SME

Handbook

1
Fire
Insurance

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Introduction:

Fire insurance policy covers damage and losses caused by fire. It helps to cover the cost of replacement, repair or
reconstruction of property.

Property that can be covered under this insurance is as below:

• Building /Structure including Plinth and Foundation, Boundary Walls, Water Tanks, Internal Roads, Parking
• Contents including Plant and Machinery, Furniture, Fixtures, Fittings, Electronic items like AC, Refrigerator, TV,
Personal Computer
• Utilities – like DG Set, Air Conditioning Plant, and Transformer
• Stock including Raw Material, Stock in Process, Finished Stock, Packing Material

But excluding following properties:

• Bullion or unset precious stones, any curios or works of art, manuscripts, plans, drawings, securities, documents of
any kind, stamps, coins or paper money, cheques, books of accounts or other business books, computer system
record unless otherwise expressly stated in the policy.
• Cost of land, livestock

Types of Policies offered in Fire:

A) ICICI Griha Raksha Policy

B) ICICI Bharat Sookshma Udyam Suraksha Policy

C) ICICI Bharat Laghu Udyam Suraksha Policy

D) Standard Fire and Special Perils (SFSP)

A) ICICI Bharat Griha Raksha Policy
Policy Coverage & Features
• No capping on Sum Insured
• Option to take cover for either Building or Content or both
• SI base for Building – Carpet Area and Cost of Construction
• Automatic cover for home content up to 20% of Home building SI subject
to max 10 lakhs
• Annual Auto escalation @ 10% for Long Term Policies
• Policy Period : Maximum 10 Years
• No Underinsurance
• Escalation @ 10% for annual policy
• Deductible : Nil

Perils Covered
Events Covered
• Fire
The policy covers the insured residential
property against insured peril. • Explosion or Implosion
The coverage is for Dwellings and Housing • Lightning
Society Occupancy and covers Home
Building and Contents. • Earthquake, Volcanic eruption, or other convulsions of nature
• Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood
• Home building cover for the building
structure of your home. and Inundation

• Home Contents cover for the articles or • Subsidence of the land on which Your Home Building stands, Landslide,
things in your home. Rockslide
• 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
• Missile testing operations
• Riot, Strikes, Malicious Damages
• Acts of terrorism
• Bursting or overflowing of water tanks, apparatus and pipes
• Leakage from automatic sprinkler installations

Additional Perils Covered:

Sr. No. Additional Perils over SFSP Sum Insured Limit

1 Earthquake Full Sum Insured

2 Terrorism Full Sum Insured

3 Theft within 7 days of damage Full Sum Insured

4 Forest Fire, Jungle Fire Full Sum Insured

5 Impact damage of any kind Full Sum Insured

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In-Built Add-ons
Sr. No. Add-Ons Sum Insured Limit

1 Professional fees/Architects, surveyor’s fees Up to 5% of the claim amount

2 Removal of debris Up to 2% of the claim amount

3 Loss of Rent Specified Sum Insured

4 Rent for Alternative Accommodation Specified Sum Insured

5 Valuable Contents on Agreed Value Basis (Optional) Specified Sum Insured

Personal Accident cover for insured

6 INR 5 Lacs per person
and spouse (Optional)

Basis of Sum Insured

For residential structure – Home building Carpet area of the structure in square meters X rate
& Additional Structure of cost of construction at the policy
commencement date

For General Contents Cost of replacement of that item

For valuable Contents Covered on agreed value basis. Valuation certificate

to be provided if valuable contents is
more than 5 lakh and individual item more than 1 lakh

Coverage for Home Building & Contents

Home Building & Home Contents Cover for general contents of home for Sum Insured
equal to 20% of the Sum Insured for home building cover
subject to a maximum of ₹ 10 Lakh

Home Building Only Coverage for building only

Home Contents Only FFF Home Furnishings, Electrical / Electronic ,

Others to be specified

Optional Covers*
Cover for Valuable Contents on Agreed Value Basis Sum Insured agreed between Insurer and Insured
(under Home Contents Cover) based on Valuation certificate**.

Personal Accident Cover - Insured peril causing damage

to Your Home Building and/or Contents also results in the ₹ 5 Lakh per person
1death of either You or Your spouse,
*It is an add-on cover available on payment of additional premium
**Valuation certificate is not required if the Sum Insured opted for is up to ₹ 5 Lakh (Rupees Five Lakh) and Individual item value does not exceed ₹ 1 Lakh
(Rupees One Lakh).

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Comparison over SFSP

Coverage Bharat Griha Raksha SFSP

Earthquake In Built Add-On

Terrorism In Built Add-On

Forest Fire In Built Add-On

Architect’s, surveyor’s, engineer’s fee In Built Add-On

Removal of Debris In Built Add-On

Loss of Rent In Built Add-On

Rent for Alternate Accommodation In Built Add-On

Personal Accident Cover √ ×

Waiver of Underinsurance √ ×

Escalation clause for Annual Policies √ ×

10% auto increase in Sum Insured per annum √ Method A

for long term policies

Theft cover within 7 days of occurrence of peril √ ×

Long Term Policy Period 10 Years 20 Years

Exclusions:
• Deliberate, Willful, or intentional Act
• Damage to Machine due to Shot Circuit, self-heating, etc
• War, Invasion or War like operations
• Pollution or Contamination
• Loss to Bullion or unset precious stones, curious or works of art unless declared separately
***This is only an indicative list. Please refer the policy wording for the complete details

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 B) ICICI Bharat Sookshma
Udyam Suraksha
and ICICI Bharat Laghu
Udyam Suraksh Policy
ICICI Bharat Sookshma Udyam Suraksha Policy - The
policy covers the insured property related to the business
against insured peril at one location with the total value at
risk up to `5 Crores.
ICICI Bharat Laghu Udyam Suraksha Policy - The policy
covers the insured property related to the business
against insured peril at one location with the total value at
risk above ` 5 Crore and up-to ` 50 Crore.
Both ICICI Bharat Sookshma Udyam Suraksha Policy and
ICICI Bharat Laghu Udyam Suraksh Policy includes:

• Buildings
• Plant & Machinery
• Stocks-RM, FG & Stocks in Process
• Fixtures

Salient Features:
• Micro Business – Upto INR 5 Cr; SME – Upto INR 50 Cr.
• Underinsurance upto 15 % of Sum Insured is waived
• Mid-term increases or decreases of SI, shall not impact the coverage. While Renewal, applicable policy shall be issued
• Extension of short period policy not permitted, to be replaced by an annual policy
• Valued policies can be allowed only for specified items subject to the valuation certificate
• Partial Insurance or Selection of Risk not allowed
• If Property is damaged – Reinstatement value on “New for Old” basis. i.e. cost of rebuilding the building or replacing other
property
• Goods held in Trust (can be removed at inception)

Perils Covered
• Fire, including due to its own fermentation, or natural • Impact damage of any kind, i.e., damage caused by impact
heating or spontaneous combustion of, or collision caused by any external physical object
• Explosion or Implosion • Missile testing operations
• Lightning • Riot, Strikes, Malicious Damages
• Earthquake, Volcanic eruption, or other convulsions of • Acts of terrorism
nature
• Bursting or overflowing of water tanks, apparatus and pipes
• Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado,
• Leakage from automatic sprinkler installations
Tsunami, Flood and Inundation
• Theft within 7 days from the occurrence of and proximately
• Subsidence of the land on which Your Home Building
caused by any of the above Insured Events
stands, Landslide, Rockslide
• Bush fire, Forest fire, Jungle fire
Applicable to Which Basis of Sum Deductibles
Occupancies? Insured Applicable
• Offices, Hotels, Shops • All Building/ Structure, Plant & • Bharat Laghu Udyam Suraksha -
Machinery, Furniture & Fixtures Excess of 5 % of each claim,
• Tank farms / Gas holders outside
shall be insured on Reinstatement subject to a minimum of ₹ 10,000
the compounds of Industrial /
Value / Replacement Value basis
Manufacturing
only. There is no option to insure it • Bharat Sookshma Udyam
• Utilities located outside the on market value basis Suraksha - Excess of ₹ 5,000
compound of • Building, Plant and Machinery, (Rupees Five Thousand) for each
Industrial/Manufacturing risks Furniture, Fixture and Fittings and claim
• Storage risks outside the any other contents: Reinstatement
Value • Terrorism - As per the clause
compound of Industrial /
attached (Pool Terrorism)
Manufacturing risks • Stocks of :
o Raw material - Landed Cost
o Stocks in process - Input Cost
o Finished goods -
Manufacturing Co.
o Finished goods sold but not
delivered - Contract Price.

Basis of Settlement
Reinstatement Value For Building, Plant and Machinery, Furniture,
Fixture and Fittings and other contents

Landed Cost Stocks and Raw Material

Input Cost Stocks-Stock in Process

Manufacturing cost or Contract Price Stocks - Finished Stocks

**Contract Price is in respect only of goods sold but not delivered and the sale contract is cancelled by reason of any Damage insured under the Policy either
wholly or to the extent of damage

Commercial – Policy Coverage

Sr. No. Additional Perils over SFSP Sum Insured Limit

1 Earthquake Full Sum Insured

2 Terrorism Full Sum Insured

3 Theft within 7 days of damage Full Sum Insured

4 Forest Fire, Jungle Fire Full Sum Insured

5 Impact damage of any kind Full Sum Insured

6 Fire due to its own fermentation, Full Sum Insured

or natural heating or spontaneous combustion

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Add-On Inbuilt-
C) ICICI BHARAT LAGHU
UDYAM SURAKSHA POLICY
Sr. No. Add-Ons Sum Insured Limit

1 Additions, alterations or extensions (except stock) Up to 15% of the Sum Insured

2 Temporary removal of stocks Up to 10% of Stock Sum Insured
3 Cover for specific contents* – INR 50,000
- Money / Specific Contents Deeds/Manuscripts, plans, drawings, securities – INR 50,000
- Computer programs, information and data – INR 5 Lacs
- Personal effects of employees, Directors and visitors (max 20 persons) – INR 15,000 per person
4 Start-up expenses Up to INR 5Lacs
5 Professional fees - Architects, surveyors fees Up to 5% of the claim amount
6 Removal of debris Up to 2% of the claim amount
7 Costs compelled by Municipal Regulations Actual Cost

Declaration policy for stocks

Optional Covers* Stocks on Floater basis.
*It is an add-on cover available on payment of additional premium

Add-On Inbuilt-
ICICI BHARAT SOOKSHMA UDYAM SURAKSHA POLICY
Sr. No. Add Ons Sum Insured Limit

1 Additions, alterations or extensions (except stock) Up to 15% of the Sum Insured

2 Temporary removal of stocks Up to 10% of Stock Sum Insured
3 Cover for specific contents* – INR 50,000
- Money / Specific Contents Deeds/Manuscripts, plans, drawings, securities – INR 50,000
- Computer programs, information and data – INR 5 Lacs
- Personal effects of employees, Directors and visitors (max 20 persons) – INR 15,000 per person
4 Start-up expenses Up to INR 1Lacs
5 Professional fees - Architects, surveyors fees Up to 5% of the claim amount
6 Removal of debris Up to 2% of the claim amount
7 Costs compelled by Municipal Regulations Actual Cost
8 Floater Cover for Stocks Covered

Optional Covers* Declaration policy for stocks

*It is an add-on cover available on payment of additional premium.
 D) Standard Fire and Special Perils (SFSP)
The policy covers Sum insured more than 50 Crs of commercial property against insured peril.
Fire Insurance-Significance:
Fire Insurance protects from the damage:

During or immediately To property whilst being

following a fire caused by Due to Water or any other Due to collapse of
removed from the
Smoke, Heat, Scorching extinguishing media used Floors and roofs
burning building to
and falling walls. in putting out fire. consequent to fire.
mitigate the loss.

Valued Policies:
Valued Policies can be issued only for properties who’s Market Value cannot be ascertained e.g. Curios, Works of Art, Manuscripts,
Obsolete machinery and the like subject to the valuation certificate being submitted and found acceptable by the insurers.
Mid-term cover:
Generally, it is not permissible to grant mid-term cover for STFI and/or RSMTD perils. The following provisions shall apply, where
such covers are granted mid-term:
a) Insurers must receive specific advice from the insured accompanied by payment of the required additional premium in cash or
by draft. This additional premium shall not be adjusted against existing Cash deposits or debited to Bank guarantee.
b) Mid-term cover shall be granted for the entire property at one complex /compound/location covering the entire interest of the
Insured under one or more policy (ies). Insured shall not have any option for selection.
c) Cover shall commence 15 days after the receipt of the premium
Payment of Premium:
Premium shall be paid in full and shall not be accepted in instalments or by deferred payments in any form.
N.B:- It is not permissible to split sum insured of the same property under various policies for different periods of insurance to derive
advantage of deferred instalments for payment of premium. Notwithstanding the above, different policies may be issued for stocks
where circumstances necessitate issuance of such policies.
Partial Insurance:
It is not permissible
a) To issue a policy covering only certain portions of a building. Notwithstanding this, the plinth and foundations or only the
foundation of a building may be excluded.
b) To issue a policy covering only specified machinery (except Boilers), parts of machine or accessories thereof in the same
block/building
N.B:-Where portions of a building and/or machinery therein are under different ownership, it is permissible for each owner to insure
separately but to full extent of his interest, on the building and/or machinery therein
Loading for “Kutcha” construction:
Buildings having walls and/or roofs of wooden planks/thatched leaves and/or grass/hay of any kind/bamboo/plastic cloth/asphalt
cloth/canvas/tarpaulin and the like shall be treated as ‘Kutcha’ Construction for rating.
An additional rate of Rs.4.00% shall be charged for such buildings and/or contents thereof
Note:-Temporary sheds (attached to buildings) erected during the monsoon solely for the purpose of monsoon protection are
permitted without loading provided such sheds are not used for storage purpose.
How to arrive at SI:
Reinstatement Value (RIV):- This is applicable to only Fixed Assets i.e. Building, Plant and Machinery, Furniture, Fixtures, Fitting.
It is the cost of replacement / reinstatement of the existing property by a new one in the current date (New for Old). For example, if a
building is 10 years old and expenses incurred at that time are 25 Crs. If we must reconstruct the same building with same type of
structure and interior, we might have to incur 30 Crs considering the current time. In such case RIV cost considered is 30 Crs. Fire
policies for BMA (Building Machinery Accessories) are issued with Reinstatement Value Clause
• Market Value / Depreciated Value: - This is arrived at by deducting depreciation as per age of the asset which is applied on
the reinstatement cost of the assets. In above example, if building is 10 years old, RIV is INR 30 Crs, and then depreciated
value would be approximately 22.5 Crs. While BMA is always insured on RIV basis but stock to be insured on market value
basis i.e. cost of manufacturing / acquisition of the stock
• Under Insurance: Sum Insured in the policy should be adequate. If at the time of loss, if it is found that sum insured is less than
actual value of the property, in such case in the event of loss, claim payable will be reduced in the same proportion. For
example – if Sum insured is INR 15 Crs and value of the property is INR 30 Crs – means insured has taken insurance for 50%.
And any loss payable will be reduced by 50% of the loss on account of under insurance.
• Partial insurance or selection of the property is not allowed

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Type of Fire Policies:
• Non declaration
• Floater
• Declaration
• Floater Declaration
Insurable Property under fire cover:
Fire insurance primarily covers tangible properties like
• Buildings
• Electrical installation in buildings
• Machinery, plant and equipment, accessories, etc.
• Goods (RM/WIP/Finished goods, packing materials etc.)
• Goods in open
• Furniture, fixtures and fittings
• Pipelines (including contents) located Inside or outside the
compound

Hazard grade:
Hazard grade Occupancies Most preferred / referral

1 to 3 Schools / Colleges, Dwellings, Indoor stadiums, Health Club, Most Preferred, Preferred
Gymnasium and Swimming Pool etc.
4 to 6 Cafes, Restaurants, Hotels, Confectioner and Sweet meat sellers, Preferred
Health Resorts, Building In course of construction, etc.
7 to 10 Chemical Manufacturing Referral
(Using materials with Flash Point below 32OC),
Bulk Drug Manufacturing, Plastic Goods Manufacturing,
etc. Storage Risks.

Tariff Sections:
Section Occupancies Most preferred / referral

III Non-Industrial Dwellings, Offices, hotels, Education Institutes, Shops etc.

IV Industrial / Manufacturing risk Engineering Workshop, Capsule Manufacturing, Building In course of
construction etc.
V Utilities located outside the Pump House (Water) ,Pump House (Others) ,Railway tracks Roads
compound of Water Treatment Plant Wireless Transmitting Stations
Industrial/manufacturing risks
VI Storage Open / close Category 1,2,3 open / close, cold storage etc.

