POLICY WORDING YOUR POLICY IN DETAIL.

Transcription

1 POLICY WORDING YOUR POLICY IN DETAIL.

2 Long Term Home Insurance Policy Part II of the Schedule I) Preamble:- Policy, or an endorsement to this Policy (if any) which any loss or claim must exceed before the Company will be liable under this Policy and In consideration of the Insured named in the Schedule hereto having which the Company will not be liable to pay in respect of each claim. paid full premium to Edelweiss General Insurance Company Limited Where a claim is made in respect of more than one occurrence, the (hereinafter called the Company) mentioned in the said Schedule, excess will apply as though a claim was made for each individual the Company agrees, (subject to the conditions and exclusions occurrence. contained herein or endorsed or otherwise expressed hereon) that if after payment of the premium the Property Insured under the Policy described in the said Schedule or any part of such Property 6) Insured means the person named in the Schedule and, benefiting from the Cover. Insured under the Policy be destroyed or damaged by any of the perils specified hereunder during the Period of Insurance specified in the Schedule or of any subsequent period in respect of which the 7) Intrinsic Value means reinstatement value of insured property or item less due allowance for betterment, wear and tear and/or depreciation. Insured shall have paid and the Company shall have accepted the premium required for the Policy, the company shall pay to the Insured 8) Limit of Indemnity means the amount stated in the Schedule to this the value of the Property Insured under the Policy at the time of the Policy, which shall be the Company s maximum liability under this Policy happening of its destruction or the amount of such damage or at its (regardless of the number of the total number or amount of claims option reinstate or replace such property or any part thereof. made) for any one claim or in the aggregate for all claims during the Policy Period for each category of contents specified in the Schedule and For the Purpose of this Policy, the terms specified below shall have at all times subject to General Terms and Conditions of the Policy. the meaning set forth wherever appearing/specified in this Policy or related Add-on Covers: 9) Occupation means Occupation of Insured as shown in the Schedule or as declared to the Company in the Proposal. II) Definitions:10) Policy means the Insured s proposal, the Schedule, Company s The following words or terms shall have the meaning ascribed to covering letter to the Insured, insuring clauses, definitions, them wherever they appear in this Policy, and references to the exclusions, conditions and other terms contained herein and any singular or to the masculine shall include references to the plural and endorsements attaching to or forming part hereof, either at inception to the feminine wherever the context so permits: or during the Policy Period. 1) Accident or Accidental means a sudden, unintended, fortuitous visible and external event. 11) Policy Period or Period of Insurance means the period between the commencement date and the expiry date shown in the Schedule. 2) Building means any fully enclosed civil structure with walls and a roof, 12) Schedule means the latest schedule issued by the Company as part used primarily for domestic/ residential purposes, including all the of the Policy. It provides details of the Insured s Policy including full electrical fittings and plumbing work, collapsible and fixed grills, gates, description of properties covered which are in force and the period of doors and windows and also the boundary wall, fencing, out-house, cover against the properties described. Whenever, the Insured pump house etc forming part of the insured premises and/or for the requests for a change in the cover, the same will be communicated protection of the contents within the Insured Premises. by way of an endorsement, subject to payment of premium by the Insured as demanded by the Insurer for such change in cover. 3) Business means the business described in the Schedule to this Policy and no other. 13) Sum Insured means the amount stated in the Schedule, which is the maximum amount (regardless of the number of claims made) for any 4) Claim means a claim under an Operative clause in respect of an insured event that has taken place. one claim and in the aggregate for all claims for which the Company will make payment in relation to the Cover to which the Sum Insured relates during the Policy Period. 5) Excess or Deductible means the sum shown in the Schedule to this 1

