Product Description

fire
Fire

Coverage

Covers the loss or damage to the building (optional) as well as plant and machinery, furniture, fixtures and fittings, electrical installations and stock and stock-in-trade in your business premises due to Fire, lightening, Explosion/Implosion, Aircraft damage, Riot, Strike and Malicious Damage, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation (STFI), Impact Damage by any rail/ road vehicle or animal by direct contact Subsidence and Landslide including Rockslide, Bursting and/or overflowing of Water Tanks, Apparatus and Pipes, Missile Testing operations, Leakage from Automatic Sprinkler Installations, Bush Fire, Earthquake (Fire and Shock).

Sum Insured

All care must be taken to give actual value at risk. For Building, Plant, Machinery & Equipments, it is to be equal to reinstatement value. In case of stock and stock-in-trade, it shall be on market value basis.

Important Exclusions

  • 1. The first 5% of each and every claim subject to a minimum of Rs.10,000/-
  • 2. War, invasion, act of foreign enemy, hostilities or war like operations.
  • 3. Bullion or unset precious stones, any curios or works of art for an amount exceeding Rs. 10,000/-, manuscripts, plans, drawings, securities, obligations or documents of any kind, stamps, coins or paper money, cheques, books of accounts or other business books, computer systems records, explosives unless otherwise expressly declared in the policy.
  • 4. Damage to stocks in Cold Storage premises caused by change of temperature.
  • 5. Damage to any electrical machines, apparatus, fixtures, or fittings arising from over-running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity from whatever cause (lightning included).
  • 6. Loss or damage to property insured if removed to any building or place other than in which it is herein stated to be insured.
burglary
Burglary

Coverage

This covers loss and/or damage by burglary, housebreaking (theft following upon actual, forcible and violent entry of and/or exit from the premises) including hold-up risk and damage caused to premisesand contents being items of property in the proposer’s business premises consisting of plant and machinery, furniture, fixtures and fittings, electrical installations and stock and stock-in-trade including items of property for which the insured is accountable.

Sum Insured

The basis of valuation in respect of contents other than stock and stock-in-trade shall be on reinstatement value. However, in respect of stock and stock-in-trade it shall be on market value.

Important Exclusions

  • 1. Loss due to larceny, Inventory shortage or unexplained disappearance
  • 2. Loss due to acts of fraud or dishonesty of the employees
  • 3. Loss due to money, securities for money, stamps, bullion, deeds, bonds, bills of exchange, promissory notes, shares and stock certificates, business books, manuscripts, documents of any kind, unset precious stones and jewellery and valuables, unless separately specified
Portable-Equ
Portable Equipment

Coverage

Covers physical loss of or damage from any cause, portable electronic equipment like laptops, digital cameras, mobile phones and other similar portable equipment.

Sum Insured

It shall be equal to the cost of replacement of the insured item by a new item of the same kind and same capacity, which shall mean its replacement cost including freight, dues and customs duties, and assembling costs, if any.

Important Exclusions

  • 1. Existing defects and maintenance costs
  • 2. Wear and tear or gradual deterioration due to atmospheric conditions
  • 3. Manufacturer or supplier’s contractual obligation
  • 4. Aesthetic defects, such as scratches on painted polished or enameled surfaces
Portable-Equ
Electronic Equipment

Coverage

This is an All Risk cover which includes loss or damage to electronic installations due to any cause other than those specifically excluded.

Sum Insured

It shall be equal to the cost of replacement of each item by a new item of the same kind and capacity which shall mean its current new replacement cost including ordinary freight, customs duty, other dues, if any, and cost of erection.

Important Exclusions

  • 1. Pre-existing damage, faults or defects & mysterious disappearance
  • 2. Loss of or damage falling under the terms of any maintenance agreement
  • 3. Damage due to defects of design, material or workmanship or otherwise for which the manufacturer or supplier is responsible
  • 4. Wear and tear, gradual deterioration, atmospheric or climatic conditions, rust, corrosion, moth, vermin or insect
  • 5. Whilst left in unattended vehicles or places in respect of cellular phones, portable computers and other mobile equipment
  • 6. loss or damage to owned/in-house developed software.
machinery-break
Machinery breakdown

Coverage

Covers unforeseen and sudden physical damage caused by electrical and/or mechanical breakdown of electrical and mechanical appliances, apparatus or gadgets specified in the policy.

