Liberty Videocon Fire, Engineering & Allied Perils Insurance policies


2017-12-14 19:00:00 UTC


liberty videocon fire insurance

Standard Fire Special Perils Cover Policy

Features & Benefits

A lot of time and money goes into procuring the valuables you own and keeping them secure and safe from damage should be your first line of defense against any financial losses and loss of possession. Since accidents like outbreak of a fire, earthquake, flood or a water tank burst are something we can neither predict nor control, it is important that you prepare in advance to at least minimize the effect on any such happening. For that, you have the Standard Fire & Special Perils Insurance policy that protects your needs against any of such unforeseen events. With Perilwise, you can purchase this policy online, along with all of its extensions

Benefits

This Standard Fire & Special Perils Insurance policy will covers you against losses or damage incurred to your valuable property and belongings caused by threats like fire, explosion, natural calamities etc. The policy is an ideal cover that ensures your property, including buildings, fixtures, furniture, machinery, trade stocks, tools, etc. is safe from the many accidents that can potentially destroy it.

Sum Insured:

The indemnity policy, Standard Fire & Special Perils Insurance by Liberty Videocon General Insurance pays for the actual value of the insured property or properties, immediately before any damage or loss. In case of used assets there would be a deduction for depreciation, unless you have selected the reinstatement insurance value.

Premium

The amount of premium you pay for the policy shall depend on certain risk factors such as the nature of occupancy, types of fire protection appliances installed, location, past loss experience, type of goods, nature of construction, deductibles and the coverage. Additional factors like the age of the asset, and kind of maintenance may also be considered. This Standard Fire and Special Perils Insurance policy covers your furniture, instruments, machinery, buildings, trade stocks, etc. in the case of 12 specific risks mentioned below:

  • Fire and Bush fire

  • Lightning or Explosion/implosion

  • Bursting and overflowing water tanks

  • Loss, destruction or damage caused by Storm, Typhoon, Cyclone, Tempest, Tornado, Hurricane, Flood or Inundation and other storm related calamities.

  • Loss, destruction or damage caused by Land slide/Rock slide or subsidence of part of the site on which the property stands

  • Aircraft damage or Loss and destruction caused by aerial or space devices including articles dropped but excluding those caused by pressure waves

  • Loss or visible physical damage due to external violent means like riots

  • Strike and malicious damage caused by external violent means to the property insured

  • Impact damage by rail or road vehicles or animal by direct contact, provided the sources do not belong to or are owned by the insured or any occupier of the premises while acting in the line of their employment.

  • Missile testing operations

  • Leakage from automatic sprinklers

Add-ons

Paying an additional premium can get you ‘add on covers’ on your policy, which will compensate you in cases like:

  • Earthquake (fire and shock)

  • Deterioration of stocks in cold storage

  • Forest fire

  • Loss of rent

  • Rent for alternate accommodation

  • Impact damage due to your own vehicles

  • Spontaneous combustion

  • Terrorism

Exclusions

This Standard Fire and Special Perils Insurance policy do not cover you against certain risks such as:

  • Loss or damage caused by war

  • Electrical failure

  • Consequential loss of any kind

  • Theft

  • Loss, destruction or damage caused by direct or indirect nuclear and radioactive events on the premises of the insured property

  • Loss or damage caused by pollution or contamination

  • Mechanical breakdown of any electrical machine, fixture, apparatus or fitting arising from over-running, short circuiting, excessive pressure, arcing, self-heating or leakage of power.

  • Loss by spoilage resulting from interruption, retardation or cessation of any process caused by operation of any of the perils covered

  • Loss of earnings, loss of market, loss by delay or other consequential losses or damages of any description

  • Loss, destruction or damage of stocks in Cold Storage within the premises, caused by change of temperature

Fire Loss of Profit Insurance Policy


While insuring a business against fire is one of the first steps that the business owners take, they often forget about securing it against the immediate consequences of fire and similar threats. These perils can not only damage your property but can make you suffer losses and hinder production. Liberty Videocon’s Fire Loss of Profit Insurance Policy, or alternatively called the Consequential Loss (Fire) Insurance policy, comes forth to protect your business in such instances.

