Copy of Final Report.doc

7/28/2019 Copy of Final Report.doc

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INSURANCE AWARENESS IN EDUCATIONAL INSTITUTIONS

With reference to

FUTURE GENERALI INDIA INSURANCE Co. Ltd, Visakhapatnam

A Project Report submitted in partial fulfillment of the requirement for the award of

MASTERS DEGREE IN BUSINESS ADMINISTRATION

By

G MAHESH

(Roll No: 1225111123)

GITAM INSTITUTE OF MANAGEMENT

GITAM UNIVERSITY

(Established U/S 3 of UGC Act, 1956)

VISAKHAPATNAM

(2011-12)


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Certificate by the company on their letter head

This is to certify that GADDAM MAHESH, MBA student (Enrollment No

1225111123), GITAM Institute of Management, GITAM University has done theproject from 03 May 2012 to 12 June 2012 on Future Generali India Insurance Co.

Ltd in our Organization for submission in partial fulfillment for the award of Post

Graduate Degree of Master of Business Administration by GITAM University and

his/her work has been satisfactory.


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ACKNOWLEDGEMENT

It is my pleasure to acknowledge and express my gratitude to all those who helped me

throughout in the successful completion of this project.

I am very thankful to Sri. N. Vinay Kumar Branch Head, of Future Generali India Insurance

(Visakhapatnam) Co. Ltd, Waltair Uplands, Visakhapatnam, for extending support

throughout the project.

I am thankful to Sri M GOVIND Sales Manager-Corporate and Sri Ajeet Modi Assistant

Manager-Underwriting of Future Generali India Insurance Co Ltd, Visakhapatnam, for

providing information regarding the project.

I wish to express my gratitude to Prof K Siva Rama Krishna, Dean & Principal, GITAM

Institute of Management, GITAM University, Visakhapatnam, for giving me this valuable

opportunity to experience the work culture in an organization.

I am grateful to Prof Vara Prasad (Name & Designation of the Faculty Guide), GITAM

Institute of Management, GITAM University, Visakhapatnam for his/her continuous

guidance to accomplish this project work, successfully.

G MAHESH

1225111123


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DECLARATION

I, G MAHESH a student of Masters of Business Administration (M.B.A.), GITAM Institute

of Management (GIM), GITAM University, hereby declare that the project work initiated on

Insurance Awareness In Educational Institutions at Future Generali India Insurance

Co. Ltd is a genuine work done by me in partial fulfillment for the requirement of the

degree of Masters of Business Administration. I confirm this has not been published or

submitted elsewhere for the award of any degree in part or in full.

G MAHESH

Date:

CERTIFICATE


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This is to certify that the project Report titled Insurance Awareness In Educational

Institutions is an original work carried out by G MAHESH (Enrollment No 1225111123),

under my guidance and supervision, in partial fulfillment for the award of the degree of

Masters of Business Administration by GITAM Institute of Management, GITAMUniversity, Visakhapatnam, during the Academic year 2011-12. This report has not been

submitted to any other University or Institution for the award of any

Degree/Diploma/Certificate.

Signature of Guide

Name and Address of the Guide:

Y Vara PrasadAssociate ProfessorGITAM Institute of ManagementVisakhapatnam


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Chapter -1

Theoretical Framework

Introduction

Insurance may be described as a social device to reduce or eliminate risk of life and property.


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Under the plan of insurance, a large number of people associate themselves by sharing risk,

attached to individual. The risk, which can be insured against include fire, the peril of sea,

death, accident and burglary. Any risk contingent upon these may be insured against at a

premium commensurate with the risk involved.

Insurance is actually a contract between two parties whereby one party called insurer

undertakes in exchange for a fixed sum called premium to pay the other party happening of

certain event. Insurance is a contract whereby, in return for the payment of premium by the

insured, the insurers pay the financial losses suffered by the insured as a result of the

occurrence of unforeseen event. With the help of insurance, large number of people exposed

to a similar risk makes contributions to a common fund out of which the losses suffered by

the unfortunate few, due to accidental events, are made good.

Insurance in India

The insurance sector in India has come a full circle from being an open competitive market toNationalization and back to a liberalized market again. Tracing the developments in the


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Indian Insurance sector reveals the 360 degree turn witnessed over a period of almost two

centuries. A brief history of the insurance sector. The business of life insurance in India in its

existing from started in India in the year 1818 with the establishment of the Oriental Life

Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about life and non-life insurance business.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the

central government and nationalized. LIC formed by an Act of parliament, viz., LIC

Act, 1956, with a capital contribution of Rs. 5 crores from the government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton

Insurance Company Ltd., the first general insurance company established in the year 1850 in

Calcutta by the British.

Some of the important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. Set up, the first company to transact all

classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India,

frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency

margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act 1972 nationalized the

general insurance business in India with effect from 1 st January 1973. 107 insurers

amalgamated and grouped into four companies viz., the National.

The Generali Insurance Corporation of India:

The entire general insurance business in India was nationalized by General Insurance

Business (Nationalization act), 1972(GIBNA). The Government of India (GOI), through


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nationalization took over the shares of 55 Indian insurance companies and the undertaking of

52 insures carrying on general insurance business.

General Insurance Corporation of India was formed in the pursuance of section 9(1)

of GIBNA. It was incorporated on 22 November 1972 under the companies act, 1956 as a

private company Limited by shares. GIC was formed for the purpose of superintending,

controlling and carrying on the business of the general insurance.

As soon as GIC was formed, GOI transferred all the shares it held of the general

insurance companies to GIC. Simultaneously, the nationalized undertakings were transferred

to Indian insurance companies. After a process of mergers among Indian insurance

companies, four companies were left as fully owned subsidiary companies of GIC.

1. National Insurance Company Limited,

2. The New India Assurance Company Limited,

3. The Oriental Insurance Company Limited,

4. United India Insurance Company Limited.

The next landmark happened on 19 April 2000, when the insurance regulatory and

development authority act, 1999 (IRDAA) came into force. This act also introduced

amendment to GIBNA and the insurance act 1938. An amendment to GIBNA removed the

exclusive privilege of GIC and its subsidiaries carrying of general insurance in India.

In November 2000, GIC is re-notified as the Indian Reinsurance and through

administrative instruction, its supervisory role over subsidiaries was ended. With the general

insurance business (nationalization) Amendment Act 2002 came into force from march 21

2002 GIC ceased to be the holding company of its subsidiaries. There ownership was vested

with Government of India.

General Insurance Public:

1. National Insurance,

2. New India Assurance,

3. Oriental Insurance,

4. United India Insurance,

5. Agriculture Insurance Company of India Ltd.

General Insurance Private:

1. Future Generali Insurance,

2. Bajaj Allianz General Insurance,

3. ICICI Lombard General Insurance,


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4. Reliance General Insurance,

5. Alliance Insurance,

6. TATA AIG General Insurance,

7. Export Credit Guarantee Corporation.

General Insurance:

Although efforts were made to maintain an open market for the general insurance industry

amending the insurance act of 1938 from time to time, malpractice escalated beyond control.

