8.

Earthquake (Fire and Shock)

Policy may be extended to cover the above subject to following endorsement wordings: If option to delete STFI peril is exercised In consideration of the payment by the Insured to the Company of the sum of ____________ additional premium, it is hereby agreed and declared that notwithstanding anything stated in the printed exclusions of this policy to the contrary, this Insurance is extended to cover loss or damage (including loss or damage by fire) to any of the property Insured by this policy occasioned by earthquake including Landslide / Rockslide resulting therefore but excluding flood or overflow of the sea, lakes, reservoirs and rivers caused by Earthquake.

Provided always that all the conditions of this policy shall apply (except in so far as they may be hereby expressly varied) and that any reference therein to loss or damage by fire shall be deemed to apply also to loss or damage directly caused by any of the perils which this insurance extends to include by virtue of this endorsement.
If option to delete STFI peril is not exercised

In consideration of the payment by the Insured to the Company of the sum of ____________ additional premium, it is hereby agreed and declared that notwithstanding anything stated in the printed exclusions of this policy to the contrary, this Insurance is extended to cover loss or damage (including loss or damage by fire) to any of the property Insured by this policy occasioned by or through or in consequence of earthquake including flood or overflow of the sea, lakes, reservoirs and rivers and/or Landslide / Rockslide resulting therefrom.
Provided always that all the conditions of this policy shall apply (except in so far as they may be hereby expressly varied) and that any reference therein to loss or damage by fire shall be deemed to apply also to loss or damage directly caused by any of the perils which this insurance extends to include by virtue of this endorsement. Special conditions 1) Excess clause 5% of each and every claim subject to a minimum of Rs.10,000/. 2) Extension cover shall be granted only if the entire property in one complex / compound / location covered under the policy is extended to cover this risk and the Sum Insured for this extension is identical to the Sum Insured against the risk covered under main policy except for the value of the plinth and foundations of the building(s).. 3) Onus of proof

In the event of the Insured making any claim for loss or damage under this policy he must (if so required by the Company) prove that the loss or damage was occasioned by or through or in consequence of earthquake.

AVERAGE By applying the Principle of average, the adequacy of Sum insured is checked. Under insurance is penalized. Claims are settled on the following basis: Claim Amount value = Loss x Sum insured CONTRIBUTION In case of multiple insurers then the loss will be borne by them as pertheir ratios and proportions. SUBROGATION Any claim is to be settled by the person who perpetuated the loss. After indemnifying the insured, the insurer steps into the shoes of the insured. Subrogation is the transfer of rights and remedies of the insured against the Third party to the insurer.

Listed Risk (Y/N) Check this field if the risk is a listed risk. A listed risk is one that has been identified as a huge global risk coverable usually under coinsurance. NOTE: IRDA, the central insurance authority identifies all these listed risks. Listed Risk Code This field is enterable only if Listed Risk field is checked. Enter or select the listed risk code from the LOV. For example, Nuclear Power Corporation of India, Kota, Rajasthan. Once the code is selected, the description pertaining to it is automatically displayed in the adjacent field. NOTE: Other details, such as date of inspection, PML amount, EQ Zone, location and address are also defaulted in the respective fields, if a listed risk is selected. Escalation % Due to any kind of inflation, the value of the property insured could increase during the policy period. Thus by specifying an escalation percentage you can cover for this shortcoming. Enter in this field, the escalation percentage for the increase in sum insured. Enter in this field, the escalation percentage that specifies the percentage of amount that should be calculated against the sum insured of the basic cover to arrive at the escalated value. NOTE: Additional premium charge will be charged on the same Silent Risk (Y/N) Check this field, if the risk is a silent risk. . If this check box is selected, it signifies that the entered risk is dormant and not operational. For example, a factory closed for some period of time Description field, the predefined rate per value for the cover is displayed in the Rate Per field. Apart from the basic cover, there are other add-on covers that are predefined for this product. You can choose one or more add-on covers from the Cover Code LOV.

Clauses - Standard Fire and FLOP Agreed Bank Clause (Agreed Mortgagee Clause) A provision in the insurance contract under which the insurer obligates itself to pay the mortgagee even if the owner breaches some contract condition so long as the breach was not within the control or knowledge of the mortgagee Contract Price Clause In the event of goods insured by this Policy having been sold but not delivered for which the Insured is responsible and under the conditions of sales, the contract is cancelled by reason of non-delivery of such goods destroyed or damaged by fire or by any other perils insured hereby, the liability of the company in respect of such goods shall be based on the Contract Price. Escalation Clause If during the period of insurance the actual contract price or the value of the insured property shall be in excess of the amount of the contract limit shown in the schedule, the insured shall have the right to request an increase in the amount of liability Designation of Property Clause For the purpose of determining where necessary the column heading under which any property is insured the company agrees to accept the designation under which such property has been entered in the insured's books. Reinstatement Value Memorandum Clause In the event of loss or damage recoverable under this insurance, the sum insured by this policy shall, in the absence of written notice by the Company or the Insured to the contrary, be immediately reinstated in consideration of which the Insured undertakes to pay appropriate additional premium Loss of Rent Clause Where loss of rent caused by insured perils is covered, the rate chargeable for the above cover is the rate applicable to the particular building or premises concerned. Local Authorities Clause Spontaneous Combustion Clause RSMD Deletion Clause STFI Deletion Clause Architects, Surveyors and Consulting Engineer's Fees Clause Debris Removal Clause Deterioration of stocks Clause Forest Fire Clause Impact Damage due to Insureds own Rail / Road Vehicles, Fork lifts, Cranes, Stackers and the like and articles dropped there from Omission to Insure Additions, Alterations or Extension Clause Earthquake (Fire & Shock) Clause Spoilage Material Damage Clause Leakage and Contamination Clause Temporary Removal of Stocks Clause Insurance of Additional expenses of Rent for alternative accommodation Clause Startup expenses Clause Damage due to molten material spillage Clause Terrorism Damage Inclusion Clause

IAR Clauses Agreed Bank Clause Designation of Property Clause Architects, Surveyors and Consulting Engineer's Fees Clause Escalation Clause Omission to Insure Additions, Alterations or Extension Clause Temporary Removal of Stocks Clause