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Our business are prone to risks like fire eruption, therefore property insurance becomes all the more crucial to have as it provides a comprehensive protection against damages caused due to fire explosion and other risks. Besides fire related perils, the policy also covers damages caused due to natural calamity, bursting of water tanks, theft etc.
Below are the detailed inclusions and exclusions of Bharat Griha Raksha:
Upon occurrence of an insured peril, these are the costs incurred by insured (on actual basis) at the time of reinstatement of property due to change in municipal regulations.
Impact damage of any kind means damage caused by impact, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.).It is similar to the traditional accidental damage.
Partial selection of asset is not allowed. The policy allows cover for complete value of plant and machinery, stocks and FFF at the risk premise.
Yes, both are same as per product wordings.
For building, plant and machinery, furniture, fixture and fittings and any other contents:
It is new replacement value where the idea is to put the insured in the same position as he was just before happening of the incident/claim.
Bullion or unset precious stones, any curious or works of art are excluded from the policy. However, these items can be covered if you specifically declare such amount and it is recorded in policy schedule.
No, it is including plinth and foundation.
During mid-term, there will be no impact on policy wording due to sum insured increase. However, at the time of renewal, applicable policy wording as per sum insured will be selected while policy issuance.
Losses / damage due to theft will be covered within 7 days from occurrence of an insured peril.
Presently, sum insured limits of inbuilt covers are fixed as per IRDA guidelines.
Provides insurance cover for physical loss or damage to, or destruction of insured property against fire and allied Perils.
CICI Bharat Laghu Udyam Suraksha Policy can be taken for all properties except individual dwellings and housing societies. assetsSME that can covered under the policy are building including plinth, basement and additional structures, plant & machinery , stocks – raw material, finished goods and stocks in process, other contents.
No, Any consequential or indirect loss or damage of any description, i.e. losses or extra costs (financial or non-financial) that follow or are a consequence of an insured event, like, loss by delay, loss of income or wages or earnings, or of market, or of time, medical expenses, or any costs not covered by this policy.
Yes. Excess amount of 10,000/- for each claim is deducted and remaining is paid.
Excess of 5 % of each claim, subject to a minimum of ₹ 10,000 (Rupees Ten Thousand) and for terrorism risk the Excess shall be as per the clause attached with a policy.
If You suffer a loss that is covered by this policy, you must make a claim. We will verify the claim and accept it if it is according to the terms and conditions of this policy. When you suffer loss to any insured property because of an insured event, you must:
There are no provision in the policy to exclude inbuilt perils.
In these products, underinsurance is waived up to 15%, but beyond that underinsurance is applicable to full extent.
At the request of the insured, sum insured under the policy can be increased / decreased subjected to payment of premium.
Extension of short period policy is not possible, however annual policy can be issued on completion of short period.
Floater is an inbuilt cover in ICICI Bharat Sooksham Udyam Suraksha Policy but it is optional cover under ICICI Bharat Laghu Udyam Suraksha Policy.Floater is an inbuilt cover in ICICI Bharat Sooksham Udyam Suraksha Policy but it is optional cover under ICICI Bharat Laghu Udyam Suraksha Policy.