Terms & Conditions of Insurance Policy

“Terms and Conditions” is the document governing the contractual relationship between the provider of a service and its user.

1. The due observance and fulfillment of the terms of the Policy, in so far as they relate to anything to be done or complied with by the Insured, and the truth of the statements and answers in the questionnaire and proposal made by the Insured shall be a condition precedent to any liability of Insurer.
2. The schedule and the sections (s) shall be deemed to be incorporated in and form part of this Policy and the expression "this Policy", wherever used in this contract, shall be read as including the Schedule and the section (s). Any word or expression to which a specific meaning has been attached in any part of this Policy, or the schedule or of the section (s) shall bear such meaning wherever it may appear.
3. The Insured shall at his own expense take all reasonable precautions and comply with all reasonable recommendations to prevent loss or damage and comply with statutory requirements and manufacturers' recommendations.
4. Representatives of the Insurer shall at any reasonable time have the right to inspect and examine the risk and the Insured shall provide the representatives of the Insurer with all details and information necessary for the assessment of the risk.
5. The Insured shall immediately notify the Company by facsimile and in writing of any material change in the risk and cause at his own expense such additional precautions to be taken as circumstances may require to ensure safe operation of the insured items and the scope of cover and/or premium shall, if necessary, be adjusted accordingly. No material alteration shall be made or admitted by the Insured whereby the risk is increased, unless the continuance of the insurance confirmed in writing by the Insurer.
6. In the event of any occurrence, which might give raise to a claim or likely to raise claim under this Policy, the Insured shall
   1. immediately notify the Company by telephone or facsimile as will as in writing, giving an indication as to the nature and extent of the loss or damage; 
   2. take all steps within his power to minimize the extent of the loss or damage; 
   3. preserve the parts affected and make them available for inspection by a representative or surveyor of the Insurer; 
   4. furnish all such information and documentary evidence as the Insurer may require; e) inform the police authorities in the case of loss or damage due to burglary, looting, vandalism, Riot, Strike, Terrorism or involvement of third party.
      The Insurer shall not in any case be liable for loss, damage or liability of which no notice has been received by the Insurer within ........ days of its occurrence. Upon notification being given to the Insurer under this condition, the Insured may carry out repairs or replacement any minor damage: in all other cases a representative of the Insurer shall have the opportunity of inspecting the loss or damage before any repairs or alterations are effected.
      If a representative of the Insurer does not carry out the inspection within a period of time, which could be considered adequate under the circumstances, the Insured is entitled to proceed with the repairs or replacement.
      The liability of the Insurer under this policy in respect of any insured item shall cease if said item is kept in operation after a claim without being repaired to the satisfaction of the Insurer, or if temporary repairs are carried out without the Company's consent.
7.  
   1. The insured can lodge complain to Insurance Board (Beema Samiti) within ......... months as per 'Insurance Act, 1994' with detail description in case of following 
      1. If insurer refuses to register the claim intimation or 
      2. If insurer refuses to pay the claim amount or 
      3. If insured thinks that the amount of claim insurer offers to insured is less or 
      4. If insurer pay the claim to other party (other than the policy bearer) or prepares to pay and 
      5. In case of any dispute regarding the insurance and claim. 
   2. Insured can file a case to higher court within ................ days after the decision of Insurance Board in favour of Insurer or if Insured disagrees to the decision.
8.  
   1. If the proposal or declaration of the Insured is untrue in any material respect, or if any claim made is fraudulent or substantially exaggerated, or if any false declaration or statement is made in support thereof, then this Policy shall be void and the Insurer shall not be liable to make any payment hereunder.
   2. In the event of the Insurer disclaiming liability in respect of any claim and if an action or suit is not commenced within .......... days after such disclaimer or (in the case of arbitration taking place in pursuance of Condition 7 of this Policy) within ........... days after the decision, as per Insurance Act, 1994, has made their award, all benefit under this Policy in respect of such claim shall be forfeited.
9. If at the time any claim arises under this Policy there is any other insurance covering the same loss or damage, the Insurer shall not be liable to pay or contribute more than their rateable proportion of any claim for such loss or damage. 
10. The Policy may be terminated at the request of the Insured at any time, in which case the Company will retain the customary short-period rate for the time this Policy has been in force. However, if any claim has been occurred under the policy during the time this policy has been in force, there would be no premium refund. This Policy may equally be terminated at the option of the Insurer by ......... days' notice to that effect being given to the Insured, in which case the Insurer will be liable to repay on demand a rateable proportion of the premium for the unexpired term from the date of cancellation.
11.  
    1. If the value of the insured property is less than the sum insured at the time of loss or damage, insurer will pay the claim after applying condition of average clause for under insurance.
    2. If the number of insured assets are more than 1 item, the above provision will be applicable to each item.
12. The policy shall be transferred to the new owner within .......... days of ownership transfer, unless the insured property pass from the Insured to other person or institution by will or operation of prevailing laws.