WELLTECH INSURANCE BROKERS PVT.LTD.

IRDA LICENCE NO:552
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  • Cover of Extra Charges for Overtime, Night Work, Work on Public Holidays, Express Freight including Air Freight

    It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon and “Insured having paid the agreed premium” the Insurer shall indemnify the insured, extra charges for Overtime, Night Work, Work on Public Holidays and Express freight (including Air Freight).

    Provided always that such extra charges are incurred in connection with any loss of or damage to the insured items recoverable under the Policy.

    If the sum(s) insured of the damaged item(s) is/are less than the amount(s) required to be insured, the amount payable under this Endorsement for such extra charges shall be reduced in the same proportion.

    Provided always that the amount payable shall not exceed -- -- -- -- -- -% of loss amount per any one occurrence and that the indemnity in respect of Air Freight shall be subject to an additional excess of -- -- -- -- -- -- % of the Air Freight incurred per claim.

    N.B.: To be deleted, where cover is up to 30% of net claims as it is without extra premium.

    Special Conditions Concerning Fire Fighting Facilities

    1. It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon, the Insurers shall only indemnify the Insured for loss or damage resulting directly or indirectly from fire and/or explosion if the following requirements are fulfilled:-

    2. Adequate fire-fighting equipment and extinguishing agents of sufficient capacity must always be available at the site and ready for immediate use.

    3. Sufficient number of workmen must be fully trained in the use of such equipment and must be available for immediate intervention at all times.

    4. If storage of material for the construction or erection of the contract works is necessary at site or any other location within India, storage must be subdivided into storage units not exceeding the equivalent value of Rs.-- -- -- - per storage unit. The individual storage units must either be at least 10 meters apart or separated by fire- proof walls.

    All inflammable materials (such as shuttering material not fitted for concreting, litter, etc.) and especially all inflammable liquids and gases must be stored at a sufficiently large distance from the property under construction or erection and any hot work like welding etc.

    5. Provided further that in respect of storages of Indian sourced materials at locations other than the site, the amount payable shall not exceed Rs.-- -- -- -- -- at any one location.

    6. Welding, soldering or the use of an open flame in the vicinity of combustible material is permitted only if at least one workman suitably equipped with extinguishers and well trained in fire-fighting is present.

    7. At the beginning of testing all fire-fighting facilities designed for the operation of the plant must be installed and serviceable.

    72 Hours Clause

    It is agreed that any loss of or damage to the Insured Property arising during any one period of seventy two (72) consecutive hours, caused by storm, tempest, flood or earthquake shall be deemed as a single event and therefore to constitute one occurrence with regard to the Excesses provided for herein. For the purpose of the foregoing the commencement of any such seventy two (72) hours period shall be decided at the discretion of the Insured it being understood and agreed, however, that there shall be no overlapping in any two or more such seventy two (72) hours periods in the event of damage occurring over a more extended period of time.

    Professional Fees Clause

    The Indemnity provided by this Policy is extended to include Architects, Surveyors and Consulting Engineers or other Professional Fees necessarily incurred in the reinstatement of the Insured Property consequent upon loss or damage but not for preparing any claim, it being understood that the amount payable for such fees shall not exceed those authorised under the scale of the appropriate Professional Body. The liability of the insurers under this endorsement shall in no case exceed 10% of the loss amount per any one occurrence and Rs.-- -- -- -- -- in the aggregate.

    Escalation Clause

    It is hereby declared and agreed that the insured having paid the agreed extra premium, Company shall provide for escalation in Sum Insured under items of Section I of the Schedule attached to the policy upto -- -- -- -- % of the original Site Value, the basis of claim settlement shall be the original site value of affected equipment/ property as insured plus increase in cost of replacement/ reconstruction, if any provided that the increase in the value of such equipment/ property does not exceed -- -- -- -- % of the original site value as insured.

    It is also hereby declared and agreed that in the event of a claim the Insured would be considered as fully insured upto the Sum Insured inclusive of -- -- -- -- % increase as per selected escalation and underinsurance would apply only in the event of the cost of replacement / reconstruction of the affected equipment/property exceeding the original value as insured inclusive of selected -- -- -- -- -- % towards escalation. It is however understood and agreed that the premium collected against escalation provision shall not be subject to refund of premium as provided in the premium adjustment clause.

    It is further understood and agreed that in case of additional premium chargeable during final adjustment, additional escalation premium will be charged to the insured but in case of any premium refundable during final adjustment no refund shall be allowed against the escalation premium already charged to the Insured.

    Clearance and Removal of Debris

    This Policy extends to cover costs and expenses necessarily incurred by the Insured with the consent of the Insurers in demolishing or removing debris of portions of the property insured by Section I destroyed or damaged by any peril hereby insured against upto an amount not exceeding -- -- -- -- % of the claim amount Rs. -- -- -- -- -- - lacs per any one occurrence and Rs.-- -- -- -- -- in the aggregate.

    N.B.: Not applicable if the cover is only for Rs.50 lacs.

    50 : 50 Clause

    In respect of the subject matter Insured hereunder consigned from outside India:

    The Insured hereby undertakes to inspect each item of the subject matter Insured upon arrival at the contract site for possible damage sustained during transit.

    In the case of packed items which are to be left in their packaging until a later date the packaging is to be visually inspected for signs of possible damage and where such damage is visible the items are to be unpacked and inspected and any damage discovered reported to the Marine Insurers.

    Where the packaging of an item shows no visible signs of damage to such item having been sustained during transit any subsequent damage discovered upon unpacking will be dealt with by the Marine Insurers or the EAR Insurers according to whether it can be clearly established that such damage was caused before or after arrival at the contract site.

    Where it is not possible to clearly establish whether the damage to an item was caused before or after arrival at the contract site it is hereby agreed that the cost of such damage shall be shared equally between the Marine Insurers and the EAR Insurers, provided such a clause is included in the Marine Policy also.

    Cover for Increased Customs Duty

    It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon and subject to the Insured having paid the agreed extra premium, this insurance shall be extended to cover at the Insured exchange rate increased Customs Duty percentage payable on the replacement supplies over and above the Customs Duty taken into account while arriving at the sum insured of the affected item.

    Provided always that such additional duty is incurred in connection with any loss or damage to the insured items recoverable under the policy and provided further that the amount payable hereunder shall not exceed Rs.-- -- -- -- -- in the aggregate. Each and every claim payable under this extension shall be subject to an excess of 5% of the Additional Customs Duty incurred over and above the excess normally applicable.

    N.B.: Not applicable if the cover sought is upto Rs.10 crores.

    Loss Minimisation Expenses

    If upon the happening of any peril hereby insured resulting in actual damage to the Insured Property the Insured shall take all steps to minimise further loss or damage arising from that occurrence or accident, expenses necessarily and reasonably incurred by or on behalf of the Insured in an attempt to prevent or minimise such further loss or damage will be Indemnified upto a limit of Rs.-- -- -- -- - in the aggregate.

    Owners Surrounding Property

    It is hereby declared and agreed that the insured having paid the extra premium the policy extends to cover loss of or damage to property located on or adjacent to the Project Site and belonging to or held in care, custody or control of the Principal(s) or the Contractor (s) shall only be covered if occurring directly due to the erection, construction or testing of the items insured under Section I and happening during the period of cover. This cover does not apply to Construction / Erection Machinery, Plant and Equipment, Temporary Buildings and Temporary site installations.

    Limit of indemnity shall be -- -- -- -- -% of the policy Sum Insured. The policy does not cover loss due to Fire, Lightning, Explosion and Aircraft damage To be retained or deleted as per cover decided.

    Automatic Reinstatement

    Notwithstanding anything contained herein to the contrary it is hereby agreed and understood that the amounts insured are always to remain at risk and shall not be reduced following loss or damage insured hereunder so long as the aggregate of the sums paid and/or payable does not exceed 10% of the completely erected value - If restricted.

