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The New India Assurance Industrial Insurance |
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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.
Add on covers
In addition to the perils/ expenses covered, the proposer can opt to seek cover in respect of the following perils/ expenses at inception or during currency of the policy on payment of additional premium:
Perils:
Loss/ damage/ destruction of the property caused by
• Deterioration of Stocks in Cold Storage premises due to power failure following damage due to an insured peril
• Forest Fire
• Impact Damage due to Insured´s own Vehicles, Fork lifts and the like and articles dropped therefrom
• Spontaneous Combustion
• Omission to insure additions, alterations or extensions
• Earthquake (Fire and Shock).
• Spoilage material damage cover.
• Leakage and contamination cover.
• Temporary removal of stocks.
Expenses:
• Architects, Surveyors and Consulting Engineer´s Fees (in excess of 3% claim amount)
• Debris Removal (in excess of 1% of claim amount)
• Loss of rent.
• Insurance of additional expenses of rent for alternative accommodation.
• Start up Expenses.
Burglary Policy
Highlights
Policy is designed to cover business premises only like godown, factory, office etc.
There are three types of policies available :-
• Full Value Insurance: The policy must be effected for the full value of the property to be insured.
• First Loss Insurance: In the event of improbability of total loss, proposer can opt for a percentage of total stocks to be insured
• Stock Declaration Policies: These policies are given where large stocks frequently fluctuate in quantity during the year. The sum insured is fixed at the maximum value of stocks which the insured anticipates he will hold at any one time. A deposit premium of 100% of the annual premium will be paid at the beginning of the insurance. Monthly declarations of value are to be sent to the company and the "deposit" premium will be adjusted at the end of the policy period based upon the average of the monthly declarations
Scope
1. Loss or damage to the property insured by theft following upon actual, forcible and violent entry into the premises.
2. Damage to the premises following upon entry as above or any attempt thereat
The indemnity provided is to the extent of the intrinsic value of the property so lost or damaged, subject to the limit of the sum insured.
Exclusions
The company shall not be liable in respect of :
1. Gold, watches, jewellery, precious stones, plans, designs, money, business books etc. unless specifically insured.
2. Loss or damage where any insured or member of the insured's household or of his business staff is concerned in the actual theft or damage.
The policy shall cease to attach:
1. If the premises are left uninhabited for 7 or more consecutive days and nights.
2. In the event of material alterations to the premises whereby the risk is increased.
3. If the insurable interests has passed from the insured otherwise by will or operation of law
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 Top Providers |
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ICICI Prudential Life |
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SBI Life Insurance |
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Life Insurance Corp. |
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Bajaj Allianz Insurance |
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United India Insurance |
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