3 14) The Company, Insurer, EGICL, We, Us or Our means Edelweiss General Insurance Company Limited. a) Total or partial cessation of work or the retardation or interruption 15) The Insured, you or your means the Insured named in the schedule b) Permanent or temporary dispossession resulting from or cessation of any process or operations or omissions of any kind. confiscation, commandeering, requisition or destruction by order of On the happening of any insured event as provided for hereunder the Government or any lawfully constituted Authority. arising during the Policy Period and notified as prescribed, We will make payment as provided for, but only up to the Sum Insured as c) Permanent or temporary dispossession of any building or plant or specified in the Schedule against each Cover or each sub-limit of the unit or machinery resulting from the unlawful occupation by any Sum Insured, as the case may be. person of such building or plant or unit or machinery or prevention of access to the same. III) Coverages:d) Burglary, housebreaking, theft, larceny or any such attempt or any We will indemnify you in respect of loss of or damage to the Building omission of any kind of any person (whether or not such act is specified in the Schedule against perils mentioned under heading committed in the course of a disturbance of public peace) in any 'Covered Accidents' below: malicious act. Covered Accidents If the Company alleges that the loss/damage is not caused by any malicious act, the burden of proving the contrary shall be upon the 1) Fire insured. Excluding destruction or damage caused to the property insured by Terrorism Damage Exclusion Warranty a) (i) Its own fermentation, natural heating or spontaneous This Policy excludes loss, damage, cost or expense of whatsoever combustion. nature directly or indirectly caused by, resulting from or in connection (ii) Its undergoing any heating or drying process. with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss. b) Burning of property insured by order of any Public Authority. For the purpose of this exclusion, an act of terrorism means an act or 2) Lightning series of acts, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, 3) Explosion/Implosion whether acting alone or on behalf of or in connection with any Excluding loss, destruction of or damage organisation(s) or government (s), or unlawful associations, recognized under Unlawful Activities (Prevention) Amendment Act, a) To boilers (other than domestic boilers), economisers or other 2008 or any other related and applicable national or state legislation vessels, machinery or apparatus (in which steam is generated) or formulated to combat unlawful and terrorist activities in the nation for their contents resulting from their own explosion/implosion, the time being in force, committed for political, religious, ideological or similar purposes including the intention to influence any b) Caused by centrifugal forces. government and/or to put the public or any section of the public in fear for such purposes. 4) Aircraft Damage Loss, Destruction or damage caused by Aircraft, other aerial or space This exclusion also includes loss, damage, cost or expense of devices and articles dropped there from excluding those caused by whatsoever nature directly or indirectly caused by, resulting from or pressure waves. in connection with any action taken in controlling, preventing, suppressing or in any way relating to the above. 5) Riot, Strike and Malicious Damage Loss of or visible physical damage or destruction by external violent If the Company alleges that by reason of this exclusion, any loss, means directly caused to the property insured but excluding those damage, cost or expenses is not covered by this insurance the caused by burden of proving the contrary shall be upon the insured. 2

4 In the event any portion of this endorsement is found to be invalid or c) Defects in construction known to the Insured. unenforceable, the remainder shall remain in full force and effect. 12) Bush Fire 6) Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood Excluding loss, destruction or damage caused by Forest Fire and Inundation Loss destruction or damage directly caused by storm, cyclone, PROVIDED that the liability of the Company shall in no case exceed in typhoon, tempest hurricane, flood or inundation excluding those respect of each item the sum expressed in the said Schedule to be resulting from earthquake, volcaniceruption or other convulsions of insured thereon or in the whole the total Sum Insured hereby or such nature. ( Wherever earthquake cover is given as an "add on cover" other sum or sums as may be substituted therefor by memorandum the words "excluding those resulting from earthquake volcanic hereon or attached hereto signed by or on behalf of the Company. eruption or other convulsions of nature" shall stand deleted.) IV) General Exclusions 7) Impact Damage Loss of or visible physical damage or destruction caused to the 1) Loss, destruction or damage caused by war, invasion, act of foreign property insured due to impact by any Rail/Road vehicle or animal by enemy hostilities or war like operations (whether war be declared or direct contact not belonging to or owned by not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, a) The Insured or any occupier of the premises or b) Their employees while acting in the course of their employment insurrection or military or usurped power. 