    It is hereby declared and agreed that the insured having paid the extra premium the amount insured are always to remain at risk and shall not be reduced, so long as the aggregate of the sum paid and/or payable does not exceed-- -- -- % of sum insured.

    Cover for Cross Liability

    It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon and subject to the Insured having paid the agreed premium, the Third Party Liability cover of the Policy shall apply to the insured parties named in the Schedule as if a separate policy had been issued to each party, provided that the Insurers shall not indemnify the Insured under this Endorsement in respect of liability for

    1. Loss of or damage to items insured or insurable under Section I of the Policy, even if not recoverable due to an excess or any limit.

    2. Fatal or non-fatal injury or illness of employees or workmen who are or could have been insured under Workmen's Compensation and/or Employers’ Liability Insurance

    The Insurers total liability in respect of the insured parties shall not however exceed in the aggregate for any one accident or series of accidents arising out of one event the limit of indemnity stated in the schedule.

    Waiver of Subrogation

    It is hereby agreed and understood that otherwise subject to the terms exclusions, provisions and conditions contained in the Policy or endorsed thereon, the Insurers shall waive all their rights of subrogation or action which they may have or acquire against the assured and any person, firm or corporation having an association or affiliation at the time of loss with the assured through ownership or management subject to having been insured under this Policy.

    Cover of Manufacturers’ Risk

    It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon and Insured having paid the premium, Item "C" under "Special Exclusion to Section I" shall be replaced by the following wording:

    ’This policy excludes the costs necessary to replace, repair or rectify any component part or individual item of the Property Insured which is defective in design, plan, specification, materials, or workmanship, but this exclusion shall not apply to other parts or items of the Property Insured unintentionally damaged as a consequence of such defect.’

    This endorsement does, however, not apply to parts and items of civil engineering sections.

    Extended Maintenance Cover

    It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon and Insured having paid the agreed extra premium this insurance shall be extended for the maintenance period specified hereunder to cover loss of or damage to the contract works.

    1. Caused by the insured contractor(s) in the course of the operations carried out for the purpose of complying with the obligations under the maintenance provisions of the contract.

    2. Occurring during the maintenance period, provided such loss or damage was caused on the site during the erection period before the certificate of completion for the lost or damaged section was issued.

    Maintenance Period -- -- -- - months.

  • Property Insurance
    DESIGNATION OF PROPERTY CLAUSE

    For all purpose of determining, where necessary, the item under which any property is insured, the insurers agree to accept the designation under which the property has been entered in the insured’s books.

    LOCAL AUTHORITIES CLAUSE

    “The insurance by this policy extends to include such additional cost of reinstatement of the destroyed or damaged property hereby insured as may be incurred solely by reason of the necessity to comply with the Building or other Regulations under or framed in pursuance of any act of Parliament or with Byelaws of any Municipal or Local authority provided that

    1) The amount recoverable under this extension shall not include:

    a) The cost incurred in complying with any of the aforesaid Regulations or Byelaws,

    1. in respect of destruction or damage occurring prior to the granting of this

    2. In respect of destruction or damage not insured by the policy.

    under which notice has been served upon the insured prior to the happening of the destruction of damage,

    in respect of undamaged property or undamaged portion of property other than foundations (unless foundations are specifically excluded from the insurance by this policy) of that portion of the property destroyed or damaged,

    b) The additional cost that would have been required to make good the property damaged or destroyed to a condition equal to its condition when new had the necessity to comply with any of the aforesaid Regulations of Bye-laws not arisen,

    c) The amount of any rate, tax, duty, development or other charge or assessment arising out of capital appreciation which may be payable in respect of the property or by the owner thereof by reason of compliance with any of the aforesaid Regulations or Bye- laws.

    2) The work of reinstatement must be commenced and carried out with reasonable dispatch and in case must be completed within twelve months after the destructions or damage or within such further time as the Insurers may (during the said twelve months) in writing allow and may be carried out wholly or partially upon another site (if the aforesaid Regulations or Bye-laws so necessitate) subject to the liability of the insurer under this extension not being thereby increased.

    3) If the liability of the insurer under (any item of) the policy apart from this extension shall be reduced by the application of any of the terms and conditions of the policy then the liability of the Insurers under this extension (in respect of any such item) shall be reduced in like proportion.

    4) The total amount recoverable under any item of the policy shall not exceed the sum insured thereby.

    5) All the conditions of the policy except in so far as they may be hereby expressly varied shall apply as if they had been incorporated herein.

    6) No additional premium shall be charged for inclusion of this clause in this policy.

    3“ REINSTATEMENT VALUE CLAUSE

    “It is hereby declared and agreed that in the event of the property insured under within the policy being destroyed or damaged, the basis upon which the amount payable under (each of the said items of) the policy is to be calculated shall be cost of replacing or 3tating on the same site or any other site with property of the same kind or type but not superior to or more extensive than the insured property when new as on date of the loss, subject to the following Special Provisions and subject also to the terms and conditions of the policy except in so far as the same may be varied hereby.”

    Special Provisions

    1. The work of replacement of reinstatement (Which may be carried out upon another site and in any manner suitable to the requirements of the insured subject to the liability of the Company not being thereby increased) must be commenced and carried out with reasonable dispatch and in any case must be completed within 12 months after the destruction or damage or within such further time as the company may in writing allow, otherwise no payment beyond the amount which would have been payable under the policy if this memorandum had not been incorporated therein shall be made.

    2. Until expenditure has been incurred by the Insured in replacing or reinstating the property destroyed or damaged the Company shall not be liable for any payment in excess of the amount which would have been payable under the policy if this memorandum had not been incorporated therein.

    3. If at the time of replacement or reinstatement the sum representing the cost which would have been incurred in replacement or reinstatement if the whole of the property covered had been destroyed, exceeds the sum Insured thereon or at the commencement of any destruction or damage to such property by any of the perils insured against by the policy, then the insured shall be considered as being his own insurer for the excess and shall bear a rateable proportion of the loss accordingly. Each item of the policy (if more than one) to which this memorandum applies shall be separately subject to the foregoing provision.

    4. This Memorandum shall be without force or effect if :

    a. The Insured fails to intimate to the Company within 6 months from the day of destruction or damage or such further time as the Company may in writing allow his intention to replace or reinstate the property destroyed or damaged.

    b. The Insured is unable to unwilling to replace or reinstate the property destroyed or damaged on the same or another site

    CONTRACT PRICE INSURANCE CLAUSE

    In the case of insurance of imported goods only (and not for goods of local manufacture) which are sold under a contract which is cancelled either wholly or to the extent of loss or damage, it is permissible to issue a policy on the basis of Contract Price and the following clause shall be inserted in the Policy "It is hereby agreed and declared that in respect only of goods sold but not delivered for which the insured is responsible and with regard to which under the conditions of sale, the sale contract is by reason of the perils covered under the Policy, cancelled either wholly or to the extent of the loss or damage, the liability of the company shall be based on the contract price and for the purpose of average the value of all goods to which the clause would in the event of loss or damage be applicable shall be ascertained on the same basis”

    ARCHITECTS, SURVEYORS AND CONSULTING ENGINEER’S FEE (UP TO 3% OF THE CLAIM AMOUNT)

    “It is hereby declared and understood that the expenses incurred towards Architects, Surveyors and Consulting Engineers fees for plans, specification tenders, quantities and services in connection with the superintendence of the reinstatement for the Building, Machinery, Accessories and Equipment insured under this policy is covered up to 3% of the adjusted loss, but it is understood that this does not include any costs in connection with the preparation of the Insured’s claim or estimate of loss in the event of damage by insured perils”.