Features & Benefits

Fires and allied perils can damage or majorly destroy a considerable part of your property in just a short while, and can further have worse effects on your business function. It could lead to disruption or complete halt in your regular work and business activities, resulting in loss of profits. However, with the Consequential Loss (Fire) Insurance policy, you can easily avoid situations capable of taking a hit over your business turnover and be sure of securing your profits in all situations. You can avail this policy as an extension to your fire policy, available online at perilwise.

Benefits

The Fire Loss of Profit Insurance Policy takes care of your business in the hardest times when it is recovering from the damages caused by a fire. The policy saves you from stressing over your finances in such delicate situations. This policy, serving as an extension of the material damage insurance, safeguards your business against fire and allied natural perils ensuring that you are protected against the physical damages of a fire. That in turn ensures that your business losses are minimized.

Sum Insured

The Fire Loss of Profit Insurance is an indemnity policy and the sum insured depends fully on the gross profit of your business and the indemnity period.

Premium

Like most other policies, the amount of the premium to be paid depends on certain risk factors. The considered risk factors under this policy would include the type of occupation, past loss experiences, location and deductibles and coverage along with secondary factors like the number of shifts, number of production lines, type of production process, etc.

Coverage

Consequential loss(Fire)

The Consequential Loss (Fire) Insurance policy is an extension of the material damage policy for protection against consequential damages caused by a fire. Following is a list of the broad exclusions and inclusions of the policy. However, the following is only a list of mains and for a complete exhaustive list you must read the policy wordings. The policy can be beneficial for anyone who has taken a material damage policy for protecting your possession or property against physical damage as a result of fire and allied perils. To know more about the eligibility, inclusions and exclusions, please read the policy wordings.

Benefits

The policy will cover the following losses that may occur due to a fire:

  • Loss of net profit due to a break in business activities

  • Additional expenditure required to maintain normal business activity during the effected period

  • Standing charges which continue to accrue despite stoppage of business

Add-ons

You can avail 'add on covers' on your Consequential Loss (Fire) Insurance policy, hence the material damage policy, by paying some extra premium. The major add-on covers include -

  • Loss or damage incurred due to:

    • Earthquake (fire and shock)

    • Deterioration of stocks in cold storage

    • Spontaneous combustion

    • Impact damage due to own vehicles

    • Omission to insure additions

    • Forest fire

    • Terrorism

  • Spoilage Consequential Loss Cover –

    • It covers the loss of profits experienced as a result of spoilage, which means interruption of business especially as a result of (1) Loss of stock-in-process or (2) Damage to machinery, containers and equipment. This cover can be involved in the Consequential loss (Fire) Insurance policy by paying extra premium by use of an endorsement wording.
Exclusions

This policy shall not protect you against certain consequential losses arising out of a fire or similar peril excluded under your material damage policy, which are:

  • This Policy shall cease if the business is wound up or carried on by a Receiver or Liquidator or is permanently discontinued

  • If any alterations are made any time after the commencement of the policy, in the Business or in the Premises or property, which may increase the risk of damage

  • If the Insured’s interest concludes otherwise than by death

In addition, this insurance policy will not protect you against any loss resulting from damages or consequential losses caused by, directly or indirectly, any of the following:

  • Mutiny, military rising, rebellion, insurrection, revolution, Civil Commotion assuming the proportion of or amounting to a popular rising, military or usurped power

  • War, Civil War, Invasion, act of foreign enemy, hostilities or Warlike Operations

Industrial Risk Insurance Policy

Features & Benefits

As a factory or plant owner, you put in the maximum possible efforts required to ensure a hassle-free, effective and productive functioning along with the safety of your employees. However, there may still be unfortunate and out-of-hand events like fire, burglary, monsoon flood or even a power failure might occur. In such scenarios, the ‘Industrial All Risk Policy’ can help you keep your production process and business secure.

The Industrial All Risk policy covers major damages like disasters and sudden calamities that can lead to shutting down of the factory, and also offers a separate Business Interruption section. The policy, therefore, guards you and your business against the varied risks of loss of profits.

The sum insured by the policy shall be equal to the reinstatement value of the plant without any deduction for depreciation, as on date in the material damage section. Under the business interruption section, the total sum insured will be the annual gross profit of the plant.

