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INSURANCE
COVER ( Fire, Marine, Motor, Engineering & Misc. )
FIRE INSURANCE POLICIES
Simple Risks - Fire Policy A
& B - for Dwelling/Shop/Tiny Sector, Small Scale Industries etc.
- Fire Policy `A' :
Coverage :-Fire/ Lightning/
Explosion/Implosion/Riot, Strike, Terrorist and malicious
Damage/Aircraft Damage/Impact Damage. Storm/Cyclone,
Flood, Inundation, Earthquake Fire & Shock, Subsidence, Landslide
(including Rockslide) resulting in collapse of the entire building or
part thereof.
- Fire Policy `B' :
Coverage :- Fire/ Lightning/
Explosion/Implosion/Riot, Strike, Terrorist and malicious
Damage/Aircraft Damage/Impact Damage. (Option
given to exclude Riot, Strike, Terrorist and Malicious Damage by
reduction in Premium Rate )
- Fire Policy `C':
-This policy is applicable for
Industrial/Manufacturing and various storage risks.
- Peril covered under Policy
"C" are - Fire, Lightning, Explosion excluding loss/damage to
Boilers or vessels, machinery or apparatus where steam is generated -
Riot, Strike, Malicious and Terrorist Damage (RSMTD), Impact by
Rail/Road vehicle and Animals, Aircraft damage.
- Policy 'C' may be extended to cover
some special perils like - Earthquake (Fire & Shock), Forest Fire,
Leakage and Contamination, Spoilage, Material damage, Sprinkler leakage,
Subterranean Fire, Storm, Tempest, Flood, Inundation etc. (STFI) ,
Spontaneous Combustion Subsidence and Landslide etc., Missile Testing
Operation.
- Reinstatement Value
Policies :
The basis of loss settlement under a
Standard Fire Policy is the value of the property at the time and place
of the loss. However, in the case of destruction of or damage to
building/machinery, the cost of reinstatement would be much higher than
the value of the property which would take into account allowance for
depreciation, wear and tear, etc. Under a Reinstatement Value Policy,
the Insurers agree to pay the cost of reinstatement or replacement of
the property of the same kind or type (not superior to the insured
property when new) subject to
- i) Actual reinstatement must be
carried out to obtain settlement on reinstatement value basis.
Otherwise the settlement would be on normal basis viz. depreciated
value of the property.
- ii) If the cost of reinstatement is
more than the Sum Insured, then the Insured shall bear a rateable
proportion of the loss.
The rate charged for these policies is
the same as that charged under the normal policy. However, it should be
borne in mind that the Sum Insured should be sufficient to cover the
cost of reinstatement, as otherwise the loss would not be met with in
full under the policy and the Insured would have to bear his proportion
in terms of stipulation No.(ii) mentioned above.
- Declaration Policies :
Under a standard Fire Policy, the Sum
Insured proposed would based on the value of stocks and any increase or
decrease in the value of stocks would require alteration in the Sum
Insured. This exercise would prove to be cumbersome where the stocks are
subject to frequent fluctuations.
Declaration policies are designed to
meet such a situation. Salient features of the policy are as under :
i) Policies are granted only in respect of
stocks which are subject to marked fluctuations other than
stock-in-process
- Floating Policies :
Under a Floating Fire Policy, stocks
located at more than one location and where the stocks fluctuate as
between various locations subject to the condition of the total value of
the Stocks by all the locations remains constant. There will be
fluctuation of stocks within each location and accordingly it will not
be possible for him to take out a separate policy with respect to each
location and accordingly it will not be possible for him to take out a
separate policy with respect to each of this locations.
MARINE INSURANCE POLICIES
- Inland Cargo Insurance
Policy
- This policies insure cargo whilst
in transit within the country, from warehouse to warehouse, being
carried by rail, road etc. Broadly, there are three policies
granting different types of coverages with certain mandatory
exclusions, viz. Inland Transit(Rail/Road)'A', 'B' and 'C' . Details
:
- 'C' -- This is the most
restricted covers. Insures only Fire and Lightning during
transit.
- 'B' -- Coverage is broader
than 'C'. Insures during transit, perils as *Fire, *Lightning, *
Breakage of Bridges, *Accident with or by carrying vehicle, *
Overturning and Derailment of carrying vehicle.
- 'A' -- Provides All Risks Cover
and is the widest available.
- The insured is allowed to cover
Theft, Pilferage, Non-Delivery and Strike, Riot & Civil
Commotion (SRCC) with Cover 'B' and SRCC with 'A' also.
- Storage cover at Carrier's Godown
at destination upto specific time limits is inbuilt.
- Coastal Transit
Insurance Policy
- These policies insure cargo in
transit from one point in the Indian Coast to another by ocean going
vessels. Covers available are as per Institute Cargo Clauses 'A',
'B' & 'C'.
- Rates charged depend upon
categories of ports of origin and destination, such
categorisation being based upon the facilities available.
- Cover is also available for
"total loss" only basis.
- Overseas Cargo
Insurance Policy
- These policies insure cargo whilst
in overseas transit i.e. Export-Import. Cover is from warehouse to
warehouse, mode of transit being ocean going vessels, air etc. and
also includes the incidental inland transit. Broadly, there are
three policies viz. Institute Cargo Clause (A), (B) and (C). Details
:
- ICC(C) - Most restricted
cover.
It covers loss/damage attributable to :
- Fire or Explosion,
Stranding, Grounding, Sinking or Capsizing of the vessel,
Overturning or derailment of land conveyance, Collision,
discharge of cargo at a post of distress, Earthquake,
volcanic Eruption or Lightning, General Average Sacrifice,
Jettison, Washing Over board, General Average and Salvage
Charges.
