General Insurance

1. General Insurance March 13, 2009

2. General Insurance - Matrix

3. Property/Liability/Profit • Standard Fire & Special Perils Insurance • Transit Insurance • Vehicle Insurance • Machinery Break Down Insurance • Electronic Equipment Insurance • All Risk Insurance • Engineering Risks Insurance • Business Interruption Insurance (Loss of Profit Insurance) • Public Liability Insurance • Product Liability / Warranty/ Credit Insurance • Shops & Establishment Insurance • Burglary Insurance • Boiler Insurance • Cash Insurance (Money in Safe, Transit, Fidelity)

4. Standard Fire & Special Perils • Covers damages arising out of Fire & Other perils like Earthquake, Terrorism, Flood etc • All assets which are under Coverage • Building • Equipment (Plant & Machinery, Electrical Eqpt, Utilities, Office Eqpt etc) • Furniture & Fixtures • Inventory • Any other assets • Coverage Value – Reinstatement Cost • Period – One Year

5. Standard Fire & Special Perils … • Stock Insurance: • Fixed Policy & Declaration Policy • Monthly Submission of Stock Value – Under Declaration Policy • Claim Refund at the Yearend – If the stock value is less than Insured Value • Monitor Coverage Adequacy • Include Third Party Premises in case of Materials meant for Job Works • Include Third Party Material Coverage (Job Work / Repair) • Policy does not cover damages due to handling & internal movement • Include value of stocks which are not in Inventory Module (Under Inspection) • Inventory should also include Scrap • Building/Equipment & Other Assets • Additions and Deletions should be incorporated periodically • System should be in place for inclusion of all additions on daily basis (upon receipt) • Policy should have coverage for (certain % value) inclusion of omission

6. Transit Insurance • Inward & Outward Transit Damages (Theft & Pilferage) - Separate Policy • Container Insurance Policy (Imports – To cover Damages to Container) • Coverage can be inclusive of Handling & Storage Damage • Coverage – Consignment wise & 100% value • Policy Type – Open Policy • Validity – One Year (Claim refund at the end of Policy Period) • Operating Procedure: • Monitor balance in Open Policy • Record all Consignments without fail (Not to be Selective) • Cover only those transits which are under Company’s Scope • For coverage within India, the Policy will say “From Anywhere to Anywhere” • For Exports & Imports – The Coverage has to be Specific • Maintain Proper Record • File the declarations, in time, and obtain acknowledgement • Transit should be with proper documentation & through organized transporters

7. Vehicle Insurance • Comprehensive Coverage / Third Party Coverage • Coverage Value – Based on Age • Coverage Period – One Year • Claims – Should be preferred based on amount involved • Transferable from One Vehicle to Another (With “No Claim Bonus”) • Driver should possess valid & appropriate driving license • For damages above Rs.25,000/- Police FIR is required.

8. Machinery Break Down Insurance • Cover all machinery (Mechanical/Electrical/Non-Electrical etc) • Coverage include break down due to: • * Faulty material, design, construction, erection • * Vibration, maladjustments, misalignment • * Defective lubrication, loosening of parts, explosion due to internal pressure, implosion due to external pressure or internal vacuum, abnormal stress • * Excessive electric pressure, failure of insulation, short circuit, open circuit • * Failure of connected machinery or protective devices • * Falling, impact, collision and the like, • * Obstruction or the entry of foreign bodies • Coverage Value – Reinstatement Cost • Coverage should be for entire equipment/machinery • Premium depends on whether the equipment is under AMC/ASC • Coverage Period – One Year • After claim the particular asset should be reinstated in the coverage • Policy can also include business interruption loss coverage due to break down

9. Electronic Equipment Insurance • It is an all risk policy • Covers all electronic equipments both in office/warehouse/factory etc • UPS, Data Processors (Computer, Printer, Scanner), Communication Equipment (EPABX, Fax Machine), Photo Copier, Electronic Attendance Recorders, Audio Video Equipment, Micro Processor equipments and any other equipment which could be considered & classified as Electronic Equipment • Coverage – Reinstatement Cost • Coverage Period – One Year • Coverage should be for entire equipment • After claim – the equipment should be reinstated in the Policy • Premium – Depends on whether the equipment is under AMC/ASC

10. All Risk Insurance • It is an all risk policy • Covers loss due to fire, theft, burglary, accidental breakage etc • Covers assets like Mobile Phone, Laptop, Palmtop etc. • Coverage Value – Reinstatement Cost • Coverage Period – One Year • After claim – the equipment should be reinstated in the Policy • In case of theft / burglary – FIR is required.

