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Claims Procedure
Basis of Claim Settlement
In case of Total Loss:
- Sum Insured or Market Value whichever is less.
Partial Losses:
Reasonable repair costs.
- Not more than 20% of the total value of contents in respect of a single item.
- Rateable proportion of loss in case of underinsurance (permitted upto 15%, only for the package policies, not for stand alone Fire policies).
- Contribution clause to operate in case of double insurance.
Other Features
- laims to be notified immediately by any means followed by written intimation within a week.
- For Burglary/Theft / Jewellery / Baggage/ Cash in transit claims F.I.R. is a must.
- For Fire benefit auto reinstatement of sum insured will be there unless otherwise opted immediately after occurrence of loss.
- Cancellation notice on either side would be 15 days.
- No refund on cancellation in case there is a claim under the policy.
- Though the pre-underwritten packages give a fixed sum insured, there will be an option to increase the sum insured in case of Fire:Building cover only.
Insurance is the subject matter of the solicitation.
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