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Policy Coverage’s:

I. Fire
Excluding destruction or damage caused to the property insured by
a) i) its own fermentation, natural heating or spontaneous combustion.
ii) It’s undergoing any heating or drying process.
b) Burning of property insured by order of any Public Authority
II. Lightning
III. Explosion/Implosion
Excluding loss, destruction of or damage
a) to boilers (other than domestic boilers), economisers or other vessels, machinery or apparatus (in which steam is generated)
or their contents. Resulting from their own explosion/implosion.
b) Caused by centrifugal forces.
IV. Aircraft Damage
Loss, destruction or damage caused by Aircraft, other aerial or space devices and articles dropped therefrom excluding those
caused by pressure waves.
V. Riot, Strike, Malicious and Damage
Loss of or visible physical damage or destruction by external violent means directly caused to the property insured but
excluding those caused by
a) Total or partial cessation of work or the retardation or interruption or cessation of any process or operations or omissions of
any kind.
b) Permanent or temporary dispossession resulting from confiscation, Commandeering, requisition or destruction by order of
the Government or any lawfully constituted Authority.
c) Permanent or temporary dispossession of any building or plant or unit or machinery resulting from the unlawful occupation
by any person of such Building or plant or unit or machinery or prevention of access to the same.
d) Burglary, housebreaking, theft, larceny or any such attempt or any omission of any kind of any person (whether such act is
committed during a disturbance of public peace) in any malicious act.
VI. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
Loss, destruction or damage directly caused by Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood or Inundation
excluding those resulting from earthquake, volcanic eruption or other convulsions of nature. (Wherever earthquake cover is given
as an “add on cover” the words “excluding those resulting from earthquake volcanic eruption or other convulsions of nature” shall
stand deleted.)
VII. Impact Damage
Loss of or visible physical damage or destruction caused to the property insured due to impact by any Rail/ Road vehicle or
animal by direct contact not belonging to or owned by
a) the Insured or any occupier of the premises or
b) Their employees while acting in the course of their employment.
VIII. Subsidence and Landslide including Rockslide
Loss, destruction or damage directly caused by Subsidence of part of the site on which the property stands or Land
slide/Rockslide excluding:
a) the normal cracking, settlement or bedding down of new structures
b) the settlement or movement of made up ground
c) coastal or river erosion
d) defective design or workmanship or use of defective materials
e) demolition, construction, structural alterations or repair of any property or Groundwork or excavations.
IX. Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
X. Missile Testing operations
XI. Leakage from Automatic Sprinkler Installations
Excluding loss, destruction or damage caused by:
a) Repairs or alterations to the buildings or premises
b) Repairs, Removal or Extension of the Sprinkler Installation
c) Defects in construction known to the Insured.

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XII. Bush Fire
Excluding loss, destruction or damage caused by Forest Fire.
Provided that the liability of the Company shall in no case exceed in respect of each item the sum expressed in the said Schedule
to be insured thereon or in the whole the total Sum Insured hereby or such other sum or sums as may be substituted
Add on coverages and exclusions:
Various Add-on cover available with additional premium are as follows:-
• Earthquake (fire and shock)
• Terrorism
• Impact damage due to insured's own vehicles etc
• Expediting Expenses: Extra costs (such as overtime, express freight) incurred in fast tracking repairs or replacement of a lost or
damaged property/assets
• Omission to insure additions, alterations or extensions: This add-on provides protection for additional machinery, plant, or
building that insured may acquire in future.
• Architects, Surveyors and Consulting Engineers Fess (In excess of 3% claim amount
• Removal of Debris (In excess of 1% claim amount)
• Forest Fire
• Loss of Rent/ Additional Expense of Rent
• Spoilage Material Damage Cover: It covers for loss of stock in process and damages to machinery and other equipment.
• Leakage and contamination Cover
• Startup expenses: Covers any expenses incurred to start up activities on insured’s business following an insured loss
• Spontaneous Combustion: Losses due to the ignition of a substance or body as a result of internal oxidation processes, without
external source
(A) 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
(B) Deterioration of stocks in cold storage premises due to change in temperature arising out of loss or damage to the cold
storage machinery in the Insured’s premises due to operation of insured peril

Deductibles:
Sum Insured Excess
Less than 10 Crs 5% of claim amount subject to minimum of INR 10,000/-
10 to 100 Crs 5% of claim amount subject to minimum of INR 25,000/-
100 Crs to 1500 Crs 5% of claim amount subject to minimum of INR 500,000/-

Fire policy-General Exclusions:

Ÿ Compulsory Excess i.e. policy deductibles
Ÿ Nuclear group of perils
Ÿ Electrical or Mechanical breakdowns
Ÿ Loss of earning, market or other consequential loss etc.
Ÿ Loss or Damage due to Earthquake, Volcano or other convulsions of nature
Ÿ Deliberate, Wilful, or intentional Act
Ÿ Damage to Machine due to Shot Circuit, self-heating, etc
Ÿ War, Invasion or War like operations
Ÿ Pollution or Contamination
Ÿ Loss to Bullion or unset precious stones, curious or works of art unless declared separately
Ÿ Cost, fee or expenses for preparing any claim
Ÿ Damage to property covered by Marine Policy
Ÿ Other specified exclusions
***This is only an indicative list. Please refer the policy wording for the complete details

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Target Sector:

School, Colleges, Educational Institutions

Hotels
Café and restaurants
Places of worship
Office Premises
Shops
Engineering Workshop

Various Other Clauses:

• Agreed Bank Clause: Policies where Bank or Financial Institution’s interests exist, the policies shall be issued with Agreed
Bank Clause which protect the financial interest of the Insured as well as the financial Institution
• Designation of Property Clause: For details of the insured property, insurers agree to accept the designation under which
the property has been entered in the insured's books of accounts / Fixed Asset Register
• Local Authority Clause: Reinstatement Value Policy may be extended to cover additional cost of reinstatement solely by
reason of the necessity to comply with the regulations of local authority by incorporating the said clause in the policy
• Floater Clause: Floater Policy can be issued for stocks at various locations under one Sum Insured. All the locations to be
specifically declared. NATCAT rate would be the highest rate applicable with additional loading of 10% of fire rate
• Declaration Clause: To take care of frequent fluctuations in stocks/stock values, Policy can be issued with declaration
clause. When insured wants to ensure finished stock and value of stock keep fluctuating over a period, this clause helps
insured to rationally pay premium
Basic information to collect for Quotation
• Information Required (mandatory)
• Client Name
• Sum Insured and block wise values (Proportion of stocks)
• Risk Location, layout of the unit
• Occupancy of the risk
• Claims Experience of the past 3 years
• Add-on covers required
• Fire Protection Measures
• Risk Inspection report
• Other info (desirable)
• Break-up of sum insured block-wise and in Building, P&M, F&F, Stocks
• Any water body in close vicinity

SI Components
• Building
• Plant & Machinery
• Furniture Fixture & Fittings
• Electrical Fitting and Installations
• Stocks
• Stocks in Process
Claims:
Who can intimate the claims?
• Insured himself
• Broker/Channel Partner
• Sales Team
How a claim can be intimated?
• Web page www.icicilombard.com
• Homepage / Web claim tracker
• Call 24 X 7 call centre number 1800 2666
List of Information Required (Mandatory):
• Client Name
• Sum Insured – and proportion of stocks in it
• Risk Location
• Occupancy
• Claims Experience of the past 3 years
• Add-on covers required
• Fire Protection Measures
• Previous years policy if possible
• Other info (desirable)
• Break-up of sum insured block-wise and in Building, P&M, F&F, Stocks
• Any water body in close vicinity
SI Components
• Building
• Plant & Machinery
• Furniture Fixture & Fittings
• Electrical Fitting and Installations
• Stocks
• Stocks in Process

How to book a fire policy:

ICICI Lombard offers various online platforms in order to book Fire Policies.
They are :
Myra - Book policy through e-mail
I-Partner - Book policy from your system or mobile phone.
MYRA - My Remote Assistant
Virtual Assistance for Business Development
Instant service report
in 10 minutes

Input

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Key Features :

Single Point Myra Flow

24 x 7
Assistance Step 4 Step 3 Step 2 Step 1

Significant User email to Myra Myra will Reply with a Incase of

TAT reduction in myra@icicilombard.com revert with filled up input deviation - myra
Quote and policy Subject: input sheet sheet
issuance will send
#Fire Quote
#Fire Quote Standard Fire UV will either
#Fire quote Griharaksha #approve or
Multiple #Fire quote Sookshma Udyam #reject
Payments #Fire quote Laghu Udyam
Option #OTC

Channel Step 5 Step 6 Output Output

Level
Customisation Myra will revert to CPI Generated Document will
Reply Myra With
user with Quote in RM bucket be uploaded in
(in PDF format) & Filled Up Payment DMS
Auto UW Details Myra will revert
assignments/ Payment Sheet with Policy Copy
Tracking begins Document in Zip
with email trigger File

I-Partner:
Login into I-Partner portal with your credentials.
Select Product type as Standard Fire and Special Perils Policy.
In standard Fire product fill in the required client information and other required details.

Proceed step by step. It is divided into 5 Steps.

Review
Calculate Enter Issue
and Pay
Premium Details Policy
Confirm

Will receive quote and payment link, post paying premium amount FIRE policy will be received.

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Business Shield

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 Business Shield

Why did we launch this product?

Businesses are exposed to constantly evolving risk from multiple sources. Business entities need to buy multiple insurance
covers to transfer these risks. Traditionally, separate standalone policies were being offered for Fire, Burglary, Loss of Profit,
Legal Liability etc.
We identified the need to curate a holistic package product aimed at addressing the customer and proceeded to file
“business shield” package. The target segment for this product is all Non-Industrial entities like hotels, tech parks, malls &
multiplexes etc. and industrial entities which are outside the purview of traditional industrial all risk cover.
What need of the client are we satisfying?
In the Indian context, apart from IAR policy (that is standardized), there were limited options with constrained covers available
with insurers in the market. There was a need to create a product for clients, whose risks typically fall outside the ambit of
traditional IAR policy. For them, the time and effort to put together multiple policies to address cover requirement was
significant, not discounting the off of miss of a relevant cover.
Our product offering is simple: Products across Fire, Engineering, Miscellaneous, Liability and Personal Accident are
packaged and made available with all add-on covers in the widest form (as if separate policies were being taken).

USP’s:

Convenience - Flexibility - Coverage -

Single policy date Choose only the relevant Cover Full blown add-ons offered in package

Ease of Administration - Price Bundling -

Single quote and Policy document Effective economies of managing single product
for all covers are extended to price product competitively

How did we go about

developing this product?
Conceptualized in “catapult”, we started off with the vision to create a holistic package product aimed at addressing the customer
need, our focus was consistently on creating convenience for end customer and a profitable product for the fire portfolio.
Identifying the market opportunity, we took feedback from our channels and carefully curated our package to address diverse and
complex and evolving needs of the customer. In Jan 2019, we set out to file this product under Fire lines of business and named it
“Business Shield”
Channel engagement was extremely critical for the success of this product. We used engagement platforms like broker conclave,
bandhan and milap to aggressive market our product and unique offering.
In FY 2019-20, delighted, we closed the year with GWP of INR 305 Mn across 685 policies in first year of launch.
In FY 2020-21, we streached-out to drive an aspirational number of Rs 1000 Mn. With lockdown initial months of FY, out strategy
changed to “virtual” and a Pan India “Broker connect” calender for wholesale channels was devised to reach out to channels across
major cities. These sessions got them engaged with us and many of them gave constructive feedback for product improvement and
add-on enhancement suggestions.
With robust systems in place for Myra BOT based quote and policy issuance, our product started to pick up steadily and had been fire
at stable run rate of ~GWP 90 MN per month by Q4 of FY2020-21. Thereafter, we crossed our aspirational number at 1007Mn and
1400 + policies in FY 2020-21. It is noteworthy that LR for this product is < 25% and hence contributes to a healthy bottom line as well.

18
In April 2021, with the introduction of new Fire policy – Bharath Laghu Udyam Suraksha, we have reworked on our filing to offer the
same convenience to clients with Fire SI in the range of Rs 5- 50 Cr. The products named Business Shield SME is essentially identical
to business sheild and IT platforms are developed to make the customer and channel experience seamless and smooth.
The true story of success continues and we are confident that business shield will gain greater prominence at company level in
coming years as well!

How is it different from

what he gets from competition?
Our product is based on convenience and creating a pleasant customer experience. Rather than fitting his requirement into a rigid
framework, we offer the client to choose best fit for them.
Competition essentially has standardized package policies with multiple restrictions on Sum insured, add on covers and rigid
pricing.

Our product aims at simplifying by:

1. Offering package in SI without sub limit / restrictions
2. Wide array of covers from Fire, Engineering, Miscellaneous, Liability and Personal accident
3. Cover level deductible
4. Offering competitive pricing through cover bundling
5. Seamless and Hassle-free experience of BOT based Quote and Policy issuance

Section Available:
1 Standard Fire and Special Perils
2 Consequential Loss (Fire) Insurance Policy
3 Burglary Insurance Policy
4 Money Insurance Policy
5 Fidelity Guarantee Insurance Policy
6 Plate Glass Insurance
7 Boiler and Pressure Plant Insurance Policy
8 Electronic Equipment Insurance Policy
9 All Risk
10 Machinery Breakdown Insurance Policy
11 Public Liability Insurance (Industrial / Non- Industrial Risks) Policy
12 Group Personal Accident Insurance Policy
13 Employer's Liability (Workmen's Compensation) Policy

Additional benefits
Business Interruption for non-manufacturing risk (including IT Software Park, Multiplexes) Indemnity Period upto 36 months may be
offered.

19
Group Health
(Floater) Insurance

20
 Group Health (Floater) Insurance

Need of Health Insurance

Ÿ Skyrocketing medical costs

Ÿ Need for routine medical check-ups and care
Ÿ Expensive trips to specialist doctors
Ÿ Possibility of hospitalization and treatment
Ÿ Coverage for critical illnesses

Why Group Health (Floater) Insurance?

Group Health (Floater) Insurance is a policy that provides indemnification of medical expenses incurred by the insured during
day care treatment, hospitalization, domiciliary hospitalization, for any illness or injury suffered during the Policy Period.
An employer can take GHI policy with minimum 10 employees and 25 lives.

Benefits of having Group Health (Floater) Insurance

Ÿ No physical examination
Ÿ Covers people regardless of their age or present state of health
Ÿ Customized health care
Ÿ Having such a great benefit-boosts morale among employees
Ÿ Financially helping the employees in Pandemic time

ILTakeCare : Digital Capabilities | App based Services

An App for Health & Wellness Needs (IL TakeCare)
App Features

Ÿ Policy Information – Coverage & eCards

Ÿ Enrolments – Additions / Modifications
Ÿ Claims Intimation & Tracking
Ÿ Cashless OPD Services
Ÿ Emergency Ambulance Services
Ÿ Tele-Consult
Ÿ Health Risk Assessment
Ÿ Health Assistance Services
Ÿ Steps Tracking
Ÿ Health Blogs
Ÿ Claim Query & Resolution
Ÿ Wellness Programs
Ÿ Planned Hospitalization Approval (Coming Soon)
Ÿ Health Check-up (Coming Soon)
Ÿ Medicine Reminders & EMR (Coming Soon)
Ÿ Individual Policy Management (Coming Soon)
Note : For add on covers additional premium is payable, wherever applicable.

21
App Benefits

1
Download IL TakeCare App
2
Self-Registration
3
Sign In adding the Policy &
Please follow the below steps for Policy Details
Customer can download App Ø Enter the mobile no.
through Play Store (For Android registration.
and OTP to login
users)/through App Store (For 1. Enter Name, DOB, Mobile No. and Ø Process 1 to add GHI policy
iPhone users). accept the Terms & Conditions 1. Enter company name
and click on Request OTP 2. Employee ID
2. Enter the OTP sent on your 3. DOB
Mobile No. in the space provided Ø Process 2 to add GHI policy

4
to register. 1. Enter policy no.
2. UHID
3. Enter Mobile No. & OTP to login
3. Employee ID
4. DOB
How to download e-card Policy Details Include
Ÿ Policy No.
Ø Click on policies icon from Ÿ Policy Type
homepage and then click on Ÿ Policy Start & End Date

6
member details to download the Ÿ Policy Holder Name
e-card Ÿ Policy Category (Cashless/
Reimbursement/ Both)

Network Hospital Locator

5
Ø Click on Network from

7
homepage and find the nearest
hospital and the directions as
well.
Claim Option is available on Mobile Ø Select Network Type and click on
App in Home Screen Locate Me (Nearest network Consulting Doctor
Below options are available under hospital in your location will be
reflected-GPS enabled). Ø Click on IL Hello Doctor and a call
Claims:
can be made to the doctor
Ø File Claim Ø To search hospitals in different
cities just enter the Pin Code of Ø On call he can consult the doctor
Ø Track your Claims and the doctor can prescribe
the location.
Medicines over the call.