2) Loss, destruction or damage directly or indirectly caused to the property insured by 8) Subsidence and Landslide including Rock slide Loss, destruction or damage directly caused by Subsidence of part of (a) Ionizing radiations or contamination by radioactivity from any the site on which the property stands or Land slide/rock slide nuclear fuel or from any excluding: nuclear fuel a) The normal cracking, settlement or bedding down of new (b) The radioactive toxic, explosives or other hazardous properties of structures any explosive nuclear assembly or nuclear component thereof b) The settlement or movement of made up ground nuclear waste from the combustion of 3) Loss, destruction or damage caused to the insured property by pollution or contamination excluding c) Coastal or river erosion a) Pollution or contamination which itself results from a peril hereby d) Defective design or workmanship or use of defective materials insured against. e) Demolition, construction, structural alterations or repair of any b) Any peril hereby insured against which itself results from pollution property or groundwork or excavations. or contamination 9) Bursting and/or overflowing of Water Tanks, Apparatus and Pipes 4) Loss, destruction or damage to bullion or unset precious stones, any curios or works of art for an amount exceeding `10,000/-, goods held in trust or on commission, manuscripts, plans, drawings, securi- 10) Missile testing operations 6) ties, obligations or documents of any kind, stamps, coins or paper money, cheques, books of accounts or other business books, 11) Leakage from Automatic Sprinkler Installations computer systems records, explosives unless otherwise expressly Excluding loss, destruction or damage caused by stated in the Policy. a) Repairs or alterations to the buildings or premises 5) Loss, destruction or damage to the stocks in Cold Storage (deep freezer) caused by change of temperature. b) Repairs, Removal or Extension of the Sprinkler Installation 3

5 6) Loss, destruction or damage to any electrical machine, apparatus, PROVIDED such a fall or displacement is not caused by insured perils, fixture, or fitting arising from or occasioned by over-running, loss or damage which is covered by this Policy or would be covered excessive pressure, short circuiting, arcing, self-heating or leakage if such building, range of buildings or structure were insured under of electricity from whatever cause (lightning included) provided that this Policy. this exclusion shall apply only to the particular electrical machine, apparatus, fixture or fitting so affected and not to other machines, Notwithstanding the above, the Company subject to an express apparatus, fixtures or fittings which may be destroyed or damaged by notice being given as soon as possible but not later than seven days re so set up. of any such fall or displacement may agree to continue the insurance subject to revised rates, terms and conditions as may be decided by 7) Expenses necessarily incurred on (i) Architects, Surveyors and it and confirmed in writing to this effect. Consulting Engineer's Fees and (ii) Debris Removal by the Insured following a loss, destruction or damage to the Property insured by an 3) Under any of the following circumstances the insurance ceases to insured peril in excess of 3% and 1% of the claim amount attach as regards the property affected unless the Insured, before the respectively. occurrence of any loss or damage, obtains the sanction of the Company signified by endorsement upon the Policy by or on behalf of 8) Loss of earnings, loss by delay, loss of market or other consequential the Company:- or indirect loss or damage of any kind or description whatsoever. a) If the trade or manufacture carried on be altered, or if the nature of 9) Loss, or damage by spoilage resulting from the retardation or the occupation of or other circumstances affecting the building interruption or cessation of any process or operation caused by insured or containing the insured property be changed in such a way operation of any of the perils covered. as to increase the risk of loss or damage by Insured Perils. 10) Loss by theft during or after the occurrence of any insured peril except as provided under Riot, Strike, Malicious and Terrorism b) If the interest in the property passes from the insured otherwise than by will or operation of law. Damage cover. 4) This insurance does not cover any loss or damage to property which, 11) Any Loss or damage occasioned by or through or in consequence at the time of the happening of such loss or damage, is insured by or directly or indirectly due to earthquake, volcanic eruption or other would, but for the existence of this Policy, be insured by any marine convulsions of nature. Policy or policies except in respect of any excess beyond the amount which would have been payable under the marine Policy or policies 12) Loss or damage to property insured if removed to any building or had this insurance not been effected. place other than in which it is herein stated to be insured, except machinery and equipment temporarily removed for repairs, cleaning, 5) This Insurance may be terminated at any time at the request of the renovation or other similar purposes for a period not exceeding 60 Insured, in which case the company will retain the premium at days. customary short period rate for the time Policy has been in force. This insurance may also at any time be terminated at