With Commercial Property Insurance, you can safeguard your organization from natural perils such as fire, storm and lightning and flood perils and coverage against burglary and housebreaking. You can also cover your property for Fidelity, Public Liability, Business Interruption, Machinery Breakdown, etc.
For further information on this product please contact your Relationship Manager.
Commercial Property Insurance
With Fire and Burglary Insurance, you can safeguard your organization from natural perils such as fire, storm and lightning and flood perils and coverage against burglary and housebreaking.
|1||Business Interruption / Fire Loss of Profit||Covers all perils covered under Standard Fire and Special Perils policy Covered only with Fire – Material Damage cover. Offers following cover 1. Pays loss of gross profit during the indemnity period 2. Pays only if claim under Material Damage policy is also payable Add on Coverage : Earthquake & Terrorism|
|2||Electronic Equipment||Covers breakdown of Equipments or machinery due to internal reasons such as sudden breaking of parts, electrical short-circuit|
|3||Portable Risks/All risks||Covers Loss, Damage or Destruction to Portable Electronic items such as laptops, palmtops, mobile phones, projectors etc|
|4||Money||Covers Loss of Cash in Transit, Cash in Safe & Cash in Counter|
|5||Fidelity Guarantee / Employee Dishonesty||Covers loss of money or goods caused by fraud or dishonesty of employees|
|6||PA / Accident to Employees||Covers the employees of the organisation againsts accidental bodily injury resulting in death, permanent total disablement, permanent partial disablement, or weekly benefits due to temporary disablement. Add on coverage: Medical expenses.|
|7||Baggage||Covers: Loss or damage to accompanied personal baggage of the Insured person (employee) due to Fire, Riot & Strike, Terrorist Activity, Theft or Accident during any time during the policy period while travelling on official tour|
|8||Neon Sign||Covers loss or damage to installation Installation of Glow signs, neon sign against any accidental external means, Fire, theft, or external explosion.|
|9||Plate Glass||Covers accidental breakage of fixed plateglass. Add-on cover : boarding cost|
|10||Public Liability||Covers Liabilities to the Third Parties in respect of 1. Accidental Death or Accidental Bodily Injury 2. Accidental Property Damage 3. Arising out of the business activities of the insured|
|11||Workmen Compensation||Covers: Compensation towards liability to a workman in respect of accident arising out of and in course of business of the insured|
|12||Mechanical & Electrical Appliances (Breakdown)/Machinery Breakdown||Covers sudden and unforeseen accidental, electrical and mechanical breakdown to machinery. Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling and subsequent re-erection at the same premises|
Standard Fire & Special Perils Policy
- Storm, Flood and Cyclones
- Riot, Strike and Malicious damage
- Explosion / Implosion
- Aircraft Damage
- Impact Damage due to Rail / Road / Animal
- Subsidence and Landslide including Rock slide
- Bursting or Overflowing of Water Tanks or Pipes
- Missile Testing Operations
- Leakage from Automatic sprinkler Installations
- Bush Fire.
Add on Coverage
Burglary & Housebreaking Policy
- "Burglary" means any theft following upon actual forcible and violent entry and/ or exit from the premises and includes housebreaking
- "Hold - up" means when the Insured or its personnel is/ are threatened by any weapon and there exists a possibility of actual physical threat to the person of the Insured or its personnel.
- Any loss of or damage to property or any part thereof while contained in the premises described, due to Burglary or Hold - up and/ or
- Damage caused to the premises resulting from Burglary or any attempt thereat any time during the period of insurance
- Liability of the Company will in no case exceed the Total Sum Insured
- Plant & Machinery
- Furniture, Fixture & Fittings
- Stock (Raw Material, WIP, Finished Goods)
- Theft is typically NOT COVERED under Burglary insurance - however can be provided as an extension subject to Underwriting acceptance and payment of additional premium
First Loss Basis (%)
- Where the volume of contents is huge and possibility of 100% loss is improbable, Burglary Cover is offered on 'First Loss Basis'.
