Page 283 - DMGT303_BANKING_AND_INSURANCE

Banking and Insurance

Notes The policy may also cover other than above risks of damage from earth quake, fire and shock;
deterioration of stock in cold storages following power failure as a result of insured peril,
additional expenditure involved in removal of debris, architect, consulting engineer's fee over
and above the amount covered by the policy, forest fire, spontaneous combustion and impact
damage due to own vehicles.
In case of a partial loss, the Insurance Company shall give payment for repairs and replacement.
In case of policy with reinstatement subject to overall limit of the sum insured the Insurance
company may at its option also repair or replace the affected property instead of paying for the
cost of restoration.

Fixation of Premium

Premiums rating depends on the type of occupancy-whether industrial or otherwise. All property
located in an industrial complex will be charged on rate depending on the product(s) made.
Facilities outside industrial complexes will be rated depending on the nature of occupancy at
individual location.
Storage areas will be rated based on the hazardous nature of goods stored.
Additional premium is charged to include "add on" covers.

Discount in premium is given based on past claims history and fire protection facilities provided
at the premises.

Exclusions

5% of each and every claim resulting from lightning/storm/tempest/flood.

Loss destruction or damage caused by war, invasion, act of foreign enemy hostilities or warlike
operations (whether war is declared or not), civil war, mutiny, civil commotion assuming the
proportions of or amounting to a popular rising, military rising, rebellion, revolution,
insurrection, or military or usurped power.

Loss, destruction or damage directly or indirectly caused to the property insured by:
 Ionizing radiations or contamination by radioactivity from any nuclear waste from the
combustion of nuclear fuel.

 The radioactive toxic, explosives or other hazardous properties of any explosive nuclear
assembly or nuclear component thereof.

Loss, destruction or damage caused to the insured property by pollution or contamination
excluding:
 Pollution or contamination which itself results from a peril hereby insured against.

 Any peril hereby insured against which itself results from pollution or contamination.
 Loss, destruction or damage directly to solution or unset precious stones curios, works of
art for an amount exceeding Rs.10,000, manuscripts plans, drawings, securities, obligations
or documents of any kind of stamps, coins or paper money, cheques, books of accounts or
other business books, computer systems, records, explosives unless otherwise expressly
stated in the policy.
 Loss, destruction or damage to the stocks in cold storage premises caused by change of
temperature.

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