the option of the 13) 5% of the claim amount for each and every claim subject to a company on the grounds of mis- representation, fraud, non-disclo- minimum of `10,000/- for claims arising out of Earthquake ( fire & sure of material facts or non-cooperation on 15 days' notice to that shock) peril only. effect being given to the Insured, in which case the Company shall be liable to repay on demand a rateable proportion of the premium for V) General Conditions:- the unexpired term from the date of the cancellation. Short Period Scale 1) This Policy shall be voidable in the event of mis-representation, For a period not exceeding 15 days 10% of the Annual rate -do- 1 Month 15% of the Annual rate 2) All insurances under this Policy shall cease on expiry of seven days -do- 2 Months 30% of the Annual rate from the date of fall or displacement of any building or part thereof or of the whole or any part of any range of buildings or of any structure -do-do- 3 Months 4 Months 40% of the Annual rate 50% of the Annual rate of which such building forms part. -do- 5 Months 60% of the Annual rate mis-description or non-disclosure of any material particular. 4

6 -do- 6 Months 70% of the Annual rate -do-do-dofor a period exceeding 7 Months 8 Months 9 Months 75% of the Annual rate 80% of the Annual rate 85% of the Annual rate 9 Months The full Annual rate legal form of the truth of the claim and of any matters connected therewith. No claim under this Policy shall be payable unless the terms of this condition have been complied with Refund on cancellation of Long Term Policy at the request of the ii) In no case whatsoever shall the Company be liable for any loss or insured may be allowed subject to the following conditions: damage after the expiry of 12 months from the happening of the loss or damage unless the claim is the subject of pending action or a) No refund shall be allowed if there has been a claim under the arbitration; it being expressly agreed and declared that if the Compa- Policy. ny shall disclaim liability for any claim hereunder and such claim shall not within 12 calendar months from the date of the disclaimer b) If the Policy is cancelled within 3 years of inception, the premium have been made the subject matter of a suit in a court of law then the to be retained shall be worked out as per normal rates applicable claim shall for all purposes be deemed to have been abandoned and - that is without allowing any discount. shall not thereafter be recoverable hereunder. c) If the Policy is cancelled after 3 years of inception, the discount slab shall be reworked for the number of years the Policy was actually in 7) On the happening of loss or damage to any of the property insured by this Policy, the Company may force. For this purpose fraction of a year shall be rounded to the next higher year. For example if the Policy has run for 3 years and 3 a) enter and take and keep possession of the building or premises months, premium shall be retained for 4 years. where the loss or damage has happened. d) Refund, if any, shall be subject to the retention of minimum b) take possession of or require to be delivered to it any property of premium of `50/- the Insured in the building or on the premises at the time of the loss or damage. 6) i) On the happening of any loss or damage the Insured shall forthwith give notice thereof to the Company and shall within 15 days after the c) keep possession of any such property and examine, sort, arrange, loss or damage, or such further time as the Company may in writing remove or otherwise deal with the same. allow in that behalf, or such further time as the Company may in d) sell any such property or dispose of the same for account of whom writing allow in that behalf, deliver to the Company it may Concern. a) A claim in writing for the loss or damage containing as particular several The powers conferred by this condition shall be exercisable by the articles or items or property damaged or destroyed, and of the Company at any time until notice in writing is given by the insured amount of the loss or damage thereto respectively, having regard to that he makes no claim under the Policy, or if any claim is made, until their value at the time of the loss or damage not including profit of such claim is finally determined or withdrawn, and the Company any kind. shall not by any act done in the exercise or purported exercise of its an account as may be reasonably practicable of all the powers hereunder, incur any liability to the Insured or diminish its b) Particulars of all other insurances, if any rights to rely upon any of the conditions of this Policy in answer to any claim. The Insured shall also at all times at his own expense produce, procure and give to the Company all such further particulars, plans, 8) If the insured or any person on his behalf shall not comply with the specification books, vouchers, invoices, duplicates or copies thereof, requirements of the Company or shall hinder or obstruct the documents, investigation reports (internal/external), proofs and Company, in the exercise of its powers hereunder, all benefits under information with respect to the claim and the origin and cause of the this Policy shall be forfeited. loss and the circumstances under which the loss or damage occurred, and any matter touching the liability or the amount of the The Insured shall not in any case be entitled to abandon any property liability of the Company as may be reasonably required by or on to the Company whether taken possession of by the Company or not. behalf of the Company together with a declaration on oath or in other 5

