50:50 Clause - A 50:50 Clause is a provision that splits the liability or responsibility for a loss, damage, or claim equally between two or more parties. In essence, each party bears 50% of the costs, expenses, or losses incurred.
Abandonment Of Property - On the happening of any Loss or Damage to any of the Property Insured by this Policy, the lnsurer may;
a) take possession of or require to be delivered to It any property of the insured on the Premises at the time of the Loss or Damage;
b) keep possession of any such property and examine, sort, arrange, remove, or otherwise deal with the same;
c) sell any such property or dispose of the same for account of whom it may concern.
The power conferred by this Condition shall be exercisable by the insurer at any time until notice in writing is given by the Insured that he makes no claim under this policy or, if any claim is made, until such claim is finally determined or withdrawn, and the Insurer shall not by any act done in the exercise or purported exercise of its power hereunder, incur any liability to the insured or diminish its right to rely upon any of the conditions of this Policy In answer to any claim."
Accounts Receivable - It is understood that the insurance by this Policy extends to include:
a) All sums to the Insured from customers, provided the insured is unable to effect collection thereof as the direct result of Loss or Damage to records of accounts receivable;
b) lnterest charges on any loan to offset impaired collections pending repayment of such sums made uncollectible by such loss or Damage;
c) Collection expense in excess of normal collection cost and made necessary because of such Loss or Damage,
d) Other expenses, when reasonably incurred by the Insured in re-establishing records of accounts receivable following such Loss or Damage.
For the purpose of this Insurance, credit card company charge media shall be deemed to represent sums due the Insured from customers, until such charge media is delivered to the credit card company. When there is proof that a loss of records of accounts receivable has occurred but, the Insured cannot more accurately establish the total amount of accounts receivable outstanding as of the date of such Loss or Damage such amount shall be computed as follows:
a) The monthly average of accounts receivable during the last available twelve months shall be adjusted in accordance with the percentage increase or decrease in the Twelve months average of monthly gross revenues which may have occurred in the Interim.
b) The monthly amount of accounts receivable thus established shall be further adjusted in accordance with any demonstrable variance from the average for the particular month in which the Loss or Damage occurred, due consideration also being given to the normal fluctuations in the amount of accounts receivable within the fiscal month involved.
There shall be deducted from the total amount of accounts receivable, however established, the amount of such account evidenced by records not lost, destroyed or damaged, or otherwise established or collected by the insured, and an amount to allow for probable bad debts which would normally have been uncollectible by the Insured.
In the event of loss hereunder the Insured shall use all reasonable diligence and dispatch, including legal action if necessary, to effect collection of outstanding accounts receivable, the records for which have been lost, destroyed or damaged, and the extra cost, if any, incurred thereby shall constitute a claim to the extent that it reduces the loss hereunder."
Accumulated Stocks - In adjusting any loss, account shall be taken and an equitable allowance made if any shortage in turnover due to damage is postponed by reason of the turnover being temporarily maintained from accumulated stocks of finished goods owned by the insured.
Acquired Companies Clause - An Acquired Companies Clause is a provision that extends the insurance coverage to companies acquired by the policyholder during the policy period. This clause ensures that the acquired company's past, present, and future liabilities are covered under the policy.
Additional Customs Duty Clause - This section extends to indemnify the insured in respect of any additional / extra Import/ Customs duties in excess of % already included in the sum insured, incurred in the event of a claims for which indemnity is provided by this section of the policy or which would have been, but for an application of Insured's Retained Liability, indemnified.
Such additional Import / Customs duties shall be payable in addition to the limit of indemnity stated in the schedule subject to a limit of............ any one event."
Additional Increase in Cost of Working - It is hereby agreed and declared that notwithstanding anything contained herein to the contrary, this policy extends to cover costs and expenses necessarily and reasonably incurred during the indemnity period in consequence of the ’Damage' and not otherwise payable under Loss of Gross Profit Provision (increase in cost of working) for the purposes of maintaining the business, it being understood that if any such costs under Loss of Gross Profit provisions (Reduction in turnover and Increase in cost of working) are of a capital asset nature then account shall be taken of the residual value of such capital items so involved existing at the end of the maximum Indemnity Period.
The total liability under this section is limited to Rs........"
Additional Insured Clause - Notwithstanding anything to the contrary contained in this Policy, it is hereby agreed and declared that any individual, firm, corporation and/or its joint ventures, for whom or with whom the insured may be operating is hereby named as additional Insured in The Schedule when required by contract, or as required. It is further understood and agreed that in the event there is any violation of the terms and conditions of this insurance by one Insured, it shall not affect the rights of other insureds, including interest of mortgagees and notice of assignment in respect thereof.
Nothing contained in this Endorsement shall be deemed to increase the Sum(s) Insured or Limit of Indemnity stated in The Schedule
Subject otherwise to the terms, exclusions, conditions and limitations of this Policy."
Aggravation Clause - This policy does not cover losses arising out of excluded perils. However it is noted and agreed that, where an insured loss exists and is aggravated by an excluded peril, the impact of this excluded peril shall not preclude the right of the insured to be indemnified for the claim arising out the original loss.