8
Queries
Click on queries to know about the
queries related to Claims, Policy
Coverage, Health advisor etc.

22
Detailed Benefits:

Coverage Type:
Individual / Floater
Ÿ Dependent Coverage: 1+5 (Employee + Spouse + 2 Dependent Children + 2 Dependent Parents)
Ÿ Employees have an option to cover Parents or Parents-in-law.
Applicability:
Sum Insured: Wide range starting from ` 50,000
Ÿ No. of Insured: 1+5
Ÿ Children: Yes (Upto 2 Dependent Children till the age of 25)
Ÿ Parents: Yes, Dependent Parents (those not above the age of 80 years)
Eligibility:
All are covered from Day 1 in case opted for Pre-Existing Diseases (PED)

Scope of Cover
Ÿ Disease/ Injury
- Treated medically/ surgically
- By Hospitalization/ Domiciliary Hospitalization
- At Nursing Home/ Hospital in India as in-patient
Ÿ Age limit
- 91 days – 80 years

Exclusions & Limitations:

First Year Exclusion:

The expenses on treatment of following diseases, or illness and related disorders during the first year of operation of this policy.
Ÿ Cataract
Ÿ Benign Prostratic Hypertrophy
Ÿ Hysterectomy for Menonhargia or Fibromyoma
Ÿ Hernia/ Hydrocele
Ÿ Congenital internal disease
Ÿ Fistula in anus/ piles
Ÿ Sinusitis & related disorder
30 days waiting period:
Expenses related to the treatment of any illness within 30 days from the first policy commencement date shall be excluded except
claims arising due to an accident, provided the same are covered.
I. This exclusion shall not, however, apply if the Insured Person has Continuous Coverage for more than twelve months.
II. The within referred waiting period is made applicable to the enhanced sum insured in the event of granting higher sum
insured subsequently.
If these diseases or illnesses are pre-existing at the time of proposal, they will not be covered only for 1st year from the
inception of the policy.
Note: Option is available to waive off 1st year exclusions with additional premium.
General Exclusions:
War/ Allied perils
Ÿ Nuclear perils
Ÿ Plastic Surgery
Ÿ Spectacles/ Contact Lens/ Hearing Aid
Ÿ Dental Treatment
Ÿ Convalescence/ General Debility
Ÿ Sterility/ Venereal Disease/ Circumcision
Ÿ Intentional self-injury
Ÿ Use of intoxicating Drugs/ Alcohol
Ÿ Diagnostic/ Laboratory expenses not consistent with treatment
Ÿ Vitamins/ Tonic inconsistent with treatment
Note: These are indicative list, for detailed list please refer policy wording.
Add-Ons:

Insured may also avail the following additional covers/add-ons (extensions) under the policy. Risk Premium would be charged
as per the cover.
Cover for Pre-Existing Diseases
By way of this add-on, Pre-existing Diseases shall be covered after 1 year
Ÿ For the purpose of avoidance of doubt, it is to clarified that, the term ‘Pre-existing Disease’ means any condition, ailment or
injury or disease. Diagnose by physician within 48 months prior to the effective date of the policy issued by insurer or its
reinstatement. For which medical advice or treatment was recommended by, or received from, a physician within 48
months prior to the effective date of the policy issued by the insurer or its reinstatement
Maternity Expenses
This add-on provides cover for medical expenses incurred for delivery, during hospitalization or lawful medical termination of
pregnancy during the policy period. This coverage may be offered with or without any waiting period. The cover also extends to
provide childbirth related expenses up to a specified limit and pre/post-natal expenses as specifically stated in part I of the policy.
Provided that,
Ÿ The cover under this add-on shall be available after 9 months of continuous coverage have elapsed since the inception of
the first policy with the company
Ÿ Expenses incurred in connection with voluntary medical termination of pregnancy during the first 12 weeks from the date of
conception are not covered
For details, kindly refer policy copy.
Cost of Prescribed External Medical Aid
The company will reimburse insured for the charges incurred by insured during the policy period on account of procuring
medically necessary prosthetic or artificial devices or any medical equipment including but not limited to hearing aids,
spectacles, contact lenses etc.
Baby Day One Cover
This add-on will cover medical expenses incurred on the “newborn baby” only as an in-patient in hospital for a maximum
period up to 91 days.
Critical Illnesses Cover
The company will pay the sum insured, in case insured is diagnosed as suffering from one or more of the critical illnesses for
the first time in life, during the policy period. This benefit can be availed only by the insured only once during his lifetime.
Travel Expenses for Medical Treatment
The company will reimburse only if treatment is done outside the city of residence if the treatment is not possible in his place.
Pre and Post Hospitalization
By way of this add-on, the Company will pay medical expenses incurred 30 days prior to hospitalization and 60 days after
hospitalization (As specified in the policy).
Outpatient Department (OPD) Expenses
Outpatient means the insured person who is not hospitalized for more than 24 consecutive hours but who visits a hospital,
clinic or associated facility for diagnosis or treatment and these expenses will be paid by the insurer. However, any insured
person undergoing any named day care procedure/ treatment will not be considered as an outpatient.
Dental Expenses
The company will reimburse the medical expenses related to dental treatment incurred by the insured during the policy period.
Cover for Alternate Methods of Treatment
Reimbursement will be done for medical expenses incurred on below treatment provided that such treatment is administered
by medical practitioner.
Ÿ Homeopathic
Ÿ Ayurvedic
Ÿ Siddha
Ÿ Unani
Ÿ Acupressure
Ÿ Acupuncture
Ÿ Yoga
Ÿ Naturopathy
Ambulance Charges
Ambulance charges would include transportation cost to the nearest hospital in case of life-threatening emergency
conditions.
Note: This is an indicative list, for detailed list please refer policy wording.

24
Claim Process:

Ÿ Cashless Claim Process

There are two method of Cashless claim:
1. Planned Hospitalization
2. Emergency Hospitalization
Steps:
o Insured to submit Health Card Copy and Photo ID Proof at Hospital Insurance Desk.
o Hospital will send the cashless request to ihealthcare through Web/e-mail upon admission recommendation from
Hospital Doctor.
o Insured needs to check the pre-authorization note and duly sign the same.
o Post receipt of Cashless Request from Hospital, ihealthcare team to check the medical admissibility and accordingly
Approve/Query/Reject the request.
o Insured can reach out to in-house call centre in case of any queries on cashless admission.
Insured will be notified via SMS/e-mail at all events of Cashless Hospitalization. And also a call will be made if the cashless
request has been queried/rejected. (Subject to availability of insured/dependants contact details)

25
 Emergency hospitalization in network Planned hospitalization in network
hospitals hospitals

Patient gets admitted in the hospital

Cashless request can be initiated
15 days in advance for planned
Hospital will send the cashless request hospitalization cases.
to ICICI Lombard Health Care
(After admission in hospital)

If the request is approved, the If the cashless is queried, a If the request is rejected,
customer will need to sign all query letter will be sent to customer can avail the
relevant documents before hospital for submission of treatment at the hospital
discharge required documents

ICICI Lombard Health Care will Once the query response

give approval only for medical received, claim will be
expenses (All non-medical
expenses are to be borne by adjudicated basis policy terms
the customer) and conditions.

Insured will bear the

hospitalization expenses and
gets discharged from hospital.
Post discharge ICICI Lombard
will make the payment to
concerned hospital

v Claim Form
v Pre-Authorization Form
v Updated List of Hospitals
Available on ICICI Lombard Healthcare Webpage
Note:
w In case of Query, Customer will have to furnish the required document
w In case of planned admission insured/dependents can reach out to hospital for cashless approvals in advance
w In case of emergency during admission insured/dependents can approach Hospital TPA desk for Cashless request.

26
 List of few Cashless Hospitals:
w Park Hospital Delhi
w Jain Hospital Delhi
w Apollo Spectra Hospitals Delhi
w Fortis Hospitals Ltd
w Bombay Hospital & Medical Research Centre
w Maxcare Hospital Mumbai
w Trinity Hospital Mumbai
w Paramount Nursing Home Pvt Ltd Kolkata
Complete List of Hospitals Availability:
1. ILTakeCare App
2. Network Hospital Details are available on the link https://ilhc.icicilombard.com/Customer/GetHospitalList

Reimbursement Process
w Claim Submission Steps
w The procedure for lodging the claim shall be as under:
Claim to be submitted within 30 days from date of discharge. The Insured shall tender to the Company all reasonable
information, assistance and proofs in connection with any claim hereunder.
Note:
Claim form can be downloaded from our website www.icicilombard.com
Claim Status can be tracked Online or by sending an SMS to 575758 ex: ILHC CL 220201448322 and through IL Take
Care App
Insured will be notified via SMS/email at all events of Claim process. And also a call will be made if the Claim has
been queried. (Subject to availability of insured/dependants contact details)
For any claim related issue mail us at ihealthcare@icicilombard.com

Patient gets admitted to the Hospital, takes Treatment and Pays the
Hospital Bills (Customer gets all the Original documents from the Hospital)

Customer submits all the Original documents to

ICICI Lombard Health Care along with duly filled Claim Form

ICICI Lombard Health Care will review the documents and take a decision
based on the information provided

If the Claim is Approved, Payment If the claim is under Query, a If the Claim is Rejected,
will be made to the customer as Query Letter is sent for Rejection letter will be sent
per the Policy Terms & Conditions submission of required across along with reasons for
documents Rejection.

Note: In case of Query, Customer will have to furnish the required document

27
 Documents to be submitted for Reimbursement
w Duly filled Claim form including NEFT form for Electronic Funds Transfer & Cancelled Cheque Copy
w Discharge Summary (with details of complaints and treatment availed)
w Final Hospital Bill (detailed break-up) along with interim bills & payment receipts
w All investigation reports (Original Blood Reports, X-Ray Reports, Sonography, CT Scan, MRI etc
w All Pharmacy bills supported by Doctor’s prescriptions
w Implant Sticker / Invoice, if used (eg: Lens details in Cataract Case, Stent details in angioplasty)
w Medico Legal Certificate (MLC) and or FIR for all accident cases
Note: This is an indicative list please refer policy copy for detailed list
w Address for sending reimbursement claim documents
o Insured need to dispatch the reimbursement claim documents to below mentioned address:
Claims Team, ICICI Lombard Health Care, ICICI Lombard GIC Ltd, ICICI Bank Tower, Plot No:12, Financial District,
Nanakramguda, Gachibowli, Hyderabad, Telangana: 500032.
w Insured can upload the scan documents on Mobile App “IL Take Care”.
w In case of any queries insured can reach out to business ID ihealthcare@Icicilombard.com
w Or insured can call at toll free number 18002666

Health Assistance Services

GOAL: Right treatment at optimum cost

o Customer ---- Calls Health Assistance Team
o Health Assistance Team ------
• Advice on Treatment & Provider
• Help in booking doctor appointments
• Second opinion
• Treatment related details: Treatment at optimum cost
Health Assistance can be availed through ILTakeCare App also.
Following Steps should be followed
1. Sign in on the App
2. Click on Health Assistance
3. Select the assistance you want
4. Upload the Health Records
5. Write in brief the medical history

28
Group Personal
Accident

29
 Group Personal Accident

What is GPA

GPA or Group Personal Accident covers human life against Accidental Death and Disabilities. This is a group product which is
the most basic and yet the most important insurance cover providing security and peace of mind to the member beneficiaries
and their families.

Why GPA

Human life is very precious. However, indecisive events like death, disability and loss of earning capacity cannot be eliminated
and when such eventualities happen, it leaves the individual’s family devastated. GPA product cover is designed in such a
manner that it ensures the members and their families get the necessary financial protection they much need during tough
times.

Who is Covered

Group Personal Accident product covers both – Employer and employee relationship policies (Small and big organizations
covering their permanent or contractual employees etc) and Non employer-employee groups (Associations, schools, Housing
societies, trusts, any product brand covering customers etc.)

Scope of Cover

• A: Accidental Death
• B: A + (Permanent Total Disablement PTD) loss of two limbs Either in Pair like pair of Arms, Legs & Eyes or In Combination
like one limb and one eye
• Table C: Table B + Permanent Partial Disablement (PPD)
• Table D: Table C + Temporary Total Disablement (TTD) (TTD –1% of SI or Rs.
• 5,000 per week (For employees only)

Types of Disablement and Other Add-Ons

Permanent Total Disablement (PTD)

Disablement of permanent and irrecoverable nature i.e. the person is prevented from engaging in gainful employment of any
kind. e.g. loss of sight of both eyes, physical separation of two entire hands.
Permanent Partial Disablement (PPD)
Similar to PTD the only difference being that the disablement is partial e.g. loss of toe or a finger.
Compensation is payable on the % of loss, which is mentioned in a table and if not available in the Table, as per doctor’s
assessment.
Temporary Total Disablement (TTD)
Disablement is total but for a temporary period. Eg. Fracture of leg with complete bed rest.
Other Add-Ons Available
Apart from Core benefits, there are number of other add-ons available in product – like Loss of Job Cover, Hospitalization cover,
OPD cover, Legal expense cover, Child education cover etc.
Age and Sum insured limit:

30
Types of Disablement and Other Add-Ons

Age Limit:
Normal cases 3-65 years of age
In case of existing policies, renewal can be done up to 80 years
Sum Insured:
Restricted to 60-72 months earning of insured
No weekly compensation for persons not engaged in any gainful employment like students, housewives. Only capital benefit is
payable in this case.
The Sum Insured can be decided based on earning capacity of the Insured person. Six times of annual earning is a common
reference amount that can be used an should be recommended to any SME willing to take this cover for the employees. Sum
insured can be flat or graded as per rank/earning as per client requirement.
Premium:
The Premium chargeable for the policy depends on occupation of the Insured person and the Table of benefits availed. Also on
the add-ons client chooses to opt, claims history, geography and other factors come into play

Add-On Covers Available under GPA

1. Cover of Expenses related to Burn: This a d d-on covers the Insured against expenses incurred during hospitalization
because of any degree of burns sustained due to an Accident as specifically mentioned in the policy schedule.
2. Modification of residential accommodation & vehicle: The add-on covers the expenses incurred for modification of
house and/or vehicle necessitated due to disability resulting from an accident.
3. Repatriation of Mortal Remains: This add-on covers the expenses incurred for the repatriation of mortal remains of the
Insured from his place of death to his place of residence.
4. Ambulance Charges: This add-on covers the reasonable ambulance charges incurred for transporting the Insured to the
nearest hospital in the event of a life-threatening emergency conditions. Provided that, such life-threatening emergency
condition must be prescribed by medical practitioner.
5. Transportation Allowance (Compassionate visit): In case the Insured is hospitalized, and the attending medical
practitioner recommends the personal attendance of an immediate family member. This add-on covers the transportation
expenses incurred by the Insured’s immediate family member in commuting to the hospital to and from the place of
residence. Provided that, maximum number of family member who can accompany Insured is upto 4 members.
6. Travel expenses for medical treatment: This add on covers the travelling expenses incurred to move outside the city of
residence at a nearest place as prescribed by treating Medical Practitioner. The cover under this add-on will be subject to
the sum insured or actual expenses incurred whichever is less.
7. Catastrophe Evacuation: This add-on covers the actual expenses incurred due to necessary immediate evacuation in
order to avoid risk of personal Injury or illness on happening of catastrophes like fire, flood, earthquake, storm, lightening,
explosion, hurricane or epidemic due to contagious disease).
8. Cost of clothing damage: This add-on covers the loss/damage of clothes especially uniforms etc of employees /members
of a group as a result of an Accident subject to sum insured for this add-on.
9. Loss of Job cover: In the unfortunate event of loss of job to the Insured, as a result of an injury sustained due to Accident
during the policy period, this add-on provides the Insured with an amount as specifically stated in the Schedule subject to
the sum insured for this add on. Provided that injury sustained should result in disablement rendering the Insured unfit for
job.
10. Improved Disability Benefit/ Dismemberment: This add-on provides that in the event of Accidental Permanent Total
Disablement of the Insured, the Insured shall be paid a lump sum benefit of up to 2 times of the Accidental Death sum
insured (or as mentioned in Part I of the Policy) instead of the Accidental Permanent Total Disablement sum insured as
specifically mentioned in the policy schedule.
11. Daily Cash Allowance: By way of this add-on, the Company will pay the Insured an amount specifically mentioned in the
Schedule for each completed day of hospitalization on account of Accidental injury as mentioned in Part I of the Policy.
12. Carriage of Dead Body: In the event of death of the insured due to Accident, Company will reimburse the expenses
incurred for transportation of Insured’s dead body to the place of residence from the place of death in India subject to the
sum insured or the actual cost incurred whichever is less.

31
Types of Disablement and Other Add-Ons

13. On Duty Cover: This add-on covers the Insured against injury sustained on account of Accident only during official hours
while the Insured is on duty (and not for all the 24 hours of the day & night). This cover will be restricted to injury sustained in
office or during official visit, training, seminars, conference etc.
14. Children’ s Education Grant: In the event of Death or Permanent Total Disablement of the Insured due to accident, this
add-on entitles the Insured’s dependent children for the amount as mentioned in Part I of the Policy as education grant.
15. Accidental Hospitalization Expenses: This add-on provides coverage for the medical expenses incurred by the insured
during hospitalization as an inpatient for more than 24 consecutive hours as a result of an accident.
16. Mysterious Disappearance: In the event of an accident which leads to ‘mysterious disappearance’ of the Insured, this
add-on pays the insured’s nominee the Sum Insured in lump sum, provided that such disappearance should be certified by
the local police authorities. Provided further that, the cover under this add-on would end on the payment of the sum
insured under this add-on after the specific tenure as mentioned in the policy schedule.
17. Treatment outside India (along with travelling cost & boarding & lodging of the attendant): This add-on covers the cost
of medical treatment along with the travelling cost and cost pertaining to boarding and lodging attendant in a country
outside India in case of any accidental injury when required and prescribed by treating Medical Practitioner.
18. Medical Expenses: In case the Insured’s claim is considered admissible under any of the covered benefits namely
Accidental Death/ Permanent Total Disablement on account of Accident/ Permanent Partial Disablement on account of
Accident/ Temporary Total Disablement on account of Accident, this add-on covers the medical expenses incurred by the
Insured in relation to his treatment which is necessitated due to an Accident which has resulted in the any one out of above
mentioned causes.
19. Outpatient Department (OPD) expenses: This Add on cover will cover the medical expenses incurred by the Insured as
an Outpatient due to Accidental injury only and which does not entail in-patient hospitalization or day-care treatments.
20. Loss/damage to School Bag/Books: This add-on covers for the loss or damage to the school bag/books especially
text/additional course material etc of the students/members of an education institute as a result of an accident. (the benefit
being restricted up to a maximum of Individual Sum Insured)
21. Widowhood cover: by way of this add-on, in event of Accidental Death of the Insured, the Policy shall pay the spouse of the
Insured a sum not greater than the Sum Insured over and above the claim amount up to a maximum limit of 300 times of the
Sum Insured or as mentioned in Part I of the Policy.
22. Purchase of blood: This add on will cover for the cost incurred in purchase of blood from blood bank, in the event of
accidental injury sustained by the Insured who needs blood
23. Prosthesis & Artificial Limbs: This add-on will cover the cost borne by the Insured in the purchase of artificial
limbs/prosthesis (artificial devices) in case of Permanent Total Disablement on account of Accident.
24. Broken Bones: This Add on will cover the medical expenses borne by the Insured against broken bones resulting from an
accident and will be covered to a maximum limit of 200 times of individual Sum insured or as mentioned in Part I of the
Policy.
25. Legal Expenses: This Add on will cover the legal/court expenses borne by the Insured against any legal litigations
resulting due to any involvement in an accident of the insured and will be covered to a maximum limit of 500 times of
individual Sum insured or as mentioned in Part I of the Policy.