7 9) If the Company at its option, reinstate or replace the property 13) If any dispute or difference shall arise as to the quantum to be paid damaged or destroyed, or any part thereof, instead of paying the under this Policy (liability being otherwise admitted) such difference amount of the loss or damage, or join with any other Company or shall independently of all other questions be referred to the decision Insurer(s) in so doing, the Company shall not be bound to reinstate of a sole arbitrator to be appointed in writing by the parties to or if exactly or completely but only as circumstances permit and in they cannot agree upon a single arbitrator within 30 days of any party reasonably sufficient manner, and in no case shall the Company be invoking arbitration, the same shall be referred to a panel of three bound to expend more in reinstatement than it would have cost to arbitrators, comprising of two arbitrators, one to be appointed by reinstate such property as it was at the time of the occurrence of each of the parties to the dispute/difference and the third arbitrator such loss or damage nor more than the sum insured by the Company to be appointed by such two arbitrators and arbitration shall be thereon. If the Company so elect to reinstate or replace any property conducted under and in accordance with the provisions of the the insured shall at his own expense furnish the Company with such Arbitration and Conciliation Act, plans, specifications, measurements, quantities and such other particulars as the Company may require, and no acts done, or caused It is clearly agreed and understood that no difference or dispute shall to be done, by the Company with a view to reinstatement or replace- be referable to arbitration as hereinbefore provided, if the Company ment shall be deemed an election by the Company to reinstate or has disputed or not accepted liability under or in respect of this replace. Policy. If in any case the Company shall be unable to reinstate or repair the It is hereby expressly stipulated and declared that it shall be a property hereby insured, because of any municipal or other regula- condition precedent to any right of action or suit upon this Policy that tions in force affecting the alignment of streets or the construction of the award by such arbitrator/arbitrators of the amount of the loss or buildings or otherwise, the Company shall, in every such case, only damage shall be first obtained. be liable to pay such sum as would be requisite to reinstate or repair such property if the same could lawfully be reinstated to its former condition. 14) Every notice and other communication to the Company required by these conditions must be written or printed. 10) If the property hereby insured shall at the breaking out of any fire or 15) At all times during the period of insurance of this Policy the insurance at the commencement of any destruction of or damage to the proper- cover will be maintained to the full extent of the respective sum ty by any other peril hereby insured against be collectively of greater insured in consideration ofwhich upon the settlement of any loss value than the sum insured thereon, then the Insured shall be consid- under this Policy, pro-rata premium for the unexpired period from the ered as being his own insurer for the difference and shall bear a date of such loss to the expiry of period of insurance for the amount rateable proportion of the loss accordingly. Every item, if more than of such loss shall be payable by the insured to the Company. The one, of the Policy shall be separately subject to this condition. additional premium referred above shall be deducted from the net claim amount payable under the Policy. This continuous cover to the 11) If at the time of any loss or damage happening to any property hereby full extent will be available notwithstanding any previous loss for insured there be any other subsisting insurance or Insurances, which the company may have paid hereunder and irrespective of the whether effected by the Insured or by any other person or persons fact whether the additional premium as mentioned above has been covering the same property, this Company shall not be liable to pay actually paid or not following such loss. The intention of this condition or contribute more than its rateable proportion of such loss or is to ensure continuity of the cover to the insured subject only to the damage. right of the company for deduction from the claim amount, when settled, of pro-rata premium to be calculated from the date of loss till 12) The Insured shall at the expense of the Company do and concur in expiry of the Policy. doing, and permit to be done, all such acts and things as may be necessary or reasonably required by the Company for the purpose of Notwithstanding what is stated above, the Sum Insured shall stand enforcing any rights and remedies or of obtaining relief or indemnity reduced by the amount of loss in case the insured immediately on from other parties to which the Company shall be or would become occurrence of the loss exercises his option not to reinstate the sum entitled or subrogated, upon its paying for or making good any loss or insured as above. damage under this Policy, whether such acts and things shall be or become necessary or required before or after his indemnification by the Company. 6

