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Insurance Services
It is Mandatory by Govt. of Maharashtra to have Insurance policy for a registered Co-Op. Housing Society which will cover the following peril
Perils Covered
- Fire
- Lightning
- Implosion
- Aircraft damage
- Riot, Strike, Malicious and Terrorism damage (hereinafter called RSMTD Perils)
- Storm, Tempest, Flood, Inundation, Hurricane, Cyclone, Typhoon and Tornado.
- Impact by any Rail/ Road vehicle or animal
- Subsidence / Landslide including rockslide.
- Bursting and / or overflowing of water tanks, apparatus.
- Leakage form Automatic Sprinkler Installation.
- Missile Testing Operation.
- Pollution or contamination resulting from any of the above perils
- Any insured peril resulting from pollution and contamination.
- Bush Fire
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.
Exclusions Applicabl
Losses/ Expenses not covered
- 5% of each and every claim subject to minimum of Rs. 10,000 resulting from Lightning, STFI and Subsidence and Landslide including Rockslide and Rs. 10,000 in respect of all other perils.
- Expenses incurred on Architects, Surveyors' Consultant Engineers fees and Debris Removal in excess of 3% and 1% of claim amount respectively.
- Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind.
Perils not covered
- War and allied perils
- Ionising radiations and contamination by radioactivity
- Pollution or Contamination
Properties not covered
- Items like manuscripts etc. unless specifically declared.
- Cold storage stocks due to change of temperature.
- Loss / damage/ destruction of any electrical and/or electronic machine, apparatus, fixture or fitting arising from over running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity, from whatever cause including lightning.
- Loss / damage / destruction of Boilers, Economizers or other Vessels in which steam is generated machinery or apparatus subject to Centrifugal force, by its own implosion.
Inverters and Generators
Elevators (Lift Maintenance)
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