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Anurag Rastogi
Basic Principles
Insurable Interest
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Fire Insurance
Overheated Materials
Hot Surfaces Burner Flames
Combustion Sparks
Spontaneous Combustion Cutting and Welding
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Incendiarism
Mechanical Sparks
Molten Substances Chemical Action Static Sparks Lightning
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Fire Policy
FIRE RIOT
FLEXA
STFI
RSMD
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OTHERS
Exclusions
Excess of Rs.10,000 for each and every loss (Max of 5% or 10000 for AOG perils) War group of perils Nuclear perils
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Exclusions
Stocks in Cold Storage premises caused by change in temperature Architects, surveyors fees exceeding 3% of claim amount Debris Removal expenses exceeding 1% of the claim amount Loss of earnings, loss by delay, loss of market and other consequential and indirect losses
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Exclusions
Earthquake, Volcanic eruption or any other convulsions of nature Insured property removed from the insured premises, however - Equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period of 60 days are covered Electrical exclusion
Goods held in Trust,bullion, curios etc above Rs.10,000, manuscripts, securities, documents, money, explosives unless specifically covered
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Conditions
Misrepresentation Policy expiry after 7 days from fall / displacement of any building-if not caused by insured peril Changes in risk, insurable interest Unoccupied building Coverage of same property by marine insurance Policy termination Notice of loss within 15 days Disclaimer after 12 months
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Conditions
Rights of company on damaged property
Fraudulent claims/means
Companys option to repair, replace or reinstate
Add On Covers
Architects, Surveyors & Consulting Engineers Fees upto 7.5% of adjusted loss Removal Debris ( > 1% of claim amount) Deterioration of Stock (cold storages), FOES extension Forest Fire Impact Damage due to Insureds own vehicles Spontaneous Combustion Omission to insure additions, alterations or extensions (5% 0f SI)
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Add On Covers
Terrorism
Customization
Declaration Policy
For fluctuating stocks above 1 crore
Omission to declare
Two average conditions No reduction in sum insured
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Floater Policy
For several specified locations where locationwise sum insured can not be ascertained One sum insured floats over all the locations No floater extra for stocks floating within the same complex/compound
Other Clauses
Escalation(upto 25%) Clause
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Sum Insured
Recognized facts about Sum Insured Always fixed by proposer Is the limit of insurers liability Is the amount on which rate is applied to determine premium Should represent actual value of property being insured Over insurance means definite loss of premium Underinsurance means a probable loss on occurrence of claim
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Buildings
Below plinth / above plinth
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Valuation
Capitalized Cost Reinstatement Value
- CPWD rates
- Cost indices by National Building Organization
RIV 1000000 1500000 15100000 17340000 Market Value 1000000 1200000 4080000 13872000
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Book Value/WDV
Market Value
- Depreciation on merit
Capitalized Cost Book Value 1976 1986 1996 2006 1000000 1000000 1000000 1000000 1000000 300000 102000 39000
1-2%
2-4%
2-2%
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Market Value
For marketable P&M For specialized P&M Depreciation as per plant load, usage, maintenance Maximum depreciation and residual value A special case of computers and other electronic machinery
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Stock
Raw material-Cost at which material available on the date & place of loss Finished goods-Manufacturing cost including overheads, OR ex-factory cost MINUS sales overheads and profit Imported goods-Contract price/Landed cost Stocks In Process-Cost of raw material plus other inputs and processing cost Waste Products: Commercial value as indicated by earlier sales
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Extra Protection
Escalation
Removal of debris
Architects, surveyor and Engineers fee Omission to insure additions, alterations or extensions
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General regulations Policy Cover / Exclusion / Conditions Non Industrial risk Industrial / Manufacturing risk Utilities outside Industries Storage risk outside Industries Tank farms / Gas holders outside Industries Add-ons Standard clauses Standard proposal form
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General Regulations
For land based properties only Separate block wise SI for bldg, machineries, stock & SIP, FFF, other contents
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General Regulations
STFI & RSMD could be deleted at inception No partial insurance
Insured
Uninsured
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General Regulations
SI increase any no. of times at prorata premium
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Essentials
Intimation & survey
Coverage
- Date, risk, insurable interest, peril Adequacy
Damage quantification
Policy conditions, warranties, clauses Claim valuation & reinstatement adjustment
Salvage
Claim recipient & discharge Recovery
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Salvage
An important component of most fire claims
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Duties of insured
Common law duty to avoid/minimize the loss
Rights of insured
To receive proper and dispassionate advice
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Rights of insurer
After claim - To enter, take & keep possession of the premises - To take possession of insured property - To exercise removal, sorting or examination etc of property - To sell such property for account of all concerned Exercise of these rights does not prejudice insurers right to deny or diminish liability
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Irritants
Loss Valuation
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QUESTIONS?
Thank You
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