Sum Insured Property can be insured on depreciated cost (market value) or replacement cost basis. In order to get full protection, insurance on reinstatement (replacement) basis is recommended.
Premium
Premium rate depends on construction of building and occupancy.
Discount/ loading in premium is given based on past claims experience for risks exceeding Rs. 50 crores sum Insured at any location and installation of Fire Extinguisher Appliances.
Significant Exclusions The Insurance Policy does not cover the first Rs.10,000 (or as applicable) of each and every claim. Losses arising out of war and allied perils, theft, willful act or gross negligence, loss of earnings, loss to bullion, documents, currency etc. for an amount exceeding Rs. 10,000, unless expressly stated.
