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The New India Assurance Fire Insurance |
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Exclusions Applicable:
1. Losses/ Expenses not covered:
1. 5% of each and every claim subject to minimum of Rs. 10,000 resulting from Lightning, STFI and Subsidence and Landslide including Rockslide and Rs. 10,000 in respect of all other perils.
2. Expenses incurred on Architects, Surveyors' Consultant Engineers fees and Debris Removal in excess of 3% and 1% of claim amount respectively.
3. Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind.
2. Perils not covered:
1. War and allied perils
2. Ionising radiations and contamination by radioactivity
3. Pollution or Contamination
3. Properties not covered:
1. Items like manuscripts etc. unless specifically declared.
2. Cold storage stocks due to change of temperature.
3. Loss / damage/ destruction of any electrical and/or electronic machine,apparatus, fixture or fitting arising from over running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity, from whatever cause including lightning.
4. Loss / damage / destruction of Boilers, Economisers or other Vessels in which steam is generated machinery or apparatus subject to Centrifugal force, by its own explosion/ implosion.
Location of Risk:
1. The proposer shall describe all locations where the properties are built or installed or stored or kept at the inception
2. Any change of location of risk shall be covered on intimation of such change.
3. Change of ownership in the insured property shall be intimated so that the new owner may be covered be means of suitable endorsement.
4. Any material change in the location of risk, trade or manufacturing activities shall be intimated to the insurer so that the changes are endorsed to offer continuous cover.
Period of Coverage:
1. Fire Policy is an annual policy, generally, renewable each year.
2. Long Term policy (for a minimum period of three years) can be considered for covering "dwellings" only with suitable discounts in premium.
3. Cover for STFI and RSMTD perils can be considered during currency (where they are deleted at inception by choice) in special circumstances.
4. Policy can be cancelled at any time during the currency with suitable refund of premium for the unexpired period.
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