- ICC(B)- Coverage is
broader than
ICC(C) as it additionally covers
- Entry of sea, lake or
river water into the vessel, total loss of any package
lost overboard while loading or unloading in the vessel.
- ICC(A) - Covers "All
Risks" and is the widest available.
- All the policies are subject to
specified exclusions.
- The Risk of General Average is
covered under all three clauses.
- Coverage extends upto sixty days
after discharge.
- Annual Policy
- These policies insure goods in
transit from one specific depot/processing unit to another and are
thus meant for the establishments having high frequency of
inter-depot transfers.
- Covers available are as per Inland
Transit (Rail/Road) 'A', 'B' & 'C'.
- A sum insured has to be chosen
along with a per carrying limit and a lumpsum premium is charged.
- Saves premium and declaration
of each and every transit can be avoided.
- Special Declaration
Policy
- These policies are granted where
turnover of goods in inland transit exceeds Rs.2 crores. Coverage
available is as per Inland Transit (Rail/Road) Clauses 'A'. 'B'
& 'C'.
- Substantial premium benefit as
turnover discount, structured in the form of slabs can be
availed.
- Manner of submitting
declarations is much simplified.
- Though covers only inland
transits, SDP can be extended to cover F.O.B. risks.
- Facility of mid term increase
in sum insured is available to keep pace with any sudden rise in
turnover.
- Package Policy under
advance license System
- These policies cover goods which
are imported duty free under Duty Exemption Entitlement Certificate
Scheme, where it is conditional that a multiple of their value shall
be exported. When such goods are lost/damaged in transit, resulting
into export commitment not being met, the Customs Authorities charge
duty which can be claimed in addition to the value of the goods.
- Covers import cost of the
commodity, the duty component, export value of the commodity and
the cover stays operative even while the goods are in process.
- Coverage is as per Inland
Clauses 'A', 'B' or 'C'. Duty portion is covered as per Duty
Insurance Clauses.
- Custom Duty Insurance
Policies
- These Policies insure Customs Duty
chargeable on imported commodities which have sustained damage or
loss by transit hazards. Policies are subject to duty Insure Clause.
- Adjustment facility of sum
insured at the end of the Policy is provided for.
- Terms of Cover are same as the
corresponding marine cargo policy.
- Increased Value
Insurance Policies
- These policies insure differences,
if any, between the market value of a good and its CIF Duty- paid
value.
- This is a form of Profits
Insurance.
- The Policy provides the same
terms of covers as under the corresponding marine cargo policy.
- Special Storage Risks
Insurance Policy
- This Policy extends the limited
storage period at Carriers' godown in-built in the Inland Transit
Policies.
- Cover for the storage period
offered corresponds to the type of cover(i.e.Inland Transit, 'A',
'B' or 'C') selected for the transit port of the risk.
MOTOR POLICIES
- Motor Policy `A '
- Motor Policy 'B' - Private Cars
- Motor Policy 'B' - Two Wheelers
- Motor Policy 'B' - Commercial Vehicles
- Motor Trade Policy
- Motor Trace(internal Risks)Policy
ENGINEERING POLICIES
- Erection All-Risks
Insurance (EAR)
- This policy provides cover in
respect of plant and machinery whilst being erected and
subsequently whilst being tested. The scope of cover is along
"all risks" lines and includes
i) Fire risks (ii) accidental
damage during assembly (iii) collapse, collision, burglary, theft
and malicious damage (iv) electrical and mechanical breakdown and
explosion during tests.
- Marine-cum-Erection
Insurance (MCE)
- Under this policy transit and
erection cover are combined. The cover commences right from the
time the machinery leaves the manufacturer's warehouse abroad or
within the country and remains in force during the voyage and the
transit to the site of erection, during storage at site and
terminates on completion of erection and testing. The marine cover
is against all risks of physical loss or damage and the erection
cover is as per EAR POLICY above.
- Contractor's All Risks
Insurance (CAR)
- Contractors Plant &
Machinery Insurance (CPM)
- Boiler and Pressure
Plant Insurance
- Boilers, economisers,
super-heaters, steam pipes, air receivers and other vessels under
steam or air-pressure are insurable under a Boiler policy which
provides indemnity in respect of (i) damage to the insured item
itself, (ii) damage to surrounding property belonging to the
insured and (iii) legal liability to third parties for death or
bodily injury or damage to property caused by explosion or
collapse of the insured item.
- Machinery Breakdown
Insurance
- The subject matter of this
insurance may be (i) engine plant which includes steam engines,
oil and gas engines, diesel engines, pumps and air compressors,
etc.,(ii)electrical plant which includes electric motors,
generators, transformers, turbines, etc., (iii) lifting machinery
such as lifts, hoists and cranes, and (iv) refrigeration plant.
- Electronic Equipment
Insurance (EEI)
- This is most suitable cover for
computers, Microprocessors, Word Processors, Tele-Communication
Equipments, Machines meant for medical use etc.
MISCELLANEOUS POLICIES
- Personal Accident Insurance
- Janta Personal Accident Insurance
- Health (India) Insurance
- Health (Worldwide) Insurance
- Jan Arogya Bima Insurance
- Bhavishya Arogya Insurance
- Workmen Compensation Insurance
- Money in Transit Insurance
- Public Liability Insurance
- Hut Insurance
- Professional Indemnity Insurance
- Medical Establishment Insurance
- Doctor's Composite Package Insurance
- Agriculture Pumpset Insurance
- Domestic Pumpset Insurance
- Horticulture/Plantation Insurance
- Cattle Insurance
- Banker's Indemnity Insurance
- Jewellers Block Insurance
- Special Contingency Insurance
- Package Insurance for credit Society
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