The claim, nevertheless, will be limited to the amount of the loss that the insured has suffered being clearly distinguishable as arising from the original loss as opposed to the excluded peril."
Automatic Reinstatement - At all times during the period of Insurance of this policy, the insurance cover will be maintained to the full extent of the respective sum insured in consideration of which upon the settlement of any loss under this policy, pro- rata premium for the unexpired period from the date of such loss to the expiry of period of insurance for the amount of such loss shall be payable by the Insured to the Company provided the aggregate claim amount exceeds 10% of the sum Insured per location.
Notwithstanding what is stated above, the sum insured shall stand reduced by the amount of loss in case the insured immediately on occurrence of the loss exercises his option not to reinstate the sum Insured as above."
Bankruptcy & Insolvency - In the event of the bankruptcy or insolvency of the Insured, or any entity comprising the insured, the Underwriters shall not be relieved thereby of the payment of any claims recoverable hereunder because of such bankruptcy or insolvency."
Brands and Trademarks Clause - In case of loss or damage to property bearing a brand or trademark, or the name of the insured, which in any way carries or implies the guarantee or the responsibility of the manufacturer or the insured, the salvage value of such damaged property shall be determined after removal in the customary manner of all such brands or trademarks or other identifying characteristics.
The Insured shall have full right to the possession of all goods involved in any loss under this Policy and retain control of all damaged goods. The Insured, exercising reasonable discretion, Shall be the sole judge as to whether the goods involved in any loss under this Policy are fit for consumption and no goods so deemed by the Insured to be unfit for consumption shall be sold or otherwise disposed of except by the insured or with the insured's consent but the insured shall allow the Company any salvage obtained by the insured on sale or Other disposition of such goods.
This Clause is subject otherwise to the terms, Conditions and Exclusions of the Policy."
Capital Additions - Subject to the sub-limit shown in the Schedule Policy is extended to include, in so far as the same are not otherwise insured:
a) any newly acquired machinery and plant or newly constructed buildings, and
b) alterations additions and improvements to buildings subsequent to a certificate of completion,
c) alterations additions and improvements to machinery and plant, at the Insured locations, but not in respect of any appreciation in value during the current Period of insurance, provided that:
The Insured undertakes to give particulars within 15 days of commencement of the Insurer‘s liability and to effect specific insurance before the expiry of the Period of Insurance and to pay an additional premium on demand."
Catalyst & Consumable (Including Lining & Refractory) Interest in Process - Loss of or damage to Catalyst and consumable materials including lining and refractory in the course of process is covered ta a maximum limit of Rs. each and every loss.
This extension also covers loss and/or damage of catalyst due to sudden poisoning / deactivation by a cause not excluded under the policy.
Basis of indemnity - Actual Cash value (i.e. the residual value)."
Claim Preparation Costs - In consideration of the premium paid, and subject to the Exclusions, Conditions and Limitations of the Policy to which this Extension is attached, this Policy is extended to cover the necessary and reasonable costs incurred by the Insured of reasonable fees payable to the Insured's accountants, architects, auditors, engineers, or other professionals for producing and certifying any particulars or details contained In the Insured's books or documents, or such other proofs, information or evidence required by the Underwriters resulting from insured loss payable under this Policy for which the Underwriters have accepted liability.
Coverage will not include the fees and costs of attorneys, public adjusters, and loss appraisers, all including any of their subsidiary, related or associated entities either partially or wholly owned by them or retained by them for the purpose of assisting them nor the fees and costs of loss consultants who provide consultation on coverage or negotiate claims.
The Underwriters shall not be liable under this Extension for more than the sub-limit of{response) in respect of any one Occurrence, which shall be part of and not in addition to the policy limit."
Cleaning Up and Other Costs Clause - It is hereby declared and agreed that notwithstanding anything to the contrary mentioned in the Policy, and subject to the Insured having paid agreed additional premium this Policy extends to cover necessary and reasonable costs and expenses incurred by the Insured following physical loss or damage to the property hereby insured for the cleaning up or removing debris or decontaminating such damaged property or nearby property, all in so far as owned by the Insured or for which the Insured is responsible adjoining land roadways, rivers, canals or other waterways affected by an insured peril, and for the dismantling and/or demolishing, shoring up, or propping portions of the property insured destroyed or damaged and/or other expenses incurred in rendering the site suitable for immediate rebuilding or repair of the property damaged, including any expense incurred for the removal of undamaged property thereon including foundations if such removal should prove to be necessary in connection with the rebuilding or replacement aforesaid.
The indemnity provided herein shall be subject to the limit of indemnity and deductible as specified below:"
Contamination and Co- Mingling of Stocks - It is thereby agreed that notwithstanding anything contained herein to the contrary, that this policy extends to cover loss or damage to stocks as a result of contamination and/or co-mingling whilst in the insured's care, custody or control, subject to a limit of Rs.... each and every loss and Rs. ..... in the aggregate for the policy period."
