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Royal Sundaram Industrial Insurance |
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Scope: Insurance is on an ‘all-risks’ basis and in particular includes-
• Fire, lightning, explosion, aircraft damage
• Riot, strike, malicious acts
• Flood, inundation, storm, cyclone and allied perils
• Landslide, subsidence and rockslide
• Burglary and theft
• Faults in erection
• Human errors, negligence
• Short-circuiting, arcing, excess voltage
• Electrical and mechanical breakdown
• Collapse, damage due to foreign objects, impact damages
• Any other sudden, unforeseen, accidental damages not explicitly excluded
Sum Insured:
The Sum Insured for the insurance should not be less than the Completely erected value of the property inclusive of freight, customs duty and erection cost. Basically, insurance should be for the contract price.
Extensions:
Cover can be extended to include up to a limit chosen by you on the following on payment of additional premium-
• Third party liability
• Cross liability
• Earthquake
• Cost of removal of debris
• Express freight, overtime charges
• Airfreight
• Additional customs duty
• Escalation
• Owner´s surrounding property
• Storage risk at Fabricator´s Premises
• Maintenance cover-Visits, Extended maintenance
• Dismantling
Exclusions:
Some of the exclusions under the policy are-
• War Invasion
• Nuclear Reaction Nuclear Radiation or Radioactive Contamination
• Insured´s Contribution - Deductible
• Willful Act or Willful Negligence of the Insured
• Cessation of Work
• Defective Material or Bad workmanship
• Wear Tear Corrosion Oxidation Deterioration
• Breakage of Glass
• Disappearance or Shortage (Inventory Losses)
• Design Defects
• Loss of files, drawings, cash, cheques etc,.
• Consequential Loss
• Terrorism
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