Property & Misc. Insurance

What is covered under Fire policy ?

Building/ Leasehold improvements, Electrical installations, Plant and machinery, Furniture, fixtures, fittings etc, Stocks of raw materials, Stock in process s, finished goods, consumables etc. Separate sum insurance break up is required while taking the policy. Generally Drawings, Patterns, Moulds, Coins, Currency, Curios, Works of Arts, bullion or precious stones, watches, Antique Items are excluded UNLESS SPECIFICALLY MENTIONED in the policy.

What are the perils covered under this policy?
Fire, Bush Fire, Explosion/ Implosion, Subsidence/rockslide/ land slide, Riot, strike, malicious damage, Impact damage (TP),Lightning, Aircraft damage, Missile testing ,Flood, storm, inundation, Overflowing & bursting of pipes, Leakage from sprinklers.

Add-On covers
Earthquake, Terrorism, Escalation, Omissions to insure, Debris removal, Impact damage due to own vehicles.

Fire and allied perils, Burglary and housebreaking, portable equipments , Money Insurance – money in transit and money in safe, All risk cover portable equipments, Baggage insurance, Fidelity Cover, Plate Glass Cover, Machinery breakdown for equipments, Electronic Equipment Cover, Neon Sign/ Glow Hoardings, Consequential loss of profit (Fire), Workmen’s Compensation, Public Liability.

The Industrial All Risks (IAR) Insurance policy covers large manufacturing industrial risks that had wider and more complex exposures which traditional Fire and Allied Insurance policies could not easily cater to. The Policy covers not only the Physical Losses or damage but also consequential losses arising out of the business interruption due to accidental unforeseen physical loss or damage to property. Customer has an option to chose the among various sections of the policy.

Section -1 Material Damage including
Fire and Allied perils, Theft and Burglary, Machinery Breakdown, Boiler Explosion, Electronic equipment

Section -2 Business Interruption
Fire Loss of Profit, Machinery Loss of Profit (Optional)

Additional Clauses
Following clauses may be attached to the Policy by adjusting or providing additional Sum Insured where applicable. Agreed Bank Clause, Architects', Surveyors' and Consulting Engineers' Fees Clause, Designation of Property Clause, Escalation clause, Omission to Insure Additions, Alterations or Extensions Clause Temporary Removal of Stocks Clause

Jewelers block policy provides a umbrella cover for shops dealing with Jewells and gems

• Stock in Insured Premises Including goods In trust Or On Commission, Stock in Custody, Stock in Transit, Stock In Exhibitions.
• Coverage of Building & Assets of the Insured Premises
• Coverage of Fixed Glass and related fittings in the Insured Premises
• Coverage of Neon boards, Signs, Hoardings at the Insured Premises etc.,

Bankers blanket provides a blanker/ umbrella coverage for Banks, NBFC etc.

Coverage details :

• Loss of money and / or securities (for which the Insured is responsible) from the insured premises, mobile offices, other bank’s premises due to fire, riot & strike, burglary, housebreaking, theft, robbery, hold-up.
• Money and/ or Securities being lost, stolen, mislaid, misappropriated, made away with due to negligence or fraud of the employees of the Insured while in transit which commences from the moment the money is received by the employee and continues until delivery.
• The payment made in respect of bogus, fictitious, forged or raised cheques or drafts, genuine cheques (excluding bills of discounts and other credit facilities), travellers cheques, draft or fixed deposit receipts bearing forged endorsements.
• Dishonesty or criminal act of the insured’s employee wherever committed and whether singly or jointly in connivance with others.
• Fraud and/ or dishonesty of the insured’s employees in respect of any goods and/or commodities pledged or hypothecated to the Insured and under Insured’s control.
• Registered Postal Sending
• Robbery, theft or by other causes not excluded while in direct transit by registered insured port from the insured’s office to the consignee provided such parcel in insured with post office for value equal to 10% of the basis sum insured or Rs. 500,000/- whichever is less.
• Appraisers
• Infidelity/ criminal acts on the part of appraisers (who are on the approved list of insured bank).
• Infidelity/ criminal acts on the part of Agents/ Collectors etc who are regular part time agent of the insured bank. Insurer’s liability in respect of each appraiser.

Contractors All Risk Policy / CAR Policy
This policy is designed to meet the requirements of those involved in the construction of a project either as The Principal. The Contractor including Sub-Contractors.

The policy cover can be taken for all kinds of engineering project where civil works constitute more than 50% of the total contract value such as :

• Residential and office buildings, hospitals, schools.
• Factories, power plants.
• Road and railway facilities, airports.
• Dams, Road & Bridges, Tunnels, Flyovers

Scope of coverage

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 belongs 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 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.

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.

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 belongs 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