11. Business Interruption cover • Covers interrruption in business due to damage by fire and allied perils and acts of gods perils

12. Engineering Risks • Contractors All Risk Cover • Contractors All Risks Insurance - Advanced Loss Of Profits (ALOP) • Contractors Plant and Machinery Insurance • Marine cum Erection All Risk Insurance • Marine Delay in start up Insurance

13. Engineering Risks • Contractors All Risks Insurance : Designed to protect the interest of civil contractors and Firms involved in construction activity against the damage or destruction of various civil engineering projects undertaken by them. The policy is suitable for all types of civil engineering construction works ranging from small buildings to massive dams, as they are susceptible to damage by a variety of external and internal causes during the course of construction. • Contractors All Risks Insurance - Advanced Loss Of Profits (ALOP)Covers monetary losses due to delayed commissioning of the project as a result of a loss during construction / erection which is covered under a project insurance policy.  • Contractors Plant and Machinery Insurance Suitable for contractors involved in construction business for covering all kinds of construction equipment like compressors, heavy duty cranes, boring machines, bulldozers, pipe jacking, and hauling equipment, pavers, excavators, loaders, road rollers, tunnel boring machines etc. can be covered under this policy. • Marine cum Erection All Risk InsuranceProtects the interest while erection of the plant and machinery in the project Including consignment, which are in transit to the erection site.  • Marine Delay in start up InsuranceCovers monetary losses due to delayed erection of the project because of delay resulting in marine losses and start up of the erection.

14. Financial Risks • Product Liability Insurance (Export / Domestic) • Public liability (Industrial Liability with extensions) • Carriers Legal Liability (Motor Transport) Employer Liability (Workman Compensation Act) • Credit Insurance • Directors & Officers Liability including employment Practices Liability and Independent Directors Liability.

15. Financial Risks • Product Liability InsuranceThe policy indemnifies the company against claims arising out of accidents out of any defects in the products causing damage or pollution to third parties life or property. • Public liability Insurance (with extensions to food and beverages)This policy is taken for indemnify the against legal liability to pay compensations including claimant's costs, fees and expenses in respect of injury/damage arising out of accidents, food and beverage consumption etc.  • Workmen's Compensation InsuranceThis policy provides cover to employees in the immediate service of any organisation / site of work who sustain personal injury by accident or disease arising out of and in the course of employment in the business and if the employer are liable to pay compensation for such injury illness under W.C. Act, 1923, Fatal Accidents Act, 1855 or at Common Law. • Credit InsuranceThis policy is taken to help protect the company's commercial accounts receivable from the devastating effects of loss caused by the insolvency or protracted default of the buyers. 

16. Financial Risks • Directors and Officers Liability InsuranceThis policy covers the Legal liability of Directors and Officers of a company holding positions of trust and responsibility to pay damages to shareholders, employees, creditors, etc., of the company for wrongful acts committed by them in the supervision and management of the affairs of the company. General Exclusions to the policy are Dishonest fraudulent criminal or malicious act Personal guarantee, Libel and slander and damage to property, Pollution damage Violation of any Law, and covers the cost incurred for arranging the event and the consequential losses arising out of cancellation of the event.

17. Other Risks • Transit Insurance • Motor Fleet Policy • Warranty insurance (Extended Warranty Plan) • Lift Insurance (Third Party) • Fidelity Guarantee • Money in Transit / safe • Plate Glass • Any other customized insurance plans

18. Other insurances • Plate glass InsuranceCovers all kinds of accidental breakages of fixed plate glass like window glasses, partition glasses, etc. Replacement cost of damaged glass or sum insured whichever is lower, is paid. • Money InsuranceProvides cover against loss of money in transit, by the insured or Insured's authorized employee (s) occasioned by robbery, theft or any other fortuitous cause. It also covers loss by burglary of house breaking whilst money is retained at Insured's premises, in safe (s) or strong room. Organizations can take this policy while in transit from one branch to other branch or while in transit. • Fidelity Guarantee InsuranceReimburses for direct pecuniary loss due to all acts of fraud or dishonesty or forgery or embezzlement committed by any of the Insured's employees in connection with his/her occupation during the uninterrupted continuance of employment. • Cash in Transit and Safe Insurance This policy provides cover against loss of money in transit, by the insured or Insured's authorized employee (s) occasioned by robbery, theft or any other fortuitous cause also covers loss by burglary of house breaking whilst money is retained at Insured's premises, in safe (s) or strong room.