cause of fire.
Fire Brigade Report.
First Information Report / Letter of intimation to the Police Station duly endorsed / Police Panchnama.
Forensic Laboratory Report on samples collected at affected site.
Drug Inspector's Report on destruction of Drugs/ Pharmaceutical items (for claim on pharma products only).
Final Investigation Report.
Action taken on the suggestion of TAC/ LPA on loss minimisation of prevention.
Flood Claims (additional documents):
Meteorological Report
Explosion Claims (additional documents):
Factory Inspector's Report or Report of Director of Industrial Safety and Welfare.
- Machinery Breakdown Policy
- Highlights
- This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown.
It reimburses the insured for the cost of repairs or replacement of machinery of like nature.
Who can take this Insurance:This insurance can be taken by the individual owner of the machine or a person or company having financial interest in the machine.
What kind of machines can be covered: All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.
What is the sum insured or value for which policy is to be taken: It is a requirement of this policy that the sum insured or value for which the particular machine is insured should represent the present day purchase value of a similar new machine including all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc. In case the sum insured under the policy is less than as per the above requirement the claim will be paid only in such proportion as the sum insured bears to the current replacement cost of similar new machinery.
- Scope
- The policy covers all kinds of electrical and mechanical breakdown subject to the following exclusions:
Faulty material/workmanship of the machine
Action of centrifugal forces contributing to disruption of the rotating parts
Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown.
Malfunctioning or failure of safety devices.
Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions.
Abrupt and sudden stoppage of other connected machinery.
Entry of foreign bodies into running machine.
Inexperienced operations causing damage due to error of judgment or error in operation.
- Add on covers
- The policy can be extended to include the following risks on payment of additional premium.
Damage to foundation of machinery
Damage to oil in electrical apparatus
Express freight (excluding air freight), holiday rates, overtime charges
Air freight
Additional custom duty i.e the additional percentage of duty payable at the time of reimport for replacement over and above the percentage of duty included in the original sum insured.
Own surrounding property i.e. damage to the insured’s own existing property or property in his custody or control (not included in the sum insured of the policy) due to any damage to the insured machines which is covered under the policy.
Third party liability i.e. liability falling on the insured for bodily injury to any other party other than those covered by the policy or for property damage belonging to such other party.
- How to claim
- In case of any such incident which falls under the scope of the policy, the following steps should be followed:
Please inform the insuring office by phone, letter or fax.
Take all necessary steps to minimise the loss.
Obtain estimate of repair from repairer of your choice.
Submit this repair estimate and claim form to the surveyor deputed by the insurance company.
After getting clearance from the surveyor, proceed for repairing machine or ordering for replacement as the case may be.
Submit actual bills of repair/replacement with proof of payment to the surveyor.
- Marine cum Erection / Storage cum Erection Policy
- Highlights
- This is a comprehensive policy covering all physical risks which a project is exposed to right from the warehouse of the supplier of equipments - whether imported or indigenous - to its erection, testing and commissioning at the site.
In case the supplier has arranged transit insurance upto the site, a Storage cum erection policy can be issued limiting coverage to risks that the project is exposed to at the site only.
In case the policy period exceeds 12 months, the premium can be paid in quarterly installments with the first installment being more by 5% and the last installment being paid 6 months before expiry of the policy.
For project value exceeding Rs.1500crs, specially designed policies are available.
- Scope
- The policy comprises of 2 Sections :
Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.
The policy covers all risk of physical loss or damage of insured property other than those specifically excluded , including :-
marine voyage for imports
offloading / storage at port
inland transit to site
storage, handling, erection at site
testing and commissioning at site
The main exclusions are :-
loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection. This exclusion is limited to the items immediately affected and does not apply to any consequential loss to correctly executed items.
cost necessary for rectification or correction of any error during erection unless resulting in physical loss or damage.
loss or damage due to gradual deterioration, atmospheric condition, rusting etc.
loss discovered only at the time of taking inventory.
loss arising out of penalty for delay, non-fulfillment of terms of contract.
- Add on covers
- The policy can be extended to cover the following on payment of additional premium.
clearance and removal of debris
damage to owner's surrounding property
maintenance visit / extended maintenance cover
additional customs duty
civil works
express freight
air freight
deletion of duration clause under marine
- Who can take the policy
- The policy can be taken by the principal, contractor or sub contractor, jointly or separately.
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- How to select the sum insured
- The sum insured selected under section I should not be less than the completely erected value of the property inclusive of estimated freights, customs duty, erection cost etc.
In case of long term contracts, there is bound to be escalation in prices i.e.prime cost. The basic policy will pay only as per the original cost and prices. However escalation clause can be opted for, under which escalation upto 50%, can be selected to take care of such increase in prices during the policy period.
The sum insured shall be adjustable on completion of the erection, on the basis of actual values incurred by the insured in respect of freights, handling charges, customs dues, cost of erection etc. and premium adjusted accordingly.
The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured's site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.
- How to claim
- In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken :-
take necessary steps to minimise the loss.
inform insurance company immediately.
inform fire brigade in case of fire and police authorities in case of theft.
extend full cooperation to the surveyor deputed by the company.
submit duly filled in claim form along with necessary documents to substantiate the financial loss suffered as a result of the accident.
- Period of Insurance
- The period of insurance should not be less than the period of contract and should commence from the date of unloading of the first consignment at the site of the erection and shall continue upto the conclusion of the first test operation or test loading subject to a maximum of 4weeks from the date trial running is made and / or readiness for work is declared by the erectors. If a part of the plant or one or several machines are tested and put into the operation, the coverage under the policy for that particular part of the plant or machine will cease, whereas the coverage will continue for the remaining parts which are not yet ready.
In case approval of the plant or any part thereof is not given by the concerned authorities even after expiry of 4weeks of trial running, the policy can be extended and the extra premium to be arranged beforehand.
- Mega Package Policies
- Large Risk Policies
- The risks where the Sum
Insured is more than Rs.2,500 crores at any one location (PD,BI combined) come out of
purview of Tariff regulations and hence for such risks Package Policies are devised to suit
the specific requirements of the client.
- Project Insurance
- For projects where the Sum Insured is more than 2500
crores at one location our department arranges policies as per requirements of the client to
provide seamless coverage to project from the beginning till the end including Advance Loss
of Profit/Delay in Startup cover.
- Stand-Alone Terrorism Cover
- In India Insurance companies provide Terrorism coverage
only upto Rs.200 crores at any one location from the Market Terrorism Pool as per Terrorism
Pool rules and terms. If a client wants coverage for terrorism risks above Rs.200 crores we
can arrange the same and issue a Stand Alone Terrorism Coverage policy.
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