8 5) Long Term Policy For Dwelling VI) Policy Clause / Add-on / Endorsement Wordings: Long Term Policies shall be issued to house/flat owners only based Note:- Unless otherwise mentioned against the respective on either of the following 2 methods subject to the conditions below: clauses/add-on Covers/Endorsement, the policy is subject to clauses/add-on Covers/Endorsement as appearing in the Policy The Policy shall be issued for a minimum period of 3 years. Schedule. The clauses/add-on Covers/Endorsement applicable are part of the Policy and shall be taken into account for interpretation Mid-term inclusion of perils shall not be allowed. Premium for entire Policy period shall be collected in advance. Method A: and determination of Insurer s liability under the Policy. 1) Earthquake (Fire and Shock) Policy may be extended to cover the above subject to following endorsement wordings: Premium shall be charged in full without any discount. However sum insured under the Policy shall be deemed to have increased by 10% In consideration of the payment by the Insured to the Company of of the original sum insured at the end of every 12 months period. additional premium as specified in Policy Schedule, it is hereby agreed and declared that notwithstanding anything stated in the OR printed exclusions of this policy to the contrary, this Insurance is extended to cover loss or damage (including loss or damage by fire) Method B: to any of the property Insured by this policy occasioned by or through or in consequence of earthquake including flood or overflow of the There shall not be any automatic increase in sum insured as in sea, lakes, reservoirs and rivers and/or Landslide / Rockslide method A. However appropriate discounts shall be allowable on resulting therefrom. applicable gross premium as per table below: Duration of Policy Premium to be Charged Provided always that all the conditions of this policy shall apply 3 years Policy 3 years premium in advance less 15% (except in so far as they may be hereby expressly varied) and that any 4 years Policy 4 years premium in advance less 20% reference therein to loss or damage by fire shall be deemed to apply 5 years Policy 5 years premium in advance less 25% 6 years Policy 6 years premium in advance less 30% 7 years Policy 7 years premium in advance less 35% 8 years Policy 8 years premium in advance less 40% 9 years Policy 9 years premium in advance less 45% Policy for 10 years and above Entire premium in advance less 50% also to loss or damage directly caused by any of the perils which this insurance extends to include by virtue of this endorsement." Special conditions 1. Excess clause 5% of each and every claim subject to a minimum of `10,000 or The Excess mentioned on the policy Schedule, whichever is higher. N.B. 1) Mid-Term Increase In Sum Insured Shall Be Allowed On Pro Rata Basis For The Balance Period. 2. Extension cover shall be granted only if the entire property in one complex / compound / location covered under the policy is extended 2) Mid-Term Reduction In Sum Insured Is Not Allowed. to cover this risk and the Sum Insured for this extension is identical to the Sum Insured against the risk covered under main policy except 3) Policy Can Be Issued To Only To House/Flat Owners And Not To for the value of the plinth and foundations of the building(s). Others Who Do Not Own The House/Flats. 3. Onus of proof in the event of the Insured making any claim for loss or damage under this policy he must (if so required by the Company) prove that the loss or damage was occasioned by or through or in consequence of earthquake. 7

9 2) Agreed Bank Clause additional premium from the time when such increase of risks first took place and All policies in which a Bank/Financial Institution has interest shall be issued in the name of Bank/Financial Institution and owner or It is further agreed that whenever the Company shall pay the Bank mortgagor and shall contain a suitable clause to protect their interest. any sum in respect of loss or damage under this policy and shall A specimen copy of the Clause is given hereunder. claim that as to the Mortgagor or owner no liability therefore existed, the Company shall become legally subrogated to all the rights of the "It is hereby declared and agreed:- Bank to the extent of such payments but not so as to impair the right of the Bank to recover the full amount of any claim it may have on That upon any monies becoming payable under this policy the same such Mortgagor or Owner or any other party or parties insured shall be paid by