 There are two categories of cover under this product in
which one can insure property. The basic being the cover
against the losses &/or damages due to Fire and lightening
only. The second cover is against losses &/or damages due to
Fire, lightening and Allied Perils. While both the
categories would have similar terms but for the additional
cover of Allied perils each one differ from the other in
terms of ratings.
The Sum Insured may be either on the basis of the actual
value or the new replacement value of the property but
should be adequate to cover the total exposure. The Insured
should be able to provide the sum Insured but may seek help
of our underwriters to determine how to do so. The Sum
Insured is very important and needs to be given due
consideration to avoid application of Average in the event
of a claim.
The rate chargeable is always applied on "Per Mille" basis
(for every thousand units) on the Total Sum Insured and is
very dependant to the nature of risk, location and the
housekeeping. There is a Deductible for each and every loss
in addition to a number of other Conditions
Professional care taken at the beginning can be very
beneficial at the time of a claim. For example, in the event
of major damage due to fire would your current policy allow
for the new replacement costs of your assets or does it only
pay the depreciated written down value? If the policy is
worded on a new replacement value basis are you aware of the
obligations on your part to ensure that the policy will pay
in full ?
In addition to the above coverage one can also include
the cover against losses &/or damage due to
Burglary.
Here you will be able to seek information and request
quotation on line.
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