Coverage against terrorism

Terrorism will be offered subject to the policy tenure opted being 1 year only.

Basis of Loss settlement

Loss Settlement for ‘Household articles -Contents, Appliances, Jewellery & Valuables and Mobile equipment’s sections

Where the damaged item needs to be replaced

In respect of Bronze, Silver and Gold Plans, in the event of loss or damage to the item/s covered under the policy, the Company shall indemnify the Insured with the current day replacement value of the damaged item at the time of loss less due allowance for betterment, wear and tear and or depreciation, subject to the Company’s Liability not exceeding the per item limit specified in the Schedule for that section. In the case of Silver and Gold Plans, where waiver of per item limit has been opted by the insured and evidenced by way of payment of additional premium and endorsed in the policy, the Company’s Liability shall not exceed the sum insured specified under that section.
In respect of Platinum Plan, in the event of loss or damage to the item/s covered under the policy, the Company shall indemnify the Insured with the current day replacement value of the damaged item at the time of loss less due allowance for betterment, wear and tear and or depreciation, subject to the Company’s Liability not exceeding the sum insured specified in the Schedule for that section.
In respect of Diamond Plan, in the event of loss or damage to the item/s covered under the policy, if the age of the insured item is less than 5 years, the Company shall indemnify the Insured with the current day replacement value of the damaged item at the time of loss without deducting any allowance for depreciation, subject to the Company’s Liability not exceeding the sum insured specified in the Schedule for that section. Where the age of the insured item exceeds 5 years, depreciation shall be applicable.

Where the damaged item can be repaired

Where the damaged item can be repaired, the Company shall indemnify the Insured the expenses necessarily incurred to restore the damaged item to its state immediately prior to the occurrence of the loss/damage, subject always to the sum insured specified under that section.

Basis of loss settlement for obsolete items

Where the insured property is subject to total loss and has become obsolete, all costs necessary to replace lost or damaged insured property with a follow-up model (similar type) of similar structure/configuration (of similar quality) i.e. low, average or high capacity will be reimbursed subject to a maximum of 50% of the cost of the follow up model.