Insurance Policies

Fire Insurance

Standard fire & Special perils policy

The policy can be issued to cover: Building, Plant, Machinery, Contents and Stocks of all kinds, pertain to the Industry And Trade. Dwellings, Place or Worship, Offices, Shops etc. are also can be covered under this policy.

The Policy Covers:

	Fire, lightning, explosion / implosion
	Aircraft damage
	Riot, strike, terrorism, malicious damage
	Storm, tempest, flood, inundation
	Impact damage, subsidence and landslide
	Bursting and / or overflowing of water tank. Apparatus and pipes
	Missile testing operations
	Leakage from automatic sprinkler installation
	Bush fire
	Architect's fee not exceeding 3% of claim, cost of removal of debris not exceeding 1% of claim
	Temporary removal of plant and machinery up to 60 days

Consequential loss (fire) Insurance Policy

The policy operates in the event of damage to the property of the insured due to any peril covered under standard fire & special perils policy, causing interruption to the business.

The policy compensates:

	Loss of gross profits due to reduction in turn over
	Increased cost of working incurred in minimizing the loss of gross profit

Industrial all risk Insurance Policy

This is a package policy covering all industrial risks (other than risks ratable under petro-chemical tariff) having over all sum insured of rupees hundred crores and above in one or multiple locations in India.

The policy offers protection under: Section I (Material Damage)

	Fire and special perils including flood and storm and cyclone and inundation perils
	Earth quake (fire & shock)
	Machinery break down, boiler explosion, electronic equipment

Section II (Business Interruption)

	Consequent upon operation of insured perils
	Consequent to machinery break down (optional)

Marine Insurance

Marine Cargo Insurance Policy


The policy covers all types of cargo in respect of imports, exports and inland transit by rail/road/sea/air/postal etc.

The policy covers:

	All risks (except those specifically excluded in the policy)
	Limited cover other than all risks may also be granted

Types of policies:

	Specific policy
	Open policy
	Open cover

Engineering Insurance

Boiler and pressure plant insurance policy

The policy covers boilers and pressure vessels, against:

	Damage, other than by fire to the boilers and /or pressure plant and to surrounding property of the insured
	Legal liability of the insured on account of bodily injury, fatal and/or non fatal, to the person or damage to the property of the third parties, caused by explosion or collapse of any boiler and/or pressure plant, occurring in the course of working

Electronic equipment Insurance Policy

This policy covers all types of electronic equipment such as personal computers, medical equipments and such other sophisticated equipments.

The policy covers:

Section I Any unforeseen and sudden physical loss or damage to electronic equipment from any cause, other than the exclusions.

Section II External data media and the expenses for re-construction and re-recording of information.

Section III Increased cost of working.

Machinery Insurance

The policy covers sudden and unforeseen accidental, physical damage by any cause to machinery, while:

	The machinery is working or at rest
	The machinery is being dismantled for cleaning/overhauling and in course of these operations, being shifted within specified premises or being re-erected subsequently

Contractor's all risks Insurance Policy

The policy is designed to protect the interests of the contractors and their principals in respect of civil construction projects, such as the residential / commercial buildings, roads, bridges, dams, reservoirs, tunnels, oil / gas pipelines, water / sewerage disposal works, etc. The policy provides all risk cover, other than specified in the policy.

The important causes of loss, cover under the policy is:

	Fire, lightning, explosion
	Flood, storm, tempest, cyclone
	Earthquake, fire & stock
	Theft and burglary
	Accidental damage, bad workmanship, lack of skill
	Collapse, impact etc.

Contractor's plant and Machinery Policy

This is an "all risk" policy covering sudden and unforeseen physical loss or damage to contractors' machinery insured by any cause including:

	Burglary, theft, riot& strike, malicious damage
	Fire and allied perils
	External explosion, earthquake
	Flood, inundation
	Subsidence, landslide and rockslide
	Accidental damage etc.

Erection all Risks- Policy

The policy offers "all risk" cover pertaining to projects during:

	Storage
	Erection
	Testing
	Commissioning

Motor Insurance

Motor Policy

This is a tariff class of business and for the purpose of insurance motor vehicles are classified in to three categories:

	Private cars
	Motor cycles and scooters
	Commercial vehicles- both goods carrying and passenger vehicles

Types of policies:

For all classes of vehicles, there are two types of policy forms:

	Policy b- to cover own damage losses and act liabilities.
	Policy a- to cover act liability.

Policy B:

The Section I of the policy covers the risks of:

	Fire, explosion, self ignition or lightning
	Burglary, house breaking or theft
	Riot and/or strike
	Earthquake (fire and shock damage)
	Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, accidental external means
	Malicious damage
	Terrorist activity
	Transit by road, rail, inland waterway, lift, elevator or air
	Landslide/rockslide

Section II covers, third party liabilities.

Miscellaneous Insurance

Money Insurance Policy

The policy is very useful to the business community, who draw large sums of money for their cash transactions like payment of wages/salaries etc.

The policy covers:

	Loss of money in transit by the insured or the insured's authorized employee(s), Occasioned by robbery, theft or any other fortuitous causes
	Loss of money in safe by burglary, housebreaking, robbery or hold-up

Burglary & housebreaking Policy

This policy is available to commercial establishments, factories, go-downs, shops etc.

Property including cash in the business premises can be covered.

Fidelity guarantee Insurance Policy

The policy covers financial loss sustained as a result of the dishonesty/fraudulent act of the employee.

The loss is payable up to the limit specified for the employee, as sum insured.

