Insurance

INTRODUCTION: Every business has a specifc sp ecifc set o requirements. requirements. Our range o business products is especially designed to meet your business needs across the commercial spectrum. It is pivotal to get adequate insurance cover or your business to mitigate risk. Fire and Special Perils Policy !aterial "amage#

Types Of Fire Insurance Insu rance 

Excess loss policies:-  $his policy is obtained %here the stock &uctuate indefnitely. $he trader has to obtain t%o policies.

'nder the cover o frst policy( the loss is indemnifed upto the sum insured. I the loss e)ceeds e)ceeds this limit( that can be met out rom the E)cess *oss Policy. 

Standard policies:- $his policy provides securities against some undamental risks. $he premium is kept at a lo%er rate. $his policy has t%o types +# or household goods and ,# or all other purposes such as or actories( shops( godo%ns( urnitures etc. $he risks %hich are overlooked include loss due to natural calamities.

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Special peril policies:-  In addition to ordinary risks( this policy provides or coverage o risks

involving e)plosion( violance( etc. -dditional rate o  premium is charged or this. 

Compreensi!e policies:-  no%n as /all0in0one1 policy( the insurance company indemnifes the policyholder or loss arising out o fre( burglary( thet and third party risks. In this type o policy( the policyholder also gets paid or loss o profts incurred( due to fre( till the time the business remains shut.

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Sprin"ler lea"a#e policies:-  $his policy insures destruction o or damage due to accidently leaking %ater rom automatic sprinkler installation( used in the insured premises to put out fre.

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Rent policies:-  $his policy protect the building o%ners rom the loss o rent. I a tenant doesn2t pay rent because o fre in the rented portion( the insurance company %ill pay or such loss. $his may constitute a separate policy( or can be included %ithin other orms o cover and may be a3ected either by the o%ner or by the tenant or by an o%ner0occupier. I the tenant is not paying rent because o fre( the o%ner can claim rent rom the insurer.

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Floater declaration policies:-  $his type o policies can be issued sub4ect to minimum sum insured or 5s. , crore and compliance o rules o declaration policies.

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$on# term policies for %ouses&Flats:-  *ong term policies shall be as per the ollo%ing terms and conditions

a# Issued to 6ouse7Flat O%ner only b# $he policy shall be issued or a minimum period o three years

%'('RDS 

Physical ha8ards

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Occupational ha8ards

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!oral ha8ards

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Internal ha8ards

*egal ha8ards 

Sum Insured

 $he value o property is considered %hile f)ing the sum insured. $he property can be insured on !arket 9alue "epreciated cost# or 5eplacement :ost basis. 

)asis of *remium

Premium rate %ill depend on construction o building and occupancy. "iscounts7*oadings on premium are given based on past claims e)perience or risks e)ceeding 5s. ;< crores sum insured at any location and installation o fre e)tinguisher appliances.  $he amount o premium depends on a number o actors based on the under%riting policies o di3erent insurers. :onditions On Fire Insurance Policies

+#=E>E5-* E?:*'SIO>S •

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 $he frst ;@ o each and every claim sub4ect to minimum o 5s.+<(<<<70 in respect o -ct o =od only perils such as lightning( S$FI( Subsidence( *andslide and 5ockslide.  $he First 5s.+<(<<<70 or each and every loss arising out o other perils.  $he e)cess shall apply on the basis o per event per insured. 6o%ever this does not apply to policies covering d%ellings.

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 Aar and Aar like perils B *oss( destruction or damage caused by %ar( invasion( act o oreign enemy( hostilities or %ar like operations %hether %ar be declared or not #( civil %ar( mutiny( civil commotion assuming the proportions o or amounting to a popular rising( military rising( rebellion( revolution( insurrection or military or usurped po%er.

O$6E5 E?:*'SIO>S •

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 *oss or damage caused by ioni8ing radiation or contamination  *oss or damage caused by pollution or contamination e)cluding

a# Pollution or contamination %hich itsel results rom a peril hereby insured against( b# any peril hereby insured against %hich itsel results rom pollution or contamination.

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 *oss( destruction or damage to bullion or unset precious stones( any curious or %orks o art or an amount e)ceeding 5s.+<(<<<70( goods held in trust or on commission( manuscripts( plans( dra%ings( securities( obligations or documents o any kind( stamps( coins or paper money( cheques( books o accounts or other business books( computer system records( e)plosives unless other%ise e)pressly stated in the policy. *oss or damage to stocks in cold storage premises caused by change o temperature.  *oss( destruction or damage to any electrical machine( apparatus( f)ture or fttings arising rom or occasioned by over running( e)cessive pressure( short circuiting( arcing( sel hearing or leakage o electricity rom %hatever cause. Indirect loss or consequential loss such as loss o earnings( loss o delay( loss o market etc.  *oss by thet or ater the occurrence o any insured peril e)cept as provided under 5iot( Strike( !alicious and "amage :over. •

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*oss or damage caused by earthquake( volcanic eruption or other convulsions o the nature. *oss or damage to property insured i removed to any building or place other than in %hich it is herein stated to be insured e)cept machinery and equipment

temporarily removed or repairs( cleaning( renovation or other similar purposes or a period not e)ceeding C< days.

+, ENER'$ CONDITIONS: +# Policy 9oidable ,# -lteration D# Fall or "isplacement # Aarranties ;# 5easonable Precautions C# :ancellation

., Claims Conditions 'ction )y Insured: a, In the event o damage the insured shall - notiy the insurer immediately - notiy the police authority immediately i it becomes evident that such damage have been caused by malicious persons - :arry out and permit to be taken any action %hich may be reasonably practicable to prevent urther damage - ull inormation in %riting o the property lost destroyed or damaged - detail o any other insurance on any other property hereby insured immediately

- all necessary proos and inormation relating to the claim as may reasonably be required - i necessary( statutory declarations o the truth o  the claim and any matters connected %ith it

/, >o claims under this policy shall be payable unless the terms o this conditions have been complied %ith. +# Condition of a!era#e 0under Insurance, ,# Fraud D# Reinstatement: I any property is to be reinstated or replaced by the insurer the insured shall at his o%n e)penses provide all such plans( books and inormation as may reasonably be insured. # Insurer1s ri#t follo2in# a claim ;# Reinstatement of sum insured after a loss C# Contri/ution G# Su/ro#ation H# 'r/itration

Claims settlement procedure in 3re insurance 

Fire Insurance :laim ProcedureB ◦

Individuals7corporate must inorm insurer as early as possible ( in no case later than , hours.

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Provide relevant inormation to the surveyor7claim representative appointed by the insurer. Presentation o necessary documents  $he surveyor then analy8es the e)tent7 value o loss or damage.  $he claim process takes any%here bet%een one to three %eeks.

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"ocuments 5equired or Fire Insurance :laim B

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+. $rue copy o the policy along %ith schedule. ,. 5eport o fre brigade. D. :laim Form . Photographs ;. Past claims e)perience