Cover for Loss or Damage due to Strike, Riot and Civil Commotion (SRCC) - Cover for Loss or Damage due to Strike, Riot and Civil Commotion (SRCC) is an extension to a standard insurance policy that provides protection against losses or damages caused by strikes, riots, and civil commotions.
Customers Suppliers & Fabricators Extension - Restricted to onshore customers/suppliers. Suppliers and/or customers extension upto first tier or direct suppliers/customers:
i. Premises of Named customers & suppliers for a maximum limit of 20% of the limit of indemnity (Business Interruption Sum Insured/ Loss Limit) and not to exceed of INR 10,000 million any one loss/ aggregate. Coverage to be restricted to FLEXA perils for Overseas customer/suppliers, whereas coverage to be restricted to FLEXA and AOG peril for Domestic customer/suppliers.
ii. Renewable Energy(Solar and Wind Power Plants): Premises of Named customers & suppliers Tier 1 (PSS) & Tier 2 (GSS receiving power from PSS) cover for a maximum limit of 20% of the limit of indemnity (Business interruption Sum Insured/ Loss Limit). Coverage of Tier 2 not to exceed of INR 500 million any one loss/ aggregate. Coverage to be restricted to FLEXA and AOG perils.
iii. Premises of Un-named customers & suppliers located in India, for a maximum limit of 10% of the limit of indemnity (Business interruption Sum insured/ Loss Limit) and not to exceed INR 5,000 million any one loss/ aggregate and coverage restricted to FLEXA perils only, no cover for unnamed suppliers/customers located overseas.
The limits specified above are in aggregate across all onshore customers/suppliers/public utilities respectively.
Assets like pipelines, transmission & distribution lines, cables, etc. extending beyond the suppliers and/ or customer premises are excluded from coverage."
Cuttings Clause - Warranted that the damaged portion should be cut off and the balance utilized.
Decontamination Expenses Clause - In consideration of the premium paid, and subject to the Exclusions, Conditions and Limitations of the Policy to which this Extension is attached, if insured property is contaminated as a direct result of physical loss or damage by a peril insured against under this Policy and there is in force at the time of such physical loss or damage any law or ordinance regulating contamination, including but not limited to the presence of pollution or hazardous material, then this Policy is extended to cover, as a direct result of enforcement of such law or ordinance, the increased cost of decontamination and/or removal of such contaminated Insured property in a manner to satisfy such law or ordinance. This additional coverage applies only to that part of insured property so contaminated as a direct result of insured physical loss or damage.
The Underwriters shall not be liable for the costs required for removing contaminated uninsured property nor the contaminant therein or thereon, whether or not, the contamination results from an insured event.
The Underwriters shall not be liable under this Extension for more than the sub-limit of (response) in respect of any one Occurrence, which shall be part of and not in addition to the policy limit."
Deductible Clause - As per Policy Deductible; The claim becoming payable for add-on covers opted shall also be subjected to this Deductible, unless the clause mentions a separate deductible, in which case the highest deductible shall apply."
Delay in Repair - A Delay in Repair Clause is a provision in an insurance policy that addresses the consequences of delays in repairing or replacing damaged property.
Deliberate Damage - Subject to the terms and conditions of this policy, this insurance covers physical loss of property insured or expenses incurred by the insured directly.
caused by any act or order of any governmental authority acting under the powers vested in them to prevent or mitigate the damage or imminent damage or threat thereof, resulting directly from damage to the property insured, provided such act of governmental authority has not resulted from lack of due diligence by the insured to prevent or mitigate such hazard or threat, thereof and to any other physical damage. Consequential losses are however excluded.
Limit - Rs...... each and every loss."
Denial of Access Excluding Port Blockage - Discontinued
Destruction of Insured Property - Discontinued
Destruction of Salvage - The Insurer will pay a total loss under this Insurance on any of the Property Insured whlch is damaged by any peril insured against and which the insured elects in consultation with the insurer to destroy, but in the event of the Insured electing to recondition damaged property, the insurer is to be entitled to such salvage as may be obtainable.
"Disposal Of Salvage - The insurer agrees not to sell or otherwise dispose of any property which is the subject of a claim hereunder without the written consent of the Insured
provided that:-
a) the Insured can establish to the satisfaction of the Insurer that to have done so would have been prejudicial to their interests in which event the insured agrees to allow the insurer to deduct from the amount of the claim an amount equivalent to the intrinsic value of any such property to the insured
b) if (a) is unsatisfactory, the insurer agrees to give the insured first option to repurchase such property at its fair intrinsic value"
Dissimilar Property - Discontinued
Errors & Omissions - Discontinued
Exclusion for Normal Action of Sea - Not to be offered as add-on cover"
Exclusion of Loss of Stabilizing Fluid - Discontinued
Expediting Expenses - In the event of loss hereunder the insurer shall also pay, in addition to the indemnity otherwise provided, the reasonable extra cost of safeguarding, preserving, temporary repair and of expediting the repair of such damaged property, including overtime and extra cost of express and other rapid means of transportation Limit ...% of the claim amount subject to maximum of Rs. .....crores EEL."