The payable premium will depend on risk factors associated with a particular plant such as the nature of the occupancy, construction, location, in-house processes employed, types of fire protection appliances installed, past loss experiences, the kind of goods, deductible and coverage. However, the business interruption rate would depend on the indemnity period, the stand-by machinery, availability of spare or replacement parts and similar factors.

Add-ons

Apart from basic afore mentioned coverage, you can access add-on covers by paying an additional premium. These covers include:

  • Business interruption cover for machinery breakdown

  • Omission to insure additions /alterations

  • Temporary removal of stock

  • Escalation clause

  • Terrorism

Exclusions

There are a few ‘named excluded perils,’ which essentially are the specific risks not covered by the policy like the following:

  • Willful acts of destruction

  • Wear and tear

  • Work cessation

  • Inventory losses

  • Defective design

  • In-Business Interruption due to machinery breakdown, if not specifically covered

  • War and nuclear events

All Risk Insurance Policy

Features & Benefits

We all have possessions that we would not want to lose, and they can be items of intrinsic need or of great sentimental value. From laptops to cameras and mobile phones, items that are an essential part of our life need protection just like everything else. The protection of things that we own is of primary importance, and the “All Risk Insurance policy” by Liberty Videocon can cover you in case of loss or damage, whether seen or unforeseen.

With an All Risk Insurance policy in place, your valuables are well protected. Should any accident cause damage or loss of your items, this policy can provide coverage for their repair or replacement.

The sum insured for this policy is fixed as per the current market value of the items that you insure.

The premium to be paid will be fixed depending on the sum insured, extra covers opted, exposure to risk, and the type of items. Please read the policy wordings for more information.*Terms & Conditions apply.

If you own valuables that you wish to insure, like jewellery, electronics, or antiques, you are eligible to buy this insurance.

This 'all risk' policy covers to your assets and equipment, whether they are on your premises or are being transported to another location. This policy reimburses for the repair or replacement of the insured property. This includes:

  • Portable equipment, like laptops, cameras, mobiles, camcorders, etc.

  • Fine arts

  • Paintings

  • Jewellery and valuables

  • Antiques

Some of the circumstances that are covered under this policy include: * Fire

  • Riot and strike

  • Burglary

  • Theft

  • Accidental damage

The geographical scope of the policy is India, unless it has been specifically extended to include a worldwide coverage (claims will be settled in INR).

Before the settlement of a claim under the All Risk Insurance, the company may make good on the settlement by reinstating or replacing any of the property stolen or repairing the premises damaged, instead of a cash settlement.

For a more detailed list of inclusions, please read the policy wordings or contact perilwise.

Exclusions

The All Risk Insurance is a ‘named excluded perils’ policy, which means that there are some specified risks that are not covered by it. This list includes:

  • War and nuclear events

  • Willful acts

  • Inventory losses

  • Defective design

  • Consequential loss

  • Legal liability of any kind

  • Terrorism

  • Delay, detention, or confiscation by Customs or other authorities

For a more detailed list of inclusions, please read the policy wordings or contact perilwise.

Signage Insurance Policy

Features & Benefits

The signage of your business is a very important part of your success. Without signage, your establishment simply wouldn’t seem complete; it facilitates customers in finding your business and is an important part of your brand identity. Either accidentally or by malicious intent, you signage is open to numerous risks. You need the Signage Insurance Policy by Liberty Videocon to safeguard yourself from such risks.

Damages that are caused to your signage by fire, civil disturbances, thieves, accidents, etc. are covered by the signage insurance policy. With this policy in place, your need for repairs or replacement of signage can be dealt with, with no extra hassles.

The sum insured depends on the current market value of the signage.

The premium depends on the sum insured, occupancy, and the type of signage insured.

Please read the policy wordings. for more information or contact perilwise.

If you have fixed signage on your premises, you should take this policy. The word, signage, can be used to refer to any display that conveys information, like:

  • Advertising displays

  • Hoardings

  • Neon signs

  • LED signs

  • LCD signs

  • Any digital sign

To understand eligibility better, please read the policy wordings or contact perilwise.

The Signage Insurance Policy covers you any losses or damage to your signage, including repair and replacement costs, during the policy period. The reasons that are included in the policy, causing damage or loss, include:

  • Fire and allied perils

  • Riot and Strike

  • Theft

  • Breakage

  • Accident

For an exhaustive list of inclusions and other details, please read the policy wordings or contact perilwise.

