Varied Insurance Policies
Fire Insurance Policy is given by insurance companies which design the term and conditions in such a way that the insurer can get the benefits
. Machinery Breakdown Policy covers financial loss acquired by an insured due to the loss or damage caused in the machinery as a result of sudden accidental electrical and mechanical breakdown. These are given by many of the companies throughout the world.
Fire Insurance Policy is rendered by many of the insurance companies which agree to pay a certain amount equivalent to the estimated loss caused by fire to the insured, within the time specified in the contract whereas, the insurance protection is subject to change depending upon the policy. The companies inform the insurer, prior about the types of risks covered, since one cannot insure the property against all types of risks of fire. Fire Insurance Policy generally covers all immovable and movable property located in a particular premise such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process along with goods held in trust or on commission. It provides protection for the estimated value of the physical house Fire Insurance Policy differs according to factors. It also includes discounts for favorable claims experience, discounts for opting higher Voluntary excess, Incentives for Fire Protection Systems installed on the premises and Special Rating Scheme for medium/large risks based on physical features, safety systems and procedures. There are many types of fire insurance policies including Specific Policy, Comprehensive policy, Valued policy, Floating policy, Replacement or Re-instatement policy and more.
Machinery Breakdown Policy is a policy that covers financial loss acquired by an insured due to the loss or damage caused in the machinery as a result of sudden accidental electrical and mechanical breakdown. This policy reimburses the insured for the cost of repairs or replacement of the machinery of similar nature. Machinery Breakdown Policy lays out discounts on stand-by equipments. It also gives discounts for opting higher voluntary excess. Incentives for good maintenance are also given. There are many points which are not covered in the policy which are Fire and related perils, Overload experiments/tests/abnormal operating conditions, Gradually developed flaws/defects not necessitating immediate stoppages, Normal wear and tear, Willful act/negligence, Contractual liabilities Pre-existing defects, Consequential losses, Parts requiring regular replacements and Loss for which manufacturer is responsible. Machinery Breakdown Policy provides discounts for favorable claims experience. This policy has special rating scheme for equipments valued Rs. 50 lakhs and above based on age, maintenance, in-built safety sytems, claims experience, etc. This policy can be extended, if needed so.
http://www.indiamart.com/universalsompo/by: Universal Sompo General Insurance Company Limited
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