Sum Insured

The sum insured in respect of each item for coverage under this Section shall be equal to the cost of replacement of such item by a new item of the same kind and capacity which shall mean its current new replacement cost including ordinary freight, customs duty, other dues, if any, and cost of erection.

Important Exclusions

  • 1. Gradually developing flaws, defects, cracks or partial fractures
  • 2. Deterioration of or wearing away or wear-out (Wear & Tear) of any item resulting from normal usage.
  • 3. Fault or defect for which the manufacturer or supplier is responsible
money-insurance
Money Insurance

Coverage

Covers loss of money relating to Insured’s business due to accident or misfortune event while in safe, counter and transit from safe at the Insured’s business premises to the bank. For Money shall mean and include cash, bank notes, currency notes, bank drafts, cheques (whether open or crossed) postal orders, money orders, treasury notes, current postage and revenue stamps.

Sum Insured

It is generally taken as the total of annual transit of money

Important Exclusions

  • 1. Loss is not payable if premises / vehicles are unattended
  • 2. Loss due to robbery, theft, fraud, dishonesty or collusion by any employee or agent of the Insured
  • 3. Shortages due to clerical or accounting errors, omissions, depreciation or direct or indirect consequential loss of any kind
  • 4. Loss is not paid if duplicate keys belonging to the Insured is used unless this has been obtained by threat or by violence to the person in custody of the key(s)
  • 5. Money whilst unattended or due to the use of counterfeit Money
personal-accident
Group Personal Accident

Coverage

This policy is designed to offer compensation to the insured person who suffers bodily injury solely as a result of an accident which is external, violent and visible.Any adult residing in India can take the policy covering himself / herself and dependent family members.

Sum Insured

It depends on the earning capacity of individual members. Generally it is restricted to 72 months income from gainful employment.

Important Exclusions - loss resulting

  • 1. Death or injury due to any illness or disease is not covered by the policy.
  • 2. Any loss resulting in whole or in part from, or expenses incurred, directly or indirectly in respect of suicide, attempted suicide (whether sane or insane) or intentionally self-inflicted Injury or illness, or sexually transmitted conditions, mental or nervous disorder, anxiety, stress or depression, Acquired Immune Deficiency Syndrome (AIDS), Human Immune deficiency Virus (HIV) infection.
  • 3. Loss if being under the influence of drugs, alcohol, or other intoxicants or hallucinogens unless properly prescribed by a Physician and taken as prescribed;
  • 4. Death or injury while operating or learning to operate any aircraft, or performing duties as a member of the crew on any aircraft.
employee-dishonest
Employee Dishonesty

Coverage

Covers financial loss suffered by the Insured as a result of forgery, embezzlement, larceny or fraud/dishonesty or fraudulent conversion of money or money’s worth or goods by the employees of the insured.

Important Exclusions

  • 1. Loss arising out of suppression of fact affecting the risk at the time of effecting the policy.
  • 2. Loss by an act committed subsequent to an earlier act of dishonesty/fraud and which had come to the notice of the insured / Insured's representative/supervisor.
  • 3. Loss due to non-observance or relaxation of system of checks and precautions.
  • 4. More than one claim in respect of any one employee.
plate-glass
Plate Glass

Coverage

Covers loss or damage due to accidental breakage of Fixed plate glass and sanitary fittings,Frames or framework, Lettering consequent upon the breakage of glass. Here glass means fixed façade, fixed plain glass and mirrors in or on the Insured’s business premises excluding painting, tinting, embossing or ornamental works on the glass.

Sum Insured

Sum insured shall be on reinstatement value/new replacement value. Dimention of the glasses should be mentioned to the extent possible.