Expenses for Loss Minimization / Loss Prevention - This Policy includes expenses for loss minimization necessarily incurred by the insured to prevent any aggravation of an insured loss following a loss or damage to the subject matter insured, due to a cause not excluded, at insured’s Premises, specified in the Schedule, Including moving/ shifting of property if this contributed to loss minimization, subject to a limit of Rs.... each and every loss
Flaring of feedstock in process per se is not covered but following an indemnifiable cause as a loss prevention measure is insured under the policy."
Expiration Clause - Conditions of this policy, are responsible as if the entire loss had occurred prior to the expiration of this insurance.
Extended Expiration - If this Policy should expire or be cancelled while an Occurrence giving rise to a loss recoverable under this Policy is in progress, it is understood and agreed that the said loss, subject to all other terms and conditions and the limits of Underwriters' liability under this Insurance, will be covered under this Policy as if the entire loss had occurred prior to the expiration or cancellation."
Fire Fighting Expenses - It is agreed that in the event of a fire or a series of fire arising directly or indirectly from the same occurrence including fire threatening to involve the property insured under this section of the policy, the Insured shall be entitled to recover upto a Limit of Rs... AOA & Rs... in the aggregate for the policy period:
i. the actual cost of material used and/or damaged in extinguishing or controlling or attempting to extinguish or control any such fire;
ii. the cost of all clothing and/or personal effects damaged and / or lost as a result of such fire and/or fight, extinguish or controlling or attempting to Fight extinguish or control such fire unless more specifically insured elsewhere;
iii. all other actual expense (including wages and the like paid for fire fighting, extinguishing or controlling or attempting to fight extinguish or control such fire and/or localizing such fire.
All claims for personal injury are excluded.
iv. The expenses incurred to recharge/refill any fire protection devices."
Free Issue Materials - Discontinued
Green Clause - Where following physical loss or damage insured by this policy, the insured elects to rebuild in a manner that aims to minimize potential harm to the environment utilizing the latest technology in this regard it will not be considered betterment to the Insured. Where the cost of rebuilding is increased as a result, the insurers will pay such additional cost."
GROUP INTERDEPENDENCY - This Policy is extended to cover losses arising from business interruption sustained by the Insured as a result of an Insured loss having been incurred at another Insured location as specified in the schedule.
Hire Purchase Or Lease Agreements/ Properties under Consignment, Care, Custody and Control - Certain items of the property may be subject of hire purchase, lease or other agreements and the interest of the other parties to these agreements is noted in this insurance, the nature and extent of such interest including other insurance to be disclosed in the event of loss, destruction or damage. These may also include all real and personal property of every kind and description belonging to the insured or to others (including but not limited to goods under consignment, held in Crust or on lease or paid for awaiting delivery) for which the insured may be held liable for loss or damage while in their care, custody or control Limit - Rs.... each and every loss."
Immediate Repairs - It is agreed that in case of loss the insured, if they so elect, may immediately begin repairs or reconstruction but such work shall at all times be open to supervision by the insurer or their representatives and in case of dispute as to the cost of repair and / or reconstruction the loss shall be settled in accordance with the terms of this policy, the sole object of this condition being not to deprive the insured from the use of operating properties which may be necessary to their business. Evidence of loss to be photographed and if any damaged items are replaced the same is to be preserved for inspection by surveyors It is further noted and agreed that in the event of physical loss or damage to the property insured hereunder the insured, at their sole discretion, shall have the option to accept repair or replacement terms as offered by the Original Equipment Manufacturer (OEM) regardless of any other terms offered from other suppliers manufacturers or fabricators. Provided always that the difference between the OEM quote and the lowest quote doesn’t exceed 25% of the lowest quote and quotes are based on the same technological specifications Limit - Rs. ... each and every loss.
Inadvertent Omission - Discontinued
Inadvertent Property Omission - Discontinued
Inland Transit - Discontinued
Intentional Damage - Discontinued
Landscaping Cost Clause - It is hereby understood and agreed, subject otherwise to the terms, conditions and exclusions of the Policy and endorsed hereon, that The Company will pay for the damages to garden plots and lawns (Including rock work and ornamentation and edging pertaining thereto) on locations insured by this Policy and damaged by the operation of any peril not excluded in the Policy. The policy shall reimburse cost of reinstatement of damaged property including expenses necessarily incurred in cleaning, clearing and/or repairing drains, gutters, sewers and the like surrounding and within Buildings.
The indemnity provided herein shall be subject to the limit of indemnity as specified in The Schedule."
Leak Search/ Finding Cost Clause - In addition to indemnifiable costs of repair or replacement the company will indemnify the assured for the cost and expenses necessarily and reasonably incurred in locating and obtaining access to any part or parts of the insured property in order to locate and repair leaks or other damages subject to a limit of Rs. Each and every occurrence.
Leakage and Overflowing - It is hereby agreed that notwithstanding anything contained herein to the contrary, this policy extends to cover the loss of stock caused by sudden and accidental leakage and/or overflowing from any storage tank or vessel, pipeline. Limit for this extension shall be Rs.... each and every loss and Rs. in the aggregate for the policy period.
