Hi, I’m RIA!
How can I help you?

Upon occurrence of an insured peril, these are the costs incurred by the insured (on actual basis) at the time of reinstatement of property due to change in municipal regulations.

Impact damage of any kind means damage caused by impact, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.). It is similar to traditional accidental damage.

Yes, both are same as per product wordings.

It is New Replacement Value where the idea is to put the insured in the same position as he was just before happening of the incident/claim.

ICICI Sookshma Udyam Suraksha can be taken for all properties except Individual dwellings and housing societies. Assets that cab covered under the policy are Building including plinth, Basement and additional structures, Plant & Machinery , Stocks – Raw Material, Finished goods and stocks in process, Other contents.

Policy period up to 12 months as opted and mentioned in the policy document.

You can cancel this policy at any time during the policy period. Premium will be returned on the pro-rate basis.

Yes, on agreed value basis subject to valuation certificate being submitted and accepted by us.

No

Premium for fire insurance is the money you pay to the insurer for your fire insurance policy. The insurer provides you coverage after you pay the premium.

Your building’s total value and assets form the basic factor for premium calculation. The sum insured opted for also determines the premium.

Yes. Excess amount of ₹5,000 for each claim is deducted and remaining is paid.

Policy documents and proof of loss are the two most essential documents you need for fire insurance claims.

There are no provision in the policy to exclude Inbuilt Perils.

In these products, underinsurance is waived up to 15%, but beyond that underinsurance is applicable to full extent.

At the request of the insured, sum insured under the policy can be increased or decreased subject to payment of premium.

During mid-term, there will be no impact on policy wording due to sum insured increase. However, at the time of renewal, applicable policy wording as per sum insured will be selected.

Extension of short period policy is not possible; however, annual policy can be issued on completion of short period.

Offices, Hotels, Shops, Industrial/Manufacturing risks, Utilities located outside the compound of Industrial/Manufacturing risks, Storage risks outside the compound of Industrial/Manufacturing risks and Tank farms/Gas holders outside the compounds of Industrial/Manufacturing risks.

If you are an individual, the policy will continue for the benefit of Your legal representatives until the end of the period of the policy.

If the value of Insurable Assets exceeds ₹ 5 Crore during the Policy Period, the cover under Bharat Sookshma Udyam Suraksha policy will continue until expiry of the policy. However, on renewal, Bharat Sookshma Udyam Suraksha policy has to be replaced with the applicable policy.

You can choose to make changes to the covers of this Policy, for example, take additional cover, or increase or reduce any sum insured, you must make a proposal or request for any change. It will be effective only after we have accepted your proposal, and you have paid the additional premium where applicable.

For complete list of exclusions, read the policy wordings here.

Jobs involving high-risk activities such as construction, firefighting and mining may have different exclusions compared to office-based roles as in the former, as chances of injuries are higher.

Pre-existing health conditions not directly caused by work activities can be excluded from coverage. One needs to consult with the respective insurer to learn more about it.

Claims for non-fatal injuries and those that don't cause partial disablement for more than 3 days can be denied. Also, claims for self-inflicted injuries or that caused under the influence of drugs or alcohol are excluded.

The policy provides coverage for accidental death, permanent total disability, permanent partial disability and temporary total disability

"Permanent total disablement" means such disablement of a permanent nature as incapacitates an employee for all work which he was capable of performing at the time of the accident resulting in such disablement. List of disablements is specified in the Employee's compensation Act.

Permanent partial disablement" means, where the disablement is of a permanent nature, such disablement as reduces the earning capacity of an employee in every employment which he was capable of undertaking at the time of the accident resulting in the disablement. List of disablements is specified in the Employee's compensation Act.

Temporary disablement" means a condition resulting from an employment injury which requires medical treatment and renders an employee, as a result of such injury, temporarily incapable of doing the work which he was doing prior to or at the time of the injury.

Employee's Compensation Act, 1923 [As Amended through Employee Compensation (Amendment) Act, 2017], and subsequent amendments of the said Act prior to the date of issue of the policy.

Fatal Accidents as per Fatal Accident Act, 1855

Common Laws

Occupational Diseases covers those diseases that are specified under Schedule III of Employee or Employee's Compensation Act. It covers those disease which arise due to nature of occupation Ex. disease caused by use of toxic compounds

Compressed air disease is one of the occupational illnesses covered under Employee's compensation policy. It is a sickness attributed to the working environments where air pressure may be higher or lower than the normal surface air pressure. Ex. Underground or underwater works.

Medical extension covers reasonable medical surgical and hospital expenses incurred by the Insured in connection with any case of injury of employee, if hospitalisation is for more than 24 hours

Contractor / Sub-contractor and their employees can be covered under this coverage.

If the insured has more than 1 risk locations (operating branches or factories) across the country, PAN India coverage enables employer to take a single insurance policy to cover its employees in all the branches.

The primary purpose of Employee’s (workmen) compensation insurance is to protect both employers and employees. For employers, it helps cover the costs associated with workplace injuries or illnesses for their employees,. For employees, it gives them the necessary financial cushion and support during injuries suffered at the workplace.

Employers are responsible for obtaining and maintaining Employee’s Compensation Insurance. As an employer, you must ensure that the coverage meets the requirements set by law and remains active and up-to-date.

WC insurance typically covers a range of injuries and illnesses that can happen in the workplace as a result of work-related activities during the course of employment, including physical injuries, occupational diseases, and

The premium of Employee’s (Workmen’s) compensation insurance is calculated depending on several factors, including the nature of work, the number of employees and their salaries, claims history, industry operation, and location, among others.

When an employee is injured at work, he / she should immediately seek medication attention and report the injury to the employer as soon as possible. One should also provide complete details about how the injury happened and its nature to the employer so that claims can be filed from the Employee’s (Workmen’s) Compensation Insurance policy.

Sum Insured is the total earnings of the employees in the organisation. The Sum Insured is calculated on the basis of monthly wages of employees. Wages includes basic salary, allowance, perquisites or any benefits provided to the employees (Other than reimbursable expenses made by employees)

The first thing is to inform the employer about the injury or illness, post which the employer will ask to furnish details of the accident. After this, the employer will notify the insurance company about the accident, fill out the claim form, and provide the necessary documents related to the accident. Post this, the insurance company will verify the claim's authenticity, based on which the claim can be approved or denied. If you’ve purchased the Employee’s Compensation Insurance (previously known as Workmen Compensation Insurance and WC policy) from ICICI Lombard, you can intimate the claim, upload the documents, and track the claim status via this link - .https://ilhc.icicilombard.com/Customer/ClaimIntimationOnlineTracking

On most occasions, the TAT for claim settlement of a WC policy or WC insurance is 14 days from the receipt of the last document. If the claim is sent to the surveyor/investigator, it would take another 15 days over and above the 14-day TAT.

After investigation, if the insurance company is satisfied with the claim's authenticity and finds it aligns with the policy's terms and conditions, it will approve the claim. On the other hand, if it finds inconsistencies, it may reject the claim.

Employees generally receive guidance and support on claims assistance, related paperwork, etc. They can also get support for medical care from their employers.