Universal Sompo Householder's Insurance Policy

Universal Sompo General Insurance Company Limited is a joint venture between Indian banks – Allahabad Bank, Karnataka Banka and Indian Overseas Bank, an Indian investment company, Dabur Investments and a Japanese insurance company, the Sompo Japan Insurance Company. Universal Sompo has its headquarters at Mumbai. The Sompo Japan Nipponkoa Insurance Inc. is a leading Japanese insurance provider and is the largest property and casual insurance company in the country of Japan. Universal Sompo is a rapidly growing insurance provider in India. It started operations in India in the year 2007 when it received its Licence and Certificate of Registration from the Indian Regulatory and Development Authority (IRDA). Motor goods carrying vehicles insurance offered by the company falls under the category of Motor Insurance plans offered. When it comes to Householder’s Insurance, the company offers its customers a comprehensive Householder’s Insurance plan that protects its customer’s home and assets from a variety of unforeseen and unwanted circumstances.

Why Householder’s Insurance?

A home is something more than just walls and beams, it is a place of comfort and safety, where dreams are built, memories are made and families grow. A home is also an investment of a lifetime, given all these factors of what makes up a home it is prudent and advisable to take a Householder’s Insurance to protect this precious place in our lives. Householder’s Insurance offers protection to the home and al the furniture and valuable content within it. This protection is against any unforeseen and unfortunate situations like burglary, theft, riots and fire, etc., as well as natural calamities such as earthquakes.

Householder’s Insurance offered by Universal Sompo

Universal Sompo offers a householder’s insurance plan that protects the home and all the content within it from various unforeseen situations that may be caused by man, e.g, riots and burglary, or caused by nature, for example, earthquakes, etc. The Universal Sompo Householder’s Insurance plan is all inclusive and protects the home and everything within it.

Why purchase a householder’s insurance plan from Universal Sompo

Universal Sompo is a rapidly growing insurance provider in India, it strives to become a trusted leader in the insurance industry; it provides simple yet innovative solutions for various types of insurance. With the backing of Japanese insurance expert Sompo Japan Nipponkoa Insurance Inc., which is a Fortune 500 company, and the backing of three major Indian banks as well a major investment company, Universal Sompo is an ideal insurance company for those looking for robust insurance plans that are provided efficiently and quickly, with the most number of benefits and coverages. Universal Sompo is committed to providing insurance with the minimum amount of hassle and documentation. Claims are settled quickly and trained teams of customer care specialists handle queries quickly and efficiently. The advantages of purchasing Householder’s Insurance from Universal Sompo are as follows:

• It provides protection for your property and the contents of it, within one single policy plan
• The premium rates under this insurance plan are affordable and attractive as per industry standards
• Universal Sompo provides an all-inclusive Householder’s Insurance that covers items such as jewellery, ornaments and other such high value items. Portable items such as laptops are also covered.

Scope of coverage of the Universal Sompo Householder’s Insurance Plan

The following scenarios are covered under the Universal Sompo Householder’s Insurance Plan so that the customer and his family have financial stability and protection in the event of an unforeseen situation that causes any sort of loss, damage or destruction to their home and the contents within it. The coverage is categorized under ten different headings, which are as follows: Fired Allied Perils, Burglary and Robbery, All Risk (Jewellery and Valuables), Plate Glass, Electronic Equipment, Electrical Mechanical Breakdown of Domestic Appliances, Personal Accident, Baggage Insurance, Workmen’s Compensation, and Public Liability.

A further detailed explanation and exploration of each category is given below:-

• Section 1 : Fire Allied Perils – Building contents

Protection to the home and contents within it are provided in the event of

• Fire
• Lightning
• Explosion/implosion
• Aircraft damage
• Impact damage from rail/road vehicle or animal
• Riot, strike, malicious damage
• Storm, cyclone, tempest, hurricane, tornado, flood and inundation, earthquake
• Subsidence and landslide including rockslide
• Missile testing operations
• Leakage from automatic sprinkler installations
• Bushfires
• Terrorism (on paying an additional premium)
• Bursting and /or overflowing of water tanks, apparatus and pipes

The Sum Assured for assets must be on Reinstatement Value Basis. Here assets should be understood to mean – The building, permanent fixtures, fittings, electrical fans, tube lights and domestic appliances.

• Section 2 : Burglary and Robbery

Protection is provided against the loss or damage to the property and contents within it by housebreaking or burglary. The following items are covered:

• Contents or any item that was kept in the insured premises
• Insured premises (including reasonable costs for locks that have been damaged)
• Currency notes and cash up to the limit that was agreed upon and mentioned in the schedule, that was contained in a safe and locked cupboard.

• Section 3: All Risk (Jewellery and Valuables)

The Householder’s Insurance plan provides protection to valuables when there is accidental loss or damage to jewelleryor precious items, including jewellery kept in bank lockers. This protection includes loss or damage to the jewellery or valuables while they are worn during travelling and/or any social function occasioned by theft, robbery, fire or any such other unfortunate event.