Loss Minimization Expense Clause - Discontinued
Loss Payee Clause - Loss is payable to The Insured or as directed by the insured, which shall include such party who has an insured interest in the subject matter insured at the time of loss or damage.
Margin Clause - Discontinued
Molten Metal Spillage - The policy extends to cover physical loss or damage to property excluding cost of molten material serving business operations that arises without the occurrence of fire as a result of the spillage or leakage of glowing molten material from container or lines. physical loss or damage shall not include damage to containers, unless such damages caused by spilled glowing molten material acting from the outside, Loss Limit-Rs. Crores EEL (MDBI) & Rs. crores in the aggregate for the policy period."
No Control - This Insurance shall not be affected by failure of the Insured to comply with the provisions of the policy in any portion of the property over which the insured has no control.
Non Invalidation - It is hereby agreed that this insurance Shall not be invalidated by:
i. Any change of occupancy or Increase of risk taking place in the property insured without the insured's knowledge provided that they shall, immediately on the same coming to their knowledge, advise the insures and pay any additional premium that may be required for the date of such Increase of risk.
ii. Workmen on the premises for the purposes of effecting repairs, minor alterations to the premises or general maintenance purposes and the like."
Non-Vitiation Clause - This clause will only allowed in conjunction with Multiple Insured Clause.
Non-vitiation Clause/Muitiple Insured Clause - (i) it is noted and agreed that if the insured described in the schedule comprises more than one insured party each operating as a separate and distinct entity then (save as provided In this multiple insured’s clause) cover hereunder shall apply in the same manner and to the same extent as if the individual polices had been issued to each such insured party provided that the total liability of the Insurers to all of the insured parties collectively shall not exceed the sums insured and limits of indemnity including, and inner limits set by memorandum or endorsement stated in the policy.
(ii) It is understood and agreed that any payment or payments by Insurers to any one or more such insured parties shall reduce to the extent of that payment insurers liability to all such parties arising from any one event giving rise to a claim under this policy and (if applicable) In the aggregate.
(iii) lt is further understood that the insured parties will at all times preserve the various contractual rights and agreements entered Into by the insured parties and the contractual remedies of such parties in the event of loss or damage.
(iv) It is further understood and agreed that insurers shall be entitled to avoid liability to or (as maybe appropriate) claim damages from any of the insured parties in circumstances of fraud, material misrepresentation, material non-disclosure or breach of any warranty or condition of this policy each referred to in this clause as a vitiating act.
(v) It is however agreed that (save as provided In this multiple insured’s clause) a vitiating act committed by one insured party shall not prejudice the right to indemnity of any other insured party who has an insurable interest and who has not committed a vitiating act.
(vi) Insurers hereby agree to waive all rights of subrogation which they may have or acquire against any Insured party except where the rights of subrogation or recourse are acquired in consequence of or otherwise following a vitiating act in which Circumstances insurers may enforce such rights notwithstanding the continuing or former status of the vitiation party as insured.
(vii) The lenders to the interest covered shall not be entitled to any indemnity under this policy for or arising from loss or damage in respect of which insurers are by reason of vitiating act no longer liable to indemnity any one or more other insured party"
Novatian Clause - Discontinued
Obsolete Equipment Clause - It is hereby understood and agreed, subject otherwise to the terms, conditions and exclusions of the Policy and endorsed hereon that, the value of Insured Property shall be determined as the cost of repairs or replacement with new, like kind and of similar quality at the time and place of loss. However, should the property be technologically obsolete or unavailable because it is no longer in production, and should the property be actually replaced by another system/property, then the insurer shall be liable for the replacement cost as new of equipment including connected accessories and peripherals which will at least perform substantially the same functions as the original equipment.
The Company shall not deduct towards accessories and peripherals (other than salvage value if any) rendered redundant although not damaged by the insured perils arising out of replacement by new property/ system. The liability of the Company shall not be reduced by any amount of betterment inherent in the design of such functionally equivalent equipment. However, the indemnification shall not exceed the value insured for the system/ equipment replaced."
Obsolete Parts Clause - In the event of spares currently insured hereunder and represented within the total sum insured under this Policy becoming obsolete following an indemnifiable loss to the Plant & Machinery, the same should form part of the claim subject to Insurer’s retaining right of salvage over such obsolete parts.
Omission to Insure additions, alterations or extensions Clause - Erstwhile AIFT/IAR Tariff wordings to be used
Pair and Set Clause - In the event of insured loss or damage to insured property, this policy shall insure the resulting reduction in value of the remaining undamaged components or parts of products customarily sold as individual units or sold as pairs, sets, lots or in ranges. At the Insured’s option, the Insured may collect the full value of the pair or set provided the Insured tenders the remining article or articles of the pair or set to the Insurer.