Thus the general insurance industry was nationalized in 1972. The General Insurance

Corporation (GIC) was set up as a holding company. It had four subsidiaries: New India,

Oriental, United India and the National Insurance companies (collectively known as the

NOUN). It was understood that these companies would compete with one another in the

market. It did not happen. They were supposed to setup their own investment portfolios. That

did not happen either. It began to happen after 29 years.

The GIC has a quarter of a million agents. It has more than 2,500 branches, 30 million

individual and group insurance policies and assets of about USD 1,800 million at market

value (at the end of 1999). It has been suggested that the GIC should close 20-25 % of its

nonviable branches (Patel, 2001). The GIC has so far been the holding company and re-

insurer for the state-run insurers. It reinsured about 20% of their business. Two Committee

Reports: One Known, One Unknown Although Indian markets were privatized and opened

up to foreign companies in a number of sectors in 1991, insurance remained out of bounds on

both counts. The government (at the time, dominated by the congress party) decided to set up

a committee headed by Mr. R. N. Malhotra (the then Governor of the reserve bank of India).

1. B PERSONAL ACCIDENT POLICY (P. A)


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This Policy is issued to you based on Your Proposal to Us and Your payment of the

Premium. This Policy records the agreement between us and sets out the terms of insurance

and the obligations of each party.

1. OPERATION OF COVER

a. The cover provided by this Policy will only apply during the Policy Period stated in the

Schedule.

b. The Policy does not provide coverage for any insured person unless he or she at the date of

the claim is under 70 (Seventy) years of age.

c. The policy will not be valid unless a Schedule signed by one of Our Authorized

Representatives is attached.

2. DEFINITIONSFollowing words are phrases whenever they appear in italics in this policy wording havespecial meanings as defined below against each of them:

You, your, yourself The policyholder shown in the schedule

We, our, us, insurer Future Generali India Insurance Company Limited

Schedule That portion of the policy which sets out your personal

details, the type of insurance cover in force, the period andthe sum insured. Any Annexure or Endorsement to the

schedule shall also be a part of the schedule.

Proposal The application (Proposal) from for insurance cover

submitted to us along with all information which has enable

us in considering whether and on what terms to offer this

insurance.

Policy The complete documents consisting of the proposal, policy

wording, schedule and endorsements and attachments ifany.

Occupation Occupation of Insured persons as shown in the schedule or

as declared to us in the proposal.

Policy Period The period commencing with the start date mentioned in the

schedule till the end date mentioned in the schedule.

Accident, Accidental A sudden, unintended and fortuitous external and visible

event.

Accidental Bodily Injury Any injury to you caused by an accident which occurs


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during the Policy Period but does not include any condition

which is also a sickness or illness or disease or any

degenerative condition provided that the injury results in

any of the events specified in the table of events within 12

calendar months from the date of such injury.

Doctor / Physician A qualified medical practitioner holding a valid and

subsisting license granted by the appropriate licensing

authority and acting within the scope of his license.

Permanent Total Disablement Means disablement which entirely prevents an insured

person from attending to any business or occupation of any

and every kind and which lasts 12 months and at the expiry

of that period is beyond hope of improvement.

Permanent PartialDisablement

Doctor certified total and continuous loss or impairment ofa body part or sensory organ specified.

Temporary Total Disablement Means disablement which temporarily and totally prevents

the insured person from attending to the of his usual

business or occupation and shall be payable for a maximum

period of 100 weeks during such disablement from the date

on which the insured person first became disabled.

Total Sum Assured The amount stated in the schedule, which the maximum

amount we will pay for claims is made by you in one policy

period irrespective of the number of claims you make or the

number of years that you have had personal accident policy

with us.

Principle sum insured The highest of the sum insured mentioned for death or

permanent total Disability or permanent partial disability

benefit.

Reasonable and Customary

Charges

A charge incurred for medical treatment that are medically

necessary to treat your condition and not exceeding the

usual level of charges for similar medical services in the

locality where expense is incurred and excludes any charge

that would not have been made if there was no insurance.

Hospital A legally recognized establishment which holds a valid

license to practice medicine and provide for the care and

treatment of injured persons, with minimum of 10 beds, one

or more physicians available at the premises at all times and

provides 24 hour nursing service with at least one qualified

and registered professional nurse present and on duty at all

times.


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Fingers or Toes Whether in the singular or plural, means the digits of a hand

or foot.

Insured Person Whether in singular or plural means the person(s) who

come within the description of insured persons stated in the

schedule, who are nominated by you from time to time and

for whom premium has been paid.

Policy Holder Organization stated in the schedule.

Limb Whether in singular or plural, means an arm at or above the

wrist or a leg at or above the ankle.

3. WHAT WE WILL PAY FOR

Following an Accidental Bodily Injury to You which results in any of the events listed in the

Table of Events, we will pay You or Your nominee such percentage stated against the event

in the Table of Events of the sum insured stated in the Schedule provided that the

Schedule mentions that you have opted for coverage against that event and paid premium for

the same.

PRIMARY COVERS

The Primary Cover includes the following benefits. We will make payment for the benefits as

specified in the Schedule.

A. Accidental Death

B. Permanent Total Disablement

C. Permanent Partial Disablement

D. Temporary Total Disablement

For any other Permanent Partial Disablement event not provided above. We shall pay an

appropriate percentage of principal sum insured as decided by us.

If a claim has already been settled for any of the primary covers the amount payable for the

subsequent claims/s under any other primary covers shall be reduced by the amount/s already

paid.

Regardless of one or more claims during the policy period, the maximum amount payable

towards the Primary Cover shall be restricted to the Principal Sum Insured.

If more than one loss results from any Accident, only the one amount the largest, will be paid.

Table of Events

Event Percentage of Sum insured

Death 100%


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Permanent Total Disablement 100%

Permanent Partial Disablement As follows

Permanent Total Loss of sight of both

eyes

100%

Permanent Total Loss of sight of one eye

and physical separation of or the loss ofability to use either one hand or one foot

100%

An arm at the shoulder joint 75%

An arm above the elbow joint 70%

A hand at the wrist 50%

An arm beneath the elbow joint 60%

A thumb 25%

An index finger 10%

Any other finger 5%

A leg above mid-thigh 75%

A leg up to mid thigh 60% A leg up to beneath the knee 50%

A leg up to mid-calf 45%

A foot at the ankle 40%

A large toe 5%

Any other toe 2%

Permanent Loss of sight of one eye 50%

Hearing of one ear 25%

Hearing of both ears 75%

Sense of smell 10%

Sense of taste 5% Shortening of leg by at least 5% 7%

Temporary Total Disablement As per the benefit plan

This policy shall cease for the particular Insured Person on payment of a claim for Death or

Permanent Total Disablement of that Insured Person.

4. ADDITIONAL COVERS

We will make payment for the following additional benefits if the Schedule mentions that

you have availed the same and paid the additional premium applicable.

(a) Child Education Support

In the event of We making payment for a claim for Death or Permanent Total Disablement,

We will also be making payment towards the education support of Your child upto 21 years

of age for the sum insured mentioned against this benefit per month for the maximum period


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as stated in the Schedule .This benefit shall be limited to the maximum as stated in the

Schedule irrespective of the number of children.