Important Exclusions

  • 1. Damage arising directly or indirectly from or in consequence of fire, heat, gas, lightning, explosion, burglary (or attempt thereat), storm (understood for the purpose of this insurance as any action of wind or any thing carried by it), flood, inundation, earthquake, strike, riot or civil commotion.
  • 2. Damage during its removal or replacement or arising out of or in course of alterations to the Premises.
  • 3. Frames or framework of any description or the cost of removal of any fittings, fixtures or other obstructions
  • 4. Scratched, cracked or imperfect glass
  • 5. Due to faulty workmanship and/or defective design of frames or framework or fittings or fixtures of any description.
denial
Denial Access

This insurance compensates for loss resulting from interruption of or interference with the Business in consequence of Damage (as within defined) to property in the vicinity (Maximum within 5 kms radius from the Insured’s premises and inland) of the Premises destruction of or damage to which shall prevent or hinder the use of the Premises or access thereto whether the Premises or property of the Insured shall be damaged or not shall be deemed to be loss resulting from Damage to property used by the Insured at the Premises. Prevention of access is limited to maximum 4 weeks over and above the time excess mentioned in the schedule.

cgl
Commercial General Liability

Coverage

The typical Commercial General Liability (CGL) policy provides protection against claims of bodily injury or property damage for which insured’s business may be responsible. This policy covers a wide range of Liability loss exposures faced by most organisations. The indemnity under this Sub-section only applies to claims arising out of accidents occurring in the Insured’s business premises

Sum Insured

This is based on the assessment of exposure to the number of visitors coming to the premises, the nature of business, surrounding properties, financials of the company etc.

Important Exclusions

  • 1. Damage to insured’s own property
  • 2. Liability arising out of pollution of any nature.
  • 3. Liability arising out of all personal injuries such as libel, slander, false arrest, wrongful eviction and detention, deformation and mental injury arising or shock resulting therefrom.
  • 4. Liability arising out of infringement of plans, copyright, patent, trademarks, registered designs.
  • 5. Any fines, penalties, punitive or exemplary damage or any other resulting from the multiplication of compensatory damages.
Baggage-Insurance
Baggage Insurance

Coverage

Covers for loss, destruction or damage of baggage accompanying the Insured whilst travelling by accident or misfortune. Fire, Riots, Strikes,Theft by visible physical forcible and violent means, shall not exceed 5% of the Total Sum Insured under this package policy

Loss in respect of the following:

  • 1. Loss destruction or damage caused by any process of cleaning, dyeing or bleaching, restoring, repairing or renovation or deterioration arising from wear and tear, moth, vermin, insects or mildew or any other gradually operating cause.
  • 2. Breakage, cracking or scratching of crockery, glass, cameras, binoculars, lenses, sculptures, curious, pictures, musical instruments, sports gear and similar articles of brittle and fragile nature,
  • 3. Loss destruction or damage caused by mechanical or electrical derangement / breakdown
  • 4. Loss destruction or damage caused by overwinding and denting or internal damage including of watches and clocks.
  • 5. Loss destruction or damage to Money, Securities, Manuscripts, Deeds, Bonds, Bills of Exchange, Promissory Notes, Stocks or share certificates, Stamps and travel tickets or Travellers’ Cheques, Business Books or Documents.
  • 6. Loss destruction or damage to articles which did not form part of the Baggage when the Travel commenced
  • 7. Consequential loss or legal liability of any kind.
Third-Party
Third Party Legal Liability

This section covers Insured's legal liability (other than liability under the Public Liability Insurance Act, 1991 or any amendments thereto or any other statute based on the doctrine of liability or product or pollution liability) to pay compensation including claimant’s costs, fees and expenses anywhere in India, in accordance with Indian Law.

The indemnity under this Sub-section only applies to claims arising out of accidents occurring in the Insured’s business premises and first made in writing during the policy period.