Payment On Account Clause - The Indemnity under Sections I, II and III shall be payable one month after final determination of its amount. In the event of a loss, which has been ascertained to be a valid claim payable under this policy, it is agreed that the Insurers shall allow interim payment(s) subject to the policy provisions therein. To obtain such interim payment(s), the insured shall submit an acceptable proof of loss to the Insurers. It shall be permissible for the Insured to make a claim in accordance with the provisions contained in the Section, but the applicable Insured’s retained Liability must be satisfied before any said interim payment is allowed. The interim payment(s) limited to 25% of claim amount. The Insurers shall not be liable to pay interest on Indemnity moneys with held other than interest for default.
This clause is allowed only for RO level claims & not HO level claims."
Personal Effects Clause/ Property of Employees and Visitors - It is hereby declared and agreed that notwithstanding anything to the contrary in this Policy, the Company will pay for direct physical loss of or damage in respect of the Policy to personal effects (except vehicles) owned by Insured, Insured’s officers. partners, employee or of others in Insured’s care, custody or control when at a premises described in the Schedule. The coverage does not apply to theft from any vehicle. Company will pay no more than the limit of liability as mentioned in the Schedule attached to the policy.
Subject otherwise to the terms, conditions and exclusions of the Policy."
Pig Retrieval - This Policy is extended to cover the necessary and reasonable costs incurred by the Insured in the retrieval of an inspection ""smart pig"" from a pipeline due to its non-functionality. Such indemnity to include Costs of breaking into and repair of the pipe together with loss of product due to necessary flaring.
This extension is subject to a sub limit any one occurrence of Rs......."
Plans, Documents & Computer Records - The coverage herein shall be extended to cover loss of data, data media and records including plans & documents as well as its regeneration up to a limit of Rs. any one loss, subject to:
i. the loss of data, data media and records having been caused by a damage covered under sections All Rsk or Machinery Breakdown.
ii. Data/ Software back-up being kept in fire proof safe.
iii. The following special exclusions shall apply:
a) Loss or damage for which the repair company or maintenance company is contractually liable.
b) Any costs for standard adjustment, rectifying functional failures and maintenance of insured object unless necessary in connection with the repair of an insured loss.
c) Normal wear and tear of media
d) Erroneous programming, perforating, loading or printing.
e) Consequential loss of any kind."
Power Banking Clause - Discontinued
Prevention of Access - Prevention of access with maximum limit of 30 days (over & above the policy time excess) and with maximum radius of 5 kilometers from insured premises & only inland. Coverage under this section shall extend to include loss or reduction resulting from cessation, interruption, Interference or inhabitation to the business as consequence of physical destruction of or damage to property belonging to the insured, or property within a radius of 5 kms from the insured premises (inland only) which prevents or hinders the use of or access to the premises (excluding port blockage)
Any coverage wider than the above including Denial of Access is deemed to be excluded under the Treaty."
Primary Insurance Clause - Discontinued
Professional Accountants - Any particulars or details contained in The Insured's books of account or other business books or documents which may be required by The Insurer for the purpose of investigating or verifying any claim hereunder may be produced by professional accountants If at the time they are regularly acting as such for The insured and their report shall be prima facie evidence of the particulars and details to which such report relates. The Insurer will pay to The insured the reasonable charges payable by The Insured to their professional accountants for producing such particulars at details or any other proofs, information or evidence as may be required by The Insurer and reporting that such particulars or details are in accordance with The Insured’s boots of account or other business books or documents provided that the sum of the amount payable under this clause shall not exceed the limit stated in The Schedule and the amount otherwise payable under the Policy of Insurance shall in no case exceed the liability of The Insurer as stated.
"Professional Fees - The insurance by the policy shall induce an amount in respect of Architects Surveyors and Consulting Engineers and Legal and other Fees necessarily incurred In the reinstatement of the property insured consequent upon its destruction or damage but not for preparing any claim.
Limit: As specified Rs. crore each and every loss."
Property In Course of Construction / Minor Works - It is hereby agreed and declared that, notwithstanding anything to the contrary in this policy or in any of its conditions, this policy is extended to include minor alterations and/ or construction and/ or re-construction and/ or additions and/ or maintenance and/ or modifications and/ or work upto carried out on any of the property insured under this policy against Insured perils.
Notwithstanding other terms and conditions herein, this extension to the policy shall only pay in excess of more specific insurance if any, arranged in respect of minor works. This extension does not cover any loss or damage to property which, at the time of the happening of such loss or damage, is Insured , but for the existence of this policy, by any project insurance policy or policies."
Property No On The Insured Premises / Offsite Premises - This policy extends to cover property (Machineries/ Equipments and Stocks) of the insured temporarily stored in specified locations outside the insured premises upto a limit of Rs..........crores at any one location each and every loss and Rs. crores in the aggregate for the policy period subject to these properties being part of the declared Sum Insured.
