New India Assurance Standard Fire and Special Perils Policy: Inclusions
The Standard Fire and Special Perils Policy provided by New India Assurance Co. Ltd. covers the following:
- Fire: Coverage for damage caused by fire, including destruction and charring.
- Lightning: Protection against damages resulting from lightning strikes.
- Explosion / Implosion: Coverage for losses due to explosions or implosions, safeguarding against sudden and violent events.
- Aircraft Damage: Protection from damages caused by the impact of aircraft.
- Riot, Strike, Malicious Damage (RSMD Perils): Safeguarding against losses resulting from riots, strikes, and malicious acts, providing coverage for damages caused by intentional harm.
- Storm, Tempest, Flood, Inundation, Hurricane, Cyclone, Typhoon, and Tornado: Comprehensive coverage for damages caused by various atmospheric disturbances, including storms, floods, hurricanes, cyclones, and tornados.
- Impact by any Rail/Road Vehicle or Animal: Protection against damages caused by the impact of vehicles or animals.
- Subsidence / Landslide including Rockslide: Coverage for losses resulting from subsidence, landslides, or rockslides, providing financial protection against ground movement.
- Bursting and/or Overflowing of Water Tanks, Apparatus: Safeguarding against damages caused by the bursting or overflowing of water tanks or related apparatus.
- Leakage from Automatic Sprinkler Installation: Protection for damages caused by leaks from automatic sprinkler systems.
- Missile Testing Operation: Coverage for losses resulting from missile testing operations.
- Pollution or Contamination Resulting from Any of the Above Perils: Comprehensive coverage for damages caused by pollution or contamination resulting from covered perils.
- Any Insured Peril Resulting from Pollution and Contamination: Extending coverage to include damages resulting from pollution and contamination associated with insured perils.
- Bush Fire: Protection against damages caused by bush fires, including destruction of property in affected areas.
Covered Expenses
The policy inherently includes the reimbursement of the following expenses associated with the loss, damage, or destruction of a covered property due to the impact of an insured peril:
- Architects, Surveyors, and Consulting Engineers' Fees: Reimbursement for fees incurred, capped at 3% of the claim amount. This coverage encompasses professional services essential for property assessment and recovery planning.
- Expenses for Removal of Debris: Coverage for expenses related to the removal of debris, facilitating site clearance. This includes costs up to 1% of the claim amount and ensures a swift and efficient recovery process.
Covered PropertiesÂ
The insurance encompasses all movable and immovable assets owned by the proposer on land, with exclusion for those in transit. The covered properties are broadly categorized as follows:
- Building: Completed structures or those currently under construction, excluding the land's value. Includes interiors, partitions and electrical components.
- Plant Machinery, Equipment Accessories: Covers second-hand acquisitions, new purchases, and obsolete machinery. Foundations are included if required.
- Stocks: Encompasses raw materials, finished goods, items in process, and trading stock owned by wholesalers, manufacturers, and retailers.
- Other Contents: Includes furniture, fixtures, fittings, cables, pipings, spares, tools, stores, household goods, and similar items.
- Specific Items: Provides coverage for specific high-value items such as bullion, unset precious stones, curios, artworks, manuscripts, plans, drawings, securities, obligations, documents, stamps, coins, paper money, cheques, books of accounts, computer system records, and explosives.
New India Assurance Standard Fire and Special Perils Policy: Exclusions
New India Assurance Standard Fire and Special Perils Policy does not provide coverage for the following:
Losses/Expenses Not Covered
- Deductibles as per the policy's terms.
- Architect, surveyor, consultant engineer fees, and debris removal expenses exceeding 3% and 1% of the claim amount, respectively.
- Loss of earnings, loss by delay, loss of market, or any other consequential or indirect loss or damage.
Perils Not Covered
- War and allied perils.
- Ionizing radiations and contamination by radioactivity.
- Pollution or contamination.
Properties Not Covered
- Items like manuscripts unless explicitly declared.
- Cold storage stocks due to temperature changes.
- Loss/damage/destruction of any electrical or electronic machine, apparatus, fixture, or fitting resulting from overrunning, excessive pressure, short-circuiting, arcing, self-heating, or electricity leakage, regardless of the cause, including lightning.
Loss/Damage/Destruction Not Covered
- Boilers, economizers, or other vessels where steam is generated.
- Machinery or apparatus subject to centrifugal force, by its own explosion/implosion.
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