32
Group Personal Accident Claims Process
The claims can also be intimated on the web link or can be sent directly to ICICI Lombard.
Details can be taken from the toll-free number 1800 2666 working 24*7.
Web Link for claims intimation: https://www.icicilombard.com/IL-Health-Care

Snapshots:

33
The procedure of lodging the claim shall be as under:
Upon the happening of any event giving rise or likely to give rise to a claim under this Policy:
(a) The Insured shall give immediate notice thereof in writing to the Company.
(b) The Insured shall deliver to the Company, within 14 days of the date on which the event
shall have come to his knowledge, a detailed statement in writing as per the claim form
and any other material particular, relevant to the making of such claim.
(c) The Insured shall tender to the Company all reasonable information, assistance and
proofs in connection with any claim here under.

34
 Making a Claim: Mandatory Documents:

a) Death:

i) Completely filled PA claim Form with Company Stamp & Covering Letter from employer (In case of Employer-employee
relationship policy)
ii) Attested Copy of FIR.
iii) Attested Copy of PM Report.
iv) Attested Death Certificate.
v) Attested Spot Panchnama (In case of spot accidental death)
vi) Attested Inquest panchnama (in case of spot accidental death where dead body shifted to hospital without informing to
police-In case of panchayat).
vii) Attested Railway Police Panchnama and attested Railway station master report (In case of railway Accident)
viii) Certificate from State electricity board, Electricity Board's Panchnama (Optional) in case of Electrocution
ix) The Forensic Science Laboratory (FSL) Report (If recommended in PM Report) in case of Snake Bite/Poisonous Animal Bite

b) Permanent Total Disablement:

i) Completely filled PA claim form with Company Stamp & Covering Letter from Employer
ii) Attested Copy of FIR. (If reported to police authority)
iii) Disability Certificate (Authorised by medical officer/civil surgeon of civil hospital / govt. hospital of the district / units
concerned, stating percentage of disablement)
iv) Reports like X-rays, etc essential for confirmation of the type and percentage of disability
v) Letter from the Employer stating the Description of accident.
vi) Colour photograph of the injured reflecting disability.
vii) Original medical bills with prescriptions/treatment papers. (If medical benefits are covered)

c) Permanent Partial Disablement

i) Completely filled PA claim Form with Company Stamp & Covering Letter from Employer
ii) Attested Copy of FIR. (If reported to police authority)
iii) Disability Certificate (Authorised by medical officer/civil surgeon of civil hospital / govt. hospital of the district / units
Concerned, stating percentage of disablement)
iv) Reports like X-rays, etc essential for confirmation of the type and percentage of disability
v) Letter from the Employer stating the Description of accident.
vi) Colour photograph of the injured reflecting disability.
vii) Original medical bills with prescriptions/treatment papers. (If medical expense is covered)
# For additional information on claims process- Policy wordings can be referred on ICICI Lombard website available at -
https://www.icicilombard.com/downloads

35
Marine Cargo
Insurance Policy

36
Marine Cargo Insurance Policy:
Introduction:
Marine or Cargo insurance covers the loss or damage of cargo during transit.

Marine insurance covers Movement of goods from one place to another:

i) Within the country (Inland)
ii) From India to Country outside India (Export)
iii) From Country outside India to India (Import)
Who needs Marine Insurance?
Any person with insurable interest in the goods in transit can insure. Further the policy can be assigned freely to any person
who acquires insurable interest during transit of the cargo.
• Exporters
• Importers
• Manufacturers
• Traders
• Merchant Exporters
• Contractors of Projects
• Logistics Operators
• C&F Agents
INCO Terms:
They determine the point of change of responsibility between the buyer and seller. Incoterms inform sales contracts
defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer.
Some commonly used Inco Terms:
1. Ex Works (EXW): Seller must place the goods at the disposal of the buyer. Carriage and Insurance are arranged by buyer.
2. Free On Board (FOB): Seller delivers when the goods pass the ship’s rail at the named port of shipment. This means the
buyer must bear all costs & risks to the goods from that point.
3. Cost, Insurance, Freight (CIF): The seller delivers when the goods pass the ship’s rail in the port of shipment. The seller
must pay the cost & freight necessary to bring goods to the named port of destination, but the risk is transferred from
seller to buyer.

INCOTERMS 2020
Point of Delivery and transfer of Risk
Loading Destination
The Seller Alongside Port Port Alongside The Buyers
Ship Ship
First Carrier First Carrier

EXW EX WORKS AGREED PLACE

FCA FREE CARRIER AGREED PLACE

FAS FREE ALONGSIDE SHIP PORT OF LOADING

FOB FREE ON BOARD PORT OF LOADING

CFR COST & FREIGHT PORT OF DESTINATION

CF COST, INSURANCE & FREIGHT PORT OF DESTINATION

CPT COST PAID TO PLACE OF DESTINATION

CP CARRIER & INSURANCE PAID TO PLACE OF DESTINATION

DPU DELIVERED AT PLACE UNLOADED PLACE OF DESTINATION

DAP DELIVERED AT PLACE DESTINATION

DDP DELIVERED DUTY PAID DESTINATION

Sellers Obligation Buyers Obligation Transfer if Risk

37
 Marine Peril and Coverage:
Below table provides coverage & perils:
a) Inland Transit Clause (ITC) : For Transit Within Country

Risk ITC A
Fire, Lightening or Explosion Yes

Overturning or derailment of vehicle Yes

Earthquake or Volcanic Eruption during transit Yes

Collision between 2 Vehicles Yes

River or lake water entering cargo Yes

Damage/Loss to goods during loading & unloading Yes

Damage/Loss to goods during handling of goods in transit Yes

Theft or malicious damage Yes

Shortage or non-delivery of goods Yes

Hijack of goods Yes

b) Institute Cargo Clauses (ICC): For Transit Between Countries (Import/Export)

Risk ICC A ICC B

Fire or Explosion Yes Yes

Overturning or derailment of vehicle Yes Yes

Discharge of cargo at port of distress Yes Yes

Collision between Vehicles Yes Yes

Jettison Yes Yes

Washing overboard Yes Yes

Earthquake, Lightening or Volcanic Eruption during transit Yes Yes

River or lake water entering cargo Yes Yes

Damage/Loss to goods during loading & unloading Yes Yes

Damage/Loss to goods during handling of goods in transit Yes No

Theft or malicious damage Yes No

Shortage or non-delivery of goods Yes No

Hijack of goods Yes No

Any other risk not specifically excluded Yes No

Note: War, Strikes, Riots and Civil Commotion Risk can be covered by payment of additional premium
Cover as mentioned above is for illustration purpose only

38
 Risks Specifically Excluded From Marine Insurance:
(Below are the standard exclusions for any other exclusion refer quotations)

w Wilful Misconduct of the Assured

w Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject-matter insured
w Insufficiency or unsuitability of packing
w Inherent vice or nature of the subject-matter insured
w loss damage or expense proximately caused by delay, even though the delay be caused by a risk insured against
(except expenses payable under Clause 2 of ICC)
w Insolvency or financial default of owner, manager, charters or operators of the vessel
w Unfitness/ Unseaworthiness of carrying conveyance
Non-Institute Clauses: Some Non-Institute clauses are used to additionally cover some perils under the policy, for e.g.*
1. Duration Clause
2. Institute Replacement clause
3. Second-hand Replacement clause
4. Label Clause
5. Cargo Termination of Storage in Transit Clause (Amended) 2020
*This is not an exhaustive list & this shall be Manuscripted by respective underwriters.

Common Warranties, Conditions and Exclusions*:

Below are some general conditions or warranties attached to a marine insurance policy:

1. Rusting, oxidisation, discoloration and corrosion are excluded unless caused by ICC(B)/ITC(B) perils
2. Institute Replacement clause
3. Pair and set clause
4. Second-hand Replacement clause
5. Excluding Mechanical, Electrical and Electronic derangement unless caused by ICC(B)/ITC (B) perils.
6. Over Dimensional Cargo Survey Warranty.
7. Warranted that losses due to adulteration, contamination and deterioration of quality is excluded.
8. Warranted those goods are transported in closed wagons and/or trucks to be covered with tarpaulin or any other
waterproof material to avoid ingress of water.
*Warranties may differ or updated based on cargo exposure.

Preferred and Non-Preferred Cargo Segments:

Preferred Cargoes Referral/Caution Cargoes

Metal Glass Or Other Fragile Items

Containers Precious metals such as gold, silver, bullion and
jewellery or other precious items.
Machinery Marble or Ceramic Items
Electronics Dry Bulk Cargo such as Fertilizers
Rubber/Plastic Liquid Bulk Cargo such as oil and petrol in tankers
Pharmaceutical/Bulk Drugs Livestock
FMCG
Textile/Timber
Project Cargo With Survey Warranty
Auto Parts

*This is not an exhaustive list and subject to change time to time

39
Types of Policies:

Types of Marine Cargo Policies

Single Transit Marine Open Sales Turnover

Policy Declaration Policy Policy

Common Warranties, Conditions and Exclusions*:

Below are some general conditions or warranties attached to a marine insurance policy:

1. Rusting, oxidisation, discoloration and corrosion are excluded unless caused by ICC(B)/ITC(B) perils
2. Institute Replacement clause
3. Pair and set clause
4. Second hand Replacement clause
5. Excluding Mechanical, Electrical and Electronic derangement unless caused by ICC(B)/ITC (B) perils.
6. Over Dimensional Cargo Survey Warranty.
7. Warranted that losses due to adulteration, contamination and deterioration of quality is excluded.
8. Warranted that goods are transported in closed wagons and/or trucks to be covered with tarpaulin or any other water
proof material to avoid ingress of water.
*Warranties may differ or updated based on cargo exposure.

Marine Single Transit Policy:

• Covers single consignment from one location/port to another location/port

• It is suitable for those firms who seldom require marine cargo policies during their trade
• Sum Insured Limit preferable for this product is up to 1 Cr (However can be customized as per need).
• Single Transit policies can be issued through I-partner and Bulk Single Transit policies can also be issued through MyRA.

Marine Open Declaration Policy:

• Marine Open Policy booking is the most Preferred form of policy booking ( can be booked through i-partner & Myra).
• This is an annual arrangement between the insured and the insurer to provide coverage to all the shipments/transits
on pre-arranged terms and conditions for a particular leg (Domestic/Import/Export).
• Open inland policy is a declaration-based policy where insured must make periodic declaration (Monthly) of sum
insured utilization.
• Certificates are issued for individual transits and are treated as sum insured utilization for open import/Export policy.
• Insurer’s maximum liability is restricted to a pre agreed limit per sending and limit per location.
• Policy period of one year at an initial Sum Insured which can be enhanced during the duration of the policy.

Sales Turnover Policy:

• It’s a wider form of Marine Open Policy and is issued on the basis of annual sales turnover – both domestic and
exports, all transits/voyages deemed to be held covered without specific declaration.(Import, Export or Inland)
• Sum Insured and premium is based on the estimated annual Sales Turnover of goods movement under various legs of
transit.
• Certificates are issued for individual transits.
• Sales Turnover policy is preferable above sum insured of Rs.100 Cr.
• There is Minimum Premium requirement of INR 1 Lakh + Tax.

40
Underwriting Information Required For Quote:

1. Basic Client Information

2. Type of Cover (All risk or basic coverage)
3. Policy Duration
4. Nature Of Commodity and its description
5. Value of cargo (Sum Insured)
6. Custom Duty (In case of Import)
7. Packing Description
8. Per Sending and Per Location Limit
9. Basis of valuation
10. Detailed claim experience: Last 3 years along with Past 3 Year Sum Insured & premium along with Warranties, Clauses
and Excess of 3 Years.

Claims
Types of Marine Claims:

Partial Loss (Particular Average)- Particular Average means partial loss of the subject matter insured although not appearing
in the Clauses directly, all three sets of ICC COVER particular average in full.
Total Loss - The goods are destroyed. The assured is irretrievably deprived of the goods. The goods are no longer the thing
insured (loss of specie). The goods are on a ship that has been posted as missing. Total loss can be an Actual Total Loss or
Constructive Total Loss.
General Average - This occurs when the insured goods are partly or totally sacrificed in a general average act. Provided the
GA does not arise from any of the exclusions expressed in the Clauses, the underwriter is liable for the sum insured if the
sacrifice results in a total loss of the goods or the proportion of the sum insured produced by applying the percentage of
depreciation caused by the sacrifice to the SI, if only part of the goods is sacrificed.
(Definition: “GA is a sacrifice or expenditure made or incurred by one of the parties to the maritime adventure for the purpose
of saving all of the property insured in such maritime adventure”. All loss which arises in consequence of extraordinary
sacrifice made or expenses incurred for the preservation of the ship and cargo comes within general average and must be
borne proportionately by all who are interested)

Claims Process:

STEPS SUBMISSION OF DOCUMENTS & PROCESSING

Claim Intimation Where the consignment is found in damage condition at the time of taking delivery or if
consignment carrying vehicle met with an accident, being a rightful claimant, claim to be
intimated immediately after delivery or notification of loss through Web Claim portal.

Link:
https://coclaims.icicilombard.com/claimstracker/CommercialClaims/ccplandingpage.aspx

List of Requirements After survey inspection, surveyor will share quantification of loss and list of documents to
be submit (For Claim Above 1 Lakh)

Submission Insured should arrange all requested details to surveyor / insurance company within time.

Assessment Surveyor will assess the loss based on docs submitted and share assessment with the
insured

Consent/Discharge Voucher Insured should submit their written consent on shared assessment along with duly sign
claim discharge voucher and letter of subrogation if claim value is greater than 2 Lac.

Final Survey Report Surveyor will arrange to prepare and submit their report to insurer upon receipt of all
requested details along with consent

Processing Upon receipt of final survey report from surveyor, notarized subrogation (claims above 2
lakhs) and duly singed Discharge voucher (claims above 10 lakhs) Insurer will arrange to
release payment

41
 List of Claim Documents Required*

Self-Survey External Surveyor deputed

Invoice copy Original invoice

LR copy Original LR

Final Repair Bill Repair Estimate

Photographs (In case of damage claim) Original Damage certificate issued by transporter

Repair Estimate (If repairable) Acknowledged copy of letter lodging monetary claim
and original AD

Shortage Certificate (In case of shortage) Final claim Bill along with salvage value

FIR in case of accident, theft claims, Hijacking cases

Driving License, RC Book of transporters vehicle

Salvage Value Salvage Value

Discharge voucher on mail Original Letter of subrogation on Rs 200 on

stamp paper notary

Photographs (In case of damage claim)

Original Discharge voucher

*Any other documents required by surveyor to be submitted as per the facts of the case.

USP’s Of ICICI Lombard:

Underwriting:

1. Faster quote and policy issuance for Single Transit and Open Policies through I-partner.
2. Commodities coverage at competitive rates.
3. Marine API Integration with partners such as Policy Bazaar and Secure Now for faster single transit policy issuance.
4. Channel level rates and conditions configuration through I-partner.
5. Single Transit Bulk Policies with MyRA within minutes.
6. MLCE or Marine Loss Control Engineering is a way of preventing/minimizing the losses incurred by insured and
recommendation given to cartel losses.

Claims:

1. Online Claim intimations through web tracker / round call center (Toll free 1800 2666)
2. Immediate surveyor appointment & auto generated e-mails confirming claim registration & surveyor name.
3. Documents submission facility through web Portal.
4. Robust Claim tracking system.
5. Marine Loss control engineering: Target Customers with high frequency losses.
6. Single window GPS tracking system for high value shipments.
7. Specialized team for pre-dispatch, loading / unloading /route survey, bulk survey, and warranty survey for specialized Cargo.
8. In-house Salvage team for better and quicker salvage realization.
9. Dedicated CSMs at each hub.

42
Workmen Compensation
Insurance Policy

43
 Workmen Compensation
Insurance Policy:
Introduction:
The Workmen Compensation Act provides for payment of compensation to Employees and their dependants in case of
injury and accident at workplace (including certain occupational disease) arising out of and in the course of employment
and resulting in disablement or death.
WC claims are for accidents within work premises and during working hours. However, they can also be for work related
accidents beyond the premises and before or after official hours of work. At the time of injury, workman must have been
engaged in the business of the employer and must not be doing something for his personal benefit.

The policy covers legal liability of an employer under:

A) Workmen Compensation Act, 1923 [As Amended through EC(Amendment) Act, 2017], and subsequent amendments
of the said Act prior to the date of issue of the policy.
B) Fatal Accident as per Fatal Accident Act, 1855
C) Common Law

Coverage:
The policy provides coverage for:

Accidental death Permanent Total Disability

Permanent Partial Disability Temporary Total Disability.

Sum Insured:
The Sum Insured is calculated on the basis of Earnings including wages, salaries and other perquisites.

Rate:
The Premium rate depends on the occupation and wages of the workmen. The rates are specified in WC Tariff prescribed by IRDA.
As per Central government notification reference CG-DL-E-04012020-215147 (Effective 3rd January 2020), Monthly wage limit
under Workmen Compensation Act, 1923 has been revised From: INR 8,000 per Employee per month to: INR 15,000 per
Employee per month.

Frequently Used Add on Covers (With payment of Additional Premium):

• Occupational Disease
• Compressed Air Disease
• Contractor /Sub Contractor Coverage
• Terrorism Cover
• PAN India Location Coverage
• Medical Expenses :
a) Per Person Limit b) Per Person With Policy Level Limit c) Policy Level Limit Only
• Cashless for Medical Expenses

44
Basic Information required for Quote
• Nature of work/ Occupancy
• No of Employees
• Monthly wages
• Policy duration
• Risk Location Address
• Claim Experience of last 3 years with amount and count of claims

List of Non Preferred Risks:

• Subaqueous Works/ Underground Works/underwater mines or offshore rigs.
• Quarries, where explosives are used.
• Fire bridges
• Employees employed on a permanent basis in USA and/or Canada.
• Fire crackers/Toxic Gases/Toxic Chemicals manufacturing and related activity.
• Professional sports team.
• Medical extension expenses, if the injured is hospitalized for more than 12 months.
• Pandemics/epidemics as declared by WHO and / or Government of India
• Service (of any kind) of armed forces
• Wrecking or demolition of building and/or scrap metal merchants.
• Aircraft crews in respect of flight risk/Ship Crews other than within Territorial Waters

Basic Information for Intimation of Claim

1. Policy Number
2. Insured Name
3. Injured Name
4. Date of Accident (Loss)
5. Nature of Claim - TTD/ PPD etc.
6. Brief description of accident
Claim intimation to Insurance Company needs to be sent within 90 days from Date of Loss

Amount of Compensation:

Accidental Death 50% of the wages of the deceased workman multiplied by the relevant factor or an
amount of Rs.1, 20,000 whichever is more.

