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Householder's Insurance
Every common householder should insure himself and his property from
loss and/or damages under this policy.
What can be Insured
The Householder's Insurance Policy comprises of
ten sections covering of the insured's building, fixtures and fittings,
contents, jewellery
and valuables, television sets and VCRs, bicycles, accompanied baggage
as well as personal accident and public liability benefits.
Of these ten, the insured party must opt for at least three sections
and section 2 is compulsory.
If the insured party opts for cover for more than 4 sections excluding
compulsory sections, a discount of 15 percent is offered on the Non-Tariff
sections. For more than 6 sections, excluding Sections I and II,
20 percent discount is offered on Non-Tariff sections.
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Risks covered
Depending upon the property insured, the cover extends to protect
the insured against
- Fire
and allied perils
- Burglary, housebreaking, larceny or theft.
- Loss or damage by accident or misfortune.
- Mechanical and/ or electrical breakdown.
- Legal liability towards employees and general public.
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Compensation Offered
Depending on the property insured, the insurance cover provides compensation
equivalent to the market value or the cost of replacement.
In cases,
where the items insured are susceptible to depreciation, the actual
value is offered.
Specifically to the public liability risk, the amount
proffered is up to Rs.25,000/-
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Exclusions
The exclusions under the householder's insurance policy are specific
to the item or property insured:
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Under the Fire
tariff, the house must conform to Class 'A' construction
norms.
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Personal computers do not qualify as contents to be insured.
A separate electronic equipment policy has to be taken.
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Dish antennae are not covered under the policy.
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Under Section I (B) that covers contents and valuables stored
inside the premises, loss or damage to consumable articles,
money, securities, stamps, bullion, livestock, motor vehicles
and pedal cycle, deeds, bonds and promissory notes, shares,
books and manuscripts, loose precious stones and valuables
will not be compensated.
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Under Sections II and III covering the
contents and valuables stored inside the premises, burglary,
housebreaking, larceny or theft committed by any employee
of the insured's family and/ any member of the insured's
family as a principal or an accessory will not be insured.
Also damage caused by scratching or breakage of articles
of brittle
nature, loss caused by moths and insects, dyeing,
repairing or restoring, theft from unattended locations and
any process of cleaning will not be compensated.
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Under Section IV that covers plate glass,
any breakage during removal, alteration, repair, framework
and lettering, disfiguring or scratching will not be compensated
unless the fracture extends the entire thickness of the glass.
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Under Section V that covers the breakdown of domestic appliances,
the Sum Insured has to represent the replacement cost. All
the other sections, except Section V must represent the market
value.
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Under Section VI that covers
TV sets, including VCRs, any damage caused by external antenna
or
fittings, repairs or dismantling of the electric apparatus,
manufacturing defects will not be compensated.
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Under Section VII that covers pedal cycles,
any loss suffered within the municipal limits of the place
where the insured resides permanently are not covered.
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Under Section X (A) that covers the insured's
public liability, any liability arising out of or incidental
to the insured's profession or business during the alteration,
addition or repairs of the premises and/ or injury or damage
suffered by animals or vehicles are not covered.
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Under Section X (B) that provides cover
against the Workmen's Compensation Act, the insurers are
not liable to pay any interest and/ or penalty imposed upon
the insured party.
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