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Fire
Insurance |
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SCOPE OF COVER UNDER STANDARD FIRE AND
SPECIAL PERILS POLICY |
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FIRE |
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LIGHTNING |
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EXPLOSION/IMPLOSION |
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AIRCRAFT DAMAGE |
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RIOT,
STRIKE, MALICIOUS DAMAGE |
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STORM, CYCLONE, TYPHOON, TEMPEST, HURRICANE,
TORNADO, FLOOD AND INUNDATION |
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IMPACT DAMAGE |
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SUBSIDENCE AND LANDSLIDE INCLUDING ROCK SLIDE |
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BURSTING AND/OR OVERFLOWING OF
WATER TANKS. |
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APPARATUS AND PIPES |
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MISSILE TESTING OPERATIONS |
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LEAKAGE OF AUTOMATIC SPRINKLER INSTALLATIONS |
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BUSH FIRE |
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TERRORISM COVER |
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I. Effective from 1-4-2004 premium/coverage structure for terrorism
risks will be subject to the following revisions: |
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Total Sum Insured (TSI) [MD+LOP] |
Premium on
Total Sum Insured
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Overall (MD+LOP) liability
cap per location/compound |
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TSI upto Rs. 200 crores |
Full rate of Re. 0.50%
(for Industrial risks) or Re 0.30% (for non-industrial risks |
TSI |
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TSI exceeding Rs.200
crores but not exceeding Rs. 300 crores |
a)
Full rate of Re. 0.50% (for
Industrial risks) or Re. 0.30% (for non-industrial risks) on
the first Rs.200 crores and
b)
Re. 0.375% (for Industrial risks)
or Re. 0.225% (for non-industrial risks) on the balance TSI |
TSI |
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TSI exceeding Rs. 300
crores but not exceeding Rs.2000 crores |
c)
Full rate of Re. 0.50% (for
Industrial risks) or Re. 0.30% (for non-industrial risks) on
the first Rs.200 crores and
d)
Re. 0.375% (for Industrial risks)
or Re. 0.225% (for non-industrial risks) on the balance TSI |
Rs. 300 crores |
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TSI exceeding Rs. 2000
crores |
e)
Full rate of Re. 0.50% (for
Industrial risks) or Re. 0.30% (for non-industrial risks) on
the first Rs.200 crores and
f)
Re. 0.30% (for Industrial risks)
or Re. 0.81% (for non-industrial risks) on the balance TSI in
excess of Rs. 2000 crores |
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II. For
EAR/CAR insurances, discounts as under may be allowed from the rates
provided for in item No. 3 of TAC’s circular No. Engg/Gen-4/24/16/17/2002-15
dated 11th March, 2002. |
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Policy period |
Discount |
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Initial Policy period |
Extension period |
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Upto 1 year |
Nil |
Nil |
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Upto 2 years |
1st
year 20%
2nd year
20% |
Nil
Nil |
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Beyond 2 years |
1st
year 30%
2nd
year 30%
3rd year &
Subsequent year 30% |
Nil
Nil
Nil |
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III. The rates prescribed above will continue to be
net rates and will not be subject to any discount/commission. |
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IV.Deductible as communicated in IRDA circular No. D-4/IRDA/3/2002
dated 28-3-2002 shall continue to apply. |
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ADD ON COVERS |
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Standard Fire and Special Perils Policy can be
extended to include the following ”add on covers”. |
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A. Architects Surveyors and Consulting Engineers
Fees (in excess of 3% claim amount)
Rates applicable : Policy Rate
Value on which premium has to be charged : Specified sum insured not
exceeding 7.5% of claim Amount |
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B.Removal of Debris (in excess of 1% claim amount)
Rate of Premium : Policy rate
Value on which premium has to : Specified sum insured upto maximum
Be charged : 10% of sum insured |
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C.
i) Deterioration of stocks in cold storage premises due to
accidental power failure consequent to damage at the premises of
Power Station due to insured peril.
Rate
of Premium : 25% of Policy Rate
Value
on which premium has : Sum Insured of Stocks to be charge
ii)
Deterioration of stocks in cold storage premises due to change
in temperature arising out of loss or damage to the cold storage machinery(ies) in the Insured's premises due to operation of Insured
peril.
Rate
of Premium : Policy Rate
Value
on which premium has : Sum
Insured of Stocks to be charged |
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D.
Spoilage
Material Damage Cover
Rate
of Premium : Stocks in specified Blocks 5 times the
Policy Rate
Machinery, Containers & Equipments in specified Blocks 2.5 times of
the Policy Rate.
Value
on which premium has to be charged : Value of Stocks in
Specified blocks & M/C value in specified blocks. |
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E.
Leakage
and Contamination Cover
Rate
of Premium :
Where
the tanks are within the Insured's own premises
Leakage
cover only : Rs. 5.00%
Leakage
& Contamination : Rs.1.00%
Where
the tanks are located elsewhere
Leakage
cover only : Rs. 6.00%
Leakage
& Contamination : Rs.12.00%
Value
on which premium has to be charged : Specified Sum Insured |
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F. Temporary Removal of Stocks Clause
Rate
of Premium : 10%
of Policy Rate
Value
on which premium has to be charged : Policy Sum Insured |
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G.
Loss
of Rent clause
Rate
of Premium :
Policy Rate
Value
on which premium has to be charged : Specified Sum Insured |
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