Property Insurance provides coverage against loss or damage caused by Accidental Fire, Lightning, Earthquake, Explosion, Storm, Flood, Landslide, etc. On payment of an additional premium, this policy can be extended to cover the loss or damage caused by Riot & Strike, Malicious Damage, and Terrorism. Buildings, offices, and other properties like stationery, furniture, equipment, etc. can be insured under this policy.
Deductible Excess - each claim
Earthquake : 2% of claim amount or Rs. 10,00,000/- whichever is less.
Water Based : 5% of claim amount or Rs. 500,000/- whichever is less
Other Damage : 1% of claim amount or Rs. 500,000/- whichever is less
Loss below Rs. 10,000/- cannot be claimed.
The following covers are available under the policy
1. Fire based loss
2. Air based loss
3. Water based loss
4. Land based loss
5. Subsiding of falling based loss
6. Lighting based loss
7. Explosion based loss
8. Aerial object based loss
9. Loss based on impact touching or falling
2 Other loss
Additional Benefits of the policy:
Exclusions of the policy are as below:
What so even mentioned in the policy, the following losses are not covered under the policy
1. Consequential Loss: Following Losses resulting from the loss or damage caused by any reason is not covered:
2. Machinery Breakdown: Insurer will not indemnify the loss of Machinery Breakdown.
However, the loss of other assets (other than broken machinery) caused by Machinery Breakdown will be paid by the Insurer.
3. Electrical Appliances: Insurer will not indemnify the loss in Electrical and Electronic Equipment caused by High Voltage resulting from Lightning or any other reason. But the Insurer will indemnify the following losses.
4. Change of Temperature in Cold Storage: Insurer will not indemnify the loss of stock kept inside Cold Storage caused by the fluctuation in temperature.
However, the loss of other assets (other than the stock so damaged) caused by fluctuation in temperature will be paid by the Insurer.
5. Explosion of Boiler of Pressure Plant: Insurer will not indemnify the loss of Boiler or Pressure Plant caused by Explosion. However, the loss of other assets (other than the Boiler of Pressure Plant so damaged) caused by the Explosion will be paid by the Insurer.
6. Information and Data in Computer: Insurer will not indemnify the loss of Information and Statistics (Data) in Computer. But Insurer will indemnify the physical damage to Computer and related equipment.
7. Loss caused by Public Authority: Insurer will not indemnify the loss made by Public Authority by Demolishing, Burning, use of Water or any other method.
8. Radioactive Materials, Nuclear, Chemical or Bio-chemical Weapons
9. War and War like situation
Insurer will not indemnify the loss caused by Military Rising, Taking of Power, War Blockage or War, Invasion, Act of foreign Enemy, any war like situation, or Civil War or similar situation.
10. Other Losses
Insurer will not indemnify the following losses:
Issued Date: 2004-11-17