(b) Life Support Benefit

In the event of We making payment for a claim for Permanent Total Disablement, We will

also make payment towards your life support the sum insured mentioned against this benefit

per month for the number of months mentioned in the Schedule.

(c) Accidental Medical Expenses

In the event of valid claim under this policy for Death, Permanent Total Disablement,

Permanent Partial Disablement, Temporary Total Disablement We will reimburse the

Reasonable and Customary charges, subject to Deductibles if any shown in the Policy

Schedule, towards Hospitalisation expenses incurred for medical treatment for the injury

sustained, as an inpatient in a Hospital in India for a minimum period of 24 hours. The

maximum amount payable towards this cover shall be the sum insured shown in the Schedule

against this cover.

(d) Hospital Cash Allowance

In the event of us paying a claim for Accidental Medical Expenses, we will also make

payment of the sum mentioned in the Schedule for each completed day of hospitalization for

a maximum period mentioned in the Schedule.

(e) Loan Protector

In the event of us making a payment for Death or Permanent Total Disablement, We will also

pay the sum mentioned in the Schedule against this benefit per month or the actual Loan EMI

you are liable to pay, whichever is less for the maximum period mentioned in the Schedule.

We will also make payment towards this benefit for each completed month of hospitalization

in the event of you meeting with an Accident and getting hospitalized. The maximum

payment during the policy period shall be the number of months mentioned in the Schedule.

(f) Repatriation Benefit and Funeral Expenses

In the event of We making payment for a claim for Accidental Death we will also make

payment towards

I. Expenses incurred for preparing your body for burial or cremation and transportation of

your body to your city of residence provided the place of death is not less than 100 kms from

your normal place of residence.

II. Your funeral expenses.

The maximum towards a & b together shall be limited to 1% of the Principal Sum insured

subject to maximum of Rs 12500/-.


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(g) Adaptation Allowance

If You are required to modify Your vehicle or make some changes in Your house as

necessitated by a Permanent Total Disablement which resulted from an accident covered

under this Policy, We shall reimburse such expenses up to a limit of 10% of the Principal

Sum Insured subject to a maximum of Rs.50,000 provided we have paid the claim towards

Permanent Total Disablement.

(h) Family Transportation Allowance

Following an accidental injury which results in Death, Permanent Total or Permanent Partial

Disablement indemnifiable under this policy, if the Insured Person is confined in a hospital

outside 100 kms of his normal place of residence, within 12 months from the date of accident,

and the attending physician recommends the personal attendance of an immediate family

member, we shall reimburse the expenses incurred for the immediate family member for

transportation by the most direct route by a licensed common carrier to the place of

confinement of the Insured Person.

The maximum amount payable for this cover shall be limited to 10% of the Principal Sum

Insured subject to maximum Rs.50,000/-.

5. WHAT IS NOT PAYABLE

We will not pay for any compensation, benefit or expenses in respect of Death, Injury or

Disablement, Accidental Medical Expenses of the Insured person as a consequence of the

following

a) Intentional self injury (including but not limited to the use or misuse of any

intoxicating drugs or alcohol)

b) Accident while under the influence of alcohol or drugs.

c) Participation in an actual or attempted felony, riot, crime, misdemeanor or civil

commotion

d) Any accident of which a contributing cause was your actual or attempted commission

of, or willful participation in, an illegal act or any violation or attempted violation of

the law or your resistance to arrest.

e) Whilst engaging in Aviation or Ballooning or whilst mounting into, dismounting from

or traveling in any balloon or aircraft other than as passenger (fare paying or

otherwise) in any duly licensed standard type of aircraft.

f) Participating in motor racing or trial run as a driver, co-driver or passenger


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g) Curative treatments or interventions that you carry out or have carried our on your

body

h) Pregnancy and childbirth, miscarriage, abortion or complications arising out of any of

these

i) War, invasion, acts of foreign enemies, hostilities (whether war be declared or not),

civil war, commotion unrest, rebellion, revolution, insurrection, military or usurped

power or confiscation or nationalization or requisition of or damage or under the order

of any government or public authority

j) Nuclear energy, radiation

k) Any existing disablement prior to the inception of the policy

l) Venereal or sexually transmitted diseases, HIV (Human Immunodeficiency Virus) or

HIV related illness including AIDS (Acquired Immune Deficiency Syndrome) and /

or mutant derivatives or variations however caused.

m) Any medical expenses, services, supplies or treatment or hospital stay which were not

recommended or approved as medically necessary by a Physician.

n) Any expense incurred which is not exclusively medical in nature

o) Expenses incurred for emergency medical evacuation

6. THINGS YOU SHOULD DO

1. If you meet with an accidental bodily injury that may result in a claim, then

You must immediately consult a Doctor and follow the advice and treatment that he

recommends

a) You or someone claiming on your behalf must inform us in writing immediately and

in any event within 15 days

b) You must take reasonable steps to lessen the consequences of your bodily injury.

c) You or someone claiming on your behalf must promptly give us the documentation

information we ask for to investigate the claim or our obligation to make payment for

it.

d) You must have yourself examined by our medical advisors if we ask for this and asoften as we consider this to be Necessary


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e) In case of your death, someone claiming on your behalf must inform us in writing

immediately and send us a copy of the Post Mortem report, FIR or any other

document as required by us within 15 days.

2. We have agreed to issue this policy based on the occupation that you have declared to us

while taking this policy. If you change your occupation then you must tell us in writing

within 30 days of the change. If you do not do this, then this insurance will cease as far as

you are concerned from the date that you changed your occupation.

3. You should send any communication meant to us in writing to our address shown in the

Schedule.

4. If you wish to cancel this policy you should give us 15 days notice in writing. We shall

refund you balance premium after retaining premium as per the scale shown below:

Policy period not exceeding % of annual rate

1 month 25%

3 month 40%

6 month 75%

9 month 90%

7. THINGS WE WILL DO THINGS

We will send any communication meant to you to your address shown in the Schedule.

a) We will make claim payment to you or Your Nominee. If there is no Nominee and

you are incapacitated or deceased, we will pay your heir, executor or validly

appointed legal representative and any payment we make in this way will be a

complete and final discharge of our liability to make payment.

b) We will make all claim payments in Indian rupees within India only.

c) If we cancel this policy we will give You 15 days notice in writing. In such cases we

shall make you pro rata refund of premium for the balance period.

d) If you renew this policy with us within 7 days of expiry of the policy we shall give

you 5% increase on the primary covers for each continuous claim free year.

Maximum increase shall be 25% of the original policy sum insured. You will be

eligible for this benefit only if the Schedule mentions that such benefit is included in

the plan opted by You.

e) If you renew this policy continuously with Us, You may become eligible for Renewal

Discount in the renewal premium payable as per our guidelines.


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f) This Policy may be renewed by mutual consent every year and in such event, the

renewal premium shall be paid to us on or before the date of expiry of the Policy or of

the subsequent renewal thereof.

However we shall not be bound to give notice that such renewal premium is due.