• Section 4: Plate Glass

Under this section, the following are covered:

• Accidental loss and damage to Plate Glass
• Damage to the frame and framework of any description following the breakage of Glass and/or neon boards/glow signs, subject to a maximum amount of Rs. 5000
• The cost of lettering, embossing, tinting, painting, silvering or any other such ornamental work on the replacement Glass, on the condition that such costs were included in the Sum Insured of the Glass under this section.0000
• The customer will have to provide details of the plate glass along with an estimation of its value

• Section 5: Electronic Equipment
  
  
• Protection is provided to electronic equipment such as any audiovisual equipment, like TV and VCR and computers, etc.
• In case there is partial damage or loss, no depreciation is deducted except for the parts with limited life
• The Sum Insured has to be on Reinstatement Basis

• Section 6: Electrical Mechanical Breakdown of Domestic Appliances
• Coverage is provided to the household mechanical or electronic appliances. Air conditioners, refrigerators, etc., may be covered against accidental electrical or mechanical breakdown. The customer has to provide list of items to be covered along with the value of said items.
• The Sum Insured has to be on Reinstatement Basis

• Section 7: Personal Accident

The Householder’s Insurance plan provides protection the customer and his or her family under Personal Accident compensation that covers death, or permanent partial disability or permanent temporary disability. This section of the insurance plan provides coverage for bodily injury that leads to the death or disablement leading to:

• Loss of sight
• Physical separation of or loss of the ability to use both hands or both feet
• Loss of sight of one eye and physical separation or loss of the ability to use one hand or one foot
• Permanent Total Disablement

• Section 8: Baggage Insurance
• This section of the insurance policy provides coverage against the loss of the customers’ baggage while on holiday or on tour outside of the municipal limits of the city or town of residence.
• This section provides coverage to the customer as well as to his family members’ baggage.
• The coverage is against fire-allied perils, burglary and theft and/or due to any external accident means.

•  Section 9: Workmen’s Compensation

There is a Workman’s compensation that covers the customers’ liability towards their domestic employees in case of death or injury suffered by them during and out of the employment provided to them by the customer and suffered in the insured premises.

• Section 10: Public Liability

There is a public liability that will compensate the customer for claims arising out third party bodily injury or for property damage that occurs on the customers’ premises.

What is not covered under the Universal Sompo Householder’s Insurance Plans

• Loss or damage to money / currency / cheques / stamps
• Loss or damage by burglary and / or house breaking where any member of the insured's family is the principal or accessory
• Loss or damage to livestock, motor vehicles or pedal cycles
• Loss or damage to audiovisual equipment for which manufacturer or supplier is responsible
• Loss or damage to audiovisual equipment or mechanical / electronic equipment consequent upon wear and tear, gradual deterioration, atmospheric or climatic conditions, rust, corrosion, moth, vermin or insect
• Loss or damage caused to electronic or mechanical equipment by willful act or gross negligence of the insured equipment
• Loss or damage to the electronic or mechanical equipment due to pre-existing faults within the knowledge of the insured
• Loss or damage to mobile phones or similar communication devices
• The exclusions under the Personal Accident cover are as follows –
• Intentional self injury
• Accident under the influence of alcohol or drugs
• Illegal act or any violation of law or your resistance to arrest
• Participating in aviation or ballooning, motor racing or trial run
• Curative treatments or interventions
• Pregnancy, childbirth, miscarriage, abortion or related complications 
• War, invasion, act of foreign enemies and hostilities
• Nuclear energy, radiation
• Any existing disablement
• Venereal or sexually transmitted diseases, HIV/AIDS
• Non recommended hospital stay
• Expenses for non medical in nature, emergency medical evacuation
• Under tenants legal liability cover, the exclusions are as follows:
• Wear, tear, settlement or shrinkage, vermin, insects, fungus, the weather, or anything which happens gradually; faulty materials, design or workmanship; building work which involves alterations, renovations, extensions or repairs; or subsidence or heave of the land
• Under workman’s compensation the exclusions are as follows:
• Liability assumed by agreement unless such liability would have attached to the insured notwithstanding such agreement
• Liability arising out of deliberate, willful or intentional non-compliance with any statutory provisions
• Liability connected with fines, penalties
• Liability in connection with any motor vehicles, watercraft, hovercraft air or spacecraft
• Any interest imposed in connection with Workmen's compensation act
• Liability arising out of animals of any description whatsoever kept for commercial or agricultural purposes
• Under Baggage cover the following exclusions are there:
• Theft from car except from fully enclosed saloon cars having all the doors, windows and other opening securely locked and properly fastened
• Loss or damage whilst being conveyed by any carrier under contract of affrightment
• Loss or damage to money securities, gold and silver ornaments, travel tickets, cheques, drafts, jewellery, share certificates
• Loss or destruction of or damage to articles of consumable nature
• Under plate glass cover, the exclusions are as follows:
• Breakage or damage during removal, alterations and / or repairs on or about the insured premises
• Disfiguration, scratching or damage of glass other than fracture extending through the entire thickness of the glass

Applying Householder’s Insurance Plans from Universal Sompo

The Householder’s Insurance plans offered by Universal Sompo can be applied to through multiple channels. A person who wishes to avail of a Householder’s Insurance Plan from Universal Sompo may opt for any of the following ways to do so:

• Individuals desirous of availing any of the Motor Goods Carrying Vehicles Insurance plans can simply call the Sales helpline of the company at the following numbers - 1800 22 4030, 1800 200 4030, 022 - 27 63 9800,022 – 39133700 and speak to the customer service representative.
• Interested individuals can mail their queries at the following email ID contactclaims@universalsompo[dot]com or contactus@universalsompo[dot]com.
• Lastly, customers may also visit the company’s branches or get in touch with an agent to buy the plans required.
• Lastly, customers may also visit the company’s branches or get in touch with an agent to buy the plans required.