Scope of cover
Standard fire and special perils
The policy covers loses due to named perils like fire, lightning, earthquake, explosion and implosion, riot, strike, malicious damage, storm, tempest, flood and inundation. However, the policy does not cover losses arising out of theft and loss of earnings, loss to bullion, documents, currency etc. for an amount exceeding `10,000, unless expressly stated are also excluded. You can also extend the policy to cover impact damage due to own vehicles and terrorism.
Electronic Equipment
The plan covers perils like fire, burglary, acts of God (AOG) and accidents, material damage due to sudden and unforeseen events, cost of external data media. The policy does not provide coverage losses / damages due to wear and tear, aesthetic defects.
Machinery Breakdown
The policy provides coverage against losses due to all kinds of accidental, electrical and mechanical breakdowns due to internal and external causes. The plan does not, however, cover loss and/or damage from fire and allied perils, theft, overloading experiments, gradually developing flaws and deterioration from normal use.
All Risks (Portable Equipment)
The plan covers your institution from loss or damage to insured property by fire, riot and strike, accident, any of which arising from any fortuitous cause anywhere within the geographical limit stated. The plan, however, doesn't cover loss or damage arising from wear and tear, electrical breakdown, breakage of glass, theft from unattended vehicles, detention or confiscation by customs or other authorities are also excluded unless included specifically.
Plate Glass
Covers loss / damage to fixed plate glass, which is plain and of ordinary glazing quality and/or glass with embossing, silvering, lettering, bending/curving or ornamental work, due to breakage by any accidental, external and visible means. It does not, however, cover losses due to pre-existing cracks or other imperfections, damage to framework and disfiguration / scratching.
Burglary
The plan covers loss and/or damage by burglary, housebreaking (theft following upon actual, forcible and violent entry of and/or exit from the premises) includes hold-up risk and damage caused to premises while attempting the same. Please note that the policy doesn't cover loss and/or damage arising out of riot, strike, civil commotion and by use of keys to safe unless the keys are procured by force.
Fidelity Guarantee
Covers pecuniary loss sustained as a result of act of fraud or dishonesty in respect of monies or goods of the employer committed by the employees in the course of performance of their duties. The policy does not cover loss on account of change in any circumstances and conditions of the said employment and loss arising outside India.
Money Insurance
The plan covers loss of money in transit by the insured or insured's authorised employee(s) occasioned by robbery, theft or any other fortuitous cause. Please note that the plan does not cover Losses and/or damage due to floods, cyclones, earthquakes and other convulsions of nature, riots and strikes and terrorist activities, shortage due to error, omission, by use of keys to safe(s) or strong room (unless such keys are obtained by force or threat), whilst being carried under contract of affreightment, theft from unattended vehicle and consequential loss.
Group Health / Group Health (Floater)
The plan reimburses hospitalisation expenses incurred for diseases contracted or injuries sustained in India and covers medical expenses upto 30 days for pre-hospitalisation and up to 60 days for post-hospitalisation. The policy, however, does not cover certain diseases and ailments such as AIDS, pregnancy, dental treatment, cost of spectacles/ contact lenses, diseases contracted during first 30 days certain specified diseases during first year of the policy and pre-existing diseases. However you have the option to extend the coverage benefit to cover Pre-existing diseases.
Group Personal Accident
The cover compensates the insured in case of accidental death, loss and eyes, permanent total disablement and permanent disablement and does not cover losses arising out of suicide, self-injury, venereal diseases and pregnancy. Please note that the benefits could be extended to cover medical expenses following an accident.
Critical Illness Insurance
The plan pays the sum insured, if during the policy period, the insured is found to have contracted and survives such critical illnesses for at least 30 days from the date of its discovery. The critical care plan covered are: cancer, kidney failure, stroke, paralysis, end stage liver disease, major organ transplant, heart valve replacement, coronary artery bypass graft surgery and myocardial infarction (heart attack). The diseases that are covered are pre-existing illness, congenital illnesses, claims related to pregnancy/childbirth, HIV/AIDS/sexually transmitted diseases.
Public Liability (Non-Industrial Risk)
Covers Legal liability of the Insured towards damages to third party in respect of: 1. Accidental death, bodily injury or disease 2. Loss or damage to property arising out of such accidents 3. Legal costs and expenses incurred depending on exposure, two limits of indemnity under the section have to be fixed 4. Any One Accident (AOA) 5. Any One Year (AOY) AOA and AOY can be in the ratio of 1:1, 1:2, 1:3 or 1:4. The plan does not cover pollution liability, any product liability, any professional services deficiency, personal injuries such as libel, slander, fines, penalties and punitive and exemplary damages. The policy can be extended to cover sports facilities and swimming pool.
Employer's Liability (Workmen's Compensation)
Covers two forms of insurance
Table 'A' - Indemnity against legal liability to all employees (whether or not coming within the definition of the term Workmen) under the W. C. Act 1923 and subsequent amendment to the said Act prior to the inception of the cover, the Fatal Accidents Act, 1855 and at Common Law.
Table 'B' - Indemnity against legal liability under the Fatal Accidents Act, 1855 and Common Law. (Table 'B' policies may not be issued to cover employees who fall within the definition of "Workmen" under the Workmen's Compensation Act, 1923 as amended).
The plan does not offer coverage for losses arising out of contractual liabilities.
General Exclusions
- War and warlike operations and civil commotion
- Nuclear perils and radioactive contamination
- Consequential losses of any kind
- Willful act or gross negligence or willful negligence
- Any loss/damage arising out of terrorism, except in health and PA related covers
Claim Process
Know all about making a Claim
- Claim Settlement Process