Incurred claim Ratio under the Group Discount Percentage (%)

Up to 20% 25

21% - 35% 15

36% - 50% 10

51% - 60% 5

8. Loading Percentage for high claim ratio (MALUS):

The total premium payable at renewal of the group policy will be loaded at the following

scale depending upon the incurred claims ratio for the entire group insured under the group

personal accident policy for the preceding 3 completed years excluding the year immediately

preceding the date of renewal. Where the group personal accident policy has not been in force

for the 3 completed years, such shorter periods of completed years excluding the year

immediately preceding the date of renewal will be taken in to account.

Incurred claim Ratio under the Group Policy Loading Percentage (%)Between 80% and 100% 25

Between 101% and 125% 55

Between 126% and 150% 90

Between 151% and 175% 120Between 176% and 200% 150

Over 200% Cover to be reviewed

9. WHAT YOU SHOULD NOT DO

a) You should not make any claim knowing it to be false or fraudulent in any way.

b) You should also not conceal, misrepresent intentionally or otherwise any fact or

circumstance that we consider as material to this insurance.

c) If you do so then the policy shall be void and all claims or payments due under it shall

be lost.

10. DISPUTE RESOLUTION

a) Any dispute regarding the claim amount, liability otherwise being admitted, are to be

referred to arbitration under the Arbitration & Conciliation Act 1996. The law of the

arbitration shall be Indian law and the seat of the arbitration and venue for all the

hearings shall be within India.


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b) If these arbitration provisions are held to be invalid, then all such disputes or

differences shall be referred to the exclusive jurisdiction of the Indian courts.

11. COMPLIANCE WITH POLICY PROVISIONSFailure by You to comply with any of the provisions in this Policy may invalidate all claims

hereunder.

12. USE OF MASULINE PRONOUN

A masculine personal pronoun as used in this Policy includes the feminine, wherever the

context requires.

13. TERRITORIAL LIMITS AND LAW

We cover Accidental Bodily injury sustained by you during the Policy Period anywhere in

the World (subject to the travel and other restrictions that the Indian Government may

impose), but we will make payment within India and in Indian Rupees. The construction,

interpretation and meaning of the provisions of this Policy shall be determined in accordance

with Indian Law.


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Chapter-2

ABOUT THE COMPANY

ABOUT THE COMPANY:

Future Generali is a joint venture between the India-based Future Group and the Italy-

based Generali Group.

Future Generali is present in India in both the Life and Non-Life businesses as Future

Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.

FUTURE GROUP:

Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of

Indias leading business houses with multiple businesses spanning across the consumption

space. While retail forms the core business activity of Future Group, group subsidiaries are

present in consumer finance, capital, insurance, leisure and entertainment, brand

development, retail real estate development, retail media and logistics.

Led by its flagship enterprise, Pantaloon Retail, the group operates over 12 million

square feet of retail space in 71 cities and towns and 65 rural locations across India.


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Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is

listed on the Indian stock exchanges. The company follows a multi-format retail strategy that

captures almost the entire consumption basket of Indian customers. In the lifestyle segment,

the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls.

In the value segment, its marquee brand, Big Bazaar is a hypermarket format that combines

the look, touch and feel of Indian bazaars with the choice and convenience of modern retail.

The groups specialty retail formats include sportswear retailer, Planet Sports,

electronics retailer, eZone, home improvement chain, Home Town and rural retail chain,

Aadhaar, among others. It also operates popular shopping portal, www.futurebazaar.com.

Future Capital Holdings, the groups financial arm, provides investment advisory to

assets worth over $1 billion that are being invested in consumer brands and companies, real

estate, hotels and logistics. It also operates a consumer finance arm with branches in 150

locations.

Other group companies include, Future Generali, the groups insurance venture in

partnership with Italys Generali Group, Future Brands, a brand development and IPR

company, Future Logistics, providing logistics and distribution solutions to group companies

and business partners and Future Media, a retail media initiative.

The groups presence in Leisure & Entertainment segment is led through, Mumbai-

based listed company Galaxy Entertainment Limited. Galaxy leading leisure chains, Sports

Bar and Bowling Co. and family entertainment centers, F123. Through its partner company,

Blue Foods the group operates around 100 restaurants and food courts through brands like

Bombay Blues, Spaghetti Kitchen, Noodle Bar, The Spoon, Copper Chimney and Gelato.

Future Groups joint venture partners include, US-based stationery products retailers,

Staples and Middle East-based Axiom Communications. Future Group believes in developing

strong insights on Indian consumers and building businesses based on Indian ideas, as

espoused in the groups core value of Indianness. The groups corporate credo is, Rewrite

rules, Retain values.

THE GENERALI GROUP:

The Generali Group is a leading player in the global insurance and financial markets.

Established in Trieste in 1831, today the Group is one of Europes largest insurance providers

and the European biggest Life insurer. It is also one of the worlds top asset managers with

assets totaling more than 400 billion. With an employed sales force of more than 100,000
http://www.futurebazaar.com/http://www.futurebazaar.com/


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people serving 70 million clients in 68 countries, the Group occupies a leadership position in

Western Europe and an increasingly important place in Eastern Europe and Asia.

The Group strategy aims to consolidate Generalis pre-eminence on its key markets

and achieve a premier position on markets with high growth potential, establishing its

leadership in profitability.

IDENTITY CARD:

Since its establishment, the Generali Group has always held a reputation for its capital and

financial strength. Its solidity derives from prudent investment management and a focus on

achieving a correct match between risk and medium/long-term profitability.

Generali Group is one of the leading insurance groups in Europe, with a 2009 total

premium income of more than 70 billion It is present in 68 countries

It has 70 million clients worldwide

It has 85,322 employees (15,956 in Italy)

It has over 400 billion of assets under management

High rating assigned by the international rating agencies:

A.M. BEST: A+ STABLE

Standard & Poors: AA- STABLE

Fitch Ibca: AA- NEGATIVE

Moodys: Aa3 STABLE

Vision Statement:

"Pledged to provide financial security to all people & enterprises through total insurance

solutions"

Values:

Respect: for all our stakeholders- employees, customers, for all rules and regulations

both internal and external.

Indianness: We understand India in all its diversity and different facets and will use

for our local understanding to respond to our specific markets, design our products

and craft our processes.

Nimbleness: A combination of speed and quality, and ability to overcome all

obstacles which come in the way of the achievement of our vision.


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"Can Do: An attitude which demonstrates our passion, entrepreneurship, and

positive thinking.

Positioning

Knowledge Organization with Leadership Approach

One Stop Total Insurance Solutions & Services Provider

Customer Centric Model embracing Passion, Convenience and Service Excellence

Objective

To provide superior customer service through our knowledge-based business partners and

employees supported by innovative products and services.