Exclusions

This is a 'named excluded perils' policy, which means that certain perils or risks are specified in the policy and will not be covered. These include:

  • War

  • Nuclear and radioactive events

  • Wilful acts of damage

  • Short circuit

  • Terrorism

For a more detailed list of exclusions, please read the policy wordings.

Baggage Insurance Policy

Features & Benefits

While travelling can be a lot of fun, it does not discount the risks involved in it. Whether you’re travelling for business or for pleasure, travelling has its own set of risks that can range from your belongings in your luggage being damaged to the luggage being lost entirely. International or domestic, it is better to be safe than sorry. After all, baggage loss happens much more frequently than we’d like to believe, and brings along inconvenience as well as monetary loss. This is why you need to opt for the Baggage Insurance Policy by Liberty Videocon before you travel.

Benefits

Say goodbye to worries about baggage when you travel. If your baggage is damaged or lost because of the perils that are covered under this insurance, you will be compensated for the replacement or repair of the affected items.

The sum insured will be fixed based on the current market value of the items you are carrying in your baggage.

The amount of premium that you have to pay depends on the coverage and the sum insured.

Items have to be declared for insurance and specified in the Schedule. 'Money' includes cash, notes, cheques, postal orders and current postage stamps that are not part of a collection, and luncheon vouchers. Insurance is on market value; or the replacement value of an insured item as new, at the time of loss or damage, due to wear and tear, depreciation, and allowance for betterment.

For more comprehensive details of the insurance, you can read the policy wordings or contact perilwise.

If you’re travelling anywhere in the world, at any time, you can utilize this policy.

Baggage insurance has a number of benefits, the most important of which are:

  • Reimbursement for medication, clothes, and other required items, if your baggage has been delayed in arriving at your destination.

  • Reimbursement is the luggage is stolen, lost or damaged during travels.

This baggage insurance policy provides coverage up to the intrinsic value of the baggage. As long as the baggage was accompanied by the owner, the policy will give compensation for the loss or damage of the baggage from any accident during travelling. It covers you whilst on holiday or tour, whether in India or abroad.

The main risks that are covered include:

  • Fire

  • Riot and strike

  • Burglary

  • Theft

  • Accidental damage

Some terms you should know:

  • "Intrinsic Value" is the reinstatement value of the insured property or item, minus the due allowance for betterment, wear and tear and/or depreciation.

  • "Sum Insured" is the Monetary Amounts as shown against the item/s insured.

  • "Period of Insurance" is the period between the commencement date and the expiry date of the policy.

  • "Contents" are the items declared for insurance and are specified in the policy’s Schedule.

  • "Accident" refers to a circumstance that pertains to sudden, unexpected, and/or unintentional damage and is not excluded in the policy.

  • "Family" is the primary insured person, their lawful spouse, and dependent children.

For a more exhaustive list of inclusions, please refer to the policy wordings or contact perilwise.

Exclusions

This is a ‘named excluded perils’ policy, which means that there are specific ‘named’ risks that are not covered by this policy. Some of these risks are:

  • Spillage

  • War

  • Wear and tear

  • Civil commotion

  • Seizure, arrest, or detainment by the Government

  • Pilferage

  • Terrorism

  • Consequential loss

  • Deterioration arising from moth, vermin, insects or mildew

For a more detailed and exhaustive list of exclusions, please read the policy wordings or contact perilwise.

Fidelity Guarantee Insurance Policy


A business is built on a foundation of trust among the owners and the employees. Every employee works towards growing an organization. They handle stocks, goods, and even money for the firm. So what happens, if one employee betrays your trust? It could lead to mental, moral, and financial issues in your organization. This is when a Fidelity Guarantee Insurance policy can step in to save your business. It can help you safeguard your business from the worse betrayals.

Benefits

A fraud committed by an employee is not just mentally and emotionally exhausting, but can give rise to financial repercussions for your business as well. Though it can’t do much about feeling betrayed, the Fidelity Guarantee Insurance can cover you for pecuniary or monetary losses that your business faces in this situation.

The sum insured under this policy is decided in aggregate, for the policy period. The sum insured is fixed on the basis of a few factors, including:

  1. Number of employees, their occupations

  2. Maximum amount of money or stock that is handled by the employee

The premium will depend on the sum insured and the employees covered and their nature of work.

