This
policy is meant not only for houses/apartments, offices, hotels, shops
but also to the small sectors and cottage industries.
Perils Covered
- Fire,lightning,
explosion, aircraft damage.
- Riot,
strike, and damages made by terrorist activity.
- Natural
calamities like storm,cyclone,typhoon,hurricane,tornedo,flood and
impact damage.
- Subsidence
and Landslide including rock slide.
- Damages
caused due to bursting or Overflowing of water tanks, apparatus and
pipes.
- The after effect damage due to Missile
testing operations.
- Leakage
from automatic sprinkler installations.
- Bushfire.
- Impact
by any Rail/road vehicle or animal by direct contact.
- Aircraft
and other aerial and and/or space devices and/or articles dropped
therefrom, excluding destruction or damage occasioned by pressure
waves caused by such devices.
General
Inclusion
The policy pays for the actual cost of repairs, replacement or setting
up of the item lost or damaged. Howewer, the market value of the item
lost and adequacy of the sum insured will govern the settlement. Where
buildings, plants and machinery are covered on Reinstatement value basis,
'the cost when new' of the building, plant and machinery erected on
the same site would be the basis.
General Exclusions
The policy does not cover
1. 5% of each and every claim resulting from the operation of
Lightning, Subsidence and Landslide including Rockslide covered under
the policy.
2. Loss, destrucion, or damage directly or indirectly caused
to the property insured by
ionising
radiations or contamination by radioactivity from any nuclear fuel or
from any nuclear waste from the combustion of nuclear fuel.
3. Loss, destruction or damage caused to the insured property
by pollution or contamination excluding -
a) pollution or contamination which results from a peril hereby
insured against.
b) any peril hereby insured against which results from pollution
or contamination.
4. Loss, destruction or damage to bullion or unset precious stones,
curios or works of art which is for an amount exceeding Rs.1000/-, manuscripts,
plans, drawings, securities, obligations, or documents of any kind,
stamps, coins, or paper money, cheques, account books or other business
books, computer system records, explosives until and unless it is clearly
stated in the policy.
5. Occasional
loss or damage caused directly or indirectly through any of the following
causes or occurances namely -
a) War, invasion, act of foreign enemy, hostilities or war like
operations (whether war be declared or not) civil war.
6. Property
which after being insured, if removed to any building or place other
than in which it is stated to be insured, except for machinery and equipments
temporarily removed for repairs, cleaning, renovation or other similar
purposes for a time period of not more than 60 days.
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