Property Insurance provides coverage against loss or damage caused by Accidental Fire, Lightning, Earthquake, Explosion, Storm, Flood, Landslide, etc. On payment of an additional premium, this policy can be extended to cover the loss or damage caused by Riot & Strike, Malicious Damage, and Terrorism. Buildings, offices, and other properties like stationery, furniture, equipment, etc. can be insured under this policy.

Premium Determination

• Occupancy
• Insured Items
• Risk, etc.

Deductible Excess - each claim

Earthquake     : 2% of claim amount or Rs. 10,00,000/- whichever is less.

Water Based   : 5% of claim amount or Rs. 500,000/- whichever is less

Other Damage : 1% of claim amount or Rs. 500,000/- whichever is less

Loss below Rs. 10,000/- cannot be claimed.

The following covers are available under the policy

Normal cover

   1. Fire based loss

• Loss caused by Fire

    2. Air based loss

• Loss caused by storm, typhoon, hurricane, high-speed wind.
• Loss caused by cyclone, tornado.
• Loss caused by any other atmospheric disturbance.

     3. Water based loss

• Loss caused by rainfall.
• Loss caused by snow or snowstorm blizzard.
• Loss caused by flood inundation.
• Loss caused by overflow bursting or leakage of water from pipe, dam, pond, lake, sprinkle, drain, sewerage of stoppage of water supply, etc. 

    4. Land based loss

• Loss caused earthquake.
• Loss caused by vibration of land resulting from any explosion.

      5. Subsiding of falling based loss

• Loss caused by landslide, mud slide.
• Loss caused by rock slide.
• Loss caused by flowing wet mud.
• Loss caused by falling of subsiding of land elevated land, mud, stones, aggregate, brick.
• Loss caused by falling or subsiding of corner or road.

     6. Lighting based loss

• Loss caused by lighting, thundering.

     7. Explosion based loss

• Loss caused by explosion.
• Loss caused by implosion.

     8. Aerial object based loss

• Loss caused by aircraft, rocket, or any flying object
• Loss caused by comet, aerial mass, or an unidentified object.
• Loss caused by any machine, equipment, or object falling from sky.
• Loss caused by loud sound of any flying object.

     9. Loss based on impact touching or falling 

• Loss caused by impact, touching, or falling of motor vehicle, train/rail, animal, or any mobile item.
• Loss caused by impact touching or falling of tree, plant, pole, wire, goods, machine, equipment, or any other external object.
• Loss caused by impact touching or falling of other house building of any other physical structure/assets.

10. Self-ignition

• Loss caused by self-ignition or internal burning of building itself.

RSMDST risks

1. Loss based on riot and terrorism

• Loss caused by riot
• Loss caused by strike
• Loss caused by malicious acts
• Loss caused by terrorism or destructive activity
• Loss caused by sabotage

2 Other loss

• Loss caused by missile testing operation

Additional Benefits of the policy:

• Architect, Engineer and Surveyor's Fee - Maximum of 3% of Claim Amount within the Sum Insured limit.
• Removal of Debris - Maximum of 10% of Claim Amount or Rs. 1,000,000, whichever is less, within the Sum Insured limit
• If the insured item is Residential Building, the policy provides the following benefits:

1. Personal Accidental coverage up to 5 persons (inside home only)
2. Burglary & Dacoit

Exclusions of the policy are as below:

What so even mentioned in the policy, the following losses are not covered under the policy

1. Consequential Loss: Following Losses resulting from the loss or damage caused by any reason is not covered:

• Loss or Reduction in Income or Profit
• Loss caused by delay
• Loss or denting of Reputation or Popularity
• Loss caused by disturbance in Production System
• Loss caused by Market

2. Machinery Breakdown: Insurer will not indemnify the loss of Machinery Breakdown.

However, the loss of other assets (other than broken machinery) caused by Machinery Breakdown will be paid by the Insurer.

3. Electrical Appliances: Insurer will not indemnify the loss in Electrical and Electronic Equipment caused by High Voltage resulting from Lightning or any other reason. But the Insurer will indemnify the following losses.

• Physical Damage of Electrical or Electronic Equipment by direct hit of Lightning
• Loss of other assets (other than Electrical or Electronic Equipment so damaged by Lightning) caused by Lightening will be paid by the Insurer

4. Change of Temperature in Cold Storage: Insurer will not indemnify the loss of stock kept inside Cold Storage caused by the fluctuation in temperature.

However, the loss of other assets (other than the stock so damaged) caused by fluctuation in temperature will be paid by the Insurer.

5. Explosion of Boiler of Pressure Plant: Insurer will not indemnify the loss of Boiler or Pressure Plant caused by Explosion. However, the loss of other assets (other than the Boiler of Pressure Plant so damaged) caused by the Explosion will be paid by the Insurer.

6. Information and Data in Computer: Insurer will not indemnify the loss of Information and Statistics (Data) in Computer. But Insurer will indemnify the physical damage to Computer and related equipment.

7. Loss caused by Public Authority: Insurer will not indemnify the loss made by Public Authority by Demolishing, Burning, use of Water or any other method.

8. Radioactive Materials, Nuclear, Chemical or Bio-chemical Weapons

• Insurer will not indemnify the loss caused by contamination of radioactive material or radioactive waste,
• Insurer will not indemnify the loss caused by the use of Weapons of Mass Destruction like Nuclear, Chemical, and Bio-chemical weapons.

9. War and War like situation

Insurer will not indemnify the loss caused by Military Rising, Taking of Power, War Blockage or War, Invasion, Act of foreign Enemy, any war like situation, or Civil War or similar situation.

10. Other Losses 

Insurer will not indemnify the following losses:

• Change of nature of the insured item
• Loss caused by contamination of other objects
• Loss occurred during the drying process