Properties that are covered:
All moveable/ immoveable properties located in the premises of the proposer on land (excluding those in transit) broadly categorised as follows:
Building (including plinth and foundations, if required):-
- Whether completed or in course of construction (excluding the value of land).
- Interiors, Partitions and Electricals.
Plant & Machinery, Equipments & Accessories (including foundations, if required):-
- Bought Second hand.
- Bought New.
- Obsolete Machinery
- Raw Material
- Finished Goods
- In process
- In trade belonging to Wholesaler, Manufacturer and Retailer.
Other contents such as:-
- Furniture, Fixtures and Fittings
- Electrical Fittings and Electronic equipments
- Cables, Pipings
- Spares, Tools and Stores
- Household goods etc.
Specific Items Such as bullion, unset precious stones, curios, work of arts, manuscripts, plans, drawings, securities, obligations or documents, stamps, coins or paper money, cheques, books of accounts, computer system records, explosives.
The standard cover is a named-peril policy covering following named perils:
- Explosion / Implosion
- Aircraft Damage
- Riot, Strike, Malicious Damages (RSMD)
- Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornodo, flood, inundation (STFI)
- Impact damage by any rail/ road/ vehicle/ animal (other than own)
- Subsidence, Landslide and Rock slide
- Missile Testing operations
- Bush Fire
- Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
- Leakage from Automatic Sprinkler Installations
- On payment of additional premium, the following add-on covers can be opted
- Architects, Surveyors and Consulting Engineers fees (in excess of 3% of claim amount)
- Debris Removal (in excess of 1% of claim amount)
- Deterioration of Stock in Cold Storage
- Forest Fire
- Impact Damage by insured's own vehicles etc.
- Spontaneous combustion
- Omission to insure Additions, Alterations or Extensions
- Earthquake (Fire and Shock)
- Spoilage Material Damage Cover
- Leakage and Contamination Cover
- Loss of Rent
- Additional expenses on rent for Alternative Accommodation
- Start Up Expenses
- Terrorism Cover
Losses/ Expenses not covered:-
- Applicable Deductibles as per policy
- Expenses incurred on Architects, Surveyors' Consultant Engineers fees and Debris Removal in excess of 3% and 1% of claim amount respectively.
- Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind.
Perils not covered:-
- War and allied perils
- Ionising radiations and contamination by radioactivity
- Pollution or Contamination
Properties not covered:-
- Items like manuscripts etc. unless specifically declared.
- Cold storage stocks due to change of temperature.
- Loss / damage/ destruction of any electrical and/or electronic machine, apparatus, fixture or fitting arising from over running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity, from whatever cause including lightning.
- Loss / damage / destruction of Boilers, Economisers or other Vessels in which steam is generated machinery or apparatus subject to Centrifugal force, by its own explosion/ implosion.
- Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind or description whatsoever
- Loss or damage by spoilage resulting from the retardation or interruption or cessation of any process or operation caused by operation of any of the perils covered.
Disclaimer: The above is a broad indication. The actual available are as described in the policy wordings of the insurance company and will be subject to the policy terms, conditions and exclusions.