For more details, please read the policy wordings or contact perilwise.*Terms & Conditions apply.

You can avail this policy if you own a business and employ individuals to work for you.

Subject to terms and conditions, this policy covers direct pecuniary losses caused by fraud or dishonesty committed by the employees, during the policy period. The fidelity guarantee policy is also applicable on frauds that are discovered in up to 12 calendar months from the retirement, dismissal, or death of the fraudulent employee, or from the expiry of the policy. The insurer is liable to pay one claim for the action of any one employee, in this case.

Things to know:

"Limit of Liability" is the amount that is stated in the Schedule, and is the maximum liability under this Policy (regardless of the number or amount of claims made) for claims made during the policy period.

"Fraud or Dishonesty" is the act of stealing, embezzlement, misappropriation, or fraudulent conversion by the employee.

"Direct Financial Loss" refers to the loss of moneys and/or stock belonging to the insured, proved to have been criminally misappropriated by the employed, excluding consequential losses.

For a more exhaustive list, please read the policy wordings or contact perilwise. You can purchase this policy as a standalone policy or as an add-on in a package policy, just check out our fire insurance calculator to get live prices!

Exclusions

Exclusions under the Fidelity Guarantee Insurance Policy include:

  • Consequential loss of any kind

  • Loss arising outside the set geographical location

  • Unexplained losses or shortages discovered at stock taking

  • Any legal liability

  • Expenses incurred by the insured in establishing the existence of or quantification of any fact that gives rise to a claim under the policy

For a more exhaustive list of exclusions, please refer to the policy wordings.

Burglary Insurance Policy

Features & Benefits

In business, stock investments that are stored in the office premises are also open to the risk of such a violation. A lot depends on the safekeeping of our premises. While a break in and robbery cannot be predicted, being prepared is something that is in our hands. There is no replacement on the lost sentimentality in this situation, but Liberty Videocon Burglary and Housebreaking Insurance Policy can at least help your home return to its normalcy.

The Burglary Insurance policy can assist you at your most vulnerable situations. Things of your daily use or other amenities will require immediate replacement. This insurance policy helps you move past the incident at the earliest, helping you with the aforementioned replacements.

The sum insured under this policy is decided based on current market prices for your stock. For items like furniture, equipment, etc. it is fixed as per the reinstatement value.

The premium for the Burglary Insurance depends on the sum insured, the items, physical security, and the type of premises.

For more details, please read the policy wordings or contact perilwise.*Terms & Conditions apply.

If you own stock for business purposes or have personal possessions open to burglary risks, you are eligible to buy this policy.This is also available as an extension or add-on to Fire policy on our online portal, accessible here

The Burglary and Housebreaking Insurance by Liberty Videocon is a ‘named peril’. This means that the loss and damage to the property or possessions should have happened because of a named peril, theft. The theft must have occurred through housebreaking or burglary and there should be signs of violent entry and exit on the premises.

This policy covers:

  • Destroyed or damaged property as described in the burglary insurance policy by:

    • Burglary

    • Housebreaking

    • Robbery (theft that follows forcible and violent entry of or exit from the premises)

    • Hold-up (Forcible removal of possessions by actual or threatened violence against the insured)

  • Damage to premises resulting from burglary and/ or housebreaking

This policy can be issued on the basis of declaration and as a floater for your stocks. You can opt for it on a first loss basis or a full value basis.

Add-ons

With additional premium, the policy can be extended to cover: * Riot and strike

  • Loss minimization expenses

  • Expenses towards restoration

  • Expenses towards clearance of debris

  • Loss or damage to the properties of employees

  • Costs for changing locks and for repair of premises damaged

For an exhaustive list of inclusions, please read the policy wordings.

Exclusions

The policy is a ‘named excluded perils’ insurance, i.e. specifically mentioned risks are not covered. These risks include:

  • Fire

  • Spillage

  • Loss or damage by wear and tear or gradual deterioration

  • Unexplained losses

  • Shortages caused by errors or omission

  • Consequential loss

  • Loot, sack, or pilferage

  • Loss or damage which is recoverable under other insurance policies obtained by the insured

  • Terrorism

  • Uninhabited premises for seven or more consecutive days and nights

  • If an inmate or a member of the insured’s business or household is involved in the theft

For a detailed list of exclusions, please read the policy wordings or contact perilwise.