    ARCHITECTS, SURVEYORS AND CONSULTING ENGINEER’S FEE (IN EXCESS OF 3% OF THE CLAIM AMOUNT)

    “It is hereby declared and understood that the expenses incurred towards Architects, Surveyors and Consulting Engineers fees for plans, specification tenders, quantities and services in connection with the superintendence of the reinstatement for the Building, Machinery, Accessories and Equipment insured under this policy up to 7.5 % of the adjusted loss is covered, but is understood that this does not include any cost in connection with the preparation of the Insured’s claim or estimate of loss in the event of damage by insured perils”.

    REMOVAL OF DEBRIS CLAUSE (UP TO 1% OF THE CLAIM AMOUNT)

    “It is hereby declared and agreed that the expenses incurred up to 1% of the claim amount is included in the sum insured on:

    (a) Removal of debris from the premises of the Insured;

    (b) Dismantling or demolishing;

    (c) Shoring up or propping.”

    REMOVAL OF DEBRIS (IN EXCESS OF 1% OF THE CLAIM AMOUNT)

    “On costs and expenses necessarily incurred by the insured

    (a) In the removal of debris from the premises of the Insured;

    (b) Dismantling or demolishing; (c) Shoring up or propping; of the portion or portions of the property insured by this policy destroyed or damaged by perils hereby insured against but not exceeding in the aggregate of the Sum Insured as specified in the Policy Schedule. Note: 1. (b) &

    (c) above should be deleted when neither Building nor Machinery are covered Note: 2. The cover may be given by separate item in the policy for an amount not exceeding 10% of the total sum insured.

    COINSURANCE CLAUSE

    “It is hereby declared and agreed that all reference to the words ‘Future Generali India Insurance Company Limited’ or ‘The Company’ wherever they occur in this policy shall be deemed to refer ‘The Insurer’ as defined in the Schedule incorporated herein and the liability of each insurer shall be separately limited to the share shown against their names provided that, where any condition require notice or communication to be given to the said insurer, notice or communication to ‘Future Generali India Insurance Company Limited’ shall deem to be sufficient notice to all the insurers”

    LOSS OF RENT

    POLICY may be extended to cover the above subject to following Where loss of rent caused by Insured Perils is covered, the following Rent Clause should be inserted in the Policy:-

    “The insurance on rent applies only if (any of) the said building(s) or any part thereof is unfit for occupation in consequence of its destruction or damage by the perils insured against and then the amount payable shall not exceed such portion of the sum insured on Rent as the period necessary for reinstatement bears to the term of the Rent Insured”

    INSURANCE OF ADDITIONAL EXPENSES OF RENT FOR AN ALTERNATIVE ACCOMMODATION

    Policy may be extended to cover the above subject to following: Additional expenses of rent for an alternative accommodation in respect of non-manufacturing risks may be covered on the following basis:

    a) The cover may be granted for non-manufacturing premises only

    b) The cover may be granted under the Policy and not under Consequential Loss (Fire) Policy

    c) The period of Indemnity may be limited to the period during which the original premises remain untenantable as a result of occurrence of perils insured against. Maximum indemnity period not to exceed 3 (three) years

    d) The additional expense recoverable under the policy may be additional rent actually paid i.e. the difference between the new and the original rent only

    e) Certificate from the Local Municipal Authority or an Architect to the effect that premises in question are untenantable will be accepted as adequate proof of the fact that the premises, in fact, have become untenantable

    f) Insurance should be granted against Fire, Riot, Strike, Malicious and Terrorist Damage and Earthquake (Fire & Shock) and other Extraneous Perils. Cover against Riot, Strike, Malicious and Terrorist Damage should be granted only if it involves actual physical damage to the building. The cover does not intend to pay, if for instance, the insured’s entry is barred by strikers, demonstrators and similar occurrences

    g) The cover may be limited to buildings other than those of “Kutcha” construction.

    h) The area for alternative accommodation may be equivalent to the area presently occupied. However, no restriction will apply in respect of locality for the alternative accommodation, so long as the alternative accommodation is taken in the same city of town

    i) Cover may be permitted to the tenant as also to the Owner-Occupant. Further, in respect of the OwnerOccupant, the alternative accommodation may be limited to the area presently under his occupation

    j) For the Owner-Occupant, since he will not be paying any rent based on the area occupied by him (in comparison with the actual rent being paid by the tenant in the same building or similar buildings in the same locality) the standard rent based on the rateable values fixed by Municipal/Revenue Authorities for tax purposes may be treated as the original rent for the purpose of this insurance

    k) It will be compulsory for :-

    the Owner-Occupant to insure both building and contents

    the tenant to insure the contents of the premises for which he is seeking this extension

    Endorsement wording for insurance of rent for alternative accommodation Tenant or Owner-Occupant

    It is hereby declared that in the event of the premises described in the policy and occupied by the insured, hereinafter referred to as ‘PREMISES’ being destroyed or damaged by any Insured Peril as to become unfit for occupation and the insured in consequence taking up alternative accommodation, the Company shall, subject to special conditions set out herein, indemnify the insured against the additional rent (as explained herein) which the insured is called upon to bear for the period beginning from the date of operation of any of the Insured Perils until the ‘PREMISES’ is rendered fit for occupation such period not exceeding such reasonable time as is required to restore the premises with due diligence to a condition fit for occupation or the maximum indemnity period (as per policy schedule) whichever is earlier Provided that the liability of the Company shall not exceed the sum insured hereby Provided further that if the sum produced by applying the monthly additional rent, borne by the insured for the alternative accommodation to the maximum indemnity period is more than the Sum Insured hereby, the liability of the Company shall be proportionately reduced.

    Special Conditions

    1. This insurance shall apply subject to the condition that the PREMISES occupied by the insured, whether as owner or tenant, forms part of a building not being “Kutcha” Construction.

    2. If the area of alternative accommodation taken by the insured is more than the area of the PREMISES occupied by the insured, the additional rent borne by the insured for the purpose of this insurance shall be deemed to be that proportion of the additional rent actually borne by the insured as the area of the PREMISES which was in the insured’s occupation bears to the area of the alternative accommodation taken by the insured. The insured shall be at liberty to take alternative accommodation in any locality so long as it is within the Municipal limit of the city or town in which the PREMISES is situated.

    Explanation

    Additional Rent: If the insured is the Owner-Occupant, the additional rent borne by him is arrived at after deducting the standard rent of the premises from the actual rent paid for the alternative accommodation. The standard rent shall be based on the ratable values fixed by the Municipal/Revenue authorities for tax purposes

    If the insured is a tenant only and for safeguarding his legal tenancy rights is obliged to pay rent for the premises even during the period when it is not fit for occupation, the additional rent borne by him is the actual rent for the alternative accommodation

    If the insured is a tenant and is not obliged to pay rent for the premises during the period when it is not fit for occupation, the additional rent borne by him is the actual rent paid for alternative accommodation taken less the rent which he was paying for the premises immediately prior to the same being damaged or destroyed by Insured Perils and rendered unfit for occupation

    TEMPORARY REMOVAL OF STOCKS CLAUSE

    “It is agreed that the stock insured hereby not exceeding 10% of the total sum insured of such stock is covered while temporarily removed to any other premises 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 limit of stocks temporarily removed as well as to the total sum insured of such stock under the policy.”

    FOREST FIRE

    “In consideration of the payment of additional premium the insurance under the policy shall extend to include loss of or damage to the property insured directly caused by burning, whether accidental or otherwise, of forest, bush and jungles and the clearing of lands by Fire.”

    IMPACT DAMAGE DUE TO INSURED’S OWN RAIL/ROAD VEHICLES, FORK LIFTS, CRANES, STACKERS AND THE LIKE AND ARTICLES DROPPED THERE FROM.

    “In consideration of an additional premium (as specified in the Policy Schedule), it is hereby agreed and declared that the policy is extended to cover loss and/or damage caused due to impact by direct contact to Insured’s property caused by Insured’s own Rail/Road Vehicle, Fork lifts, cranes, stackers and the like and articles dropped there from.”