Protection and Preservation of Property - Discontinued
Public Authorities - This section of the policy includes such additional cost of reinstatement of the destroyed or damaged sections of the property caused by a contingency insured against as may be incurred solely by reason of the necessity to comply with any Regulations. Bye - laws or statutory provisions relating to the reinstatement of property provided that
i. the amount recoverable under the extension Shall not include:
a) the cost of complying with any such regulations, bye laws or statutory provisions where destruction or damage occurs prior to inception of this policy, or is not insured by this policy, or where notice to comply has been served upon the Insured prior to the occurrence of any destruction or damage or in respect of any undamaged sections of the property.
b) Any increased rates, taxes, duties, charges, levies or assessment as a result of complying with such regulations, bye-laws or statutory provisions,
ii. The Work of reinstatement must be commenced within 12 months of the date of occurrence of any loss or damage unless permitted by the insurer
within the said 12 months and may be carried out wholly or partially upon another site, provided that the liability of the insurer is not increased thereby.
Limit: Rs. Each and every loss"
Removal Of Debris (Excluding External Debris) - It is further agreed that this policy includes the cost and expenses of clearing debris, including the cost of cleanup, after loss, destruction or damage by a contingency Insured hereunder Including but not limited to the costs and expenses actually incurred in the necessary dismantling, removal, demolition, shoring Up or propping, clearance of drains and sewers temporary boarding up of the property so destroyed or damaged including undamaged portions and the removal of debris (including the removal of contents whether damaged or undamaged) provided that:
i. Such costs are not recoverable under any other policy of insurance.
ii. No Liability is assumed for the expense of removal of any property or part thereof, the removal of which is solely required by any government law of public ordinance.
Provided that this policy does not Insure against the costs of decontamination or removal of water, soil or any other substance on or under the premises insured hereunder.
It is condition precedent to recovery under this extension that the insurer shall have paid or agreed to pay for direct loss or damage to the property insured hereunder unless such payment is precluded solely by the operation of any deductible.
Limit of liability - Linked to claim amount as given.......Each and every loss."
Seventy Two Hours Clause - Windstorm (Storm, Cyclone, Typhoon. Tempests Hurricane and Tornado)
Insurers shall not be liable for any loss occurring before the effective date and time of the Policy nor for any loss commencing after the expiration date and time of this Policy. However, The Insurer will be liable for any losses occurring for a period of up to maximum seventy-two (72) hours after the expiration of this Policy, provided that the first windstorm damage occurs prior to the date and time of the expiration of this Policy.
Each loss by windstorm shall constitute a single claim hereunder, provided, if more than one windstorm shall occur within any period of seventy two (72) hours during the term of this Policy such windstorm shall be deemed to be a single windstorm within the meaning thereof.
Official recognized Authority (or as agreed between The Insurer and The Insured) will elect the moment from which each of the aforesaid periods of seventy two (72) hours shall be deemed to have commenced but no two such seventy two [72) hour periods shall overlap.
Flood
Insurers shall not be liable for any loss caused by flood occurring before the effective date and time of this policy nor for any loss commencing after the expiration date and time of this pollcy. However, The Insurer wlll be liable for any losses occurring for a period of up to maximum seventy-two (72) hours after the expiration of this Policy provided that the first flood damage occurs prior to the date and time of the expiration of this Policy. Each loss caused by flood and all losses caused by flood within a seventy-Mo (72) hours period shall be deemed to constitute a single loss. Official recognised Authority (or as agreed between The Insurer and The Insured) will elect the moment from which each of the aforesaid periods of seventy two (72) hours shall be deemed to have commenced but no two such seventy two (72) hours periods shall overlap.
Earthquake (To be deleted if Earthquake is not opted for)
Insurers shall not be liable for any loss caused by an earthquake occurring before the effective date and time of this policy nor for any loss commencing after the expiration date and time of this policy. However, The Insurer will be liable for any losses occurring fora period of up to maximum seventy-two
(72) hours after the expiration of this Policy, provided that the earthquake damage occurs prior to the date and time of the expiration of this Policy.
Any and ail losses caused by earthquake shall constitute a single loss hereunder provided that more that one earthquake shock occurring within any seventy two (72) hour period during the Period of Insurance of this Policy shall be deemed to be a single earthquake within the meaning thereof."
"Shutdown/ Startup Costs - On the occurrence of an event which leads to a damage or loss covered Under Sections I or II, this PoIicy of Insurance covers actual loss sustained due to specified startup/shut-down costs for power and utillties such as electricity, water, steam, gas as well as feedstock, fuels or combustibles to re-establish the plant in the operational state it was at the time of the damage in a normal start-up procedure and subject to the sublimit entered in The Schedule.
Start-up costs will not be recoverable under normal or emergency shutdown operations."
Spontaneous Combustion - This policy shall extend to include loss or damage by fire only of or to the property insured caused by its own fermentation, natural heating or spontaneous combustion.
Limit- Rs. EEL and Rs. in the aggregate for the policy period.
The above cover is subject to the following warranties
i. Warranted that adequate drainage facilities are provided to prevent accumulation of water due to watering
iI. Warranted that majority of the hotspots within 1-1.25 meters of the surface and all stacks should be inspected weekly for overheating
Iii. Warranted that temperature at frequent intervals within the stack to be measured/monitored at different surface levels
iv. Warranted sufficient provision for water spraying system should be made all along the area storage facility
v. Warranted that the water monitor provided at the storage should be checked on weekly basis for its efficiency
vi. Warranted that all water sprinkler heads in the storage area need to be cleaned once in month for its smooth functioning."