Important Exclusions

This insurance does not cover :–

  • 1. Any compensation for death of or bodily injury to any member of Insured Person's family, partners, managerial staff, contractor's employees or damage to property belonging to or in the custody of or control of Insured or Insured Person's family, partner, directors, managerial staff, employees and contractor's employees.
  • 2. Injury or damage caused by or resulting from anything product sold, supplied, installed, erected, repaired, altered or treated and/or due to professional advice rendered by the Insured or by his representatives.
  • 3. Accidents, directly or indirectly, caused by animals, vehicles, aircrafts, ships, boats or crafts owned by Insured or in possession of Insured.
  • 4. Liability arising out of pollution of any nature.
  • 5. Liability arising out of all personal
    • a) injuries such as libel, slander, false arrest, wrongful eviction and detention, deformation and mental injury arising or shock resulting therefrom.
    • b) Infringement of plans, copyright, patent, trademarks, registered designs.
  • 6. Any fines, penalties, punitive or exemplary damage or any other resulting from the multiplication of compensatory damages.
Directors-Officers
Directors & Officers Liability

The Directors & OfficersLiability (D&O) policy provides cover for the legal liability of Directors and Officers arising due to wrongful acts in their managerial capacity. Defence costs are also covered and are payable in advance of final judgment. This policy provides protection for claims brought against directors, officers and employees for actual or alleged breach of duty, neglect, misstatements or errors in their managerial capacity.

Sum Insured

It is taken as a limit of liability taking into consideration various aspects of the business. For our policy it is 5 cr.

Important Exclusions

  • 1. CLAIMS arising from or attributable to any circumstances notified under any Policy prior to inception of this Policy.
  • 2. CLAIMS arising from or attributable to the committing in fact of any dishonest or fraudulent act or omission or any personal profit or advantage. Most policies exclude fraud and criminal offenses.
  • 3. CLAIMS for bodily injury, sickness, disease or death of any person or damage to or destruction of any tangible property, including loss of use thereof.
  • 4. CLAIMS arising from or attributable to carrying out, or failing to carry out, professional services to a third party or any act, error or omission relating thereto.
  • 5. CLAIMS brought by one DIRECTOR OR OFFICER against another DIRECTOR OR OFFICER unless such CLAIM is brought by or against a former Director or Officer or is in respect of an EMPLOYMENT DISPUTE.
  • 6. CLAIMS arising from or attributable to the actual, alleged or threatened discharge, dispersal, release or escape of POLLUTANTS into or upon lands, the atmosphere or any water course or body of water, whether such discharge, dispersal, release or escape is intentional or accidental, or
Personal
Accidental Damage

Coverage

The policy to indemnify the Insured against loss, destruction of or damage to the Insured property excluding damages caused by or in consequence of listed exclusions.

Sum Insured

A Sum Insured of Rs 25Lacs has been taken.

Important Exclusions

  • Mechanical or electrical breakdown or derangement of machinery or equipment
  • 1. The freezing solidification or inadvertent escape of molten material
  • 2. Breakage, cracking or scratching of articles
  • 3. Property Insured undergoing manufacture alteration, repair, testing, installation or servicing including collapse either full or partial
  • 4. Wear and tear of the articles
  • 5. Any gross negligence
Personal
Business Interruption (Loss of Profit due to Fire Damage/Loss)

Coverage

Covers the monetary loss resulting from interruption or interference in business on account of damage to the property insured due to operation Standard Fire& Special Perils. It is issued in conjunction with Fire policy.

Sum Insured

It is taken as Gross Profit of the company i.e. net profit + standing charges.

Important Exclusions

  • 1. Loss of gross profit which is not consequent upon property damage due to Fire and Allied perils
  • 2. Loss by seizure or legal or illegal occupation
  • 3. Loss or damage caused by voluntary abandonment or vacation,confiscation, commandeering, nationalisation, requisition, detention, embargo, quarantine, or any result of any order of public or government authority, which deprives the Insured of the use or value of its property.
  • 4. Loss or damage arising from acts of contraband or illegal transportation or illegal trade
  • 5. Loss or damage directly or indirectly arising from or in consequence of the seepage and or discharge of pollutants or contaminants, which pollutants and contaminants shall include but not be limited to any solid, liquid, gaseous or thermal irritant, contaminant or toxic or hazardous substance or any substance the presence, existence or release of which endangers or threatens to endanger the health, safety or welfare of people
  • 6. Cost of preparing fire and loss of profit claim
Personal
Neon Sign / Glow Sign

Coverage

This covers damage due to Fire and allied perils, Riots, Strikes, Theft by visible physical forcible and violent means. It also covers an accidental occurrence not excluded by the Policy.

