Package Claims

Scope of Cover

Industrial All Risk (IAR)

This is a Package Policy providing cover against Material Damage and Business Interruption for Industrial Units having sum insured of more than INR 100 crores. This policy provides cover against all risks/ perils other than those which are excluded in the Policy.

Material Damage Section covers all losses except due to following exclusions:

The Policy will not cover any claim due to:

• Faulty or defective design materials or workmanship
• Interruption of the water supply, gas, electricity or fuel systems or failure of the effluent disposal systems
• Collapse or cracking of buildings
• Larceny
• Coastal or river erosion
• Wilful act or gross negligence of the insured
• Cessation of work, delay
• War, warlike operations
• Nuclear risks
• The destruction of property by order of any public authority

Business Interruption(Loss of Profits)

The policy does not cover loss resulting from interruption of or interference with the business, directly or indirectly, attributable to

• Any restriction or reconstruction or operation imposed by any public authority
• The insured’s lack of sufficient capital for timely restoration or replacement of property lost, destroyed or damaged
• Electronic installation, computer and data-processing equipment
• Deliberate erasure loss, distortion or corruption of information
• Deductible stated in the schedule
• Wilful act or gross negligence of the insured
• Cessation of work, delay
• War, warlike operations
• Nuclear risks
• The destruction of property by order of any public authority

House Holders Package Insurance Claim Process

The policy comprises of 10 sections as given here under

Section I – Fire & Allied Perils

1 :

Coverage for building.

2 :

Covers contents of the dwelling belonging to the propose and his/her family members permanently residing with him/her.

Allied Perils :

1 :

Fire, Lightening, Explosion of gas in domestic appliances Bursting and overflowing of water tanks, apparatus or pipes.

2 :

Damage caused by Aircraft.

3 :

Riot, Strike, Malicious or Terrorist Act.

4 :

Earthquake, Fire and/or Shock, subsidence and Landslide (including Rockslide) damage

5 :

Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tomado or Cyclone.

6 :

Impact damage

Section II – Burglary & House breaking including larceny and theft

Covers contents of the dwelling against loss due to burglary, house breaking, larceny or theft.

Section III – All Risks (jewelers & Valuables)

Covers loss or damage to your jewelers and valuables by accident or misfortune whilst kept, worn or carried anywhere in India subject to the value declared in the schedule.

Section IV- Plate Glass Insurance

Fixed Plate Glass in the premises.

Section V – Breakdown of Domestic appliances

Covers domestic appliances against unforeseen and sudden physical damage due to mechanical or electrical breakdown.

Section VI – T.V. Set including VCP/VCR (ALL RISKS)

Covers loss or damage to T.V.Set including VCP/VCR by fire and allied perils, burglary, house breaking or theft, breakage due to accidental external means, mechanical or electrical breakdown. Any legal liability arising out of bodily injury or accidental death of any person other than insured`s family members or employee as also damage to property not belonging to or in the custody of insured , caused by use of the T.V. Set is also covered up to a limit of Rs.25,000/-.

Section VII – Pedal Cycles (All Risks)

Covers loss or damage to pedal cycles by:

1 :

Fixed Plate Glass in the premises.

2 :

Fire & allied perils

3 :

Burglary, housebreaking, theft

4 :

Accidental external means

5 :

Third party personal injury or Third party property damage for Rs.10,000/-

Section VIII – Baggage Insurance

Covers loss or damage to insured`s accompanied baggage by accident or misfortune whilst the insured is traveling on tour or holiday anywhere in India.

Section IX – Personal Accident

Covers Death or bodily injury by accidental, violent, external and visible means to the insured person named in the schedule and subject to limits specified therein.

Section X – Public Liability

Covers Insured`s legal liability for bodily injury or loss of or damage to property of third party limited to amount specified in the schedule and workmen`s compensation liability to domestic servants engaged in insured`s premises.

Shopkeepers Insurance Claim

The policy comprises of following 11 sections:

Section I – Building & Contents

Covers shop building and/or contents therein against loss or damage caused by Fire & Allied perils i.e.

1 :

Fire, lightning, explosion of gas in domestic appliances

2 :

Bursting and overflowing of water tanks, apparatus or pipes

3 :

Aircraft or articles dropped there from

4 :

Riot, strike, malicious damage, terrorist act

5 :

Earthquake-Fire and/or shock, subsidence and landslide (including rockslide)

6 :

Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tornado or Cyclone.

7 :

Impact damage by rail/road vehicle not belonging to the insured.

Section II – Burglary & Housebreaking

Covers contents of insured shop premises (excluding money and valuables) against loss or damage by burglary and/or housebreaking,

Section III – Money Insurance

Covers loss of money in transit, loss of money/valuables whilst contained in a locked safe, loss of money contained in cashiers till and/or counter by burglary/housebreaking.

Section IV – Pedal – Cycles

Covers loss/damage to pedal cycles belonging to insured by:

1 :

Fire, lightning or external explosion.

2 :

Riot, strike, malicious or terrorist act.

3 :

Burglary and / or Housebreaking or theft.

4 :

Flood, cyclone, storm, tempest, and other similar convulsions of nature and atmospheric disturbance.

5 :

This section also covers legal liability of insured for death/injury to third parties or damage to their property arising out of use of the insured pedal cycles.

Section V – Neon Sign/Glow Sign – Covers loss of or damage to neon sign/ glow sign by:

1 :

Accidental external means

2 :

Fire, lightning or external explosion or theft

3 :

Riot, strike, malicious or terrorist act

4 :

Flood, inundation, storm, tempest, typhoon, hurricane, tornado, cyclone

Section VI – Baggage

Covers loss or damage to accompanied personal baggage of insured or baggage in connection with his trade, whilst anywhere in India, by accident or misfortune

Section VII – Personal Accident

Covers insured and spouse and/or his children, named in the schedule and aged between 5&70 years, against bodily injury caused solely and directly by accident and resulting in death or permanent total or partial disablement or temporary total disablement within 12 calendar months of such injury.

Section VIII – Fidelity Guarantee

Covers direct pecuniary loss suffered by the insured due to fraud or dishonesty committed by any of insured`s salaried employees.

Section IX – Public Liability

Covers Legal liability in respect of accidental death or bodily injury to a third party or accidental damage to their property during performance of any act in connection with insured`s business,
Compensation to insured`s employees under Workmen`s Compensation Act or Common Law.