    SPONTANEOUS COMBUSTION CLAUSE

    “In consideration of the payment by the Insured to the Company of additional premium (as specified in the policy schedule) the Company agrees notwithstanding what is stated in the printed exclusions of this policy to the contrary that the insurance of 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

    OMISSION TO INSURE ADDITIONS, ALTERATIONS OR EXTENSIONS

    “The Insurance by this Policy extends to cover Buildings and/or Machinery, Plant and other Contents as per policy schedule, hereof which the insured may erect or acquire or for which they may become responsible:-

    (a) at the within described premises

    (b) for use as factories

    i) The liability under this Extension shall not exceed in respect of(a) above, 5% of the Sum Insured by each item, in respect of (b) above, 5% of the Sum Insured.

    ii) The Insured shall notify the Insurer of each additional insurance as soon as it shall come to their knowledge and shall pay the appropriate additional premium thereon from the date of inception.

    iii) Following the advice of any additional insurance as aforesaid, cover by this extension shall be fully reinstated.

    iv) No liability shall attach to the insurers in respect of any Building, machinery, Plant or other contents while such property is otherwise insured.

    Note 1: All new additions to Buildings and/or Machinery and Plant not specifically insured/included during the currency of the policy should be declared at the end of the year and suitable additional premium paid on pro rata basis from the date of completion of the construction/erection of additions subject to adjustment against the advance premium collected.

    If the insured fails to declare the values of such additions within 30 days after the expiry of the policy, there shall be no refund of the advance premium collected.

    Note 2: ‘Other Contents’ in the above clause shall mean ‘Furniture and Fittings’ and does not include ‘Stocks’

    Note 3: This clause should be incorporated at the time of issuing the policy

    ESCALATION CLAUSE

    “In consideration of the payment of an additional premium amounting to 50% of the premium produced by applying the specified percentage to the first or the annual premium as appropriate on the under noted items(s) the Sum(s) Insured thereby shall, during the period of insurance, be increased each day by an amount representing 1/365th of the specified percentage increased per annum.

    Unless specifically agreed to the contrary the provisions of this clause shall only apply to the sums insured in force at the commencement of each period of insurance.

    At each renewal date the insured shall notify the Insurers:-

    a. The sum to be insured under each item above, but the absence of such instructions the Sums Insured by the above items shall be those stated on the policy (as amended by the any endorsement effective prior to the aforesaid renewal date) to which shall be added the increases which have accrued under this Clause during the period of insurance upto that renewal date, and

    b. The specified percentage increase(s) required for the forthcoming period of insurance, but in the absence of instructions to the contrary prior to renewal date the existing percentage increase shall apply for the period of insurance from renewal.

    All the conditions of the policy in so far as they may be hereby expressly varied shall apply as if they had been incorporated herein.”

    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

    “In consideration of the payment of additional premium (as specified in the policy schedule) it is hereby agreed and declared that notwithstanding anything to the contrary in this policy or in any of its conditions, this policy covers destruction of or damage to the property hereby insured caused by change of temperature in consequence of failure of electric supply at the terminal ends of electric service feeders from which the Insured obtains electric supply directly due to damage caused by any peril insured against under this policy to property at insured premises or any Electric Station or Sub-Station of Public Electric Supply undertaking from which the Insured obtains electric supply. Provided that the Company shall not be liable for any loss occasioned by the deliberate act of the Government, Municipal or Local Authority or Supply Authority not performed for the sole purpose of safeguarding life or protecting any part of the supply undertaking’s systems or by the exercise by any such authority of its power to withhold or restrict or ration supply not necessitated solely by damage to the Supply Undertaking’s generating or supply equipment by an insured peril Provided further that the Company shall not be liable for any loss unless the duration of each such failure exceeds 24 hours Subject otherwise to the terms, exceptions, conditions and limitations of this Policy”. In any action, suit or other proceedings where the company alleges that by reason of the provisions of this condition any loss or damage is not covered by this insurance, the burden of proving that this loss or damage is covered shall be upon the Insured.

    SPOILAGE MATERIAL DAMAGE COVER

    Policy may be extended to include spoilage risk subject to the following conditions: - The cover shall extend to material damage, i.e.

    (i) Loss of stock in process; and

    (ii) Damage to machinery, containers and equipment (including cost of removal of debris and cleaning) and shall be provided by a separate item of the SFSP Policy subject to the Conditions that the perils causing the spoilage should be the same as those covered under the Policy

    “In consideration of the payment of an additional premium (as specified in the policy schedule) it is hereby agreed and declared that, notwithstanding anything contained to the contrary, in the within written Policy, the insurance of this policy shall extend to cover loss or damage by Spoilage resulting from the retardation or interruption or cessation of any process or operation caused by any of the perils covered under this Policy, provided that liability for destruction of or damage to the property insured described in the schedule to this policy, or any part of such property, is first admitted by the Company. Provided always that all the conditions (except in so far as they may be hereby expressly varied) shall apply as if they had been incorporated herein and that any reference therein to the loss or damage caused by insured perils shall be deemed to apply also to loss or damage caused by Spoilage which peril this insurance extends to include by virtue of this Endorsement.”

    Special Condition

    For the purpose of this Endorsement but no otherwise, the following special conditions shall apply: Average: If the property hereby insured against spoilage shall, at the time of occurrence of any loss or damage, be collectively of greater value than the sum insured on machinery, containers, equipment and stocks in the specified blocks, then the Insured shall be considered as being his own insurer for the difference and shall bear rateable proportion of the loss accordingly. Every item, if more than one, of the Policy shall be separately subject to this condition.

    Provided that it is hereby further expressly agreed and declared that the liability of the Company shall in no case under this endorsement and the Policy exceed the sum insured for the specific item of this Policy

    Sum to be Insured: -

    The cover must be for all stocks and machinery, container and equipment in specified blocks, specified sums being declared for each block and must be made subject to ‘Average’

    LEAKAGE AND CONTAMINATION COVER

    a) Where Leakage and Contamination Cover Is Granted

    “In consideration of the payment of an additional premium (as specified in the policy schedule) it is hereby agreed and declared that the Insurance under this policy shall, subject to terms, conditions and exclusions of this policy and also subject to terms, conditions and exclusions hereinafter contained, extend to include the physical loss of oil/chemical by leakage from its container by accidental means and all accidental contaminations by contact with foreign matter.”

    PROVIDED always that this policy does not cover

    1. Loss by Contamination through Improper Handling or Controls by Insured’s own Employees.

    2. Loss resulting from loss of use, loss of earnings, delay or loss of markets or other

    3. Loss resulting from any kind of infidelity or dishonesty on the part of the Insured or any of

    4. Loss by burglary or theft or any attempt thereat

    5. Loss resulting from processing or faulty workmanship

    6. Loss resulting from shrinkage, evaporation, loss of weight unless caused by a peril not

    7. Any legal and/or contractual liability arising from any cause whatsoever; and

    8. Consequential Loss of any nature

    b) Where Leakage Cover Alone is Granted “In consideration of the payment of an additional premium (as specified in the policy schedule) it is hereby agreed and

    b) Where Leakage Cover Alone is Granted

    “In consideration of the payment of an additional premium (as specified in the policy schedule) it is hereby agreed and declared that the Insurance under this policy shall, subject to terms, conditions and exclusions of this Policy and also subject to terms, conditions and exclusions hereinafter contained, extend to include the physical loss of oil/chemical by leakage from its container by accidental means.”

    PROVIDED always that this policy does not cover

    1. loss resulting from loss of use, loss of earnings, delay or loss of markets or other consequential or indirect loss or damage of any kind or description whatsoever

    2. loss resulting from any kind of infidelity or dishonesty on the part of the Insured or any of their employees, inventory shortage, mysterious disappearance or unexplained loss

    3. loss by burglary or theft or any attempt thereat

    4. loss resulting from processing or faulty workmanship

    5. loss resulting from shrinkage, evaporation, loss of weight unless caused by a peril not otherwise excluded

    6. any legal and/or contractual liability arising from any cause whatsoever; and

    7. Consequential Loss of any nature Special Conditions: (Applicable to a and b)

    I. The cover under this endorsement shall attach only on or after the receipt of the insured subject matter in land tanks as described in the policy and subject to lodgment with the company by Insured of a certificate obtained by them at their own expense from a competent approved and independent agency/surveyor as to the purity and quality of the subject matter herein insured.

