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Property insurance is a type of insurance that provides financial protection for various types of properties, including homes, buildings, and personal belongings. It covers against potential risks and damages such as fire, theft, vandalism, natural disasters, and other perils specified in the policy. Property insurance not only safeguards the physical structure but also the contents and valuable possessions inside the property. In the event of covered damages or losses, the policyholder can file a claim to receive compensation from the insurance company, helping them recover from the financial burden and rebuild or replace the damaged property. Property insurance is essential for homeowners, landlords, and businesses, as it offers valuable protection and peace of mind, ensuring that their investments and assets are safeguarded against unexpected and costly incidents.
The Machinery Breakdown policy provides comprehensive coverage for all types of plant and machinery, safeguarding businesses against unexpected physical damages that may require repairs or replacement of damaged parts. This policy offers protection for insured machinery both during its operation and while at rest. It also covers machinery while being dismantled for purposes like cleaning, inspection, overhauling, or when moved to another location within the same premises. The major electrical and mechanical breakdown risks faced by plant and machinery are covered by this policy. These risks include short-circuiting, excess voltage, and electrical arcing, as well as faults arising from design, material, or casting issues that may manifest after the warranty period. Abnormal operating conditions, carelessness, or lack of skill in operating and maintaining machinery are also covered. Moreover, the policy includes protection against damages caused by the entry of foreign bodies, falling objects, impacts, collisions, and bursting or disruption of turbines, compressors, steam engine cylinders, hydraulic cylinders, flywheels, or other apparatus subject to centrifugal force or internal pressure. Having the Machinery Breakdown policy in place ensures that businesses can mitigate the financial impact of machinery breakdowns, reducing the potential downtime and the associated costs of repairs or replacements. With this comprehensive coverage, businesses can continue their operations smoothly, knowing that unexpected physical damages to their plant and machinery are well protected.
Glass Plate Cover is an insurance policy that offers protection against accidental breakage of plate glass, commonly found in display windows or showcases of commercial establishments. This policy covers the cost of repairing or replacing the insured glass due to accidental breakage, ensuring that businesses are financially safeguarded against the high expenses associated with glass damage. It also provides coverage for loss or damage to ornamental, embossed, lettered, or stained plate or sheet glass, offering comprehensive protection for the decorative elements of the glass. With Glass Plate Cover in place, businesses can have peace of mind, knowing that they are protected in case of unexpected accidents that may damage their valuable glass installations. The policy allows them to swiftly restore their glass displays with minimal financial burden, facilitating seamless business operations.
Standard Fire & Special Perils (SFSP) Insurance provides essential coverage for a wide range of assets, safeguarding against potential loss or damage caused by various perils. Whether it’s a business, household, or any property belonging to different segments of society, this policy is a vital protective measure.
The SFSP policy offers coverage for the following events:
Fire: Protects against damage caused by fire outbreaks, including destruction of buildings, machinery, furniture, and other assets due to accidental or unforeseen fires.
Lightning: Covers damages resulting from lightning strikes, preventing financial losses due to equipment or property damage.
Explosion / Implosion: Safeguards against losses arising from explosions or implosions, which can cause extensive damage to structures and assets.
Aircraft Damage: Provides coverage for damages caused by aircraft accidents or collisions.
Riot, Strike, and Malicious Damage (RSMD): Offers protection in case of losses due to riots, strikes, or malicious acts causing destruction to insured property.
Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, and Inundation (STFI): Ensures compensation for damages resulting from natural calamities, such as storms, cyclones, floods, and similar events.
Impact Damage: Covers damages caused by accidental impact from vehicles or other objects.
Subsidence and Landslide Including Rockslide: Protects against losses caused by subsidence, landslides, or rockslides, which can lead to structural damage.
Bursting and/or Overflowing of Water Tanks, Apparatus, and Pipes: Covers damages caused by bursting or overflowing of water tanks, pipes, or apparatus.
Missile Testing Operations: Provides coverage for damages occurring during missile testing operations.
Leakage from Automatic Sprinkler Installations: Covers damages resulting from the leakage of automatic sprinkler installations.
Bush Fire: Protects against losses caused by bushfires in rural or forested areas.
Architects’, Surveyors’, and Consulting Engineers’ Fees: Reimburses the fees incurred for the services of architects, surveyors, or consulting engineers after a covered loss.
Removal of Debris: Covers the expenses incurred in the removal of debris after a covered loss, facilitating the clearing of damaged property.
Money Insurance is a valuable policy that offers comprehensive coverage for the loss of money during transit between the insured’s premises and specified locations, resulting from incidents like robbery, theft, or fortuitous events. This policy also provides protection for loss caused by burglary or housebreaking while money is kept at the insured’s premises in safes or strong rooms.
The coverage is divided into two sections:
Section I: This section covers money in transit and includes various forms of currency and financial instruments such as cash, bank drafts, currency notes, treasury notes, cheques, postal orders, and current postage stamps.
Section II: This section covers money while it is on the insured’s premises, providing security against losses due to theft or burglary when the money is stored in safes or other secure storage areas.
With Money Insurance in place, businesses and individuals can have peace of mind, knowing that their money is protected against unforeseen events and criminal activities. Whether in transit or kept on-premises, the policy ensures financial security, enabling a swift recovery from any potential losses. This insurance provides a crucial safety net for businesses that deal with cash transactions, ensuring minimal financial impact in case of any unfortunate incidents.
Jeweller’s Block Cover is a specialized package policy designed specifically for jewellers and diamantaires, establishments primarily dealing in diamonds. The policy is structured into different sections, with Section I being mandatory and the remaining sections being optional.
Section 1: This compulsory section provides coverage for loss or damage to various items within the insured premises, including jewellery, gold and silver ornaments or plates, pearls, precious stones, cash, and currency notes. The coverage extends to protect against perils such as fire, explosion, lightning, burglary, housebreaking, theft, hold-up, robbery, riot, strike, malicious damage, and terrorism.
Section 2: This optional section covers loss or damage to jewellery, gold, etc. mentioned in Section I while it is in the custody of the insured, their partners, employees, directors, or sorters of diamonds. Additionally, the coverage applies when the property is in the custody of brokers, agents, cutters, and goldsmiths, excluding cash and currency notes.
Section 3: Another optional section, this part of the policy provides coverage for the property described in Section I while it is in transit. This includes protection against loss or damage during transportation via registered parcel post, air freight, or through angadia (courier services).
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