Sum Insured

It is the reinstatement cost of the Neon/glow sign.

Important Exclusions

  • 1. Damage caused by a process of cleaning, dyeing or bleaching, restoring, repairing or renovation or deterioration arising from wear and tear, moth, vermin, insects or mildew or any other gradually operating cause.
  • 2. Breakage, Cracking or scratching of Glass or similar material/articles of brittle or fragile nature, unless caused by fire or accident.
  • 3. Loss or damage caused by mechanical or electrical derangement/breakdown of any article unless caused by accidental external means.
  • 4. Over winding, denting or internal damage including of watches and clocks.
  • 5. Consequential loss or legal liability of any kind.
  • 6. Loss or damage due to or contributed to by the Insured having caused or suffered anything to be done whereby the risks hereby insured against were unnecessarily increase.
Personal
Rent for Alternative Accommodation

Coverage

If the insured pays rent for the premises even during the period when it is not fit for occupation, the additional rent borne by the insured is the actual rent for the alternative accommodation. Alternative accommodation cover, it should be a like-for-like property. Alternative accommodation cover comes into play if the occupied property suddenly becomes uninhabitable due to happening of an insured peril.

Sum Insured

It is taken as estimated six months rent in this policy.

Important Exclusions

  • 1. If the loss is not due to any of the insured perils.
  • 2. Any willful act of shifting to new premises is not paid.
  • 3. Moving into an alternative accommodation due to government order is not payable.
Personal
Terrorism

Coverage

Terrorism is “an act or series of acts, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organization(s) or government(s), or unlawful associations, recognized under Unlawful Activities (Prevention) Amendment Act 2008 or any other related and applicable national or state legislation formulated to combat unlawful and terrorist activities in the nation for the time being in force, committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public or any section of the public in fear for such purposes.

Sum Insured

This is equal to the value taken for Fire cover.

Important Exclusions

  • 1. Loss by seizure or legal or illegal occupation; voluntary abandonment or vacation, loss or damage caused by confiscation, commandeering, nationalization, requisition, detention, embargo, quarantine or result of any public or government authority order, pollutants or contaminants, nuclear, chemical, biological and radiological cover, riots, cyberattack, hoax, theft.
  • 2. Nuclear, chemical, biological and radiological cover excluded
General Conditions applicable to all Sections of the policy
  • 1. Coverage under policy shall be voidable in the event of mis-representation, mis-description or non-disclosure of any material particular.
  • 2. The Insured shall take all reasonable steps to safeguard the property insured against accident, loss or damage.
  • 3. The Insured shall maintain all records and books of accounts reasonably required in an accurate manner.
  • 4. All cover under this policy shall cease if any alteration be made whereby the risk of damage or injury is increased until such alteration be agreed to by the insurer in writing.
  • 5. The Insured shall comply with all statutory and other regulations. The Insured shall observe all statutory requirements concerning:
    • a. the inspection of machinery, plant, equipment and apparatus,
    • b. the safety of persons or property.
  • 6. Under any of the following circumstances the insurance ceases to attach as regards the property affected unless the Insured obtains the sanction of the Insurance Company: -
    • a. If the trade or manufacture carried on be altered, or if the nature of the occupation of or other circumstances affecting the building insured or containing the insured property be changed.
    • b. If the building insured or containing the insured property becomes unoccupied and so remains for a period of more than 30 days.
    • c. If the interest in the property passes from the Insured otherwise than by will or operation of law.

  • OBSERVANCE OF TERMS AND CONDITIONS: The due observance and fulfillment of the terms, conditions and endorsement of this policy in so far as they relate to anything to be done or complied with by the Insured and the truth of the statements and answers in the proposal shall be a condition precedent to any liability of the Company to make any payment under this policy.

Disclaimer: Above mentioned terms, conditions, exclusions and warranties are not exhaustive, and clients are advised to refer to the policy wording for detailed terms, conditions, exclusions and warranties. Policy wording is available in Download section.