    II. Before the commencement of pumping and/or decanting operations, the Insured shall arrange at their own expense sampling and quality/purity certification by competent, approved and independent agency/surveyor for such distinct lot, batch or tank load ex-ocean vessel of insured subject matter and shall pump/decant only such material as is pure and without contaminants

    III. The insured shall at their own expense arrange inspection and certification from competent approved and independent agency/surveyor as to the cleanliness and fitness of the pipe lines, pumping equipment and the receiving land tanks to carry and/or receive the insured subject matter, prior to the commencement of pumping, decanting, receiving and/or storage operations. Such certification as mentioned above should, inter alia, confirm that the pumping, carrying and storage equipment facilities and tanks are free from impurities, contaminants and/or residue or left-overs from previous use of equipment, facilities or storage tanks. As concerning the receiving land tanks an initial certificate of fitness to receive and store the insured material shall be deemed to satisfy the above condition in so far as such tanks are concerned. However, a fresh certification as mentioned above would be required in the event of the said tanks being empty and fresh stocks are subsequently pumped/decanted in during the currency of this insurance

    IV. In case of loss to property insured hereunder, the basis of adjustment shall be the market value at the time and place of loss

    V. It is understood and agreed that all loss or damage to property occurring during any one period of seventytwo consecutive hours during the currency of this policy directly caused by earthquake shock shall be deemed to have been caused by single earthquake and therefore to constitute one loss for the purpose of this policy, the Insured shall select a time from which any such period shall commence but no two such selected periods shall overlap.

    VI. All salvage recoveries and payments recovered or received subsequent to a loss settlement under this policy shall be applied as if recovered or received prior to the said settlement and all necessary adjustment shall be made by the parties hereto

    VII. If any breach of a clause or condition in this contract or policy of insurance shall occur prior to a loss under this Policy, such breach shall not void the policy nor avail the company to avoid the liability unless such breach shall exist at the time of such a loss under this contract or policy, it being understood that such breach of a clause or condition is applicable only to the specific property to which the condition or clause has reference and in respect of which such breach occurred

    VIII. Each claim for loss or damage shall be adjusted separately and each claim is subject to an excess of 1% on each tank with a minimum of Rs. 60,000/- each loss

    IX. If the property hereby insured shall at the time of the operation of a peril insured hereunder, be collectively of greater value than the sum insured thereof, then the insured shall be considered as being his own insurer for the difference and shall bear a rateable proportion of the loss accordingly. Every item, if more than one, of the policy shall be separately subject to this condition

    X. Note: Special Conditions (i), (ii) and (iii) are not applicable where Leakage Cover alone is granted.

    START UP EXPENSES CLAUSES

    Policy may be extended subject to the following endorsement wordings:-

    “It is hereby agreed and declared that this policy extends to cover start-up costs necessarily and reasonably incurred by the insured consequent upon a loss or damage covered by this policy.”

    DECLARATION CLAUSE

    The following clause shall be attached to Declaration Policy(ies).

    1) In consideration of the premium by this policy being provisional in that it is subject to adjustment on expiry of each period of insurance.

    “The Insured agrees to declare to the Future Generali India Insurance Co Ltd in writing the value of his stocks (other than retail) les any amount insured by Policies other than declaration policies, in each separate building or noncommunicating compartment or in the open on the following basis namely

    1] average of the values at risk on each day of the months or

    2] the highest value at risk during the months and to make such declaration(s) latest by the last day of the succeeding month. Such declaration(s) shall be signed by the Insured or by a responsible person authorised to sign on his behalf.”

    If other policies on declaration basis cover the stocks hereby insured, the declaration shall be made so as to apportion to each policy a share of the value of the stocks insured under such declaration policies, PRO RATA to the respective amounts named in the policies

    In the event of a declaration not being made latest by the last day of the succeeding month, then the insured shall be deemed to have declared the Sum Insured hereby as the value at risk.

    On the expiry of each period of insurance the premium shall be calculated at the Policy Rate on the average Sum Insured namely, the total of the values declared or deemed to have been declared divided by the number of declarations deemed to have been made.

    If the resultant premium is less than the provisional premium, the difference shall be repaid to the Insured but such repayment shall not exceed 50% of the provisional premium.

    Further it is hereby agreed and understood that no reduction in sum insured shall be allowed during the currency of the policy.

    2) The basis of value for declarations shall be the market value and any loss hereunder shall be settled on the basis of the Market Value immediately anterior to the loss.

    3) If at the time of any loss, there be any subsisting insurance or insurances on other than a declaration basis, whether effected by the Insured or by any other person or persons, covering the stocks hereby insured, this policy shall apply only to the excess of the value of such stocks at the time of the loss over the sum Insured by such other insurance or insurances, and this Company shall not be liable to pay or contribute more than that proportion of such loss which such excess (or, if there be other declaration insurances covering the same stocks, a rateable proportion of such excess) but not exceeding the Sum Insured hereby, bears to the total value of the stocks.

    4) If after the occurrence of a loss it is fount that the amount of the last declaration previous to the loss is less than the amount that ought to have been declared, then the amount which would have been recoverable by the Insured shall be reduced in such proportion as the amount of the said last declaration bears to the amount that ought to have been declared.

    5) Notwithstanding the occurrence of loss it is understood that the Sum Insured will be maintained at all times during the currency of the policy and the Insured therefore undertakes to pay extra premium on the amount of any loss pro rata from the date of such loss to the expiry of the period of insurance, the premium being calculated at the rate applicable to the stocks destroyed and such extra premium shall not be take into account in, and shall be distinct from, the final adjustment of premium.

    6) In event of this policy being cancelled by the Insured during its currency (whether stocks exist or not) the premium to be retained by the Company shall be the appropriate short period premium calculated on the average amount insured up to the date of cancellation, or 50% of the provisional premium whichever is greater. Notwithstanding the above, if the policy is cancelled by the insured after a loss has occurred, the premium to be retained by the company shall be the PRO RATA proportion of the premium calculated on the average amount insured up to the date of cancellation plus the PRO RATA proportion of the premium from the date of loss to the expiry of the period of insurance on the amount of loss paid, or 50% of the provisional premium whichever is greater.

    7) The maximum liability of the company shall not exceed the Sum Insured hereby and premium shall not be receivable on value in excess thereof. The Sum Insured may, however, be increased by prior agreement with the Company in which event the new Sum Insured and the date from which it is effective will be recorded on the policy by endorsement. In the event of an increase in the Sum Insured being agreed to, the Company shall charge on such increased sum an additional provisional premium on a basis proportionate to the unexpired period of the policy and upon expiry of each period of insurance the total provisional premium so paid shall be adjusted as provided for a Clause 1 above. If during the currency of the policy, the rate for the class of risk to which the insurance applies is revised, and an increase in the Sum Insured under a Declaration Policy is agreed to, the Company shall charge on such increased sum an additional provisional premium on a basis proportionate to the unexpired period of policy, at the rate at which the insurance was originally effected and upon expiry of each period of insurance the total provisional premium so paid shall be adjusted as provided for the Clause 1 above,.

    8) If the stocks hereby insured shall at the time of loss be collectively of greater value than the Sum Insured thereon, then the Insured shall be considered as being his own insurer for the difference and shall bear a rateable proportion of the loss accordingly. Every item, if more than one, on stock shall be separately subject to this condition.

    9) It is warranted that every other policy on a declaration basis covering the stocks insured hereby shall be identical in wording with this policy.

