New Three Fire Insurance Products : All you need to know about
New Fire Insurance Products: All you need to know about
The three standard Fire Insurance products — Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha has been introduced from 01.04.2021.
To help the aspirants with the updated insurance products, in this article, we have provided the full details about the three New Fire Insurance Products: BHARAT GRIHA RAKSHA, BHARAT SOOKSHMA UDYAM SURAKSHA, BHARAT LAGHU UDYAM SURAKSHA.
Full details and comparisons about these products have been provided in this article. You can check out the details of these three new fire insurance products here, which will help in the upcoming Para 13.2 / GIPSA exams.
| Three New FIRE Products – FROM 01.04.2021 |
|||
|---|---|---|---|
| TYPE OF POLICY |
BHARAT GRIHA RAKSHA |
BHARAT SOOKSHMA UDYAM SURAKSHA |
BHARAT LAGHU UDYAM SURAKSHA |
| |
B.G.R |
B.S.U.S. |
B.L.U.S |
| FOR |
DWELLINGS |
UPTO 5 CRORES |
EXCEEDING 5 CRORES |
| NEW COVERS |
Home Building Cover |
|
|
| |
Home Contents Cover |
|
|
| |
Pa Cover |
|
|
| |
Cover For Valuable Contents |
|
|
| MAIN COVERS 1. |
Fire |
Fire |
Fire |
| 2 |
Explosion/Implosion |
Explosion/Implosion |
Explosion/Implosion |
| 3 |
Lightning |
Lightning |
Lightning |
| 4 |
Eq, Vulcanic Eruption |
Eq, Vulcanic Eruption |
Eq, Vulcanic Eruption |
| 5 |
Stfi |
Stfi |
Stfi |
| 6 |
Subsidence Of Land |
Subsidence Of Land |
Subsidence Of Land |
| 7 |
Bush/Forest/Jungle Fire |
Bush/Forest/Jungle Fire |
Bush/Forest/Jungle Fire |
| 8 |
Impact Damage Of Any Kind |
Impact Damage Of Any Kind |
Impact Damage Of Any Kind |
| 9 |
Missile Testing Operations |
Missile Testing Operations |
Missile Testing Operations |
| 10 |
RSMD |
RSMD |
RSMD |
| 11 |
ACTS OF TERRORISM |
ACTS OF TERRORISM |
ACTS OF TERRORISM |
| 12 |
Bursing or overflowing of water tanks, |
Bursing or overflowing of water tanks, |
Bursing or overflowing of water tanks, |
| 13 |
Leakage from automatic sprinklers installations |
Leakage from automatic sprinklers installations |
Leakage from automatic sprinklers installations |
| 14 |
Theft within 7days from the occurrence of and proximately caused by any of the above Insured events. |
Theft within 7days from the occurrence of and proximately caused by any of the above Insured events. |
Theft within 7days from the occurrence of and proximately caused by any of the above Insured events. |
| PERIOD OF INSURANCE |
UPTO 10 YEARS (AS LONGTERM) |
|
|
| LONGTERM SPECIALITY |
Automatic increase in Sum Insured by 10% without addl.premium |
|
|
| Other special |
No Under Insurance |
Inbuilt covers: |
Inbuilt covers: |
| Inbuilt covers |
Upto 5% of claim amt -> Architech & Survey fees |
Additions, alteration or extensions |
Additions, alteration or extensions |
| |
Upto 2% of claim amt -> Debris Removal |
Temporary removal of stocks |
Temporary removal of stocks |
| |
|
Cover for specific contents |
Cover for specific contents |
| |
|
Start-up expenses |
Start-up expenses |
| |
|
Professional Fees(Architects/survey fees) |
Professional Fees(Architects/survey fees) |
| |
|
Cost for Removal of debris |
Cost for Removal of debris |
| |
|
Costs compelled by Municipal Regulations |
Costs compelled by Municipal Regulations |
| |
|
Stocks on Floater basis |
NO |
| |
|
|
|
| STANDARD ADD ON COVERS |
|
DECLARATION POLICY FOR STOCKS |
DECLARATION POLICY FOR STOCKS |
| |
|
NO FLOATER COVER |
FLOATER COVER |
| WHICH PROPERTY CAN COVER |
DWELLINGS |
Building/P/M/Stocks |
Building/P/M/Stocks |
| Who can purchase this policy |
|
As owner/occupy as purchaser/as tenant |
As owner/occupy as purchaser/as tenant |
| Under Insurance |
No Under Insurance |
Underinsurance waiver upto 15% |
Underinsurance waiver upto 15% |
| |
12 |
16 |
16 |
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