Permanent total disablement 60% of the wages of the deceased workman multiplied by the relevant factor or an
amount of Rs.1, 20,000 whichever is more.

Permanent partial disablement Based on the percentage of loss of earning capacity caused by the accident if the
injury is specified in part II of Schedule I, and if not specified in Schedule I,
percentage as assessed by the qualified Medical Practitioner.

Temporary total/partial Disablement A half monthly payment of the sum equivalent to 25% of monthly wages of the
workman to be paid.

45
Cyber Liability
Insurance

46
 Cyber Liability Insurance

Why do you need it?

In the current era where the digital landscape is changing so fast that technology and data are fundamental necessities for
doing business today. It can be quite difficult knowing where the next threat is coming from, it can be from either external threats
or internal errors or a combination of both. These risks can bring your business to a grinding halt and cause a long-term damage
& reputation of your business. That’s why it’s now more important than ever to be sure you have cyber liability insurance to
protect your business.

Do these scenarios seem familiar?

• A company received an e-mail claiming the sender had penetrated their firewall and copied their customers’ credit card
information. The hacker threatened to post this information on the internet unless INR 10 Crores was paid within 24 hours.
• An employee of a hospital opened a phishing e-mail that infiltrated their centralized network. Anti-virus software failed to
keep out the malicious code, exposing names, addresses, dates-of-birth, medical record numbers, medication, dates of
service and diagnoses of 7000 patients
• A leading real-estate company used a third-party cloud service provider to store their customers’ personal information. The
cloud provider suffered a major data breach, compromising the Personally Identifiable Information belonging to thousands
of the real-estate company’s customers

Scope of Cover
Cyber insurance provides first-party expense and third-party liability coverage to companies when personal/confidential
information is compromised and other cyber related events like Denial of Service attacks or Hacking put the Organization at the
risk of loss of business.

Standard Extensions
• Security & Privacy Liability - Claims and damages payable to third parties as a result of a data breach or failure of computer
security.
• Civil Fines & Investigation – Fines & Penalties levied by regulatory authority and insurable by law
• Crisis Management Costs - Crisis communications costs associated with managing a negative publicity event.
• Multimedia Liability - Liability arising from third party for plagiarism, defamation, libel, or other negligent acts relating to
publication of media
• Cyber Extortion - Ransom payments and other fees associated with an extortion threat, it would also cover the costs of
retaining security professionals to help resolve the incident.
• Data Restoration Costs - Expenses incurred to restore, repair, or recreate data after corruption, destruction, or other loss.
• Forensic Costs - Expenses incurred to conduct the forensic investigation
• Privacy Notification Costs – Costs incurred in notifying relevant stakeholders about the incident and the procedures for
dealing with the incident.
• Business Interruption Loss – Loss of revenue due to material interruption

Major Exclusions
• Prior Claims and circumstances
• Acts committed prior to Retroactive Date
• Bodily Injury & Property damage
• Wilful disregard or Non-compliance with a ruling of a regulator or court
• War and Terrorism

47
Product USP’s
• Bundled Value added Services
• Broad Computer system definition including computer system operated by consultant
• Inbuilt carve back for Infrastructure exclusion
• Inbuilt control group clause for Unauthorized disclosure
• Broad definition of data

Target Customers
• IT/ITes
• Educational Institutions
• Manufacturing
• Hospitality/Travel
• Medical Establishments
• Retail/FMCG

Referral Class
• Financial Institutions/Payment Gateways

ILGIC advantage
• Leading liability Insurer with track record of over 18 years in underwriting and claims handling
• Offers capacity up to INR 100 Cr, supported by A rated Reinsurers.
• Dedicated claims team to handle liability claims

48
Commercial
General Liability

49
 Commercial General Liability

Why it is required?
Running a business is challenging enough without having to worry about lawsuits, regulatory charges, third party injuries or
property damage. These scenarios can have impact on all sizes of business and might affect their abilities to function normally. It
becomes imperative for businesses to insured against such losses.
Liability risks are a threat to businesses of all sizes and the potential for large losses isn’t limited to large companies only. For
example, a bodily injury lawsuit can easily result in a claim amount that’s higher than annual revenue for a small or mid-sized
business. In today’s world, where customers are aware of their rights and are equally able in exercising them, the businesses
need a thorough protection to safeguard their interests.
One such protection is ICICI Lombard’s Commercial General Liability Insurance (CGL). CGL is designed to protect these
businesses against a broad set of claims made against it for causing bodily injury, property damage, personal & advertising
injury & defence costs.

Standard Coverage:

Fire Damage Public Liability

Extension

Comprehensive
Medical Payments Product Liability
General
Expences
Liabbility

Personal & Product Completed

Advertising Injury Operations

• Premise/Public Liability: Liability or losses arising out of your business activities within your premises. For example,
bodily injury to a student at school or slip and trip incident near a swimming pool in a hotel, a fire in a housing society,
warehouse, manufacturing plant
• Product Liability & Completed Operations: Liability or losses arising because of a bodily injury or property damage
related claim caused by your product or completed operations.
• Various other add on covers and extensions available based on the insured’s business

Policy Types:

Sr. No. Claims Made Occurrence Made

1. The event giving rise to the claim should have Event giving rise to the claim must occur during
occurred on or after the retroactive date policy period
2. Claim should be made during policy period Typically the insurer would respond whenever the
claim is thereafter made on the Insurance Company

50
Optional Extensions:
• Care, custody and control of third party’s personal property
• Valet Parking
• Sudden & Accidental Pollution
• Terrorism Liability
• Non-owned & hired automobile liability
• Promotional Events Liability
• Product Recall, Guarantee & Financial Loss, etc.

Major Policy Exclusions:

• Error & Omission / professional liability
• Fraud and Dishonesty
• Product Inefficacy

Target Customers:
• Hospitality
• Educational institutes
• Shopping Complexes
• Office/Commercial Complex
• Non-Critical Automobile Components
• Steel/Brass Components, etc.

Referral Category Risks:

• Aircraft parts product liability & Airside Operations
• Pharmaceuticals/Drugs & Invasive Medical Equipment
• Hazardous Chemicals, Fertilizers
• Underground Mining and related risks
• Packaging Materials
• Theme Parks/Amusement Parks

ILGIC advantage:
• Leading liability Insurer with track record of over 10 years in underwriting and claims handling.
• Offers capacity up to INR 180 Cr, supported by ‘A’ rated Reinsurers.
• Dedicated experienced in-house Claims Team
• Competence in offering Worldwide Jurisdiction & customized coverage as per contractual requirements.

51
Directors and Officers
Liability Insurance

52
 Directors and Officers Liability Insurance

What is a Directors and Officer’s (D&O) Policy?

Director and Officers policy aims at indemnifying for losses and/or defence cost that an insured suffers as a result of legal action
bought for alleged wrongful acts in their capacity as directors, officers or employees of an insured company.

Need for D&O Policy

Directors and Officers of a company act in their fiduciary capacity, exercise his/her duties with due and reasonable care, skill
and diligence and shall exercise independent judgment. They are supposed to Act in Good Faith in order to promote the
objects of the Company for the benefit of its members as a whole, and in the best interests of the Company, its employees, the
shareholders, the community and for the protection of the environment. Today’s business scenarios is filled with tight
government regulation and compliances, increased investor/shareholder involvement, active media spotlight and customer
awareness due to which each and every action by a Director & Officer can have far reaching consequences that can even
attract legal liability

Some of the instances where D&O’s can be held liable or be alleged for a wrongdoing are
• Inadequate/Inaccurate Disclosure, including financial Reporting
• Breach of duty to minority Shareholders
• Misuse of corporate fund
• Employment Practice Violation – Wrongful Termination, sexual harassment etc
• Misuse of Inside information for personal gain
• Imprudent expansion leading to erosion of shareholder wealth
• Irregularities in securities issue
• Non-Compliance with Companies Act
v The above instances along with negligence/ /breach of trust/ non-compliance with laws and regulations can in turn attract a
wide scope of lawsuits that could emerge from third parties including clients, sellers, shareholders, regulators, employees
and general public.

Scenario
• Tax department issues notices to directors of defaulting firms (18 Feb 2020)
• EY ordered to pay whistle-blower $11m in Dubai gold audit case (17 Apr 2020)
• Shareholder Group wants McDonalds Chairman Ousted for violation of the company’s non-fraternization policy. (24 Apr 2020)
• Whistle-blower allegations on Infosys for 'wilful misstatement' and 'accounting irregularities' to make the company's
performance look good (Nov 2019)

Standard Extensions
• Abduction Response Cover
• Civil Fines and Penalties
• Counselling Costs
• Crisis Mitigation Cost
• Defense Cost for breach of occupational duties
• health and safety laws, including workplace death Claim:
• Deprivation of Assets Costs
• Emergency Costs
• Extradition Costs
• Investigation Cost

53
Major Policy Exclusions
• Bodily Injury/Property Damage
• Prior Litigations
• Acts before Retro Date of policy
• Crime or Fraudulent Act
• Insured Versus Insured Claims
• Personal profit or Advantage

Target Customers
• All industry segments

Referral / non preferred risk

• No Negative list, but account may be rejected based on management background

ILGIC advantage
• Leading liability Insurer with track record of over 10 years in underwriting and claims handling
• Offers capacity up to INR 200 Cr, supported by A rated Reinsurers.
• Fastrack quote and policy issuance through automated mail system - Myra

54
Professional Indemnity /
Professional Liability /
Errors & Omissions

55
 Professional Indemnity / Professional Liability /
Errors & Omissions

Why it is required?
Negligence, breach of trust, misleading statement, legal liability and lawsuits these are some of the frightening nightmarish
terms which professionals may come across every now and then while performing professional services. As a professional, you
are expected to discharge your duties diligently, but no matter how diligent you were in your deliverables to your clients,
allegations can still be made against you. These allegations of negligence and errors in carrying out your profession can prove
to be burdensome. These can leave you open to the ever- increasing possibility of legal action against you, your company or
your employees. Thus, in order to protect you and your company against such allegations ICICI Lombard has introduced
Signature Professional Indemnity Insurance Policy.

Do these scenarios seem familiar?

• A multinational Indian company was sued by its client for USD 100 Mn due to breach of contract.
• An Indian tech company was sued by its client for loss of documents and breach of professional duty for by its US based client.

Product coverage
• Professional Indemnity insurance is a claim made policy, providing coverage for losses to third-party companies arising out
of Error, Omission or Negligence by the company or its employees.
• Policy is issued on annual basis however for specific Project consultant work ILGIC can also issue singly policy for entire
project up to 10 years (Subject to Project cost less than INR 1000Crore )

Definition of Claim includes

• Written demand for compensation
• Legal suit or proceeding
• Arbitration or mediation proceedings

Standard Extensions/Add on Covers

• Breach of Confidentiality
• Breach of Contract
• Defamation
• Infringement of copyright
• Worldwide Cover
• Coverage for acquired subsidiaries
• Coverage for spouses, heirs and representatives
• Acts of dishonesty by anyone employed or contracted by you
• Loss of data or documents
• Breach of privacy
• Extended Reporting Period available if the insured cancels or does not renew

56
 Preferred & Non - Preferred Risk Segments

Preferred Risk Segments Referral Category Risks Non- Preferred Risk Segments

Information Technology (IT) BFSI Segment /Asset reconstruction Hospitals with 1000+beds
company /Fin tech Company

Outsourcing (ITES / BPO) Construction of tunnels, bridges and NGO /Associations

sub aqueous work.

Architects / Engineers Consultant Hospitals Stockbrokers / Insurance broker

(Including Project PI)

Individual Doctors Security Agencies

Consultants Valuation agencies

(Recruitment, Marketing, PR, etc.)

Media company e commerce website

Law firm excluding First tier legal firm

(more than 100partners ) and Accountant

ILGIC advantage
• Leading liability Insurer with track record of over 10 years in underwriting and claims handling
• Offers capacity up to INR 180 Cr
• Backed up by Renaissance RE and GIC (Rated as A+ and A- by AM Best Respectively )
• Highly experienced Underwriting team
• Dedicated experienced In-house Claims team

57
Professional Indemnity -
Doctors/Hospital

58
 Professional Indemnity – Doctors/Hospital

Why it is required?
For a patient, his doctor is someone who promises good health by putting him on the right fitness condition when an emergency
lands. Unfortunately, human error cannot be eliminated and doctors are exposed to the risk of claims from clients who have
suffered loss due to neglect, error or omission.
In today's litigious world, claims can pose a significant threat to the financial security for a medical practitioner. Your expertise is
protecting the health of your clients. Our expertise is advising you how to protect your professional interest.
Our Professional Indemnity for Doctors Policy protects you against
• Claims arising out of bodily injury or death caused by error, omission, negligence
• Legal liability including defense costs (costs, fees, expenses) incurred while investigation, cost of representation,
compensation etc.

Scenario
• Consumer dispute redressal commission in Bengaluru has asked three doctors of reputed Hospital to pay a compensation
of INR 23.5 Lakhs to the family of a woman who died due to medical negligence
• The Delhi consumer commission has directed a private hospital and two orthopedics to pay INR 25 Lakhs as compensation
to a patient who had suffered 40% disability on his left leg due to medical negligence
• The National Consumer Disputed Redressal Commission (NCDRC) has directed a private hospital in Indore and two of its
doctors to pay INR 15 Lakhs as compensation to a child who suffered deformity due to medical negligence during her
mother’s pregnancy

Who is covered?
• Doctor
• Nurses
• Qualified assistant
• Technician employed by Doctor

Major Exclusions:
• Punitive / Exemplary Damages
• Claims arising out of Anesthesia activities
• HIV/ AIDS
• Weight reduction

59
Public Offering of
Securities Insurance

60
 Public Offering of Securities Insurance

Why it is required?
POSI offers companies the opportunity to ring-fence the significant exposures presented by securities offerings. Exposure can
arise from prospectus contents as well as prior negotiations and discussions including road shows and presentations to
investors. Lengthy incubation period for claims.

Do these scenarios seem familiar?

• The Securities and Exchange Board of India (SEBI) imposed a total penalty of Rs.86 Crores on directors of a listed Indian
company for misstatement and misrepresentation in the prospectus
• Class action lawsuit was filed against Rediff, three of its officers and one of its directors alleging that the Prospectus was
materially false and misleading

Policy coverage
• Cover can be provided for up to nine years
• No ‘Retroactive Date’ limitation
• No renewal risk! The policy stays in place for up to nine years to cover the risks arising out of a particular offering
• Policy contains the risks of an offering , thereby avoiding erosion of the D&O limits
• The one-time policy premium can be included in the overall offering costs
• The policy remains in place in the event the company is taken over or merges with another entity

Standard Extensions/Add on Covers

• Additional Limit for Non-Executive Directors - Provides additional Limit for Non-Executive Directors when the Limit of
Liability and any other available insurance is exhausted
• Investigation Costs - Covers fees, costs and expenses incurred by an Insured Person in relation to an Investigation in
relation to a Securities Offering
• Emergency Costs - If, due to an emergency, the insurer’s written consent cannot reasonably be obtained before defence
costs are incurred with respect to claim, the insurer will give retrospective approval for such defence costs
• Crisis Management Cost - Costs of PR consultants to prevent or limit adverse effects or negative publicity in the event of
postponement or cancellation on account of a force majeure event
• Deprivation of Assets Cover - Covers Costs , expenses, fees incurred by the Insured Person to obtain the discharge or
revocation of a judicial order
• Extradition Costs Cover - Covers fees, costs and expenses incurred, with the Insurer’s prior written consent in any
extradition proceedings or related appeal

Major Exclusions
• Dishonest or fraudulent acts
• Prior claims or circumstances
• US Securities Claim
• Underwriter Professional Liability
• Personal profit to which not legally entitled

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Target Customers (Across Industries)
• Unlisted companies coming out with an IPO/Public Offering
• Listed companies going for further offering of securities
• No declined risk (Subject to review of risk )

ILGIC advantage
• Leading liability Insurer with track record of over 10 years in underwriting and claims handling
• Offers capacity up to INR 180 Cr
• Backed up by Renaissance RE and GIC (Rated as A+ and A- by AM Best Respectively )
• Highly experienced Underwriting team
• Dedicated experienced In-house Claims team

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Engineering Line
of Business

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 Engineering Line of Business

The Engineering policies are mainly divided into:

Project Policies: Contractors’ All Risk Insurance (CAR)&Erection All Risk Insurance(EAR)
Annual Policies: Electronic Equipment Insurance(EEI), Machinery Breakdown Insurance (MBD),Boiler Pressure Plant
Insurance(BPP) & Contractors’ Plant and Machinery Insurance.
About the Project Policies: Project insurance covers ‘All-risks’ of loss or damage to the permanent and temporary works
comprising the contract, including the materials, and all things used for or intended for incorporation within the contract,
throughout various phases of the construction / erection, including testing.
Determination Factor–Value of Erection&Installation works:
Value less than 50%: CAR
Value more than 50%: EAR
Basics of Contractors’ All Risk Insurance (CAR)
During the course of execution of project relating to construction of building and civil engineering works, certain unforeseen
accidents could occur resulting in considerable financial loss to the contract works, construction / or the principals arising from
damage to the contract works, construction Plant and machinery as well as Third Party Claims. The Contractors All Risks (CAR)
Insurance has been designed to protect the interests of the contractors/principal against such losses.
Although a CAR Policy may be taken by the Principal or by the contractor, but usually, under the terms of the agreement
between the contractor and the Principal, It is obligatory on the part of the contractor to effect a CAR insurance in their joint
names before the commencement of the project.
All types of civil works ranging from small buildings to massive dams/structures are susceptible to damage by fire, water, storm,
impact, landslide and the like and exposure to such damage commences right from the first delivery of materials at the contract
site and site and continues during the entire period of contract. Civil works that can be covered under this Policy can be
subdivided into:-
Building works:
• Building such as dwelling houses, Schools, Universities, Hospitals, Shopping Centers, Hotels, Factories and Works Shops.
• Multi storied and high-rise buildings.
• Non - conventional buildings of modern designs or where construction is difficult due to large, heavy or cumbersome
prefabricated units.
• Alterations and extensions of structural or non-structural buildings.
Civil Engineering Works
• Earthwork, Sewage, Drainage, Roads, Irrigation system, Fly-overs, Canals, Silos, Water Reservoirs and the like.
• Hazardous structure such as Tunnels, Dams, Mines, Bridges and the like.
Basics of Erection All Risk Insurance (EAR)
In the course of execution of a project for erection of machinery, plant and structure of any kind, certain serious mishaps could occur
resulting in loss or damage, as well as liabilities could arise in respect of Third-Party claims for property damage or bodily injuries.
An Erection All Risks (EAR) insurance offers protection to Principals and Contractors and to Manufacturers and Suppliers
erecting machinery and plant etc. against financial loss due to any sudden fortuitous and unforeseen causes resulting in loss or
damage to the property insured at the project site whilst being stored, erected, tested and maintained. EAR insurance has been
designed to meet the needs of the market, which are fast changing with the advancement in technology and the economic
structure projects of all sizes of Macro or Micro levels i.e. large projects such as erection of Thermal Power Stations, Oil
Refineries, Fertilizer Plants etc., or small projects like installation of Computers of Electrical equipment.
Who can take the Project Policies (CAR / EAR)?
The policy is designed to meet the requirements of those involved in the construction/erection of a project either as a Principal,
Contractor, Sub-contractor or Financer.
Scope of Coverage under Project policies (CAR/EAR)
This insurance provides a very and comprehensive insurance cover to the client respect of any contingency from the moment
the material is unloaded at the site of the project and continues during storage, physical construction/erection and till the test
run is over and during maintenance, if covered. It covers all physical losses or damages arising from:-

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 Location Risks Fire, Lighting, Theft, Burglary & Housebreaking

Handling Risks Impact from falling objects, Collision, Failure of

Cranes or Tackles etc.