- First Loss is mentioned in terms of percentage...25%, 50%
- Though the cover is offered to the entire contents, Liability of the insurer is restricted to the First Loss Limit.
- Customer is benefited as the entire contents are covered and premium is lesser as the Insurer Limit their liability
- Shops those who deal in hazardous goods such as explosives (including Arms & Ammunitions), Fire crackers, matches, flammable liquids (including Petrol Bunks) & paints, Fibres of all origin(such as jute, coir, hay, straw etc), Timber or wood works, films (including cinema films), Jewelry, Art, curios, antique, textile or garment showrooms / shops, Furniture shops.
- Transporters godown, standalone godowns storing hazardous goods, godowns storing multiple items belonging to different entities.
- Financial Institutions such as Bank, Pawn Broker including Profession cash carriers.
- Amusement Arcades / Betting Shops / Casinos.
- Cold Storages.
Andaman & Nicobar Island, Lakshadweep, NE States, Jammu & Kashmir, Specified districts in Himachal Pradesh.
Insurance products are obligations only of the Insurance company. They are not bank deposits or obligations of or guaranteed by Citibank N.A, Citigroup Inc or any of its affiliates or subsidiaries or any Governmental agency. All claims under the policy will be solely decided upon by the Insurance Company. Citibank, Citigroup or any of their affiliates and group entities hold no warranty and do not make any representation about the insurance, the quality of claims processing and shall not be responsible for claims, recovery of claims, or for processing of or clearing of claims, in any manner whatsoever. This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a document or make such an offer or solicitation. Investment products are not available to US persons and may not be available in all jurisdictions.
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Citibank N.A. is a registered Corporate Agent of Tata AIA Life Insurance Company Limited, New India Assurance Company Limited, Royal Sundaram General Insurance Company Limited and Apollo Munich Health Insurance Company Limited under the composite license number CA0086 issued by IRDAI.
Life Insurance Policies: These policies are underwritten by Tata AIA Life Insurance Co. Limited (IRDAI Registration No. 110)
CIN: U66010MH2000PLC128403 with its registered office at 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg,
Lower Parel, Mumbai 400013.
All guaranteed benefits are payable only when all premiums are paid when due.
Investment risk in the investment portfolio is borne by the Policy Holder. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associate with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market and the insured is responsible for his or her decision. Tata AIA Life is only the name of the Insurance Company and the funds offered are only the names of the funds and does not in any way indicate the quality of the contract, its future prospects or returns.
Non-life Insurance Policies: Policies are underwritten by New India Assurance Company Limited (IRDAI Registration No. 190) CIN: U99999MH1919GOI000526 with its registered office at No.87, Mahatma Gandhi Road, Fort, Mumbai – 400 001, by Royal Sundaram General Insurance Company Limited (IRDAI Registration No. 102) CIN:U67200TN2000PLC045611 with its registered office at No. 21, Patullos Road, Chennai 600 002 or by Bajaj Allianz General Insurance Company Limited (IRDAI Registration No. 113) CIN: U66010PN2000PLC015329 with its registered office at Bajaj Allianz House, Airport Road, Yerawada, Pune 411 006.
Specialist Health Insurance Policies: Policies are underwritten by Apollo Munich Health Insurance Co. Limited (IRDAI Registration No. 131) CIN: U66030AP2006PLC051760 with its registered office at Apollo Hospitals Complex, Jubilee Hills, Hyderabad, Telangana 500 033 or by Aditya Birla Health Insurance Company Limited (IRDAI Registration No. 153) CIN: U66000MH2015PLC263677 with its registered office at 9th Floor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, S.B. Marg, Elphinstone Road, Mumbai 400 013.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding the sale.
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SECTION 41 OF THE INSURANCE ACT 1938 PROHIBITION OF REBATES
- No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of the Insurer.
Any person making default in complying with the provisions of this section shall be liable for penalty which may extend to
ten lakh rupees.