Family DNA

Pioneering spirit Passion for clients

Responsibility

Respect

Integration

Professionalism

Transparency

Indianness Visionary

Lifetime learning

Products:

Retail Products

Motor

Motor Suraksha

Motor Add-on

Accident & Health

Future Accident Suraksha For Individuals & Family

Health Suraksha For Individuals & Family

Future Criti-care For Individuals & Family
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Travel

Travel Suraksha

Individual Travel Plan

Multi- Trip Plan

Asia Travel Plan

Superior Care Plan

Schengen Travel

Home

Future Home Secure

Commercial Products

Business Suraksha

For Shopkeeper

For Office

Education Institutes

For Housing Societies

Hotel & Restaurants

Corporate Products

Fire

Standard Fire & Special Perils Policy

Fire Loss of Profit

Industrial All Risk

Engineering Insurance

Erection All Risk

Contractors All Risk

Machinery Breakdown

Contractors Plant & Machinery

Boiler & Pressure Plant

Electronic Equipment

Machinery Loss of Profits

Marine Cargo Insurance

Accident & Health

Group Health Insurance
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ireandSpecialPerilsPolicy.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/LossofProfitsPolicy/LossOfProfitsPolicy.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/IndustrialAllRisk/IndustrialAllRisk.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/EngineeringInsurance/EngineeringInsurance.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/EngineeringInsurance/EngineeringInsurance.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/EngineeringInsurance/EngineeringInsurance.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/EngineeringInsurance/EngineeringInsurance.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/EngineeringInsurance/EngineeringInsurance.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/EngineeringInsurance/EngineeringInsurance.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/EngineeringInsurance/EngineeringInsurance.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/EngineeringInsurance/EngineeringInsurance.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/MarineCargoInsurance/MarineCargoInsurance.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/AccidentAndHealth/AccidentandHealth.aspxhttp://www.futuregenerali.in/GeneralInsurance/CorporateProducts/AccidentAndHealth/AccidentandHealth.aspx


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Group Personal Accident

Liability

Public Liability (Industrial)

Public Liability (Non Industrial)

Products Liability

Directors & Officers Liability

Errors & Omissions

Commercial General Liability

Workmens Compensation

Miscellaneous

Burglary

Money

Rural Products

Rural Products

Cattle & Livestock

Poultry

Other Animals

Camel

Dog

Elephant

Horse

Agricultural Pump-set

Farmers Package

Future Secure Motor Insurance:

The difference between driving safe and driving secure. You stop at every signal; you

slow down when you are supposed to, and follow every rule to the letter. Unfortunately, your

vehicles fate doesnt depend on you alone. Future Motor Suraksha takes care of any damage

your vehicle might suffer. This plan, which is in its first year of operations; overs everything,

including third party expenses. So now when you drive, rest assured; we take just as much

care of your car as we do of you.
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Types of Motor Insurance Solutions:

Private Car Insurance

Two Wheeler Insurance

Commercial Vehicle InsuranceBenefits

Instant policy issuance

Toll-free assistance number for customer service and claims registration

Prompt and timely claims survey

Cashless / direct settlement at our approved workshops

Claims finalization within seven working days from receipt of all documents

Accidental towing assistance (within city limits only)

Automated renewal reminder service

Private Car Insurance/Two Wheeler Insurance:

Coverages

Vehicle damage: This benefit covers any damage to your vehicle on account of an

accident, burglary, theft or housebreaking. It also protects your vehicle against

damage due to fire, lightning, self-ignition, explosion, riot, strike, malicious act,

terrorism, earthquake, flood, cyclone and inundation. This cover encompasses

protection against any damage caused to your vehicle while in transit by road, rail, air,

elevator and lift

Third party liability: This benefit protects you against any third party liability that you

may incur due to the death of, or bodily injury to, any person; or damage to property.

The policy also covers the legal expenses you might incur to defend this claim. This is

a mandatory insurance coverage for your vehicle

Additional coverages

1. Personal accident cover:

The motor insurance provides compulsory personal accident cover of Rs. 1 lakh for

individual owners of the vehicle while driving. This is not applicable for a Company owned

Vehicle. You can also opt for a personal accident cover for passengers (named or un-named)

up to a maximum Capital Sum Insured of Rs. 2 lacs per person


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Available only if the owner of the vehicle holds a valid driving license.

2. Additional Legal liabilities:

The following additional legal liabilities may also be opted for at an additional premium

Paid Driver/conductor/Cleaner employed in operation of vehicle.

Employees traveling in/driving the vehicle other than paid driver.

Non-fare paying passengers

Bonus and Discounts:

No Claim Bonus: If you do not make a claim during the policy period, a No Claim

Bonus (NCB) is offered on renewals. This discount can go as high as 50%. (NCB will

only be allowed provided the policy is renewed within 90 days of the expiry date of

the previous policy.)

Transfer of NCB: You can transfer full benefits of No Claim Bonus when you shift

your motor insurance policy to another company.

Voluntary Excess discount: A further discount on the premium is available if you

opt for a Voluntary Excess (available only for Private cars and two wheelers) in

addition to the Compulsory Excess. (Compulsory Excess is the amount of loss which

the insured has to bear in each and every claim.).

Automobile Association Membership: You can also avail of additional discount if

you are a member of a recognized Automobile Association in India (available only for

Private cars and two wheelers).

Anti-theft devices: In case you have installed an ARAI approved anti theft device in

your vehicle, you get a discount of 2.5 % on the OD Premium to a maximum of Rs.

500 for four-wheelers and Rs 50/- for two wheelers

Motor Add on:

With growing needs and dynamic external factors, the regular car insurance is no

longer sufficient. Future Generali offers you unique Add on covers for additional

protection to your vehicles

1. Depreciation Cap

This cover offers full claim without any deduction for depreciation on the value of parts

replaced. The cover is available for vehicles up to 3 years old and operates for maximum 2

claims during the policy period.

2. IDV comprising of On Road Price


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This cover offers IDV equal to Invoice value plus Registration plus Road Tax for the new

vehicle.

3. Reimbursement of Consumables.

This cover reimburses the cost of consumables up to 2% of the admissible claim amount

subject to a maximum of Rs 3000/-

1. Personal Accident of Rs 50 lakhs Death only for registered owner.

2. Loss of Personal Belongings including owners laptop from locked vehicle up to Rs

50,000/-

3. Loss of keys up to Rs. 50,000/-

4. Inconvenience Allowance of Rs. 3000/- per day for 15 days

5. This cover pays a fixed sum towards hiring a transport while the vehicle is under

repair for a valid claim and the repair time is more than 3 days. Period of Daily

Allowance may extend beyond the policy period depending upon the date of loss.

6. Personal Liability of Rs 5 lakhs worldwide for registered owner

You may also choose from Pre-determined bundles below

Add on Covers Silver Gold Platinum

Depreciation Cap

IDV comprising of On Road Price

Reimbursement of Consumables

Personal Accident Death only

cover for Registered owner

Loss of Personal Belongings

Loss of keys

Inconvenience Allowance

Personal Liability

Commercial vehicle Insurance:

Your vehicle is most critical to your business. Any damage to it can be a huge loss to

you. In todays times of uncertainties, you need a comprehensive insurance cover which not

only covers you for the liability arising out of the Third party but covers you against the loss

or damage to your vehicle.

Benefits

Covers all the features as per the Motor Vehicle tariff

Coverage for Partial Loss & total loss arising out of accident, Fire & allied perils,

burglary & theft, riots and strikes, damage in transit by air, rail, road and sea.


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Discount (NCB) for claim free experience.

Predefined depreciation for the parts needing replacement on account of accident.

Third Party Legal Liability: Covers Third party property damage and Third party

Bodily injury.

Future Accident Suraksha:

External sunshine of a tranquil mind. Wouldnt it be nice to never wonder, what if...?

