All Risks Insurance

All risks insurance policy provides coverage for loss or damage to jewellery and valuables, caused by accidental or misfortune whilst anywhere in India, in respect of any one item in any one period of insurance will cover up-to the sum insured set against such item, and shall provide total coverage up-to the aggregate sum insured under the policy. In case of damage to any item which can be repaired, the insurers will pay expenses necessarily incurred to restore the damaged item to its former state of serviceability.

Coverage

Loss or damage to the property insured due to fire, theft or any other accident or misfortune. It covers loss or damage to the property by Any Means excluding the perils as stated in the policy as exclusions.

Exclusions

• Terrorism: loss, damage cost or expense of whatsoever nature directly or indirectly caused by resulting from or in connection with any act of terrorism. Loss, damage cost or expenses 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 action taken in respect of any act of terrorism unless otherwise specifically included.
• Applicable normal excess, 5% of the claim amount subject to minimum of Rs. 1000/- for each and every loss.
• Damage caused by any process of cleaning, dying or bleaching, restoring, repairing or renovation or deterioration arising from wear and tear, moth, vermin, insects or mildew or any other gradually operating clause.
• Breakage, cracking or scratching or crockery, glass, cameras, binoculars, lenses, sculptures, curios, pictures, musical instruments, sports, gear and similar articles of brittle or fragile nature unless caused by fire or accident to the means of conveyance.
• Loss of or damage caused by mechanical or electrical derangement/breakdown of any article unless caused by accidental external means.
• Over winding, denting or internal damage of watches and clocks.
• Loss of or damage to money, securities, manuscripts, deeds, bonds, bills of exchange, promissory notes, stocks or share certificate, stamps and traveller's cheques or travel tickets, business books or documents and credit/ debit cards.
• Loss destruction of or damage to article of consumable and of perishable in nature.
• Loose articles such as sticks, umbrella, sum shades, fans, deck, chairs, property in use on the voyage and or journey or article whilst being worn on the person or carried about.
• Loss, destruction or damage caused by or arising from the leakage, spilling or excluding of liquids, oils or materials of a like nature or articles of dangerous or damaging nature.
• Theft from any car except car of fully enclosed saloon type having at the time all the doors, windows and other opening securely locked and properly fastened.
• Loss of or damage whether direct or indirect arising from War, Warlike operations, Act of Foreign Enemy, Hostilities (whether war be declared or not) Civil War, Rebellion, Insurrection, Civil Commotion, Military or Usurped power, Seizure, Capture, Confiscation, Arrests, Restraints and Detainment by the order of any Government or any other Authority. In any action suit or other proceedings where the company alleges that by reason of the above provisions any loss or damage is not covered by this insurance, the burden of proving that such loss or damage is covered shall be upon the insured.
• Any loss or damage arising through delay, detention or confiscation by customs or other authorities.
• (a) Any loss, destruction or damage to any property whatsoever or any loss or expense whatsoever, resulting or arising therefrom or any consequential loss and any legal liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionizing, radiation or contamination by radio activity from any source whatsoever.
  (b) any loss, destruction, damage or legal liability directly or indirectly caused by or contributed to by or arising from nuclear weapons material.
• Consequential loss or legal liability of any kind.
• Loss of or damage due to or contributed to by the insured having caused or suffered anything to be done whereby the risks hereby insured against were unnecessarily increased.

Important:

• Single Article Limit: Unless specifically and separately stated, the insurer's liability in respect of each article or pairs of articles shall not exceed 5% of the total sum insured under this policy.
• Articles in Pairs Or Sets: where any item insured hereunder consists of articles in pair or set, the Insurer's liability in respect thereof shall not exceed the value of any particular part or parts which may be lost or damaged.

Key Benefits

• Complete coverage for the risks that threaten the industrial unit
• Covers an exhaustive list of perils under the Material Damage section
• Option of coverage for Machinery Loss of Profits
• Loss through interruption and interference of business covered
• Discount on premium if higher deductibles are chosen

Sum Insured

Current market value of insured items including the values of package themselves (Suitcase, trunk, bag etc.) for high value items a valuer's certificate may come in handy to arrive at the sum insured and for prior approvals of the insurers .A list of items to be insured to be provided to the insurers at the time of insurance, please do not forget to include suitcase/bags etc.

Claims Procedure

In the event of loss, following are immediate actions to be taken
To intimate to the insurer the occurrence of loss, submit full statement in writing of the claim, provide the nature and extent of loss and also the estimate of loss.

• Destruction of Baggage - Proof of destruction
• Physical loss due to theft -- FIR Copy

Provide documents such as, claim form, Claim bill, copy of Policy etc, and identification of the subject matter insured.