Money Insurance Policy

Big or small, all companies require money for their day to day operations. There are a lot of expenses that need to be met for a business to function and grow. In fact, some transactions require businesses to have a large amount of cash available, which leaves it open to robbery risks and other threats. In such situations, a Money Insurance can help you a lot.

Benefits

Running a business requires you to handle and carefully manage finances, which at times may even include liquid cash. There are oftentimes, numerous commitments that cannot be fulfilled without expected profits. Avail a Money Insurance policy to safeguard your cash from risks and stay covered in emergency situations.

The sum insured under this policy is the amount of the money you consider to be at risk and wish to insure. The premium is decided based on the amount insured, carrying limit, security, etc.

You can refer to the policy wordings. for more information or contact perilwise.*Terms & Conditions apply.

If you own a business and deal with cash, you are eligible for this policy, and its important that you take it.

The Money Insurance covers the following risks:

  • Loss during transit because of robbery or other unexpected events, if money is carried by an authorized person

  • Loss of money through robbery or other unexpected events, from a safe and/or strong room in your premises

  • Robbery or other unexpected events resulting in a loss of money from your cash counter/till Some things you should know

Some things you should know

  • "Money" – Cash, current coins, bank and currency notes, cheques, postal orders, postage stamps that are not part of a collection and luncheon vouchers

  • "Business Hours" or "Office Hours" – The Insured’s normal trading hours or while the insured or other authorized personnel are on the premises for business

  • "Housebreaking" – Unforeseen, unauthorized entry or exit from the insured premises

  • "Theft" – Dishonest misappropriation of money

  • A theft will be considered as a "Robbery" if, in order to the committing of the theft, the offender, causes or attempts to cause death or hurt or wrongful restraint, or causes fear the same.

For an exhaustive list of inclusions, please read the policy wordings.

Exclusions

The Money Insurance is a ‘named excluded perils’ policy, meaning that some risks are specified as not covered, including:

  • Spillage

  • Shortages caused errors or omissions

  • War and rebellion

  • Regular wear and tear

  • Civil commotion

  • Seizure, arrest or detainment by the Government

  • Loot, sack, or pilferage

  • Terrorism

  • Any consequential losses of any kind

  • Loss of Money carried by an unauthorized person

  • Loss of Money with the involvement of the insured or an authorized employee For a more detailed list of exclusions, please read the policy wordings or contact perilwise.

Plate Glass Insurance Policy


Working in a good ambiance and environment has a good effect on worker productivity. A common solution for this case is getting plate glass fixtures for office premises. As good as it may look; there is always the risk of some untoward accident happening that may damage the expensive piece of glass. An accident, theft, or acts by vandals could have you looking at a damaged plate glass and expensive replacement costs. The “Plate Glass Insurance Policy” by Liberty Videocon can take care of such expenses for you.

Benefits

This policy provides coverage for plate glass installations against numerous risks; meeting the needs for repairs and replacements. The current market value of the plate glass fixtures is what the total sum insured depends on. The premium depends on the sum insured, the type of glass, and the occupancy.

Please read the policy wordings for more information or contact perilwise.*Terms & Conditions apply.

If your premises, like showrooms, restaurants, shopping complexes, hotels, etc., have plate glass fixtures, you can make use of this policy.Securely fixed flat glass within the insured premises is referred to as plate glass. This policy does not cover the glazing, lettering, ornamentation, any surface treatment, surfacing, etc., unless specifically declared for insurance. The Plate Glass insurance covers any loss or damage to these fixtures, including repair or replacement costs.

The causes covered under this policy include:

  • Fire and allied perils

  • Riot and strike

  • Theft

  • Breakage

  • Accident

For a more complete list of inclusions, please read the policy wordings.

Exclusions

This Plate Glass Insurance Policy has certain 'named excluded perils' which are not covered under the policy. These include:

  • War

  • Willful acts of damage

  • Nuclear and radioactive events

  • Work cessation

  • Inventory loss

  • Wear and tear

  • Defective design

  • Terrorism

This is not an exhaustive list. For a complete list of exclusions, please read the policy wordings or contact perilwise.