To never have misgivings? To be prepared for absolutely anything? Heres where we come

in. With Future Accident Suraksha - Well take care of any financial consequences that an

unforeseen event might incur. So go on and live a life without worries. After all, when

youre insured even against the unforeseen, peace of mind comes easy.Scope of cover

The Plan covers risk of Accident

Accidental Death

Permanent Total Disability

Permanent Partial Disability

Temporary Total Disablement

Health Suraksha For Individuals & Family

Always within reach. Your health is your most important asset. And with Future Health

Suraksha, we ensure that you will never have to go too far to protect it. Our network of

hospitals across the nation will handle any medical problem that arises. Its our way of

protecting you even against the unpredictable.

Benefits

In house Claims processing

Cashless settlement

Innovative covers offered

Family Floater

Quick settlement of claims

Renewal discount

No Claim Bonus
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Future Criti-care For Individuals & Family

Future Criti-Care is a standalone critical benefit plan that insures you against twelve critical

illnesses. Should you ever be diagnosed with one of these, you will be provided with a fixedsum, regardless of your actual medical expenses and other health indemnity policies.

Subsequent to 90 days from the policys commencement, Future Criti-Care shall cover the

following major medical illnesses and procedures; subject to survival of 28 days from the

date of diagnosis/ procedure. You can apply for this plan in addition to your other medical

plans.

Cancer*

Kidney Failure*

Primary Pulmonary Hypertension*

Liver Failure*

Multiple Sclerosis*

Major organ transplant*

Coronary artery bypass surgery*

First heart attack*(myocardial infarction)

Coma*

Total blindness*

Aorta graft surgery*

Stroke*
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Travel Suraksha:

195 nations. 7 continents. 1 policy to keep you safe. World travel made easy. Wherever you

go, we keep you safe. Future Travel Suraksha takes care of any contingencies that might arise

during your journey; like misplaced papers, sudden illnesses, lost luggage etc. So travel theworld. Leave the worries to us.

Benefits

Cashless claims settlement

Claims turnaround time of less than seven working days

Global service and hospital network

Worldwide emergency, medical and travel assistance

Universal International Free Number (UIFN)

Flexibility of choosing a travel insurance plan as per your need

Child escort benefit

Specially designed plan for senior citizens (i.e. 71 80 years of age)

Ease and convenience of purchase

Instant policy issuance

Cover extension in India, up to 90 days for medical expenses on evacuation

Future Generali Home Suraksha:

Protect what protects you. Insure your home and everything in it. In todays busy life; we

need someone who protects our worries about unfortunate loss of hard earned money,

property, etc. Future Generali's Home Protection Policy protects you from all your worries.

Important features of various sections of this policy are:

Section I - Protection of your assets against fire and allied perils and earthquake

I-A Buildings

I-B Contents (excluding valuables)

I-C Cost of alternative accommodation

I-D Loss of rent

I-E Terrorism

I-F Purchase protection

Section II Burglary / housebreaking and theft


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This section provides protection against the loss or damage to the contents and / or building

of insured premises by burglary and / or housebreaking. The contents may either be insured

on 100% basis or first Loss limits (25% or 40%). The sum insured value of contents should

be on market value basis.

Section III: Protection of your valuables

III-A Jewellery / Valuables

III-B Portable Computer All risk excluding breakdown

Section IV: Protection of your electronic equipment

IV-A Audio visual equipments (electronic equipment) all risk

IV-B Computers (electronic Equipment) all risk

Section V: Protection of Your household mechanical / electrical equipment

V - Household appliances breakdown

Section VI-An Accidental compensation (personal accident) Death / PTD / PPD

VI-A Permanent Partial disability

VI-B Hospital confinement allowance

Section VII: Protection against your liability

VII-A your legal liability as a tenant - Tenants legal liability

VII-B Workman's compensation Domestic employees

VII-C Public liability

Section VIII: Enhanced protection covers (Other covers)

VIII-A Baggage all risk

VIII-B Plate glass all risk

VIII-C Pedal cycle

VIII-D ATM cash withdrawal all risk

VIII-G Veterinary cost road accident

Commercial Products:

Scope of cover

This policy is applicable to land-based properties. Our policy is intended to cover

unforeseen events like fire, earthquake, breakdown, burglary, etc. It does not cover wear and

tear and damage which happens gradually over a period of time which would normally be

described as maintenance. We offer Business Suraksha policy to


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Shopkeepers

Office

Educational Institutions

Hotels & Restaurants

Housing Societies

Benefits

1. Fire and Special Perils Building and Contents:

This section broadly covers the damages caused by following risk,

Fire ,Lightening, Explosion, Aircraft damage

Riot/Strike, Malicious damage

Storm, Cyclone, Flood and Inundation

Impact Damage, Subsidence and Landslide including Rock slide, Bursting & or

overflowing of water tanks, apparatus & pipes

Earthquake

Terrorism (Optional)

Also following can be extended to cover the losses consequent to damage / loss by charging

an additional premium...

Rent for Alternate Accommodation.

Tenants Legal Liability (Fire Damage- Building)

Note: Building and Contents value shall be shown separately. Contents sum insured is

mandatory. Sum insured value of building; FFF should be on reinstatement basis. Contents

(stocks) should be on Market Value basis. Adequacy of sum insured of Building and

Contents to be ensured to avoid underinsurance.

2. Burglary and Housebreaking:

This section provides protection against the loss or damage to the contents and / or building

of insured premises by Burglary and / or Housebreaking. Contents can be insured on First

Loss Limits. Sum Insured value of contents (Stocks) should be on Market Value basis.

3. Electrical and Mechanical Appliances:

This section protects you from accidental mechanical or electrical breakdown of machineries

or equipment whilst installed in the Insured Premises. The sum Insured of each equipment

should be on Reinstatement Basis.

4. Electronic Appliances:


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This section of policy covers the repair or replacement costs of your Electronic Equipment

caused by any unforeseen and sudden physical loss. The sum Insured of each equipment

should be on Reinstatement Basis.

5. Money Insurance (Money in Transit/ Money in Safe/ Money in Counter):

In business, transferring the money from one place to another often causes anxiety for

everyone. This section protects your risks by:

Money in Transit between the insured premises and specified bank and vice versa.

Money in Safe.

Money in Counter.

6. Infidelity / Dishonesty of employee:

Employees are our greatest assets. Yet you face instances where your employees cheat you,

this section cover such unusual events. This section covers you against:

Any direct loss caused by act of fraud committed by any salaried employee in the

insured premises.

7. Fixed Plate Glass:

This section covers accidental damage to fixed plate glass, frames, and frameworks.

8. Neon Sign / Glow Sign:

This section covers accidental damage to Neon Sign / Glow Sign by Fire, lightening, external

explosion, theft, riots, strike & natural calamities, accidental external means.

9. Personal Accident:

This section covers you, in case of Accidental Death, Permanent Total Disablement, and

Permanent Partial Disablement. Maximum Limit for shopkeeper owner is Rs.10 Lacs and for

each employees Rs 2 Lacs.

10. Workmen Compensation:

This section covers the liability towards your Workmen under the Workmen Compensation

Act, Fatal Accidents Act and at Common Law under this section.

