New India Bharat Griha Raksha
Fire Insurance Policy
New India Bharat Griha Raksha
Introduction
This prospectus gives basic information about the New India Bharat GrihaRaksha policy that you can purchase from us, i.e., The New India Assurance Company Limited. The New India Bharat GrihaRaksha Policy provides insurance cover for your Home Building and/or Home Contents.
In this Prospectus, you will find information about the following insurance covers:
- Home Building Cover:Covers any loss, damage, or destruction of your Home Building.
- Home Contents Cover:Covers articles or things in your home.
- Optional Covers:
- Cover for Valuable Contents on Agreed Value Basis
- Personal Accident Cover
Important Dos and Don’ts
- While filling up the Proposal Form:
- Read the instructions in the proposal form carefully before filling up the details.
- Understand the basis for arriving at the Sum Insured for both Home Building and Home Contents before filling up the details. This is given below in this Prospectus under the heading ‘Sum Insured’. It is also explained in the Proposal Form.
- Fill up the proposal form completely and answer all the questions truthfully.
- Your Obligations during the Policy Period:
- Take care to prevent theft, loss, or damage to your Home Building and Home Contents.
- Inform us of any change in circumstances such as change of address, details of additions or alterations to Home Building, etc.
- Do not allow unauthorized persons to occupy your Home Building.
- Your Obligations when You have a Claim:
- Give notice of loss to us, as required.
- Inform the respective authorities, as required.
- Make true and full disclosures in your claim form.
- Provide all documents supporting the claim.
- Give full cooperation for inspection and investigation of the claim.
Coverage Details
We provide insurance cover for physical loss or damage, or destruction caused to Insured Property by the following unforeseen events occurring during the Policy Period. The events covered are given in Column A, and those not covered in respect of these events are given in Column B.
| Column A: Covered Events | Column B: Exclusions |
|---|---|
| Fire | Caused by burning of Insured Property by order of any Public Authority. |
| Explosion or Implosion | - |
| Lightning | - |
| Earthquake, volcanic eruption, or other convulsions of nature | - |
| Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation | - |
| Subsidence of the land on which Your Home Building stands, Landslide, Rockslide | Caused by:
|
| Bush fire, Forest fire, Jungle fire | - |
| Impact damage of any kind, i.e., damage caused by impact of, or collision caused by any external physical object (e.g., vehicle, falling trees, aircraft, wall, etc.) | Caused by pressure waves caused by aircraft or other aerial or space devices traveling at sonic or supersonic speeds. |
| Missile testing operations | - |
| Riot, Strikes, Malicious Damages | Caused by:
|
| Acts of terrorism (Coverage as per Terrorism Clause attached) | Exclusions and Excess as per Terrorism Clause |
| Bursting or overflowing of water tanks, apparatus and pipes. | - |
| Leakage from automatic sprinkler installations. | Caused by:
|
| Theft within 7 (seven) days from the occurrence of and proximately caused by any of the above Insured Events. | If it is:
|
Sum Insured
The Sum Insured for the Home Building Cover shall be equal to the Cost of Construction of your Home Building including fittings and fixtures at the Policy Commencement date. The cost of construction is calculated as follows:
[Carpet area of your home structure in sq.m. × rate of cost of construction at the commencement date declared by you and accepted by us] + cost of construction for additional structures at the Policy Commencement date declared by you and accepted by us.
The rate of cost of construction is the prevailing rate at the Policy Commencement date as declared by you and accepted by us.
If the actual carpet area is less than the declared area, we will calculate the claim amount based on the actual carpet area.
No Underinsurance:Underinsurance does not apply to the New India Bharat GrihaRaksha policy. Thus, if your Sum Insured calculated on the basis of the information that you have provided us is less than the actual value at risk, the difference will not affect the amount we pay.
In-built Covers
The New India Bharat GrihaRaksha policy also pays for the following expenses:
- Up to 5% of the claim amount for reasonable fees of architects, surveyors, consulting engineers;
- Up to 2% of the claim amount for reasonable costs of removing debris from the site.
Further, the policy also pays for Loss of Rent and Rent for Alternative Accommodation while the Home Building is not fit for living because of physical loss arising out of an Insured Event.
The Home Contents Cover
The Contents:You can purchase this cover for the articles or things of personal, non-commercial use which are located inside your home. This policy covers General Contents that are usual in any home, i.e., furniture and fittings, television sets, telephones, electronic items, antennas, water storage equipment, air conditioners, kitchen equipment, and other household items.
You can pay additional premium and purchase cover for Valuable Contents, like jewellery, silverware, paintings, works of art, valuable carpets, antique items, curios, paintings.
Some contents are not covered, like bullion or unset precious stones, manuscripts, vehicles, explosive substances.
Location and Use of Contents
You can choose this cover for Contents that are located in your home and are used for personal use.
Sum Insured
The policy has an in-built cover for General Contents of your home equal to 20% of the Sum Insured for Home Building Cover subject to a maximum of ₹10 Lakh (Rupees Ten Lakh) if you have opted for both Home Building and Home Contents cover. You can choose a higher Sum Insured by declaring it in the Proposal Form, along with details and by paying additional premium.
If you have purchased only Home Contents cover, you have to declare Sum Insured for General Contents.
The Sum Insured you have chosen must be enough to cover the cost of replacement of the Contents when you purchase the policy.
Who can purchase?
You can purchase this cover if:
- You are the owner of the articles or things,
- You have purchased the articles or things under installment or hire purchase system, or on lease, or
- You are responsible for the articles or things as part of a written contract of employment.
Thus, a tenant, lessee, licensee, or employee can purchase the Home Contents Cover.
Optional Covers
You can purchase Optional covers under your New India Bharat GrihaRaksha Policy. You must apply for these covers and pay additional premium.
- Cover for Valuable Contents on Agreed Value Basis (under Home Contents Cover):Valuable contents of your home such as jewellery, silverware, paintings, works of art, etc. can be covered under this optional cover. A value of these contents may be agreed between you and us on the basis of a valuation certificate submitted by you and accepted by us. However, we will waive the requirement of a valuation certificate if the Sum Insured opted is up to ₹5 Lakh (Rupees Five Lakh) and individual item value does not exceed ₹1 Lakh (Rupees One Lakh). If valuable contents are physically damaged by any insured event, we will pay the cost of repairing the item. If the valuable contents are a total loss, we will pay Sum Insured for the item.
- Personal Accident Cover:If the insured peril causing damage to your Home Building and/or Contents also results in the death of either you or your spouse, we will pay compensation of ₹5 Lakh per person.