Stock Declaration Clause - Erstwhile All India Fire Tariff (AIFT) wordings of Declaration and Floater Declaration Clause.
This facility can be given as a separate SFSP policy for risks otherwise covered under IAR or Mega"
Temporary Removal (Excluding Stocks) - This Insurance covers The Insured’s property excluding Stock, Finished Goods and Raw Materials against the perils covered under this Policy whilst temporarily removed for cleaning, renovation, repair and other similar purposes, within the Geographical limits Specified In The Schedule.
The amount recoverable Under this Extension shall not exceed the amount which would have been recoverable had the destruction or damage occurred in that part of the Premises from which the Property is temporarily removed and in no case the sublimit shown in The Schedule.
The Extension does not apply to Property, if and so far as it ‹s otherwise insured, nor to Property field by the Insured in trust, other than machinery and plant."
"Temporary Removal of Stock - It is agreed that the stock insured hereby not exceeding % of the total sum insured of such stock is covered while temporarily removed to any other
premises withln India for purposes of fabrication or processing or finishing or other similar purposes. This extension does not apply to stock if and so far as it is otherwise Insured. The pro-rata condition of average should be applied to the llmit of stocks temporarily removed as well as to the total sum insured of such stock under the policy."
Temporary Repairs Clause - Discontinued
Territorial Limlts - India
"Testing and commissioning Clause - Testing & Commissioning Clause (Specific to Fire only - Not applicable to risk code 025 i.e. Bui1ding in course of construction)
It is hereby noted and agreed that this insurance does not cover destruction or damage to property in course of construction Or erection, dismantling, revamp or undergoing testing or commissioning including mechanical, performance testing and any business interruption resulting there from.
Acceptance of property hereon is subject to satisfactory completion of the following procedures:
a) Mechanial completion including testing
b) Testing and commissioning
c) OfficiaI acceptance by the insured following formal hand over certificate procedure. (It being understood that no equipment faults or punch list items affecting operation integrity of the plant are outstanding, unless otherwise agreed by Insurers). Testing to 100% of design capacity maintained by each separate unit in a stable and controlled manner for a continuous ongoing period of minimum 72 hours
d) Fire suppression and detection systems are operational.
In the event that compliance with b, c, d will be deferred upon mechanical completion or testing, such alternative procedures which will be adopted prior to the attachment under the policy shall be agreed upon between the Insurer and the Insured on a case to case basis and the attachment of risk under the policy shall be subject to the approval of the Insurer.
Proviso:This exclusion does not apply to on-going maintenance/schedule turnaround. This exclusion also does not apply to revamp work,subject, however, to the maximum contract value as declared within the Property in the course of construction Extension of the individual policies."
"Utilities Extension - Utilities extension upto first tier or direct public utilities. Public utilities for a maximum limit of 17% of the limit of indemnity (Business Interruption Sum Insured/ Loss Limit). Coverage to be restricted to the terminal ends of the utilities.
The limits specified above are in aggregate across all onshore public utilities respectively.
Assets like pipelines, transmission & distribution lines, cables, etc. extending beyond the utilities premises are excluded from coverage."
Vehicle Load Clause - In the event of any of The insured's vehicles being left loaded overnight where the goods are already sold but not yet delivered whilst in or on the premises described In the Schedule hereto the Company will indemnify the insured in respect of such load in the event of loss or damage by any of the perils Insured against by this Policy. This Clause is subject otherwise to the terms, Conditions and Exclusions of the Policy.
"Vessel Impact to Jetty
including port blockage - Vessel Impact Damage to Jetty and Port blockage cover upto a single combined limit of INR 50 Crs (PD+BI) in aggregate for 100% limit."
"Waiver of Contribution
Clause - Discontinued"
"Waiver of Underinsurance
(Up to 15%) - If, in the event of loss or damage, it is found that the sum insured is less than the amount required to be insured, then the amount recoverable by the
insured under this section shall be reduced in such proportion as the sum insured bears to the amount required to be Insured. Provided, however, if the said sum insured in respect of such item(s) schedule shall not be less than 85% of the value of the item{s) thereat, this condition shall be of no purpose and effect."
Waivers Of Recourse - It is understood and agreed that this Insurance shall not be invalidated should the insured waive, with Insurers’ agreement, prior to loss or damage affected thereby any or all rights and recovery against any party for loss or damage to the property described herein, provided however, that the Insurers’ rights of recourse against any manufacturers and suppliers be maintained in force. It is specifically agreed to automatically waive rights of recourse against contractors of the Assured (and /or their subcontractors) during the policy period but only in respect of the normal maintenance activities of the Assured. Normal maintenance shall be deemed to include work during normal shutdowns and the bringing up from normal shutdowns.
Warranty concerning Camps and stores other than storage of explosive - Discontinued
Posts
0 Comments