Testing and Commissioning Risks* Failure of Safety Devices, Leakage of Electricity,

Insulation failure, Short circuit, explosion

Risk of Human Element Carelessness, Negligence, Faults in Erection/

Construction, Strike & Riot, Malicious damage,
Terrorism

Act of God Storm, Tempest, Hurricane, Flood, Inundation,

Subsidence, Landslide, Rockslide, earthquake.

*Testing Perils Maximum value at risk

The insurance cover is subject a few exclusion listed in the policy which are applied internationally and are common to the insurance industry.
* Its inbuilt cover in EAR, for CAR specific request to be made to UW.

Add-on covers under Project Policies (CAR/EAR):

• Earthquake (compulsory)
• Terrorism
• Third Party Liability / Cross Liability
• Owner's Surrounding Property
• Removal of Debris
• Escalation
• Extended Maintenance
• Additional Customs Duty
• Air Freight
• Off Site -Storage if any-No of Months
*This is not an exhaustive list
General Exclusions under Project Policies (CAR/EAR):
• Excess as applicable as per Council guidelines loss or damage due to faulty design - defective material and/or
workmanship, rectification or correction of any error during construction
• War & Allied Perils
• Nuclear & Allied Perils.
• Wilful act or wilful negligence of Insured/ his representatives.
• Cessation of work
• Excess in respect of each claim as stated in the policy
• Losses discovered only at the time of taking an inventory
• Normal wear and tear, gradual deterioration, lack of use, obsolescence, rust, etc.
• Loss/ damage due to faulty design, defective material or casting other than faults in erection.
• Any damages/ penalties on account of the Insured of the terms of delivery/ completion under his contract of construction.
• Consequential loss/ liability of any kind.
*Rest as per standard EAR/CAR Tariff.
Basic Details required with Proposal of Project Policies
• Detailed RFQ
• Projects Commencement date
• Construction/Erection/Testing methodology
• Equipment details like Imported equipment, second-hand/used (wherever is applicable)
• Sum Insured breakup towards various scope of works
• Risk location details, in case of multiple locations – details of all locations. (Lat-long coordinates & Google maps required for
projects like - Road , Transmission lines)
• Complete/Detailed scope of works/contract copy.
• Wet works details and sum insured towards the same (if applicable)
Basis of Premium computation for Project Policies
Premium computation depends upon various parameters like nature of risk, risk location, AOG exposure, Client experience,
Wet works exposure, etc.

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 Check list
For Fixing of Sum Insured Under Contractors Plant & Machinery Insurance

Sr.no Check list for EAR Sr.no Check list for CAR

1 Have you taken all components of Yes/No 1 Have you insured for estimated Yes/No
cost into account: completed value of the contract
a. For Imported Items including temporary works?
b. For Indigenous items

2 Check if the following values have Yes/No 2 Have you considered the inclusion of: Yes/No
been included in completed erected a. Clearance and removal of debris
value of the property: b. Construction Plant & Machinery
a. Freight including express freight unless separately covered
and air freight
b. Custom Duty including additional
custom duty

3 Have you taken note of and Yes/No

3 Have you Proposed for insurance Yes/ No
provided for:
(if not covered under CAR Policy):
a. Damage to surrounding property
a. Civil Engineering Works, premises
b. Third Party Liability
b. Civil Engineering temporary
premises

4 Have you made provision for: Yes/ No 4 Have you taken into account and Yes/No
a. Clearance and removal of Debris provided for?
b. Construction Plant and Machinery a. Price Variation
c. Surrounding Property b. Custom Duty
d. Third Party Liability for adequate c. Quality Survey expense
amount d. Architect fees

5 Bearing in mind the inflationary Yes/ No 5 Bearing in mind the inflationary Yes/No
escalation, have you provided for escalation, have you provided for
suitable escalation? suitable escalation?

6 Have you included the cost of Yes/ No 6 If you are responsible for maintenance Yes/No
foundation in the value of plant? visits, have you provided for that?

NOTE: Answers to all questions should be “Yes” in order to ensure arriving at proper Sum to be insured.

Appetite for Contractors’ All Risk

We expertise on We are cautious of
All RCC projects Tunnel Works
Bridges on land, flyovers Works in water
Projects like – Airport Expansion, Smart Underground Works
city development etc.

Appetite for Erection All Risk

We expertise on We are cautious of
Transmission Lines /Substation Projects Hydro Power plant erection
Pipeline Laying Underground Works/Wet Works
Railway/Rural Electrification Secondhand equipment erection

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Basis of Loss Settlement under Project Policies
In the event of any loss or damage the basis of any settlement under this Policy shall be -
• in the case of damage which can be repaired the cost of repairs necessary to restore the property to their condition
immediately before the occurrence of the damage less salvage, or
• in the case of a total loss - the actual value of the property immediately before the occurrence of the loss less salvage;
• however, only to the extent the cost claimed has to be borne by the Insured and to the extent they are included in the
Sum Insured and provided always that the provisions and conditions have been complied with.
• All damages, which can be repaired, shall be repaired, but if the cost of repairing any damage equals or exceeds the value
of the property immediately before the occurrence of the damage, the settlement shall be made on the basis provided for in
(b) above.
• The cost of any provisional repairs will be borne by the Company if such repairs constitute part of the final repairs and do not
increase the total repair expenses.
• The cost of any alterations, additions and/or improvements shall not be recoverable under this Policy

ANNUAL POLICIES
Basics of Contractor’s Plant & Machinery (CPM)
The execution of almost all projects necessary requires use of various types of plant and machinery. The nature and the type of
equipment may differ according to the nature, type and of the location of a project and may even differ at different stages of the
project. Such equipment may comprise of Cranes, compressors, Road-rollers, Vibrators, Welding Sets, Hydraulic Excavators
and like. whilst it is possible to have the contractor’s Plant and Machinery covered under an EAR or CAR Policy at specific
project sites, Contractors’ Plant and Machinery (CPM) Insurance has been designed to provide a cover on annual basis to a
contractor who may be using his plant and machinery at different projects during the course of the year.
The cover under CPM Policy is not limited to a specific project site and is operative at all the sites wherever the plant and
machinery is in use and even while the same is lying at the contractor’s own premises. The insured have, however, to be
informed of the sites where the insured items are being used.
What all Equipment can be covered under the CPM policy?
Any contractor’s plant & machinery equipment like excavators, rollers, dumpers, and earth moving equipment, cranes, drilling
machines etc. which are utilized in the construction or Erection site can be covered under this policy.
Scope of Cover for CPM policy
This Policy broadly covers loss or damage to the contractor's 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.
Policy Period
Annual Policy which is for the period of 12 months
Basis Sum Insured
Just as in the case of other Engineering Policies, the Sum Insured under the CPM Policy also should be equal to the cost of
replacement of the machinery equipment by new machinery equipment of the same kind and capacity
Add-ons under CPM policy
• Owner’s Surrounding property
• Third Party Liability
• Escalation
• Removal of debris
• Inclusion of Express Freight, overhead charges, overtime wages, air freight charges
*This is not an exhaustive list
General Exclusions
• Excess – but highest single deductible concept applies
• Electrical or Mechanical breakdown/ derangement – but as a result if an accident happens causing external damage then
such consequential damage is payable
• Loss of or damage to replaceable parts and attachment
• Explosion of any boiler or pressure vessel
• Damage to vehicles designed and licensed for general road use – unless used exclusively on construction sites
• Loss of or damage to Hull and machinery of waterborne vessels or crafts,
• Loss or damage due to total or partial immersion in tidal waters
• Loss or damage whilst in transit, from one location to another location
• loss or damage as a direct consequence of the continual influence of operation
• Loss or damage occurring whilst any insured item is under- going a test of any kind or is being used in any manner or for any
purpose other than that for which it was designed

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• Plant and/ or machinery working underground
• War, Invasion, act of foreign enemy, hostilities or war like operation
• loss or damage directly or indirectly caused by, or arising out of, or aggravated by nuclear reaction, nuclear radiation or
radioactive contamination
• Pre-existing faults/defects at time of policy
• willful act or willful negligence of the insured or his representatives
• Damage for which the supplier or manufacturer is responsible either by law or under contract;
• Consequential loss or liability of any kind or description;
• Inventory loss
*Rest As per standard tariff
Basic Details required with proposal of CPM
• Make, Model & Serial no. & Manufacturing year.
• Details of project where equipment will be deployed, with risk location details
• In case of roll over cases, last year policy copy
• Last 5 years premium Vs claim history for equipment in case of renewal
Basis for Premium computation for CPM
The premium to be paid for the policy may differ in each case, depending on several factors such as the type of equipment,
location(s), risk involved and the use of equipment.
Basis of loss settlement
Claims under this policy may arise due to many causes, e.g. fire, riot, flood, storm, earthquake, theft, accidental damage to
contractors plant and machinery. Proper claims forms should be used when processing the claims. The insurer is not liable for
additional cost incurred for alteration or improvement carried out at the time of repairs.
Insurers generally insist upon immediate notification of any claim for this class of insurance in order that the cause and
circumstances of the loss may be ascertained and repair / replacement costs may be checked.
All theft claims require careful investigation conjunction with the local police authority. Losses discovered only at the time of
taking inventory are not covered under this policy. Salvage materials should be disposed-off, preferably on 'as is where is'
basis at best available prices and this will minimize the loss to a certain extent.

Partial loss
In cases where damage to an insured item can be repaired the Company will pay expenses necessarily incurred to restore the
damaged machine to its condition immediately prior to the accident/loss plus the cost of dismantling and re-erection incurred
for the purpose of effecting the repairs as well as ordinary freight to and from a repair-shop, customs duties and dues if any, to
the extent such expenses have been included in the Sum Insured. If the repairs are executed at a workshop owned by the
Insured, the Company will pay the cost of materials and wages incurred for the purpose of the repairs plus a reasonable
percentage to cover overhead charges.
No deduction shall be made for depreciation in respect of parts replaced, except those with limited life, but the value of any
salvage will be considered. If the cost of repairs as detailed herein above equals or exceeds the actual value of the machinery
insured immediately before the occurrence of the
damage, the settlement shall be made on the basis provided below.

Total loss
In cases where an insured item is totally destroyed the Company will pay the actual value of the item immediately before the
occurrence of the loss, including costs for ordinary freight, erection and customs duties if any, provided such expenses have
been included in the sum insured, such actual value to be calculated by deducting proper depreciation from the replacement
value of the item. The Company will also pay any normal charges for dismantling of the machinery destroyed but the salvage
shall be considered.
Any extra charges incurred for overtime, night-work, work on public holiday, express freight, are covered by this insurance only
if especially agreed to in writing.

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 Check list
For Fixing of Sum Insured Under Contractors Plant & Machinery Insurance

Sr.no Check list for CPM

1 Have you included all Machinery/Plants working at different projects? Yes/No

2 Have you taken all cost elements in account when arriving at the sum
to be insured? Yes/No

3 Do you have any equipment working underground? If so, have you made a
specific request for its coverage?

4 Have you opted for the following Extensions:

a. Clearance and removal of Debris Yes/No

b. Surrounding Property Yes/No

c. Third Party Liability Yes/No

NOTE: Answers to all questions should be “Yes” in order to ensure arriving at proper sum to be insured.

Frequently Asked Questions

1. Who can take a project policy?

The policy is designed to meet the requirements of those involved in the construction/erection of a project either as a
Principal, Contractor, Sub-contractor or Financer.

2. What are the parameter to be considered to arrive at the sum insured for project policy?

Landed cost of indigenous & imported materials, Cost of construction/erection/Permanent civil works. Preoperative
expenses should not be included in the sum insured.

3. What are the parameter to be considered to arrive at the sum insured for CPM policy?
Sum Insured shall be equal to the cost of replacement of the insured property of same kind and same capacity.
Its replacement cost includes freight, dues and customs duties if any and erection costs.
Insured is in the same position as he was just before the loss/claims.

4. What are the benefits offered by the CPM policy?

It covers all the damage/loss of the insured’s machinery such as cranes, bulldozers, compressors, etc. The advantage of this
insurance policy is that it provides cover to the insured’s machineries irrespective of the fact that they are working / at rest/
dismantled for cleaning purposes.

5. Is bodily injury or property damage to third party covered under the project policy?

Yes, this Policy covers insured’s legal liabilities which surfaces due to bodily injury or property damage caused to any 3rd
party. Therefore, one should always report to insurer about any kind if incident which caused injury to 3rd party even if it is
minor.

6. What risks are covered under project policies?

Project policies are ‘All Risk’ policies and covers all perils apart from specifically excluded.

Perils covered such as Fire, Lightning, Explosion, Aircraft damage, Flood, Cyclone, Storm, Landslide Damage caused to the
insured’ construction

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Miscellaneous
Line of Business

70
 Miscellaneous Line of Business

Burglary Insurance
• Loss or damage to property due to burglary or house-breaking (theft following upon an actual forcible and violent entry of
and/or exit from the premises) or hold-up
• Any loss of or damage to property or any part thereof whilst contained in the premise due to Burglary or Hold-up
• Sum insured should be same or lesser to that of Fire Policy.
• Standalone Burglary policy (without having Fire Policy) is not a preferred segment.
• Theft offered as an add on
Exclusion
• Loss or damage recoverable under Fire or Plate Glass insurance.
• Theft by default excluded
• Loss or damage by insured’s own employees or family members
• War and Like Perils
• Consequential Loss
• Material altercation in premises leading to increment in risk
• If premises is left unattended for 10 or more consecutive nights
• Any loss from duplicate key unless same obtained by assault or violence.
Details required for Quotation
• Standalone proposal is not preferred. Proposal should be along with Fire business.
• Type of occupancy
• Security measures available
• If the stocks are kept in open or are in an enclosed premises.
• Risk location details and Risk inception date.
• Expiring policy copy for reference.
• Claim history for past 5 years along with cause of loss and claim size.

Money Insurance
• Money in Transit
• Covers Loss of money in transit by the Insured or authorized employee(s) due to robbery, theft or any other fortuitous cause.
• Insured can opt it on Annual cash carrying limit
• Per sending limit to be specified in the policy.
Exclusion
• Intercity Transits and Transits via public transport.
• Theft of money from unattended vehicle
• Error or omission;
• Loss by any person other than the Insured, or Employee of the Insured;
• Consequential Loss
• Act of Terrorism
• Gross Negligence
Details required for Quotation
• Standalone proposal is not preferred. Proposal should be along with Fire business.
• Occupancy of the client ( Financial Institutions are declined risk )
• Estimated Annual Turnover and per sending limit. ( Premium charged on EAT)
• Mode of transit, who shall accompany and security details available during transit.
• Duration of transit and locations of transit ( Places of transit )
• Claim history for past 5 years along with cause of loss and claim size.

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Money in Safe

• Loss of, or damage to, money and / or valuables caused by burglary and / or attempted burglary
• Provided money and/or valuables are contained in a domestic safe or vault which is protected by appropriate and
adequate security measures.

Money at Counter
• Loss / theft of money from cash counter during business hours from the cash collection counter in the office /insured
premises.
• Premium is charged on Sum insured declared by the customer. Cash must be shifted into safe after business hours.
Exclusion
• Error or omission;
• Loss by any person other than the Insured, or Employee of the Insured;
• Consequential Loss
• Act of Terrorism
• Cash kept in counter post business hours
Details required for Quotation
• Standalone proposal is not preferred. Proposal should be along with Fire business.
• List of insured person who have the access to safe
• If the drawer/counter where the cash is kept is locked or unlocked and lf left unattended.
• Details of security measures available on premises
• Details on where keys to safe and counter are kept post business hours.
• Risk location details and Risk inception date.
• Expiring policy copy for reference.
• Claim history for past 5 years along with cause of loss and claim size.

