After making the payment for the policy, you will need to submit a detailed list of assets that you want covered. The section wise value of these goods cannot exceed the limits in the policy. In case of a difference, you can pay the extra premium or get a refund.
If you have an asset worth INR 100, which you have insured with sum insured as INR 50, and there is a damage worth INR 10 to said property, then the insurer will pay out your loss in proportion, and will only allow a claim of INR 5. This is known as underinsurance clause. The insurer will calculate the loss as a percentage of your total assets at the location, and apply that to the sum insured. This is done to prevent fraud.
The office has to be brick and mortar construction and not wood, hay, thatched roof, etc. In case your premises are made of such materials(aka ‘kutchcha’ construction), contact us for a quote.