the general rules and regulations prescribed in section of the tariff are applicable to all sections of the tariff.
POLICY
a)Only Standard Fire and Special Perils Policy (hereinafter referred to as Policy) with the permitted “Add- on” covers (as appearing under Section VIII) if any, can be issued.
b) The wordings of the policy shall be as shown in Section II of the Tariff.
Policy(ies) should be read together with proposal form(s), schedule, specification, endorsements, warranties and clauses as one contract.
c) It is permissible to exclude Storm, Tempest, Flood and Inundation group of perils (hereinafter referred to as STFI) and/or Riot, Strike, Malicious and Terrorism Damage perils (hereinafter referred to as RSMTD) at inception of the Policy only by deleting the relevant perils from the Policy. The deletion shall apply for the entire property in one complex/compound/location covering the entire interest of the Insured under one or more policy(ies) without any option for selection. Reduction in premium rates for such deletion(s) may be allowed as shown under the relevant sections of the Tariff. When these perils are deleted from the scope of the policy, the general exclusions shall include these perils.
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
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 housed in the same block/ building.
RATES FOR SHORT PERIOD INSURANCE
Policies for a period of less than 12 months shall be issued at the rates set out hereunder:
MID-TERM REVISION IN SUM INSURED :
Mid-term revision in sum insured shall be allowed as follows:
Increase in sum insured : On pro-rata basis
Decrease in sum insured : On short-period scale
RATING OF RISKS IN MULTIPLE OCCUPANCY INDUSTRIAL ESTATE
Risks in Multiple Occupancy Industrial Estate shall be rated `Per se’. If the entire building of the Industrial Estate is insured under one sum insured, a rate of Rs. 1.80%o shall be chargeable to ‘building’.
VOLUNTARY DEDUCTIBLES
On receipt of application from the insured, Insurer may consider suitable discounts for voluntary deductibles as per the scale shown in the table below. The discounts are applicable under the Standard Fire and Special Perils Policy as well as for the add-on covers.