    10) This insurance is subject in all respects to the printed conditions of the policy except in so far as they may be varied by the above conditions.

    FLOATER CLAUSE

    “In consideration there of , Floater Extra charged over and above the policy rate, the Sum Insured in aggregate under the policy is available for any one, more, or all locations as specified in respect of movable property.

    At all times during the currency of this policy the insured should have a good internal audit and accounting procedure under which the total amount at risk and the locations can be established at any particular time if required.

    The changes in the address of locations specifically declared at inception should be communicated”.

    FLOATER DECLARATION CLAUSE

    “In consideration of Floater Extra charged over and above the policy rate the Sum Insured in aggregate under the policy is available for any one, more, or all locations as specified in respect of movable property.

    At all times during the currency of this policy the insured should have a good internal audit and accounting procedure under which the total amount at risk and the locations can be established at any particular time if required.

    The changes in the address of locations specifically declared at inception should be communicated” Also:

    1. In consideration of the premium by this policy being provisional in that it is subject to adjustment on expiry of each period of insurance.

    The Insured agrees to declare to Future Generali India Insurance Company Limited in writing the value of his stocks (other than retail) less any amount insured by Policies other than declaration policies, in each separate building or non-communicating compartment or in the open on the following basis namely:

    1] average of the values at risk on each day of the month or

    2] the highest value at risk during the month and to make such declaration(s) latest by the last day of the succeeding month. Such declaration(s) shall be signed by the Insured or by a responsible person authorized to sign on his behalf.

    If other policies on declaration basis cover the stocks hereby insured, the declarations shall be made so as to apportion to each policy a share of the value of the stocks insured under such declaration policies, PRO RATA to the respective amounts named in the policies. In the event of a declaration not being made latest by the last day of the succeeding month then the insured shall be deemed to have declared the Sun Insured hereby as the value at risk. On the expiry of each period of insurance the premium shall be calculated at the policy rate on the average Sum Insured namely, the total of the values declared or deemed to have been declared divided by the number of declarations deemed to have been made. If the resultant premium is less than the provisional premium, the difference shall be repaid to the Insured but such repayment shall not exceed 20% of the provisional premium. Further it is hereby agreed and understood that no reduction in sum insured shall be allowed during the currency of the policy.

    2. The basis of value for declarations shall be the market value and any loss hereunder shall be settled on the basis of the Market Value immediately anterior to the loss.

    3. If at the time of any loss, there be any subsisting insurance or insurances on other than a declaration basis, whether effected by the insured or by any other person or persons, covering the stocks hereby insured, this policy shall apply only to the excess of the value of such stocks at the time of the loss over the Sum Insured by such other insurance or insurances, and this Company shall not be liable to pay or contribute more than that proportion of such loss which such excess (or, if there by other declaration insurances covering the same stocks, a rate-able proportion of such excess) but not exceeding the Sum Insured here, bears to the total value of the stocks.

    4. If after the occurrence of a loss it is found that the amount of the last declaration previous to the loss is less than the amount that ought to have been declared, then the amount which would have been recoverable by the Insured shall be reduced in such proportion as the amount of the said last declaration bears to the amount that ought to have been declared.

    5. Notwithstanding the occurrence of loss it is understood that the Sum Insured will be maintained at all times during the currency of the policy and the Insured therefore undertakes to pay extra premium on the amount of any loss pro rata from the date of such loss to the expiry of the period of insurance, the premium being calculated at the rate applicable to the stocks destroyed and such extra premium shall not be take into account in and shall be distinct from, the final adjustment of premium.

    6. In event of the policy being cancelled by the Insured during its currency (whether stocks exist or not) the premium to be retained by the company shall be the appropriate short period premium calculated on the average amount insured up to the date of cancellation, or 80% of the provisional premium whichever is greater. Notwithstanding the above, if the policy is cancelled by the insured after a loss has occurred, the premium to be retained by the company shall be the PRO RATA proportion of the premium calculated on the average amount insured up to the date of cancellation plus the PRO RATA proportion of the premium from the date of loss to the expiry of the period of insurance on the amount of loss paid, or 80% of the provisional premium whichever is greater.

    7. The maximum liability of the company shall not exceed the sum Insured hereby and premium shall not be receivable on value in excess thereof. The sum Insured may, however, be increased by prior agreement with the Company in which event the new sum Insured and the date from which it is effective will be recorded on the policy by endorsement. In the event of an increase in the sum Insured being agreed to, the company shall charge on such increased sum an additional provisional premium on a basis proportionate to the unexpired period of the policy and upon expiry of each period of insurance the total provisional premium so paid shall be adjusted as provided for in Clause 1 above. If during the currency of the policy, the rate for the class of risk to which the insurance applied is revised, and an increase in the Sum Insured under a Declaration Policy is agreed to, the company shall charge on such increased sum an additional provisional premium on a basis proportionate to the unexpired period of policy, at the rate at which the insurance was originally effected and upon expiry of each period of insurance the total provisional premium so paid shall be adjusted as provided for in Clause 1 above.

    8. If the stocks hereby insured shall at the time of loss be collectively of greater value than the Sum Insured thereon, then the Insured shall be considered as being his own insurer for the difference and shall bear a ratable proportion of the loss accordingly. Every item, if more that one, on stock shall be separately subject to this condition.

    9. It is hereby warranted that every other policy on a declaration basis covering the stocks insured hereby shall be identical in wording with this policy. This insurance is subject in all respects to the printed conditions of the policy except in so far as they may be varied by the above conditions.

    EARTHQUAKE (FIRE AND SHOCK)

    If option to delete STFI peril is exercised

    “In consideration of the payment by the Insured to the Company of additional premium, it is hereby agreed and declared that notwithstanding anything stated in the printed exclusions of this policy to the contrary, this Insurance is extended to cover loss or damage (including loss or damage by fire) to any of the property Insured by this policy occasioned by earthquake including Landslide / Rockslide resulting there from but excluding flood or overflow of the sea, lakes, reservoirs and rivers caused by Earthquake.

    Provided always that all the conditions of this policy shall apply (except in so far as they may be hereby expressly varied) and that any reference therein to loss or damage by fire shall be deemed to apply also to loss or damage directly caused by any of the perils which this insurance extends to include by virtue of this endorsement.”

    If option to delete STFI peril is not exercised

    “In consideration of the payment by the Insured to the Company of additional premium, it is hereby agreed and declared that notwithstanding anything stated in the printed exclusions of this policy to the contrary, this Insurance is extended to cover loss or damage (including loss or damage by fire) to any of the property Insured by this policy occasioned by or through or in consequence of earthquake including flood or overflow of the sea, lakes, reservoirs and rivers and/or Landslide / Rockslide resulting there from.

    Provided always that all the conditions of this policy shall apply (except in so far as they may be hereby expressly varied) and that any reference therein to loss or damage by fire shall be deemed to apply also to loss or damage directly caused by any of the perils which this insurance extends to include by virtue of this endorsement.”

    Special conditions

    (1) Excess clause - 5% of each and every claim subject to a minimum of Rs. 10,000/-

    (2) Extension cover shall be granted only if the entire property in one complex/compound/location covered under the policy is extended to cover this risk and the Sum Insured for this extension is identical to the sum Insured against the risk covered under main policy except for the value of the plinth and foundations of the building(s)..

    Onus of proof In the event of the Insured making any claim for loss or damage under this policy he must (if so required by the Company) prove that the loss or damage was occasioned by or through or in consequence of earthquake.