11. Public Liability:

This section will compensate you, for the claims arising out of the third parties bodily injury

or property damage occurring in your premises. This is in accordance with Indian Law.

12. Pedal Cycle:


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This section covers the repair or replacement costs in respect of the Pedal Cycle caused by

any unforeseen, accidental and sudden physical loss.

13. Baggage:

This section covers accidental loss caused to your personal baggage while traveling anywhere

in India beyond 25 km radius of the insured premises.

14. Business Interruption (Fire Loss of Profit):

This section provides cover against the loss of income following the loss or damage by

standard fire and special perils.

Corporate Products:

Fire:

Standard Fire and Special Perils Policy:

Fire insurance policy is suitable for the owner of property, one who holds property in trust or

in commission; individuals/ financial institutions who have financial interest in the property.

All immovable and movable property located at a particular premises such as buildings, plant

and machinery, furniture, fixtures, fittings and other contents, stocks and stock in processalong with goods held in trust or in commission including stocks at suppliers/ customer's

premises, machinery temporarily removed from the premises for repairs can be insured.

Coverage Includes

Fire

Lightning

Explosion/Implosion

Aircraft Damage

Riot, Strike, Malicious Damage

Storm, Typhoon, Hurricane, Tornado, Flood and Inundation

Impact damage

Subsidence and landslide including Rock slide

Bursting and overflowing of water tanks, apparatus and Pipes

Missile testing operations

Leakage from Automatic Sprinkler Installation


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Bush Fire

Non Motor Claims Process

Insurance policies are contracts of insurance between the insured and Insurer. The insured

needs to understand the policy issued to him before the loss occurs.Filing the Claims:

Contact the Call center immediately.

The intimation of the loss can be made through Broker / Agent / FG representative in

any office of FG.

It is desirable that the call be placed on our call center to avoid the loop in the

communication.

Kindly ensure that as far as possible the policy details are available with you beforeyou intimate the loss.

Contact on Phone / email / fax.

In case of Fire loss:

Contact the fire brigade / police.

Try to minimize the loss and protect the property.

In case of Theft/ Burglary claims:

Loss should be reported to Police Authorities.

In case of Marine transit loss:

If you observe the damage to packing insist on open delivery.

Qualify the BL/LR/RR/MTD/AWB.

Submitting Documents:

In support of your claim the insured may be required to submit the following documents:-

In case of Fire Policy Claims:

Claim form, duly filled in & signed by the Insured.

Inventory of loss.

Repairs bills.

Lab. Test reports, if required

Photographs, if taken by the Insured

Departmental Note about the incident

Fire Brigade Report

FIR & Police Panchanama.


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In case of Marine Claims:

Policy/ Certificate of Insurance duly endorsed

Invoice

Packing List

Surveyors Report

Contract of Carriage i.e. Bill of lading, Air Way Bill, Lorry Receipt (Consignment

Note), Railway Receipt (Original in case of Non - delivery)

Documents pertaining to recovery.

In case of Engineering Claims:

Claim Form

Photographs

Police report (first and final)

Fire Brigade report

Note: 3 & 4 may be waived where the survey report is clear and does not cause any doubt on

occurrence as well as extent of loss. Where Occurrence of riot is in public knowledge,

production of Final Police Investigation Report and Fire Brigade report may be waived.

Give your contact details i.e. Phone Number / Cell number / Email Id and address

where you are available.

Maintain all the records of expenses incurred and all the copies of documents and

correspondence exchanged in respect of the loss.

Do not dispose of the damaged item before the surveyor has seen the damaged goods

and permits to dispose it.

Stock Loss:

Try and make the detailed list of the stock damaged.

If possible try to minimize the loss by segregating the damaged goods from the

undamaged goods.

Try to ascertain if the damaged goods can be restored to its original shape / state if so

try to take steps to do so but in consultation with the surveyor.

Keep the details of stock statement ready as on date of loss (before loss).


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Segregate the stock position into Raw materials, Stock in process, semi finished goods

/finished goods/ others.

Property Loss:

Make detailed lists, of all damaged items identifying make and model numbers.Identify where and when you bought the item and its original purchase price.

If it is safe to do so, take a good look around your property and make a note of any

structural damage. Dont forget to look at all structures on the property such as sheds,

fences, garage, etc.

Obtain detailed written repair estimates from reliable, licensed contractors. The

estimate should clearly give detail of labour and material needed.

Liability Loss: Inform FG of the happening of an event which may give rise to a claim under the

policy.

Dont forget to take down the Name, address and telephone number of the witness

which will help us if contributory negligence is there and to be proved.

Property Damage

Nature and extent of loss / damage, valuation, depreciation

Contributory negligence

Loss of use, loss of profits, increased cost of working, etc. as claimed.

Bodily Injury / Death

Age, Occupation, status, Income, Dependency, Age of the Dependents etc.

Percentage of Disability supported by Medical Certificate.

Contributory negligence.

Forward the notice of the claim that may be received without admitting the liability to

FG.

Inquiry Procedure:

As your Insurer, FGI strives to maintain the highest standard of service at all times. If you

have an inquiry or concern regarding your policy or claim we encourage you to

Ask us or your insurance broker and agent for an explanation.

Have all the pertinent information and documentation available.

Make sure that you keep a record of who you talked to and what was said.


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If your concern is still not addressed to your satisfaction we urge you to write to the Claims

Head of the FGI office that issued you the policy.

We will of course make every effort to resolve any problem in a fair and reasonable manner.

Settling Your Claim:

Once we agree on the terms of the settlement, payment will be sent promptly

Additional covers:

Earthquake (Fire & Shock)

Spontaneous Combustion

Deterioration of Stocks in cold Storage premises due to accidental power failure

consequent to damage at the premises of Power Station due to an insured peril

Deterioration of stocks in cold storage premises due to change in temperature arisingout of loss or damage to the cold storage machinery in the Insureds premises due to

operation of insured peril.

Forest Fire

Impact Damage due to Insureds own Rail/Road Vehicles, Forklifts, Cranes, Stackers

and the like and articles dropped there from.

Omission to Insure additions, alterations or extensions clause

Removal of Debris (in excess of 1% of claim amount)

Architect, Surveyors & Consulting engineers fees in excess of 3 % of claim amount.

Spontaneous Combustion

Spoilage Material Damage Cover

Leakage and Contamination Cover

Temporary Removal of Stocks

Loss of Rent

Rent for an Alternate Accommodation

General Exclusion:

Fire due to own fermentation, natural heating or spontaneous combustion of the

stocks or by their undergoing any heating or drying process

Burning by order of any Public Authority

Explosion of boilers or steam generating vessels & machinery subject to centrifugal

force by its own explosion or implosion

Pressure waves generated by aircraft


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Total or partial cessation of work/retarding/interruption of any process or operations

arising out of riot, strike, malicious damage

Burglary, house breaking, theft, larceny arising out of riot, strike, malicious damage

Impact damages by rail/road vehicle/animal belonging to the insured or employee orany occupier of the premises

Normal cracking, settlement, bedding down, up heaving of land/structures, coastal or

river erosion, defective design, workmanship or use of defective materials

Destruction or damage caused by forest fire

Excess amount

Loss or damage caused by war or war like situations

Loss or damage by pollution or contamination except due to insured peril

Loss or damage to electrical machine/apparatus, which is the source of fire

Architects, Surveyors & Consulting Engineer's fees exceeding 3% and debris removal

expenses

Any consequential losses

Rating:

Rating depends on

The type of occupancy-whether industrial or otherwise

Claim experience

Fire Protection System

Deductible

Loss of Profits (Consequential Loss) Policy

The Consequential Loss (fire) policy covers Loss of Gross Profit and/or increase in cost of

working due to reduction in turnover/output due to operation of peril covered in the Standard

Fire & Special Perils Policy.