The policy provides for following extensions:

	Coverage for group of employees both named and unnamed, basing on the cadre/designation, with individual limits
	Coverage for group of employees with a floating limit on particular cadre/designation

Office package Insurance Policy

This is best-suited package policy, for the coverage of all the needs of office.

The policy covers:

House holder's Insurance

Personal effects, household goods belonging to individual householder's can be covered under this insurance. It covers under single policy a number of risks, as stated:

Section I: Fire & Allied Perils: this covers loss of or damage to the building / contents by perils of the standard fire and special perils policy.

Section II: Burglary & housebreaking including larceny or theft his covers all contents in the premises against the above risks. The sum insured  on contents under this section as well as section I(b) shall be the same.

Section III: All risks: covers loss or damage to jewellery & valuables caused by the accident or misfortune, whilst anywhere in India.

Section IV: Plate Glass: This covers loss of or damage to fixed plate glass in the insured premises by accidental breakage.

Section V: Breakdown of Domestic Appliances: loss or damage to domestic appliances caused by and/or solely due to mechanical and/or electrical breakdown. Sum insured in respect of each items should be its new replacement value.

Section VI: Television sets & VCR/VCP:

This covers loss of or damage to the television apparatus and VCP/VCR in insured premises by fire and allied perils, burglary and/or housebreaking or theft, accident external means and mechanical or electrical breakdown Legal liability up to a limit of Rs 25,000/- Damage to insured's property caused by breakage of the antenna fittings up to a limit of Rs 3,000/-

Section VII: Pedal Cycle:

This covers loss of or damage to pedal cycle belonging to insured by fire and allied perils, burglary, housebreaking or theft and accidental external means Legal liability up to a limit of Rs 10,000/-

Section VIII: Baggage: this 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: the insured, his spouse or his children all between the ages of 5-70 years can be covered under this section. The insurance covers death, permanent total disablement, permanent partial disablement and temporary total disablement.

Section X: Public Liability:

The insured is indemnified in respect of legal liability up to a limit of Rs 25, 000/- The insured is indemnified against the compensation to his employees that,  he becomes legally liable to pay under the workmen's compensation act, 1923.

Fatal accidents act. 1855 or at common law, in respect of death or bodily injury to such employees arising out of and in the course of employment.

Workmen's compensation – as per limit.

Shopkeeper Insurance Policy

Building and contents of a small shopkeeper are covered under this insurance.

It covers a number of risks under a single policy.

Section I: Fire & Allied Perils: this covers loss of/or damage to the building & contents by fire and allied perils

Section II: Burglary and house breaking: this covers, all contents in the premises against the above risks. The sum insured under this section should be the same as the sum insured under section i (b).

Section III: Money insurance: this covers loss of money whilst in transit and whilst contained in a safe/steel cupboard/cash box under lock & key in the insured's premises.

Section IV: Pedal Cycle: this covers pedal cycle against

Loss or damage by perils of burglary/ house breaking and accidental external means. Legal liability up to a limit of Rs 10,000.

Section V: plate glass: this covers loss of/or damage to fixed plate glass in the insured's premises by accidental breakage.

Section VI: neon sign/glow sign insurance:

This covers loss of/or damage to neon sign/glow sign by accidental external means, fire, lightning or external explosion or theft, riot, strike or malicious act   Flood, inundation, storm, etc.

Section VII: baggage: this indemnifies the insured in respect of:

Baggage in connection with trade sample accompanying the insured and /or his employees Personal baggage of the insured and/or proprietors and/or partners accompanying them anywhere in India, if lost or destroyed or damaged by a accident or misfortune

Section VIII: Personal accident: rating and coverage as per personal accidental sections.

Section IX: Fidelity guarantee: this indemnifies the insured against direct pecuniary loss sustained by him and caused by the act of fraud or dishonesty committed by any salaried person  employed by the insured in the premises.

Section X: Liability: this covers:

Legal liability to any third party for personal injury or property damage whilst caused at the insured's premises Insured's statutory liability in connection with his trade and business under  workmen compensation act, 1923-fatal accident act, 1855 and at common law in respect of death or injury to employees

Section XI:  covers business interruption:

Sum insured must be equal to the s. i. under sec. I

Personal accident insurance policy The policy is applicable to persons between the age group of 5-70 years

Benefit of covers:

The policy covers physical loss to an insured person due to an accident injury anywhere in the world and pays for death or disablement

Death - 100% of sum insured Permanent total disablement - 100% of sum insured Loss of two limbs/two eyes or One limb and one eye - 100% of sum insured Loss of one limb or one eye - 50% of sum insured Permanent partial disablement - varies from 1% to 75% of sum insured depending upon the disablement Temporary total disablement - 1% of sum insured per week subject to a maximum of Rs 5000/- per week for a (maximum)

The policy provides for following extensions:

On payment of extra premium, medical expenses incurred following an accident can be covered up to 40% of the compensation paid in settlement of a valid claim or 20% of sum insured whichever is less The policy can also be taken as ‘on duty' or ‘off duty' cover at reduced premium Cumulative bonus: the sum insured under the policy stands increased by 5% for each completed claim free year of insurance (subject to a maximum of 50%)

Medicalim Insurance Policy

The policy covers payment of hospitalization/domiciliary hospitalization expenses for illness/disease or injury sustained. The expenses, incurred in respect of:

Room, boarding expenses as provided by the hospital/nursing home Nursing expenses Surgeon, anesthetist, medical practitioner, consultants, specialists' fees, anesthesia, blood, oxygen, operation theatre charges, surgical appliances Medicines & drugs, diagnostic materials and x-ray, dialysis, chemotherapy, Radiotherapy

This insurance scheme also provides for:

Family discount in premium Cumulative bonus Cost of health check-up

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