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SURE INSURE

The nagging doubt of whether to take insurance for the house is something that cannot be wished away. After all the chances of a lightning striking, missile test gone wrong or an earthquake turning your flat/house to rubble sounds pretty far-fetched or so we think, don’t we! It’s not like life insurance that for which there are no two ways. Not any longer, if the actions of most of the banks/ HFCs offering house loans are anything to go by. Currently, the type of policy’s prevalent in the market, specifically for houses are not many in number and the number of insurance companies still fewer.

Fire Policy for a Householder

Suitability:
A householder can cover his movable and immovable properties against fire and allied perils. Apart from persons owning a house, people staying in a Rented/Leased house can take this policy, if they are responsible for its safety by any covenant. An individual can also insure household contents not belonging to him, but held in trust or belonging to relatives permanently staying with him.

Salient Features
The Fire Policy can be taken to cover any property within the country. The policy offers cover on loss and/or damage on account of:
Accidental fires
Lightning
Explosion & implosion 'due' to pressure vessels (used for domestic purposes)
By rioting mob, striking workers, malicious acts by third parties and damage by terrorists
Impact damage by rail/road vehicles, carts & animals
By aircraft or any arial devices or articles dropped there from
Landslide & rockslide
Storm, cyclone, flood & inundation and similar vagaries of nature
Bursting and over flowing of water tanks and pipes etc.
Missile Testing
Leakage from sprinklers
Bush Fire

Additional Covers at extra premiums
Architects,Surveyors and Consulting Engineer's Fees (in excess of 3% of claim amount)
Debris Removal (in excess of 1% of claim amount)
Forest Fire
Impact Damage due to Insured's own Rail/Road Vehicles and the like and articles dropped therefrom
Earthquake risks (Fire and Shock)

Benefits
Claims are payable at the market value of the property damaged at the time of loss.
If the individual value if assets is not furnished then the value of each property is considered as not more than 5% of the total sum insured.
Long term policy may be taken .


Premiums

Annual premium chargeable would be at Rs 0.5 per Rs 1000 insured.
A discount ranging from 15-50% is given on the total premium paid in advance in the case of long term policies.

Requirements:
Completed proposal form giving full and accurate information.
All items to be covered should be described fully for easy identification in the future and to avoid ambiguity.

All Risk Insurance

Suitablity
This policy is suitable for people owning things, which are prone to accidental loss or damages.

Salient Features

It covers valuables like jewelry, work of art and similar artifacts of sentimental values. The scope of the cover is limited to loss or damage due to fire,riot & strike,terrorist Act,burglary,larceny or theft and accidental loss or damages.

Benefits:

The policy pays for any loss to the property insured against by insured perils. The amount of claim payable is limited to the sum insured or the market value at the time of loss,whichever is lower.

Premiums:
Premiums are based on inderwriting considerations,which are dependent on the completed propsal forms. Generally,the rate ranges from 1% to 2% of the total sum insured.

Requirements:
Completed proposal form giving full and accurate information. All items to be covered should be described fully for easy identification in the future. Unless the value of each item is declared separately, the claim for each item will be limited to 5% of the total sum insured.


Recommendations:

Cover is not freely granted on account of its vulnerability to losses and moral hazard. However, cover can be obtained in respect of ornaments of a householder in Householders Insurance policy along with other covers

Burglary Insurance

Suitability
This policy is more suitable for people who have movable property like clothes, appliances etc. prone to burglary, theft and larceny.

Salient Features:
This insurance policy covers burglary, theft and larceny.

Benefits:
This policy pays for any loss of property due to burglary, theft or larceny occurring during the policy period. The amount of claim payable is limited to the sum insured or the market value at the time of loss, whichever is lower. This policy also covers damage to the premises like walls, windows etc

Premiums:

The premium depends on the various factors like the location of the premises, type of conntruction, neighbourhood etc. If the fire policy is covering the contents in the place, the maximum premium rate would be 0.5%.

Requirements:
Completed proposal form giving full and accurate information.
All items to be covered should be described fully for easy identification in the future and to avoid ambiguity.
An inspection is carried out by Agents/Brokers/Marketing Officers of the insurance company before granting cover.

Recommendations:
A burglary policy is highly recommended if the location is prone to burglary.

Householders' Package Policy

Suitability
This is a single package policy offered at economical rates of premium through which all of the householder's needs are addressed.


Salient Features:

The package includes the following policies :
Fire Insurance
Burglary
All Risks Insurance
Plate Glass Insurance_
Break down of Domestic Appliances (Electrical and mechanical failures)
Television including VCR & VCP and music systems
Pedal cycle Insurance
Personal baggage insurance
Personal accident
Public liability
Employers Liability

Benefits:
This being a package policy, only one proposal form is to be completed instead of separate proposal forms for individual policies. As regards fire risks, while covers like explosion/implosion (other domestic gas cylinders or pressure cookers) and impact of rail/road vehicles are withdrawn as inconsequential, special risks like damage due to bursting and overflowing of water tanks, apparatus, or pipes are included in the policy.
By opting for Burglary section under this policy, inspection of the premises is waived. The sum insured should be identical as selected for fire risks for contents.
As regards 'All risks" policy for Jewelry & other valuable, the premium rates being high, the insured is give an option to insure only such percentage of jewelry which may be taken out of bank lockers for use at a time
By opting for more number of sections, a discount in the premium is allowed for non-tariff covers
Premiums:
The following rates of premium are charged for each section.
Fire policy rate: 0.065%
Burglary & other risks: Rate of premium is 0.24%
All risks insurance: Premium rate 1%
Plate glass -Rate of Premium is 1%
Domestic Appliances -The rate of premium is 0.25%
Television VCR & VCP etc - Rate of Premium is 1.005%
Pedal cycle insurance - Rate of Premium is 2.005%
Baggage Insurance - Premium rate is 0.75%
Personal Accident @ rates of individual policies
The rate for public liability cover is Rs.0.05%
The rate for Employers Liability will be based on the duties performed by workmen as per Tariff

Requirements:
A completed proposal form giving full details of the property to be insured, full value of Jewelry and individual values of each item to be given. As Personal Accident policy contains assignment facility, this part may be completed and witnessed

Recommendations:
Though there are individual policies to cover all the above risks, a single package policy would avoid cumbersome procedure associated with individual policies

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