Shikhar Insurance Company Ltd. (SICL) is an established General Insurance Company promoted by a young team of reputed Industrial and Business Houses involved in various fields like Aviation, Banking, Manufacturing, Trading, Travel Trade, Media Houses etc.
A House Insurance (Ghar Beema)
This policy is issued for purely residential building or apartment or temple, place of meditation up to Sum Insured Rs. 2 crore
B Property Insurance (Sampati Beema)
There are different types of property insurance policy that can be issued:
- Normal Property Insurance
- Short Period Policy
Short period policy are issued with short period premium rate
- Up to 1 month 15% of annual premium
- Up to 3 months 40% of annual premium
- Up to 6 months 70% of annual premium
- Up to 9 months 85% of annual premium
- Above 9 months 100% of annual premium
Agreed Valued Policy
- Artifacts Curios Manuscripts Archaeologically important buildings etc.
- Whose market value is not readily available are insured undervalued property insurance policy
- Sum Insured is fixed as per valuation certificate or with mutual consent
- nspection is compulsory
- Depreciation is not applicable
- Floating policies are issued when insured is aware of total value of stock but cannot declare specific sum insured at each location.
- Stocks stored in different locations under single policy and single Sum Insured is issued
- Highest rate applicable is charged.
- This policy cannot be issued for more than 5 locations
- Floating policies can be issued on Declaration basis also.
Stocks belonging wholesalers, distributors which are liable to frequent changes in value, quantity can be insured under this policy.
- Sum insured selected on the basis of highest value of stock expected at any time during the year.
- Sum Insured must be 5 crore or above.
- 100 % Premium is paid initially
- Insured has to declare value of stock periodically.
- On the basis of declaration made a refund of premium can be made up to 25% of provisional premium
- Declaration policy is not issued for short period, stock in process, etc.
- Floating Declaration Policy
- Reinstatement Policy
- Reinstatement clause is attached to policy.
- In the event of loss, the amount payable is the cost of reinstating property of same kind or type by new property without applying depreciation
- It is known as New for Old policy
- Reinstatement has to be carried out within one year
- Otherwise the loss will be settled on the normal basis i.e.. Market value
- This policy is issued on building and machinery not in stock