    AGREED BANK CLAUSE

    “It is hereby declared and agreed:-

    i. That upon any monies becoming payable under this policy the same shall be paid by the Company to the Bank and such part of any monies so paid as may relate to the interests of other parties insured hereunder shall be received by the Bank as Agents for such other parties.

    ii. That the receipts of the Bank shall be complete discharge of the Company therefore and shall be binding on all the parties insured hereunder. N.B.: The Bank shall mean the first named Financial Institution / Bank named in the policy.

    iii. That if and whenever any notice shall be required to be given or other communication shall be required to be made by the Company to the insured or any of them in any manner arising under or in connection with this policy such notice or other communication shall be deemed to have been sufficiently given or made if given or made to the Bank.

    iv. That any adjustment, settlement, compromise or reference to arbitration in connection with any dispute between the Company and the insured or any of them arising under or in connection with this policy if made by the Bank shall be valid and binding on all parties insured hereunder but not so as to impair rights of the Bank to recover the full amount of any claim it may have on other parties insured hereunder.

    v. That this insurance so far only as it relates to the interest of the Bank therein shall not cease to attach to any of the insured property by reason of operation of condition 3 of the Policy except where a breach of the condition has been committed by the Bank or its duly authorised agents or servants and any other party insured hereunder whereby the risk is increased or by anything being done to upon or any building hereby insured or any building in which the goods insured under the policy are stored without the knowledge of the Bank provided always that the Bank shall notify the Company of any change of ownership or alterations or increase of hazard not permitted by this insurance as soon as the same shall come to its knowledge and shall on demand pay to the Company necessary additional premium from the time when such increase of risks first took place and

    vi. It is further agreed that whenever the Company shall pay the Bank any sum in respect of loss or damage under this policy and shall claim that as to the Mortgagor or owner no liability therefore existed, the Company shall become legally subrogated to all the rights of the Bank to the extent of such payments but not so as to impair the right of the Bank to recover the full amount of any claim it may have on such Mortgagor or Owner or any other party or parties insured hereunder or from any securities or funds available.

    N.B.: In cases where the name of any Central Government or State Government owned and/or sponsored Industrial Financing or Rehabilitation Financing corporation and/or Unit Trust of India or General Insurance Corporation of India and/or its subsidiaries or LIC of India/any financial Institution is included in the title of the Fire Policy as mortgagees, the above Agreed Bank clause may be incorporated in the Policy substituting the name of such institution in place of the word ‘Bank’ in the said clause.

    TERRORISM DAMAGE COVER ENDORSEMENT (MATERIAL DAMAGE ONLY) INSURING CLAUSE

    Subject otherwise to the terms, exclusions, provisions and conditions contained in the Policy and in consideration of the payment by the Insured to the Company of additional premium as stated in the Schedule, it is hereby agreed and declared that notwithstanding anything stated in the ‘Terrorism Risk Exclusion” of this Policy to the contrary, this Policy is extended to cover physical loss or physical damage occurring during the period of this Policy caused by an act of terrorism, subject to the exclusions, limits and excess described hereinafter.

    For the purpose of this cover, an act of terrorism means an act or series of acts, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) or government(s), or unlawful associations, recognized under Unlawful Activities (Prevention) Amendment Act, 2008 or any other related and applicable national or state legislation formulated to combat unlawful and terrorist activities in the nation for the time being in force, committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public or any section of the public in fear for such purposes.

    This cover also includes loss, damage, cost or expense directly caused by, resulting from or in connection with any action taken in suppressing, controlling, preventing or minimizing the consequences of an act of terrorism by the duly empowered government or Military Authority. Provided that If the Insured is eligible for indemnity under any government compensation plan or other similar scheme in respect of the damage described above, this Policy shall be excess of any recovery due from such plan or scheme. For the purpose of the aforesaid inclusion clause, "Military Authority" shall mean armed forces, para military forces, police or any other authority constituted by the government for maintaining law and order.

    LOSSES EXCLUDED

    This cover shall not indemnify loss of or damage to property caused by any or all of the following:-

    1. loss by seizure or legal or illegal occupation;

    2. loss or damage caused by:

    (i) voluntary abandonment or vacation,

    (ii) confiscation, commandeering, nationalisation, requisition, detention, embargo, quarantine, or any result of any order of public or government authority, which deprives the Insured of the use or value of its property;

    3. loss or damage arising from acts of contraband or illegal transportation or illegal trade;

    4. loss or damage directly or indirectly arising from or in consequence of the seepage and or discharge of pollutants or contaminants, which pollutants and contaminants shall include but not be limited to any solid, liquid, gaseous or thermal irritant, contaminant or toxic or hazardous substance or any substance the presence, existence or release of which endangers or threatens to endanger the health, safety or welfare of persons or the environment;

    5. loss or damage arising directly or indirectly from or in consequence of chemical or biological emission, release, discharge, dispersal or escape or chemical or biological exposure of any kind;

    6. loss or damage arising directly or indirectly from or in consequence of asbestos emission, release, discharge, dispersal or escape or asbestos exposure of any kind;

    7. any fine, levy, duty, interest or penalty or cost or compensation/damages and/or other assessment which is incurred by the Insured or which is imposed by any court, government agency, public or civil authority or any other person;

    8. loss or damage by electronic means including but not limited to computer hacking or the introduction of any form of computer virus or corrupting or unauthorised instructions or code or the use of any electromagnetic weapon. This exclusion shall not operate to exclude losses (which would otherwise be covered under this Policy) arising from the use of any computer, computer system or computer software programme or any other electronic system in the launch and/or guidance system and/or firing mechanism of any weapon or missile;

    9. loss or damage caused by vandals or other persons acting maliciously or by way of protest or strikes, labour unrest, riots or civil commotion;

    10. loss or increased cost occasioned by any public or government or local or civil authority’s enforcement of any ordinance or law regulating the reconstruction, repair or demolition of any property insured hereunder;

    11. any consequential loss or damage, loss of use, delay or loss of markets, loss of income, depreciation, reduction in functionality, or increased cost of working;

    12. loss or damage caused by factors including but not limited to cessation, fluctuation or variation in, or insufficiency of, water, gas or electricity supplies and telecommunications or any type of service; 13. loss or increased cost as a result of threat or hoax;

    13. loss or damage caused by or arising out of burglary, house - breaking, looting, theft, larceny or any such attempt or any omission of any kind of any person (whether or not such act is committed in the course of a disturbance of public peace) in any action taken in respect of an act of terrorism;

    14. loss or damage caused by mysterious disappearance or unexplained loss;

    15. loss or damage directly or indirectly caused by mould, mildew, fungus, spores or other micro- organism of any type, nature or description, including but not limited to any substance whose presence poses an actual or potential threat to human health;

    16. total or partial cessation of work or the retardation or interruption or cessation of any process or operations or omissions of any kind.

    LIMIT OF INDEMNITY

    The limit of indemnity under this cover shall not exceed the Total Sum Insured given in the Policy Schedule or INR 7500,000,000 whichever is lower. In respect of several insurance policies within the same compound/location with one or different insurers, the maximum aggregate loss payable per compound/location by any one or all insurers shall be INR 7500,000,000. If the actual aggregate loss suffered at one compound/location is more than INR 7500,000,000, the amounts payable under individual policies shall be reduced in proportion to the sum insured of the policies.

    CANCELLATION CLAUSE

    Notwithstanding the cancellation provisions relating to the basic insurance policy on which this endorsement is issued, there shall be no refund of premium allowed for cancellation of the Terrorism risk insurance during the period of insurance except where such cancellation is done along with the cancellation of the basic insurance. Where a policy is cancelled and rewritten mid-term purely for the purpose of coinciding with the accounting year of the insured, pro-rate refund of the cancelled policy premium will be allowed.

    If the cancellation is for any other purpose, refund of premium will only be allowed after charging short term scale rates.

    Note: The definitions, terms and conditions of main Policy save as modified or endorsed herein shall apply.

    TERRORISM DAMAGE EXCLUSION WARRANTY

    This Policy excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss.

    For the purpose of this exclusion, an act of terrorism means an act or series of acts, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) or government(s), or unlawful associations, recognized under Unlawful Activities (Prevention) Amendment Act, 2008 or any other related and applicable national or state legislation formulated to combat unlawful and terrorist activities in the nation for the time being in force, committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public or any section of the public in fear for such purposes.