Plate Glass Insurance Policy

• Covers loss or damage to the Plate glass completely and securely fixed in the insured premises by accidental means
• If all fixed plate glass in the building is insured without selection dimension shall not be required.
Exclusion
• If premises stays unoccupied for a period consecutive 15 days,
• Fire and Allied Perils
• Embossed Glass unless specifically declared by insured
• Movable Glass
Details required for Quotation
• Standalone proposal is not preferred. Proposal should be along with Fire business.
• Bifurcation of plain glass, ornamental glass and corner glass.
• Dimensions of Plate glass if selection of risk is there.
• Risk location details and Risk inception date.
• Expiring policy copy for reference.
• Claim history for past 5 years along with cause of loss and claim size.

Fidelity Guarantee Insurance Policy

• Covers direct financial loss owing to infidelity / fraud or dishonesty of the employee
• Cover is allowed for only permanent / on roll employees of the firm
• Cover may be on Named Basis / Designation basis OR Unnamed basis
• Limit per employee and Total limit during policy period to be provided
• Duties during the uninterrupted continuance of his employment
• Loss to be discovered within six months after its happening first or six months after the death,
dismissal or retirement of such person

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Fidelity Guarantee Insurance Policy

Exclusions
• Claims outside India will be excluded
• Any unexplained losses
• Second consecutive loss in case of an employee against whom loss has already been deducted.
• War and Like Perils
Details required for Quotation
• Standalone proposal is not preferred. Proposal should be along with Fire business.
• Type of occupancy (Financial Institutions are declined risk)
• If coverage is required on Floater on Non-Floater Basis
• For Non-Floater, name and designation of employees are required.
• Limits required to be covered under Fidelity per person and as per name/designation.
• Risk location details and Risk inception date.
• Expiring policy copy for reference.
• Claim history for past 5 years along with cause of loss and claim size.

Baggage Group Insurance Policy

• Offered only to insured’s own employees accompanied personal baggage.

• Section covers accompanied personal baggage of the insured so lost, destroyed or damaged by fire,
Riot and Strike, Theft or Accident
• Cover is available whilst the insured is on tour and/of on holiday
• Duration of the event and places of tour should be declared
Exclusion
• Cash, Breakage of Glass articles, watch, precious items, clocks and fragile items
• Confiscation, detention by customs or any government agency
• Mysterious and unexplained losses will not be covered valuables
Details required for Quotation
• Standalone proposal is not preferred. Proposal should be along with Fire business.
• Details of person travelling
• Maximum duration per trip and the respective destinations of travel
• Details of the content that will be kept in the baggage along with their values.
• Risk location details and Risk inception date.
• Expiring policy copy for reference.
• Claim history along with cause of loss and claim size for the past 5 years.

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Merchant’s
Cover III

74
 Merchant’s Cover III

Offered to individual Shop Owners and Merchants. Minimum two sections are to be opted. Fire section is mandatory and second
section can be any one from below list.
Sections offered under Merchant Cover are as per below list. Exclusions have been listed below respective sections as applicable.

ICICI Bharat Sookshma Udyam Suraksha

• Safeguards premises and contents against damage from fire and allied perils.
Exclusions:
• Damage to the stocks in Cold Storage premises caused by change of temperature
• Consequential or indirect loss`
• Loss by theft during or after the occurrence of any insured peril except as provided under Riot, Strike, Malicious and
Terrorism Damage cover
• War and like perils

Burglary
• Loss or damage by Burglary, Housebreaking including holdup risk and damage caused to premises while attempting the
same.
• Theft and RSMD offered as an extension.
Exclusions:
• Does not cover loss and/or damage arising out of War, Riot, Strike, Civil Commotion, and Terrorism and by use of keys to
safe unless the keys are procured by force.
• Loss Or damage caused by insured’s direct or indirect involvement
• Loss or damage if premises is unoccupied for a period more than 30 days.
• Loss or damage to gold, jewelry ornaments, precious stones and silver articles

All Risk
• Exclusion based Policy
• Coverage extended against portable equipment’s and non-portable equipment’s
Exclusions:
• Loss or damage arising from war and warlike operations.
• Civil commotion, wear & tear, electrical breakdown, breakage of glass, theft from unattended vehicles
• Detention or confiscation by customs or other authorities and consequential loss, losses due to Acts of Terrorism are also
excluded unless included specifically.
• War and like perils
• Cessation of work whether total or partial
• Derangement of property not accompanied by damage
• Destruction or damage directly occasioned by pressure wave caused by aircraft and other aerial devices travelling at
Sonic or supersonic speeds.
Details required for Quotation
• What type of a corporate it is ( Media House, Corporate Office, Administrative Office)
• If basement risk is present
• Security measures available
• Fire Fighting measures available
• If the location of the premises is near a water body
• If the premises is in flood prone area
• If the premises located are in old clusters
• Risk location details and Risk inception date.
• Expiring policy copy for reference.
• Claim details for past 5 years along with cause of loss and claim size.
• For individual sections you can further refer to queries we have posted for respective standalone miscellaneous products.

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Fidelity
• Financial losses due to fraud or dishonest act of employees
Exclusions:
• Claims outside India will be excluded
• Any unexplained losses
• Second consecutive loss in case of an employee against whom loss has already been deducted.
• War and Like Perils
• Loss on account of change in any circumstances and conditions of the said employment without the consent of the
Company

Cash in Safe
• Loss of Money kept within premises in Safe or strong room due to Robbery, Hold-up & Burglary
Exclusions:
• Error or omission;
• Loss by any person other than the Insured, or Employee of the Insured;
• Consequential Loss
• Act of Terrorism

Cash in Transit
• Losses because of burglary of cash while it is being carried from bank/ATM to your shop.
Exclusions:
• Whilst being carried under contract of affreightment
• theft from unattended vehicle
• Consequential loss.
• Act of Terrorism

Glass Breakage
• Loss or damage to any fixed plain glass caused by any accident, external and visible means
Exclusions:
• If premises stays unoccupied for a period consecutive 15 days,
• Fire and Allied Perils
• Embossed Glass unless specifically declared by insured
• Movable Glass
• Damage during repair or removal of such glass

Neon Sign / Glow sign

Coverage is for All Risk Basis against
• Accidental and external means
• Fire, Lighting or External Explosion, Theft
• RSMD
• Flood, Inundation, Storm, Tempest, typhoon, hurricane, tornado, cyclone
• Property covered Neon & Illuminated Signs, boards, Hoardings & other related equipment’s
List of such items along with the value to be declared as sum insured under this section
Exclusions:
• Fuse/Burning out of Light Bulbs
• Action of Sun, Rain, Hail, Flood

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Personal Accident
• Death, Permanent total disability of the shop owner
Exclusions:
• Losses arising out of suicide, self-injury, venereal diseases, war and nuclear perils and pregnancy.
• Engagement in dangerous activities
• Medical expenses incurred related to preexisting condition
• War and Like Perils

Employer's liability
• Loss caused to insured due to material altercation of cheque, demand draft or other negotiable instruments
Exclusions:
• Genuinely signed or endorsed instruments which are false as to contents.

Cheque Forgery
• Legal liability in respect of any bodily injury or the loss of life of, the Insured’s employees arising out of and in the course of
their employment.
Exclusions:
• War and allied perils, nuclear activities and contractual liabilities.
• Accidental death or bodily injury incidental to insureds profession or trade
• Transmission of any communicable disease or virus
• Any liability voluntarily assumed unless with the prior consent of the company

Medical Expenses to incurred

• Medical expenses incurred due to fire and burglary for Hospital treatment
Exclusions:
• Expenses arising out of operation of an insured peril other than that of fire and burglary

Tenant's Legal Liability

• Coverage against unintentional property damage by the insured
Exclusions:
• Contractual Liability of any kind

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Marine Transit of Goods
• The losses or damage caused to the goods during movement from godown to shop arising out of any accident to carrying
vehicles, Fire & Burglary during transit
Exclusions:
• Loss or damage to transhipment during transit from godown/warehouse to the insured’s Premises.
Non target segment:
• Shops with basement risk
• Shops located in Low lying area
• Shops located in old clusters
• Shops with kutchha construction
Details required for Quotation
• Type of shop
• If basement risk is present
• Security measures available
• Fire Fighting measures available
• If the shop is in low lying area near a water body
• If the shop is in flood prone area
• If the shops located are in old clusters
• Risk location details and Risk inception date.
• Expiring policy copy for reference.
• Claim details for past 5 years along with cause of loss and claim size.
• For individual sections you can further refer to queries we have posted for respective standalone miscellaneous products.
Corporate Cover II:
Offered to Small commercial prices involved in official work. Minimum two sections are to be opted. Fire section is mandatory
and second section can be any one from below list.
Sections offered under Corporate Cover are as per below list. Exclusions have been listed below respective sections as
applicable.

78
79
Offered to small commercial prices involved in official work. Minimum two sections are to be opted. Fire section is
mandatory and second section can be any one from below list. Sections offered under Corporate Cover are as per below
list. Exclusions have been listed below respective sections as applicable.

ICICI Bharat Sookshma Udyam Suraksha Policy

Safeguards premises and contents against damage from fire and allied perils.
Exclusions:
• Damage to the stocks in Cold Storage premises caused by change of temperature
• Consequential or indirect loss
• Loss by theft during or after the occurrence of any insured peril except as provided under Riot, Strike, Malicious and
Terrorism Damage cover
• War and like perils

Burglary
• Loss or damage by Burglary, Housebreaking including holdup risk and damage caused to premises while
attempting the same.
• Theft and RSMD offered as an extension.
Exclusions:
• Does not cover loss and/or damage arising out of War, Riot, Strike, Civil Commotion, and Terrorism and by use of
keys to safe unless the keys are procured by force.
• Loss Or damage caused by insured’s direct or indirect involvement
• Loss or damage if premises is unoccupied for a period more than 30 days.
• Loss or damage to gold, jewelry ornaments, precious stones and silver articles

All Risk
• Exclusion based Policy
• Coverage extended against portable equipment’s and non-portable equipment’s
Exclusions:
• Loss or damage arising from war and warlike operations.
• Civil commotion, wear & tear, electrical breakdown, breakage of glass, theft from unattended vehicles
• Detention or confiscation by customs or other authorities and consequential loss, losses due to Acts of Terrorism
are also excluded unless included specifically.
• War and like perils
• Cessation of work whether total or partial
• Derangement of property not accompanied by damage
• Destruction or damage directly occasioned by pressure wave caused by aircraft and other aerial devices travelling
at Sonic or supersonic speeds.

Details required for Quotation

• What type of a corporate it is ( Media House, Corporate Office, Administrative Office)
• If basement risk is present
• Security measures available
• Fire Fighting measures available
• If the location of the premises is near a water body
• If the premises is in flood prone area
• If the premises located are in old clusters
• Risk location details and Risk inception date.
• Expiring policy copy for reference.
• Claim details for past 5 years along with cause of loss and claim size.
• For individual sections you can further refer to queries we have posted for respective standalone miscellaneous
products.

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Fidelity
• Financial losses due to fraud or dishonest act of employees
Exclusions:
• Claims outside India will be excluded
• Any unexplained losses
• Second consecutive loss in case of an employee against whom loss has already been deducted.
• War and Like Perils
• Loss on account of change in any circumstances and conditions of the said employment without the consent of the
Company

Cash in Safe
• Loss of Money kept within premises in Safe or strong room due to Robbery, Hold-up & Burglary
Exclusions:
• Error or omission;
• Loss by any person other than the Insured, or Employee of the Insured;
• Consequential Loss
• Act of Terrorism

Cash in Transit
• Losses because of burglary of cash while it is being carried from bank/ATM to your office.
Exclusions:
• Whilst being carried under contract of affreightment
• Theft from unattended vehicle
• Consequential loss.
• Act of Terrorism

Glass Breakage
• Loss or damage to any fixed plain glass caused by any accident, external and visible means
Exclusions:
• If premises stays unoccupied for a period consecutive 15 days,
• Fire and Allied Perils
• Embossed Glass unless specifically declared by insured
• Movable Glass
• Damage during repair or removal of such glass

Neon Sign / Glow Sign

• Coverage is for All Risk Basis against
• Accidental and external means
• Fire, Lighting or External Explosion, Theft
• RSMD
• Flood, Inundation, Storm, Tempest, typhoon, hurricane, tornado, cyclone
• Property covered Neon & Illuminated Signs, boards, Hoardings & other related equipment’s
List of such items along with the value to be declared as sum insured under this section
Exclusions:
• Fuse/Burning out of Light Bulbs
• Action of Sun, Rain, Hail, Flood

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Personal Accident
• Death, Permanent total disability of the office owner
Exclusions:
• Losses arising out of suicide, self-injury, venereal diseases, war and nuclear perils and pregnancy.
• Engagement in dangerous activities
• Medical expenses incurred related to pre-existing condition
• War and Like Perils

Employer's liability
• Loss caused to insured due to material altercation of cheque, demand draft or other negotiable instruments
Exclusions:
• Genuinely signed or endorsed instruments which are false as to contents.

Cheque Forgery
• Legal liability in respect of any bodily injury or the loss of life of, the Insured’s employees arising out of and in the
course of their employment.
Exclusions:
• War and allied perils, nuclear activities and contractual liabilities.
• Accidental death or bodily injury incidental to insureds profession or trade
• Transmission of any communicable disease or virus
• Any liability voluntarily assumed unless with the prior consent of the company

Medical Expenses to incurred

• Medical expenses incurred due to fire and burglary for Hospital treatment
Exclusions:
• Expenses arising out of operation of an insured peril other than that of fire and burglary

Tenant's Legal Liability

• Coverage against unintentional property damage by the insured
Exclusions:
• Contractual Liability of any kind

82
Package
Policies

83
 Package Policies

Package policies are designed with the motive of various sections which are to be availed by user under single policy.
Fire section is mandatory and minimum two sections are required to be opted by the user.
The various package policies offered are:
• Enterprise Secure Package Policy: All enterprises engaged in production/processing.
• Petrol Station Package Policy: Petrol Pumps, CNG Stations
Sections offered under Package Policies as per below list. Exclusions have been listed below respective sections as
applicable.

Group Personal Accident

• Accidental Death, Loss of limbs and eyes
• Permanent Total Disablement and Permanent Partial Disablement.
• GPA for students can be opted under Educational institute package policy.
Exclusions:
• Losses arising out of suicide, self-injury, venereal diseases, war and nuclear perils and pregnancy.
• Engagement in dangerous activities
• Medical expenses incurred related to preexisting condition
• War and Like Perils

Public liability
• Covers Legal Liability of the Insured towards damages to Third Party in respect of accidental death or bodily injury or
disease
• Loss or damage to property arising out of such accidents.
• Legal costs and expenses incurred with prior consent of the Insurer and within the limit of the indemnity.
• Depending on limits proposer can fix AOA and AOY
• AOA and AOY can be in the ratio of 1:1, 1:2, 1:3 and 1:4
Exclusions:
• This section does not cover liability arising out of or in connection with pollution
• Any product, any professional services deficiency, personal injuries such as libel, slander, fines, penalties and
punitive or exemplary damages and transportation of materials.
• Any product liability, or for any professional service deficiency or liability arising therefrom
• Any AOGS peril or similar acts or convulsions of nature and atmospheric disturbances.
• Deliberate, willful, intentional non-compliance with any statutory requirements.
• Loss of financial nature such as Goodwill, loss of market share.
• Any infringement of intellectual property rights.
• Any liability which is the subject matter of specific insurance elsewhere
• Losses/liability arising outside territorial limits of India.

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Employer's liability
• Legal liability in respect of any bodily injury or the loss of life of, the Insured’s employees arising out of and in the
course of their employment.
Exclusions:
• War and allied perils, nuclear activities and contractual liabilities.
• Accidental death or bodily injury incidental to insureds profession or trade
• Transmission of any communicable disease or virus
• Any liability voluntarily assumed unless with the prior consent of the company

Electronic Equipment Insurance

• This section is suitable for electronic equipment like computers, industrial electronic machines and sophisticated
medical equipment.
• Perils covered Fire, Burglary, Acts of God (AOG) and Accidents.
Exclusions:
• Losses/ damages due to wear & tear, war, willful act or gross negligence or willful negligence, aesthetic defects
• Consequential loss.
• Scratches on painted polished or enamelled surfaces is excluded
• Loss of or damage to hard disk & read-write head whilst in transit except when caused by an insured damage to the
whole computer is excluded
• Pressure wave caused by aircraft and other aerial devices is excluded
• Any unexplained or Mysterious disappearance of the Insured item is excluded

Machinery Break Down

• 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, overhaul or
during subsequent re-erection at the same premises.
• Not Applicable for Medical establishment package policy and Petrol Pump package policy.
Exclusions:
• Loss and/or damage from Fire and allied perils,
• Theft
• Overloading experiments, willful acts or gross negligence
• Gradually developing flaws
• Deterioration from normal use.
Details required for Quotation
• Type of Occupancy?
• If basement risk is present
• Security measures available
• Fire Fighting measures available
• If the location of the premises is near a water body
• If the premises is in flood prone area
• If the premises located are in old clusters
• Claim details for past 5 years along with cause of loss and claim size.
• For individual sections you can further refer to queries we have posted for respective standalone miscellaneous
products.

