Revised STFI & EQ (Earthquake) Rate – w.e.f 15/12/2018 - Fire and Engineering Policy

• Rates to be charged for Property (Fire, Fire LOP,BG Package & IAR) Policies

•  Minimum STFI rates to be charged

occupancy	Rate (per mille)
Dwellings other than Co-operative Hsg Society	0.075
Non Industrial – Co-operative Hsg Society, Hotels, shops as per Section III of erstwhile Tariff	0.150
Industrial including utilities located outside the manufacturing and tank farm/gas holders Section IV, V,VII of erstwhile Tariff	0.250
Standalone Storage (outside manufacturing premises) Section VI of erstwhile Tariff (in Godown)	0.350
Standalone Storage (outside manufacturing premises) Section VI of erstwhile Tariff (in open)	1.500

• Earthquake rates to be charged :- For Earthquake, the rates have been adopted zone wise and Industrial and non-industrial wise which is as under. The Zones are classified as per the current zones in the erstwhile tariff.

Zone	IV	III	II	I
Dwellings other than Co-operative Housing Society	0.05	0.05	0.05	0.05
Non-Industrial - Co-operative Housing Society, Hotels, Shops as per Section-III of erstwhile Tariff	0.05	0.10	0.15	0.25
Industrial – including Standalone Storage outside the manufacturing units, Utilities outside the manufacturing units.	0.05	0.10	0.25	0.50

• Rates to be charged for Engineering Policies

1. STFI rates to be charged for Engineering policies :- STFI rate for EAR/CAR/CPM/ EEI : 0.3 per mille per annum or 0.03% per cent
2. Earthquake rates to be charged for Engineering Policies :- Additional rates to be charged for all zones as per the table given below irrespective of the occupancy or nature of the project

Earthquake	All rates are in per mille per annum
Zone	IV	III	II	I
EAR /CAR/CPM /EEI (Annual rates)	0.05	0.10	0.25	0.50

Note:-

• The premium on engineering policies in respect of STFI and EQ to be charged on pro rata basis based on duration of the policy.
• No discounts of any kind including higher excess discounts or in lieu of agency commission/brokerage to be allowed as these are minimum rates 
• No deletion of STFI /EQ to be allowed under project policies 
• No first loss basis cover for EQ allowed under project policies.
• The above are the minimum rates to be charged and all insurers are free to load the rate based on the individual risk features and claims experience.

N.B. :- Pl note that no cancellation / pre- ponement of existing policy is allowed to offer benefit of lower rate. These rates are bare minimum and subject to no further discount for any reason including in lieu of lower agency commission / brokerage or Higher Excess discount.

--------------------------------------------------------------------------------------------------------------------------------------------------------------

The following rates will be applicable wef. 15th Feb, 2020 and override above mentioned rates

Sr. No.	Description of occupancy/activity	Minimum NATCAT rate (Rs. per mille)
1	Roads	EQ 0.225%o + STFI 1.50%o
2	Pipelines	EQ 0.225%o + STFI 1.50%o
5	Railway Tracks	EQ 0.225%o + STFI 1.50%o
4	T and D lines	EQ 0.225%o + STFI 1.50%o
5	Cellular Network Policies	EQ 0.225 %o + STFI 0.25%o
6	Residential Colonies, Home Welfare Associations, Cooperative Societies, Dwellings owned by Corporates	EQ as per Zone applicable + STFI 0.15%o

Read more ...

IRDAI Raises Minimum Owner Driver Insurance Cover to Rs 15 Lakh

Previously, the capital sum insured (CSI) under this section for motorised two-wheelers and private cars/commercial vehicles is Rs 1 lakh and Rs 2 lakh, respectively.

Insurance regulator IRDAI has raised the minimum insurance cover for owner-driver to Rs 15 lakh for a premium of Rs 750 per annum, A move to provide some succor to road accident victims. Currently, the capital sum insured (CSI) under this section for motorised two-wheelers and private cars/commercial vehicles is Rs 1 lakh and Rs 2 lakh, respectively.

The regulator directed all general insurers to provide a minimum CSl of Rs 15 lakh under Compulsory Personal Accident (CPA) cover for owner-driver under Liability Only to all classes of vehicles at the premium rate of Rs 750 per annum for annual policy.

This rate will be valid until further notice, Insurance Regulatory and Development Authority of India (IRDAI) said in a circular.

"A higher CSI may be provided over and above Rs 15,00,000 through Optional Covers under Liability Only and under Section lll of Package Policies/ Bundled Covers on payment of additional premium at the option of the insured.

Insurers may start issuing such covers effective from the date of receipt of this circular even while ensuring that the filing for these is done under File and Use Guidelines on or before October 25, 2018, the circular added. All other extant provisions applicable for Motor Third Party Insurance will continue to apply.

Read more ...

Bajaj Allianz - Drive Assure Economy

Drive Assure Economy Now available for vehicles upto 5 yrs old Benefits
A ) Depreciation Sheild
· All motor claims of partial loss settled without depreciation. Customer pays only compulsory excess. Customer can take this benefit up to first two claims in a policy period.
· All parts considered for 0% depreciation except tyre & battery.
Vehicles to be repaired at Bajaj Allianz authorized workshop. In case repaired at non-authorized workshop 90% of the claim will be settled

B ) Engine Protector
· Covers consequential damage to engine parts arising out of – (These claims are excluded in the normal motor insurance policy of all company)
· Water ingression (Hydrostatic lock in engine due to water entering the engine)
· Damage to engine due to leakage of oil – i.e conseq uential loss post under carriage damage.
· Damage to Gear Box Arising out of leakage of lubricating oil due to accidental means Repair or replacement of internal child parts of engine such as pistons, connecting rods, crank shaft and cylinder head. Repair or replacement of internal parts of GB such as gears or shafts & labor costs
C ) 24 X 7 Spot Assistance - 1800-103-5858             

Cover	KM	Description of Cover	Remarks
Flat Battery	Within 100 km	Jump start will be arranged	M ax four times in a policy period
Spare Keys	Within 100 km	Alternative arrangement would be made available	M ax four times in a policy period
Flat Tyre	Within 100 km	Alternative arrangement would be made available	M ax four times in a policy period
Minor Repair	Within 100 km	Alternative arrangement to remove immobilization will be taken care.	M ax four times in a policy period
Towing facilities	Within 100 km	Specially designed vehicle would help	M ax four times in a policy period
		your vehicle be towed to nearest garage
Message relays	All locations	Helps to communicate with your nearest ones	M ax four times in a policy period
Medical Coordination	All locations	Medical coordination is taken care.	M ax four times in a policy period
Fuel Assistance	With in 100 km	3 litres of fuel will be arranged	M ax twice in a policy period
Taxi Benefit	Beyond 100 km	Taxi is arranged	Upto 50 km - M ax twice in a policy period
Accommodation Benefit	Beyond 100 km	Accommodation is provided per person upto Rs. 2000/-	M ax 16000/- & twice in a policy period
Legal Advice	Any Where	Free for 30 mins	M ax twice in a policy period

Read more ...