    This exclusion also includes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to the above.

    VOLUNTARY DEDUCTIBLE CLAUSE

    “It is hereby declared and agreed that the insured having opted a voluntary deductible (as specified in the policy schedule), out of

    net amount of each and every admissible claim under the fire policy(ies) covering the said premises, the company has allowed a discount as per policy schedule on the final premium payable for the policies and Add on Covers.

    ‘It is further agreed that the above voluntary deductible opted replace the compulsory excess stipulated under “General Exclusion” attached to the policy (ies) and or for add-on cover’

    WARRANTIES
    STFI DELETION WARRANTY

    Not withstanding any provision to the contrary within this insurance it is agreed that this insurance excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from Storm Tempest Flood Inundation (STFI) group of perils as specified in the policy wordings

    RSMD EXCLUSION WARRANTY

    Not withstanding any provision to the contrary within this insurance it is agreed that this insurance excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from Riot, Strike, Malicious Damage (RSMD) perils as specified in the policy wordings

    SILENT RISK

    Warranted that no manufacturing and storage activities are carried out

    SHOP – NON- HAZARDOUS GOODS

    Warranted that the value of stock of any or all of the following goods does not exceed 5% of the total stock value

    1. Celluloid Goods

    2. Coir (Loose)

    3. Crackers and Fire Works

    4. Explosive of any kind

    5. Hay/Straw

    6. Hemp

    7. Jute (Loose)

    8. Matches

    9. Methylated spirit

    10. Nitro-Cellulose Plastics

    11. Oils/Ether/Industrial Solvents and other inflammable liquids flashing liquids flashing at and below 320 C (Closed Cup test).

    12. Paints with inflammable base having Flash point below 320 C (Closed Cup test) Other than in sealed tins or drums.

    13. Varnishes having flash point below 320 C (Closed Cup Test) other than in sealed tins or drums.

    14. Disinfectant liquids and liquid insecticides-other than in sealed tins or drums.

    15. Vegetable fibres of any kind including Rayon Fibre.

    GODOWNS / OPEN STORAGE – NON-HAZARDOUS GOODS STORAGE

    Warranted that the items falling under Category I, II or III described below are not stored exceeding 5% of the total stock value

    CATEGORY I

    1. Solids which are moderately or slightly combustible

    2. Flammable liquids having flash points above 65o C

    3. Inert and non-combustible gases

    4. Highly toxic materials

    5. Wastes of non-hazardous materials

    CATEGORY II

    1. Pyrotechnic material

    2. Flammable liquids having flash points above 32o C upto 65o C

    3. Moderate Oxidising Agents and Oxygen

    4. Materials which evolve combustible gases in contact with water

    5. Wastes of Category I materials

    CATEGORY III

    1. Explosive

    2. Materials which are self ignitable

    3. Flammable liquids having flash points upto 32o C

    4. Strong oxidising agents

    5. Combustible gases

    6. Wastes of category II & III materials

    Also warranted that no storage of Coir waste, Coir Fibre, Caddies

    GODOWNS / OPEN STORAGE – HAZARDOUS GOODS CAT-I STORAGE

    Warranted that the items falling under Category II or III described below are not stored exceeding 5% of the total stock value

    CATEGORY II

    1. Pyrotechnic material

    2. Flammable liquids having flash points above 32o C upto 65o C

    3. Moderate Oxidising Agents and Oxygen

    4. Materials which evolve combustible gases in contact with water

    5. Wastes of Category I materials

    CATEGORY III

    1. Explosive

    2. Materials which are self ignitable

    3. Flammable liquids having flash points upto 32o C

    4. Strong oxidising agents

    5. Combustible gases

    6. Wastes of category II & III materials

    Also warranted that no storage of Coir waste, Coir Fibre, Caddies

    GODOWNS / OPEN STORAGE – HAZARDOUS GOODS CAT-II STORAGE

    Warranted that the items falling under Category II or III described below are not stored exceeding 5% of the total stock value

    CATEGORY III

    1. Explosive

    2. Materials which are self ignitable

    3. Flammable liquids having flash points upto 32o C

    4. Strong oxidising agents

    5. Combustible gases

    6. Wastes of category II & III materials Also warranted that no storage of Coir waste, Coir Fibre, Caddies

    GODOWNS / OPEN STORAGE – HAZARDOUS GOODS CAT-III STORAGE

    Warranted that no storage of Coir waste, Coir Fibre, Caddies

    TANKS (OTHERS)

    Warranted that liquids with flash point 32o C or below are not stored

    TANKS (DYKE)

    Warranted tanks storing materials with different flash points are located in different dykes

    FEA WARRANTY

    Internal/Internal and External Fire Extinguishing Appliances having been installed in the premises referred to in this policy and a discount is allowed in the premium chargeable. It is warranted that :

    1. System is erected and tested as per relevant regulations of TAC

    2. Appliances shall be maintained in efficient working order and as per TAC regulations

    3. Insurer shall be immediately apprised of any strike or lock-out in the premises

    CHEMICAL MANUFACTURING (OTHERS)

    Warranted that no manufacturing of chemicals using materials with Flash Point below 32o C / No manufacturing of Bulk Drugs

    CIGARETTE FILTER MANUFACTURING (OTHERS)

    Warranted that no manufacturing using materials with Flash Point below 32o C

    CINEMATOGRAPHIC FILM EDITING (WITHOUT FILM PROCESSING)

    Warranted that no Film Processing is carried out

    DETERGENT MANUFACTURING (OTHERS)

    Warranted no Sulphonation plant in the premises.

    GRANITE FACTORIES (OTHERS)

    Warranted that no inflammable solvents are used in the manufacturing

    INK MANUFACTURING (EXCLUDING PRINTING INK)

    Warranted no manufacturing of Printing Ink is carried out in the premises

    MAN MADE FIBRE MANUFACTURING (CELLULOSE)

    Warranted manufacturing is carried out only using Cellulose

    METALLIZING WORKS (METALS ONLY)

    Warranted that metallizing using metals only is carried out

    PAINT FACTORIES (WATER BASED)

    Warranted that only water based paints are manufactured

    PAINT FACTORIES (OTHERS)

    Warranted that no Nitrocellulose based paints are manufactured

    PLASTIC GOODS MANUFACTURING (EXCLUDING FOAM PLASTICS)

    Warranted that no manufacturing of Foam Plastics carried out in the premises

    PULVERIZING PLANTS (METALS & NON-HAZARDOUS GOODS ONLY)

    Warranted that pulverizing of metals and non-hazardous goods only are carried out

    ROPE WORKS (OTHERS)

    Warranted that no plastic ropes manufactured in the premises

    RUBBER GOODS MANUFACTURING (WITHOUT SPREADING)

    Warranted that no spreading is carried out in the premises

    TINY SECTOR INDUSTRY

    Warranted that value at risk is less than Rs.10 lacs

    SPRINKLER SPOT PROTECTION WARRANTY

    Warranted that blocks where Sprinkler Discount is allowed are protected by Sprinklers as per Tariff Advisory Committee regulations

    PUMP HOUSES (WATER)

    Warranted that Pump House handles water only PIPE LINES (WATER) Warranted that pipeline is used for transporting water only

    GAS HOLDERS/ VESSELS – NITROGEN

    Warranted that no material other than Nitrogen, Carbon Dioxide or Inert Gases are stored

    CONSTRUCTION (APPLICABLE OTHER THAN FOR OPEN STORAGE)

    Warranted that the building covered under the policy / in which the contents covered under this policy is present is not Kutcha construction as described below: Kutcha construction: Building (s) having walls and/or roofs of wooden planks/thatched leaves and/or grass/hay of any kind / bamboo/plastic cloth/ asphalt cloth / canvas/tarpaulin and the like.

QUICK CONTACT

Phone : 044 23712394

Fax : 044 23712395

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