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ICICI Bharat Sookshma Udyam Suraksha Policy
Safeguards premises and contents against damage from fire and allied perils.
Exclusions:
• Damage to the stocks in Cold Storage premises caused by change of temperature
• Consequential or indirect loss
• Loss by theft during or after the occurrence of any insured peril except as provided under Riot, Strike, Malicious and
Terrorism Damage cover
• War and like perils

Burglary
• Loss or damage by Burglary, Housebreaking including holdup risk and damage caused to premises while
attempting the same.
• Theft and RSMD offered as an extension.
Exclusions:
• Does not cover loss and/or damage arising out of War, Riot, Strike, Civil Commotion, and Terrorism and by use of
keys to safe unless the keys are procured by force.
• Loss Or damage caused by insured’s direct or indirect involvement
• Loss or damage if premises is unoccupied for a period more than 30 days.
• Loss or damage to gold, jewelry ornaments, precious stones and silver articles

Cash in Safe
• Loss of Money kept within premises in Safe or strong room due to Robbery, Hold-up & Burglary
Exclusions:
• Error or omission;
• Loss by any person other than the Insured, or Employee of the Insured;
• Consequential Loss
• Act of Terrorism

Cash in Transit
• Losses because of burglary of cash while it is being carried from bank/ATM to your office.
Exclusions:
• Whilst being carried under contract of affreightment
• Theft from unattended vehicle
• Consequential loss.
• Act of Terrorism

86
Plate Glass Insurance Policy
Covers loss or damage to the Plate glass completely and securely fixed in the insured premises by accidental means
• If all fixed plate glass in the building is insured without selection dimension shall not be required.
Exclusions:
• If premises stays unoccupied for a period consecutive 15 days,
• Fire and Allied Perils
• Embossed Glass unless specifically declared by insured
• Movable Glass
Details required for Quotation
• Standalone proposal is not preferred. Proposal should be along with Fire business.
• Bifurcation of plain glass, ornamental glass and corner glass.
• Dimensions of Plate glass if selection of risk is there.
• Risk location details and Risk inception date.
• Expiring policy copy for reference.
• Claim history for past 5 years along with cause of loss and claim size.

Public Liability
• Covers Legal Liability of the Insured towards damages to Third Party in respect of accidental death or bodily injury
or disease
• Loss or damage to property arising out of such accidents.
• Legal costs and expenses incurred with prior consent of the Insurer and within the limit of the indemnity.
• Depending on limits proposer can fix AOA and AOY
• AOA and AOY can be in the ratio of 1:1, 1:2, 1:3 and 1:4
Exclusions:
• This section does not cover liability arising out of or in connection with pollution
• Any product, any professional services deficiency, personal injuries such as libel, slander, fines, penalties and
punitive or exemplary damages and transportation of materials.
• Any product liability, or for any professional service deficiency or liability arising therefrom
• Any AOGS peril or similar acts or convulsions of nature and atmospheric disturbances.
• Deliberate, willful, intentional non-compliance with any statutory requirements.
• Loss of financial nature such as Goodwill, loss of market share.
• Any infringement of intellectual property rights.
• Any liability which is the subject matter of specific insurance elsewhere
• Losses/liability arising outside territorial limits of India.

Fidelity
• Financial losses due to fraud or dishonest act of employees
Exclusions:
• Claims outside India will be excluded
• Any unexplained losses
• Second consecutive loss in case of an employee against whom loss has already been deducted.
• War and Like Perils
• Loss on account of change in any circumstances and conditions of the said employment without the consent of the
Company

87
All Risk (Portable Electronic Equipment)
• This section is suitable for electronic equipment like computers, industrial electronic machines and sophisticated
medical equipment.
• Perils covered Fire, Burglary, Acts of God (AOG) and Accidents.
Exclusions:
• Losses/ damages due to wear & tear, war, willful act or gross negligence or willful negligence, aesthetic defects
• Consequential loss.
• Scratches on painted polished or enamelled surfaces is excluded
• Loss of or damage to hard disk & read-write head whilst in transit except when caused by an insured damage to the
whole computer is excluded
• Pressure wave caused by aircraft and other aerial devices is excluded
• Any unexplained or Mysterious disappearance of the Insured item is excluded

88
Jeweller’s
Package Policy

89
 Jeweller’s Package Policy

• Safeguards Property including Ornaments, Jewels, gems, precious and semi-precious stones and gold or silver, diamonds
where the Insured has an interest, or which are held by the Insured.
• All risk cover including earthquake, terrorism and STFI.
• Transit Cover
• Exhibition on loss limit.
• Covers Cash in Transit, Cash in Safe, Neon Sign and Plate Glass
• Fidelity for Own Employees and Third Party
• Below are the major sections :

Section I: Property in premises :

• Loss or damage to Property, located on the Premises or at any refinery or jewellery manufacturing place or at the Bank
lockers or at Private Lockers
• Covers against Fire, explosion, lighting, riot, strike, typhoon, hurricane, cyclone, tornado, flood, storm, tempest, volcanic
eruption, subterranean fire, atmospheric disturbances or other convulsion of nature.
• Theft, burglary or housebreaking, robbery or hold-up, malicious damage committed by persons physically present.
• Property to be always locked burglar-proof safe at night and outside business hours and watchman to be appointed for 24
hours.
• Underinsurance shall be applicable if full Sum insured not disclosed.

Section II: Property in custody of the Insured and specified persons

• Loss of or Damage to Property, except Currency, whilst being carried / conveyed (in transit)
• Transit whilst in the close personal custody and control of the Insured, or the Partners
• While in close personal custody and control of brokers or agents or cutters or goldsmiths not in regular employment of the
Insured
• Section offered on Any one loss limit

Section III : Property in transit

• Registered insured parcel post, Air freight, Professional Couriers, Angadias.
• The limit would not exceed Rs. 500000 or 10% of the Sum Insured under Section I in aggregate, whichever is less.
• Section offered on Any one loss limit.

Section IV: Structure & Content

As per new fire guidelines, Jeweler's package product is bifurcated into 3 parts based on sum insured
under Section 4.
• ICICI Bharat Sookshma Udyam Suraksha - Up to 5 Cr
• ICICI Bharat Laghu Udyam Suraksha - From 5 Cr. To 50 Cr.
• Standard Fire Special Perils - More than 50 Cr.
• Covers against Fire, explosion, lighting, riot, strike, typhoon, hurricane, cyclone, tornado, flood, storm, tempest, volcanic
eruption, subterranean fire, atmospheric disturbances or other convulsion of nature.
• Theft, burglary or housebreaking, robbery or hold-up, malicious damage committed by persons physically present.
• Coverage for burglary and theft to tenants maximum 1% of Sum insured.

90
Section V: Fidelity (Employees : Permanent & contractual )
Covers Financial loss due to physical loss of Property Insured
• It provides coverage to Own Employees (On Companies Payrole / Salaried Individuals)
• It provides coverage to Third party agencies and there employees

Section VI - Exhibition/Photo-shoots/Fashion Shows

• It is an all risk cover whilst in transit and During display and overnight storage at the exhibition site
• Exhibitions on loss limit basis
• No restriction on number of exhibitions which can be covered

Section VII - Money

• Covers against robbery, theft or any other fortuitous event or loss of or damage to money whilst
• Coverage Cash in Safe within insured premises
• Cash in counter within insured premises
• Cash in Transit Within specified location

Section VIII - Public Liability

• Company will indemnify the Insured against its legal liability (including Defence Costs) to pay Damages for third party civil
claims
• Claims arising out of Bodily Injury or Property Damage caused in the course of the Business by an Accident in the Insured
Premises and during the Period of Insurance if notified during the Policy Period by the Insured in accordance with the
terms of this Policy

Section IX - Employee’s Compensation

• Covers against Employment Injury/Death Due to Accidents Arising out of and in the course of the employment
• Governed by Fatal Accident Act 1855, Employees Compensation Act 1923 or any amendment thereto or under Common law

Section X - All Risk Equipment

• It is an All risk cover
• Covers Non-Portable Equipment - Computers, Fax Machine, CCTV or any other electronic equipment’s. Equipment shall
include the entire computer system
• Portable Equipment - Laptops, Mobile Phones, I- Pads, I Pods and any other portable equipment. It should be in the
personal care and custody of the insured and/or the Insured's employee

Section XI - Glass Breakage

• It covers accidental loss of or damage caused to fixed Plate Glass and their related fittings at the Insured’s premises
• The reasonable cost of repairing and reinstating frames and/or framework necessitated by such loss or damage to Plate
Glass, but subject to a maximum payment of Rs 10,000/- for each claim
• Additionally, policy will also cover accidental Damage to the contents of Insured’s premises caused by breakage of Glass
or Sanitary Fittings
Add on Covers
• Medical Expenses Re-imbursement for Accidental Injury arising during the Act of Piercing - Maximum coverage up to 50,000
• Terrorism Inclusion
• Personal Accident
• Purchase Protection Cover - Covers loss or accidental damage to jewelry purchased by customer within insured premises
up to the limit

91
Section XI - Glass Breakage
• Personal Jewelry Extension - Covers personal jewelry of an insured kept at premises or during transit
• Boiling, Casting and Laser Machine Operations - Cover loss or damage to any item of insured property during boiling and
casting operations
• Breakdown Cover for on premises machineries
• Segments to avoid : Pawn Broking and Loose diamonds
Exclusions:
• Theft or dishonesty or any attempt thereat committed by
• Any of the Insured’s family members or relatives;
• Any servant or traveler or messenger in the employment of the Insured;
• Any customer or broker or broker’s customer or Angadias; or
• Cutters, goldsmiths, refinery owners and jewellery manufacturer in respect of the Property entrusted to them by the
Insured, his or their servants or agents..
• Loss or Damage to Property whilst the same is being worn or used by the Insured, partners, family members, relatives or
friends or whilst in their custody for this purpose.
• Loss of or damage to Property whilst at any Public Exhibition, whether or not, promoted or financially assisted by any Public
Authority or by any Trade Association.
• Theft or disappearance of Property or Currency from vehicle of any description.
• .Loss or Damage to goods entrusted to the Insured by private clients and/or customers solely for safe custody.
• Consequential Loss
• War and Like Perils
• Wear and tear, gradual deterioration, inherent vice, latent defect, corrosion, rust, and dampness of atmosphere, freezing or
extremes of temperature, moth, vermin, insects, animals or insufficient or defective packing.
• Loss of or damage to:
• Property or Currency not directly relating to the business of the Insured.
• Contraband or stolen property.
• Exterior glass and any lettering or ornamentation thereon including glass of outside showcases.
• Mysterious disappearance
• Any loss following use of the key to the safe or any duplicate thereof belonging to the
Insured unless such key or duplicate key has been obtained by threat or by violence.
• Loss or Damage to Property insured whilst in window display at night or whilst kept out of safe after business hours.
Details required for Quotation
• Type of premises – if it is a show room or a manufacturing unit?
• If basement risk is present
• Security measures available both for property on premises and whilst in transit.
• Fire Fighting measures available
• If the location of the premises is in a low lying area near a water body
• If the premises is in flood prone area
• If the premises located are in old clusters
• Risk location details and Risk inception date.
• Expiring policy copy for reference.
• Claim details for past 5 years along with cause of loss and claim size.
*For more details in regards to respective products, please refer the policy wordings.

92
All Risk
Insurance Policy

93
 All Risk Insurance Policy

Introduction
All Risk Insurance Policy indemnifies the Insured in respect of the property of the Insured against any loss, destruction or
damage, by fire, riot and strike, theft, accident, any of which arising from any fortuitous cause any time during the period of
Insurance.

What does this product covered?

All Risk Insurance policy provides coverage for Portable items.

Who should take it & Why should you take it?

The product is suitable for Corporate Entities where the insurable interest lies for protection of their assets.

Customer Intermediary Insurance

(Business) (Broker/Agent) Company

• The Customer approaches the Intermediary (Brokers/Agents) specifying the need of Insurance requirement and
specific details
• The Intermediary acts as a platform where it connects the need of the Customer and the offerings of the Insurance
Company.
• The Insurance Company provides the coverage offered as per the All Risk Policy at a competitive rate, taking in regard the
risk and the market factors.

What are the key concepts of this product

Sum Insured- This is the maximum compensation that the Company will pay for each claim with respect to individual cover
under the Policy. The sum insured should not exceed the price of asset.
Territory- Worldwide coverage.
Cancellation - Policy can be cancelled by the Company, by giving 7 days of notice in writing.

How is the Premium calculated?

The premium calculation involves assessment of the risk on the basis of list of mandatory information required. The Mandatory
Information includes the contact details of the client, asset to be insured, sum insured, plan chosen, add-on cover (if required)
Premium calculation also depends upon the volume of sales for the previous years, projected volume of sales, and claims history.

Why choose ICICI Lombard?

• Provides the best claims service experience by servicing claims with a TAT of 22 days.

94
Extended
Warranty Policy

95
 Extended Warranty Policy

Introduction

Extended Warranty Policy provides coverage for mechanical and electrical or electronic breakdown subject to the exclusions,
terms, conditions and clauses mentioned in the policy.
Assets covered mostly are: consumer durable items including (but not limited to) audio/video sets, television, refrigerator,
washing machine, air conditioner, microwave oven and other electrical and electronic kitchen appliances, computers, laptops,
cameras.
The breakdown covered should happen during the Risk period.

What does this product covered?

The Extended Warranty product covers the failure of part(s) is the below mentioned assets due to mechanical, electronic or
electrical breakdown, resulting in an inability or incapacity of the asset to perform under normal operating conditions, as per the
manufacturer’s specifications.
Risk period will start from the end of manufacturer’s warranty.
The assets to be covered should be a new one, i.e. the policy must have been purchased at the same time as the asset or if
specifically mentioned then within 60 days of its purchase.

Who should take it & Why should you take it?

Any Retail customer or Group customers (Manufacturer, Dealer, Retail Chains or Financial Institutions) dealing in the mentioned
list of asset category (consumer durable items including (but not limited to) audio/video sets, television, refrigerator, washing
machine, air conditioner, microwave oven and other electrical and electronic kitchen appliances, computers, laptops, cameras)
can reach out to the Insurance Company.
The Customer, in order to avoid any losses incurred due to mechanical, electronic or electrical breakdown can opt for the
Extended Warranty Plan.

What are the key concepts of this product

Sum Insured- The Sum Insured represents the purchase price of the insured asset at time of date of purchase.
Territorial Scope- India only.
Deductible- The amount of expenses to be borne by the insured for each and every claim during the Policy period before the
compensation under the Policy becomes payable by the Insurer. The deductible amount is not reimbursed.
Other Important Concepts are as follow:-
1. The cover under this policy is applicable only to items purchased as new, except for renewals.
2. For risk to commence under the policy, the item must still be in working order and undamaged.
3. There is no cover for items described as "used" or "second hand".
4. Extended warranty must have been purchased at the same time as the insured item or if specifically accepted by the
Company within 60 days of purchase of the insured asset.
5. In case of group policies, the discounting and loading factors shall not be applicable on a case to case basis. These shall be
used for determination of price to be provided across the group.

96
How is the Premium calculated?

The premium calculation involves assessment of the risk on the basis of list of mandatory information required. The Mandatory
Information includes the basic details of the client, asset to be insured, sum insured, plan chosen for coverage for the extended
warranty, add-on cover (if required)
Premium calculation also depends upon the volume of sales for the previous years, projected volume of sales, and claims history.

Why choose ICICI Lombard?

• Provides the best claims service experience by servicing claims with a TAT of 10-12 days.
• Wide range of consumer durables are covered for extended warranty of up to 3 years.
• Real Time Issuance of Policy certificates.
• API integration is available with the system of Client.

97
Remotely Piloted
Aircraft Insurance

98
 Remotely Piloted Aircraft Insurance

Drones are a quickly emerging technology, growing at an exponential rate with new models, companies emerging every day.
As per the circular issued by Directorate General of Civil Aviation (DGCA), D3X1, with effect from December 2018, it has
mandated Third Party Liability insurance for all drone operations in India.
We understand that most of the companies nowadays outsource their mapping, survey, surveillance and other services
to the drone service companies, wherein, the service provider appoints a RPA pilot to perform the task in hand. Since the
operator is performing the task in the third parties premises the legal liability/compensation for any damages caused to
the property during the operations has to be borne by the operator.

What is covered?

We at ICICI Lombard offer a comprehensive insurance cover for all kind of RPA operations, which is including but not limited to
Third Party liability cover.
The premium is calculated depending on the risk profile of the group members, the sum insured opted, risk location, past
experience etc.
Premium rate depends on a variety of factors. Some of which are;
1. Type of RPA
2. Manufacturing year
3. Features of RPA – Anti-collision, GPS enables, Take-off/Landing features, Battery life etc.
4. Pilot Experience
5. Use of RPA
6. Claim experience

Base Covers:

A. Legal Liability to Third-Party:

B. Remotely Piloted Aircraft (RPA/UAV/UAS) Hull Cover:
C. Remotely Piloted Aircraft (RPA/UAV/UAS) Payload Cover;
D. Remotely Piloted Aircraft (RPA/UAV/UAS) Equipment Cover
E. Personal Accident Cover to Operator
F. Medical Expenses Cover to Operator

Add-on Covers:

The add-on covers the insured against expenses related to

• Alternate Hire Charges
• Drone War Liabilities
• Cyber Liability Cover
• Invasion of Privacy Cover
• Night Flying Endorsement
• BVLOS Endorsement
• Drone in Transit Endorsement
• Liability for damage to UAS that insured does not own
• Personal & Advertising Injury Liability

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 Why ICICI Lombard?

• One of the oldest private insurers in the Aviaiton line of business with established trust of clients.
• Claims servicing best in the industry segment.
Offer comprehensive cover with limits upto INR 1 crore for Hull and Upto INR 7 crore for liability

Only for the internal circulation for training & knowledge purpose of agents who are involved in solicitation of general insurance products underwritten by ICICI
Lombard General Insurance Company Ltd and should not be used or forwarded externally for any other purpose whatsoever. ICICI trade logo displayed above
belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. Under license and Lombard logo belongs to ICICI Lombard GIC Ltd. ICICI Lombard General Insurance
Company Limited, Registered Office: ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025. IRDA Reg.No.115. Toll Free 1800 2666. Fax No –
022 61961323. CIN (L67200MH2000PLC129408). Website: www.icicilombard.com. Email: customersupport@icicilombard.com

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