AOG refers to Act of God perils and includes Storm, tempest, Flood and inundation, subsidence, rockslide, Landslide, Earthquake, tsunami and other natural calamities which are beyond the control of humans.
No. Breakdown of apparatus is not covered under the policy. It can be covered under Machinery breakdown policy or Electronic equipment policy depending on the nature of equipment. These covers are also available under Package policies like Householders’ policy, Shopkeepers’ policy and Industrial all risks policy.
No. Inspection is not mandatory for simple risks like dwellings, hotels etc. However, for highly hazardous risks like textile mills, plastic manufacturing risks etc., the insurance proposal is normally accepted after satisfactory inspection by risk engineers.
Yes. But it has to be specifically mentioned & agreed to by the Company. These are covered on specific request and subject to valuation where necessary.
Insured is expected to behave as though he is uninsured. Insured must take all precautions to prevent / aggravate the loss. He must immediately inform Insurance Company so that they get an opportunity to inspect the damages. Inform fire brigade who will assist to put out the fire. Extend cooperation to surveyor while inspecting and assessing the loss. Give completed claim form and documents as required by Insurer, in support of your claim. After repairs / replacement, submit bills to Insurer.
Yes.At Insured's option: Retention of premium on short period scale and balance if any, will be refunded.At Insurer's option: Pro-rata refund of premium will be allowed.
Fire and other perils (covered under a fire insurance policy) can indeed cause loss of or damage to buildings. There have been fire accidents that have caused substantial damages to multi-storey buildings, hotels and shops. Floods and earthquakes can also cause devastating losses.
It reduces the burden of renewing the policy every year. Long term policy can be submitted to Bank/Financial institution for loan period as per their requirement.Either discount facility can be availed or facility of automatic increase in Sum insured can be availed.
No. The entire premium is to be paid in advance. However, long term discount can be availed based on the number of years.
Long term policy can be taken by Owners of individual houses and is applicable only for the building.
