The
Policy is applicable to Offices, Hotels, Educational Establishments,
Hospitals/ Nursing homes etc. which are rated under Fire Policy ‘A’.
That is, this Policy is not designed to cover manufacturing units, godowns,
warehouses and also establishments like Cinema Theatres, which are rated
under Fire Policy ‘C’.
Though
this Policy does not cover Shops, Godowns and Warehouses per se , it
covers these risks if they are incidental to the activities of the establishment
covered. For instance, shops selling medicines forming part of medical
establishments can be covered under this Policy.
The
Policy applies to:
- Money
in Transit
- Electrical/Electronic
and Mechanical Equipment including Portable Computers and Cellular
phones
- Building
and its contents
- Plate
Glass and Sanitary Fittings
- Fidelity
Guarantee for employees
- Legal
liability towards employees and third parties
- Neon
Sign, Glow Sign and Hoarding.
- Persons
against accidents
Perils
Covered
The
policy consists of the following 10 basic sections:
Section
I (A) covers building and contents against Fire & Allied perils.
Section
I (B) covers contents against Fire and allied perils.
Section
I (C) covers Insured’s Legal Liability as Tenant.
Section
II covers contents against Burglary & housebreaking.
Section
III covers mechanical & electrical appliances against breakdown.
Section
IV covers electronic appliances, Laptop Computer, Cellular Phone against
all risks.
Section
V covers money against accident or misfortune.
Section
VI covers Personal Accident to employees;
Section
VII covers pecuniary loss caused by infidelity/dishonesty of employees.
Section
VIII covers legal liability of the insured against third parties and
employees.
Section
IX covers fixed glass/sanitary fittings against accidental breakage
and
Section
X covers Neon Sign/Glow Sign/Hoarding against accidental external means.
The basic
policy can be extended to cover risks, which are peculiar to a particular
establishment.
For example,
Compact
issued to colleges/Schools can be extended to cover "Students Safety
Insurance".
Compact
issued to Hospitals/Nursing Homes can be extended to cover "Professional
Negligence" of Doctors/Qualified Assistants employed in the Hospital/Nursing
Home.
In addition
the basic Policy can be extended to cover Baggage and Loss of Profits.
Payment
By Policy
The Policy
pays the actual extent of loss/damage to property under respective Sections
and Endorsements subject to the Sum Insured which is the limit of maximum
liability under respective Section.
General
Exclusions
In addition
to the specific exclusions for the respective Sections the Policy does
not cover :
Loss
or damage due to wear and tear, gradual deterioration or slowly developing
flaws.
Consequential
loss of any kind.
Loss or
damage for which manufacturer or supplier or repairer or transporter
or any other third party is responsible either by law or by contract.
Loss or
damage caused by or due to action of any lawfully constituted authority
or Government body.
Loss or
damage due to war and warlike perils, nuclear and/or atomic radiation.
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