Fire & Allied Perils

Fire and Allied Perils

This insurance compensates for any loss or damage to the interests insured caused by any peril insured against.

• Dwellings, offices, hotels, shops, all business establishments etc..
• Buildings / Rental Buildings including Landlord's fixtures and fittings.
  
• Godowns and warehouses.
• Industrial / Manufacturing risks.
• Oil, Gas and Petrochemical Industries.
• Properties in the open.

Perils Covered - Cover can be arranged for Fire and Lightning only, and can be extended to include Allied Perils such as storm, flood, bursting of water pipes, apparatus and Riot, Strike and Malicious Damage.

Limit of Indemnity is confined to the Sum Insured on each item subject to average condition.Compensation payable is usually the actual cash value at the time of the loss or, at the option of insurers, the cost of restoring the damaged property and placement of same in same condition at the same time of the loss or replacement if agreed between insurer and insured.

Exclusions - War Risks, wear and tear, faulty design or materials, willful act or negligence on the part of insured or his employees, loss or damage due to atmospheric conditions, previous items, gold, money, consequential losses and liabilities.

Premium is charged on per mille basis on total sum insured, and calculated on the basis of various risk factors, and nature and conditions affecting the property.

Business Interruption Insurance

Concept - The object is to restore the business to financial position that would have been achieved had the peril insured against not happened. To avail benefits of this insurance, insured should first have material damage insurance policy (e.g. Fire Insurance Policy). Business Interruption Insurance helps to preserve the financial stability of the business by covering the anticipated earnings made from the use of insured's assets or business.

Coverage - Before Business Interruption Insurance can operate, material damage must occur resulting in an interruption affecting the business. Policy will not operate unless:

• There is a material damage insurance in force (e.g. Fire Insurance) covering the insured's interest in the property at premises specified and such damage resulting from a peril insured which caused the said interruption.
• The material damage insurers have paid or admitted liability for damage.
  

Sum Insured - An adequate amount for the period chosen and depending on the net profits, standing charges of the insured's business, such as wages, rent etc.but items like additional cost of working can also be covered.

Basis of Indemnity - This depends on the indemnity period chosen by the insured which usually does not exceed three years from the date of the damages affecting the business and during which the policy protection operates. Assessment of the indemnity is based on the value of stock immediately before the damage and compensation is calculated on the percentage basis for loss suffered by each item as mentioned in the policy.

Premium Rating - Calculated at a rate percent on the sum insured.

House holder's / House owner's Comprehensive Insurance

This insurance compensates for any loss or damage to the interests insured caused as a result of fire, burglary and other allied perils. Interests covered include building of private residences or flats, domestic offices, storages, outdoor house, landlord’s fixtures and fittings and contents in the abovementioned premises excluding motor vehicle, money in all forms, and other documents and any part of the building, Gold / Jewellery / Furs at specially agreed terms.

Perils Covered - include Fire, Theft, Burglary and allied perils including water damage from water tanks, apparatus or pipes due to bursting or overflowing.

Limit of Indemnity - is confined to the Sum Insured on each item subject to average condition. Compensation payable is usually the actual cash value at the time of the loss or, at the option of insurers, the cost of restoring the damaged property and placement of same in same condition at the same time of the loss or replacement if agreed between insurer and insured.

Premium - is charged on per mille basis on total sum insured. Rate is determined according to nature of building, its age and factors including location and security aspects.

Exclusions - the policy does not cover inter-alia loss or damage by war, civil war, invasion and the like, explosives, willful act or gross negligence by the policyholder. Subject otherwise to the terms, conditions and exclusions of the Policy.

House holder's / House owner's Comprehensive Insurance

This insurance compensates for any loss or damage to the interests insured caused as a result of fire, burglary and other allied perils. Interests covered include building of private residences or flats, domestic offices, storages, outdoor house, landlord’s fixtures and fittings and contents in the abovementioned premises excluding motor vehicle, money in all forms, and other documents and any part of the building, Gold / Jewellery / Furs at specially agreed terms.

Perils Covered - include Fire, Theft, Burglary and allied perils including water damage from water tanks, apparatus or pipes due to bursting or overflowing.

Limit of Indemnity - is confined to the Sum Insured on each item subject to average condition. Compensation payable is usually the actual cash value at the time of the loss or, at the option of insurers, the cost of restoring the damaged property and placement of same in same condition at the same time of the loss or replacement if agreed between insurer and insured.

Premium - is charged on per mille basis on total sum insured. Rate is determined according to nature of building, its age and factors including location and security aspects.

Exclusions - -the policy does not cover inter-alia loss or damage by war, civil war, invasion and the like, explosives, willful act or gross negligence by the policyholder. Subject otherwise to the terms, conditions and exclusions of the Policy.

                                              UPDATED SHORTLY

Property All Risks

                                              UPDATED SHORTLY