Chola MS Fire & Special Perils policy compensates for the loss of property due to the following perils:
- Explosion / implosion
- Aircraft damage
- Riot, strike and malicious damage
- Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation
- Impact damage
- Subsidence and landslide (including rock slide)
- Bursting and / or overflowing of water tanks, apparatus and pipes
- Missile-testing operations
- Leakage from automatic sprinkler installations
- Bush fire
- Earthquake (this is an optional cover available on request)
Please refer to the Policy Wordings for the complete coverages, exclusions and terms and conditions of the policy.
Additional Expenses Covered:
- The policy automatically covers the following expenses incurred following loss / damage / destruction of a covered property as a result of the operation of an insured peril.
- Architects, Surveyors and Consulting Engineers' Fees upto 3 % of the claim amount.
- Expenses incurred for removal of debris to clear the site upto 1 % of the claim amount.
What can be insured
- All immovable and movable property excluding land such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process.
- Building (including plinth and foundations, if required): Whether completed or in course of construction (excluding the value of land).
- Interiors, Partitions and Electricals.
- Plant & Machinery, Equipments & Accessories (including foundations, if required)
- Stocks: Raw Material Finished Goods In process In trade belonging to Wholesaler, Manufacturer and Retailer.
Other Contents such as
- Furniture, Fixtures and Fittings
- Cables, Pipings
- Spares, Tools and Stores
- Household goods etc.
What are the occupancies that can be insured
- Residences, offices, shops, showrooms, hotels, restaurants, schools, colleges, hospitals, clinics, auditoriums etc located outside the compound of industrial risks;
- Factories viz industrial and manufacturing risks
- Godowns, Storages in Open, Storages in Tanks, Gas holders located outside the compound of industrial risks