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Note : A brief snapshot about the policy is given.For complete information refer to policy wordings or visit our nearest branch office.
Fire declaration policy is issued to take care of frequent fluctuations in stocks/stock values, Declaration Policy(ies) are granted subject to the following conditions
- The minimum sum insured shall be Rs 1 crore in one or more locations and the sum insured shall not be less than Rs. 25 lakhs in atleast one of these locations. It is necessary that the declared values should approximate to this figure at some time during the policy year.
- Monthly declarations based on a) the average of the values at risk on each day of the month or b) the highest value at risk during the month shall be submitted by the Insured latest by the last day of the succeeding month. If declarations are not received within the specified period, the full sum insured under the policy shall be deemed to have been declared.
- Reduction in sum insured shall not be allowed under any circumstances.
- Refund of premium on adjustment based on the declarations/ cancellations shall not exceed 50% of the total premium.
- The basis of value for declaration shall be the Market Value anterior to the loss.
- It is not permissible to issue declaration policy in respect of
- Insurance required for a short period.
- Stocks undergoing process.
- Stocks at Railway sidings
- Fire
- Lightning
- Explosion / Implosion
- Aircraft Damage
- Riot, Strike and Malicious Damage (RSMD)
- Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation (STFI)
- Impact Damage
- Subsidence and Landslide including Rock Slide
- Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
- Missile Testing Operations
- Leakage from Automatic Sprinkler Installations
- Bush Fire
Important exclusions in the policy are as given below. (The list is not exhaustive. Please refer to full policy conditions for more details)
- Excess.
- Loss, destruction or damage caused war, foreign enemy hostilities or war like operations (whether war be declared or not), civil war, mutiny, civil commotion military rising, rebellion, revolution, insurrection or military or usurpedpower.
- Ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclearfuel.
- Pollution or contamination.
- Loss,destructionordamagetobullionorunsetpreciousstones,anycurios or works of art for an amount exceeding Rs. 10000/-, manuscripts, plans, drawings, securities, obligations or documents of any kind, stamps, coins orpaper money, cheques, books of accounts or other business books, computer systems records, explosives, goods held in trust unless otherwise expressly stated in thepolicy.
- Loss, destruction or damage to the stocks in Cold Storage premises caused by change oftemperature.
- Loss, destruction or damage to any electrical machine, apparatus, fixture,or fitting arising from or occasioned by over-running, excessive pressure, short circuiting, arcing, self-heating or leakage of electricity from whatever cause (lightning included) provided that this exclusion shall apply only to the particular electrical machine, apparatus, fixture or fitting so affected and not to other machines, apparatus, fixtures or fittings which may be destroyed or damaged by fire so set up.
- Expenses necessarily incurred on (i) Architects, Surveyors and Consulting Engineer's Fees and (ii) Debris Removal by the Insured following a loss, destruction or damage to the Property insured by an insured peril in excess of 3% and 1% of the claim amountrespectively.
- Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind or descriptionwhatsoever.
- Loss, or damage by spoilage resulting from the retardation or interruption or cessation of any process or operation caused by operation of any of the perilscovered.
- Loss by theft during or after the occurrence of any insured peril except as provided under Riot, Strike, Malicious and Terrorism Damagecover.
- AnyLossordamageoccasionedbyorthroughorinconsequencedirectlyor indirectly due to earthquake, Volcanic eruption or other convulsions of nature.
- Lossordamagetopropertyinsuredifremovedtoanybuildingorplaceother than in which it is herein stated to be insured, except machinery and equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period not exceeding60 days.
| 1. | Removal of Debris (in excess of 1% claim amount) |
| 2. | Deterioration of Stocks in Cold Storage premises due to accidental power failure consequent to damage at the premises of Power Station due to an insuredperil 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 insuredperil |
| 3. | Forest Fire |
| 4. | Impact Damage due to Insured's own Rail/Road Vehicles, Fork lifts, Cranes, Stackers and the like and articles dropped therefrom |
| 5. | Spontaneous Combustion |
| 6. | Earthquake (Fire and Shock) |
| 7. | Leakage And Contamination Cover |
- Stocks (raw materials, in–process, semi–finished, finished, packing materials, etc.) in factories, godowns, etc.,
- Stocks in the open