Coverage Includes

Loss of Net Trading Profit

Standing Charges

Loss in Respect of Wages other than those covered by the Standing Charges

Increased Cost of Working

Auditor's Fees


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Industrial all risk:

Scope of Cover

A comprehensive coverage for the Industrial risks having overall Sum Insured of Rs. 100

crores and above in one or more locations in India. The Policy covers not only the Physical

Losses or damage but also consequential losses arising out of the business interruption due to

accidental unforeseen physical loss or damage to property.

Policy Structure

Section I - Material Damage which includes Fire & Allied perils, theft, Burglary,

Machinery Breakdown, Boiler Explosion, Electronic equipment, etc

Section II - Business Interruption - Fire Loss of Profit and Machinery Loss of Profit

(MLOP is optional).

Coverage

IAR is an all Risk policy subject to specified exclusions in the policy.

Deliberate erasure loss distortion or corruption of the information

Deductible stated in the schedule.

Engineering Insurance:

Erection All Risk Policy:

Comprehensive and adequate insurance protection against all risks involved in the erection of

machinery and plant as well as structures of any kind. This policy provides coverage to all

types of projects including large projects such as erection of Thermal Power stations,

Fertilizers Plants, Oil refineries or the installation of complete factory facilities, which bring

about so many risks for both the contractors and the principal. Coverage right from the

moment the material are unloaded on the site of the projects/ works and continues during

storage, physical erection and till the test run is over.

Scope of cover:

this policy covers risks associated with storage, assembly/erection and testing of Plant and

Machinery. EAR insurance provides comprehensive cover. All perils are covered unless

specifically excluded. Cover incepts from the time of unloading of the first consignment at


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the project site and terminates on completion of testing or handing over of the project to the

Principal, or the period chosen, whichever is earlier.

Period of Cover:

The insurance cover commences from the date of arrival of first consignment at the site of

erection and continuous until immediately after the first test operation or test loading is

concluded.

Additional Covers:

Escalation

Clearance and Removal of Debris

Third Party Liability

Extended Maintenance

Damage to Owners Surrounding Property

Express Freight

Additional Customs Duty

Holiday and Overtime rates and Wages

Rating

The rating depends on:

Type of projects

Period of projects

Testing period

Sum insured of Project

Deductible

Location of project

Extensions opted

Contractors all risk:

Specially designed to protect the interest of civil contractors against the damage to or

destruction of various civil engineering projects (like dwellings, office, hospitals, tunnels,

cannels, etc). These projects includes accidental damage to civil Construction works,

contractor's plants & machinery at the construction site and damage / defects during the

subsequent period of maintenance for which the contractors is liable under the terms of the

agreement between the contractors and the principle.


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Scope of cover

Contractors all risk Policy covers the risk of accidental physical loss or damage in respect of

the contract works, during the execution of a civil project. CAR insurance provides an all

risk cover. All perils are covered unless specifically excluded. Cover incepts from the

Commencement of work or after unloading of first consignment at project site, whichever is

earlier and terminates on handing over of works to the principal or expiry of policy,

whichever is earlier.

General Exclusions

Willful misconduct

Cessation of work whether total or partial

Delay

Damage due to faulty design

Rectification of defective material

Workmanship inventory losses

Period of Cover

The cover attaches with the commencement of work or after the items entered in the schedule

of the policy have been unloaded at the site whichever is earlier and shall expire on the date

specified in the policy. However, company's liability expires for parts of the insured contractworks taken over or put into service by the Principal prior to the expiry date specified in the

policy whichever shall be earlier.

Additional Covers

Third Party Liability.

Owners Surrounding Property.

Escalation.

Maintenance Cover.

Clearance and Removal of Debris.

Contractor's Plant and Machinery

Rating

Rating depends on:

Type of Project

Period of Project


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Sum Insured of project

Deductible

Location of Project

Extensions opted

Machinery Breakdown:

The policy covers unforeseen and sudden physical damage to any mechanical and electrical

machinery and/or equipment by any cause necessitating repairs and/or replacement.

Scope of cover

The Insurance Policy broadly covers loss due to all kinds of accidental, electrical and

mechanical breakdowns due to internal and external causes. Cover is granted during the time

the machinery is in operation or rest or in the process of dismantling, overhauls or duringsubsequent re-election at the same premises.

General Exclusions

Fire and allied perils

Theft

Overloading experiments

Willful acts or gross negligence

Gradually developing flaws

Deterioration from normal use

Additional Covers

Air Freight

Express Freight (excluding Air Freight) Overtime & Holiday Wages

Insureds own Surrounding Property

Third Party Liability

Rating

Type of machine

Deductible

Contractors Plant & Machinery:

Specially designed to protect the interest of civil contractors against the damage to or

destruction of various civil engineering projects (like dwellings, office, hospitals, tunnels,

cannels etc). These projects includes accidental damage to civil Construction works,


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contractor's plants & machinery at the construction site and damage / defects during the

subsequent period of maintenance for which the contractors is liable under the terms of the

agreement between the contractors and the principle.

Scope of cover:

Contactors Plant & Machinery policy covers loss or damage to the contractors

property due to any cause that is accidental and external in nature. Cover operates when the

insured property is at work or at rest or being dismantled for the purpose of

cleaning/overhauling or during subsequent re-erection.

Period of Cover:

The cover attaches with the commencement of work or after the items entered in the

schedule of the policy have been unloaded at the site whichever is earlier and shall expire on

the date specified in the policy. However, company's liability expires for parts of the insured

contract works taken over or put into service by the Principal prior to the expiry date

specified in the policy whichever shall be earlier.

Additional Covers:

Third Party Liability.

Clearance and Removal of Debris.

Additional Customs Duty.

Overtime, express freight.

Owners Surrounding Property.

Rating

Rating depends on:

Type of Project

Period of Project

Sum Insured of project

Deductible

Location of Project

Extensions opted

Boilers & Pressure plant:

The Boiler and Pressure Plant (BPP) Insurance policy covers physical loss or damage to all

types of Boilers and/or other pressure plants, where steam is being generated.


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This policy covers for physical loss or damage to boilers and/or other pressure plant against

unforeseen and sudden physical loss of or damage due to explosion or collapse of the insured

items.

Coverage Includes

Steam Generating Boilers both fixed and unfixed against the risk of Explosion or Collapse.

General Exclusions

Loss or damage due to fire and allied perils.

War and nuclear risks.

Loss arising out of overload, experiment or test.

Gradual developing flaws, defects, cracks or partial fractures.

Failure of individual tubes.

Explosions/ Collapse due to facts, existing at the time of commencing insurance,

known t

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