the Company to the Bank and such part of any hereunder or from any securities or funds available. monies so paid as may relate to the interests of other parties insured hereunder shall be received by the Bank as Agents for such other N.B: In cases where the name of any Central Government or State parties. Government owned and / or sponsored Industrial Financing or Rehabilitation Financing Corporations and /or Unit Trust of India or That the receipts of the Bank shall be complete discharge of the General Insurance Corporation of India and/or its subsidiaries or LIC Company therefor and shall be binding on all the parties insured of India/ any Financial Institution is included in the title of the Fire hereunder. Policy as mortgagees, the above Agreed Bank Clause may be incorporated in the Policy substituting the name of such institution in N.B: The Bank shall mean the first named Financial Institution/ Bank place of the word 'Bank' in the said clause. named in the policy. 3) Designation of Property Clause That if and whenever any notice shall be required to be given or other communication shall be required to be made by the Company to the For the purpose of determining, where necessary, the item under insured or any of them in any manner arising under or in connection which any property is insured, the insurers agree to accept the with this policy such notice or other communication shall be deemed designation under which the property has been entered in the to have been sufficiently given or made if given or made to the Bank. insured's books. That any adjustment, settlement, compromise or reference to 4) Reinstatement Value Policies arbitration in connection with any dispute between the Company and the insured or any of them arising under or in connection with this It is hereby declared and agreed that in the event of the property policy if made by the Bank shall be valid and binding on all parties insured under (Item Nos of ) within the policy being insured hereunder but not so as to impair rights of the Bank to destroyed or damaged, the basis upon which the amount payable recover the full amount of any claim it may have on other parties under (each of the said items of) the policy is to be calculated shall insured hereunder. be cost of replacing or reinstating on the same site or any other site with property of the same kind or type but not superior to or more That this insurance so far only as it relates to the interest of the Bank extensive than the insured property when new as on date of the loss, therein shall not cease to attach to any of the insured property by subject to the following Special Provisions and subject also to the reason of operation of condition 3 of the Policy except where a terms and conditions of the policy except in so far as the same may breach of the condition has been committed by the Bank or its duly be varied hereby. authorized agents or servants and this insurance shall not be invalidated by any act or omission on the part of any other party Special Provisions insured hereunder whereby the risk is increased or by anything being done to upon or any building hereby insured or any building in which The work of replacement or reinstatement (which may be carried out the goods insured under the policy are stored without the knowledge upon another site and in any manner suitable to the requirements of of the Bank provided always that the Bank shall notify the Company the insured subject to the liability of the Company not being thereby of any change of ownership or alterations or increase of hazards not increased) must be commenced and carried out with reasonable permitted by this insurance as soon as the same shall come to its dispatch and in any case must be completed within 12 months after knowledge and shall on demand pay to the Company necessary the destruction or damage or within such further time as the Compa- 8

10 ny may in writing allow, otherwise no payment beyond the amount ii)in respect of destruction or damage not insured by the policy. which would have been payable under the policy if this memorandum had not been incorporated therein shall be made. iii) Under which notice has been served upon the insured prior to the happening of the destruction of damage. Until expenditure has been incurred by the Insured in replacing or reinstating the property destroyed or damaged the Company shall iv) In respect of undamaged property or undamaged portions of not be liable for any payment in excess of the amount which would property other than foundations (unless foundations are specifically have been payable under the policy if this memorandum had not excluded from the insurance by this policy) of that portion of the been incorporated therein. property destroyed or damaged. If at the time of replacement or reinstatement the sum representing b)the additional cost that would have been required to make good the cost which would have been incurred in replacement or the property damaged or destroyed to a condition equal to its reinstatement if the whole of the property covered had been condition when new had the necessity to comply with any of the destroyed, exceeds the Sum Insured thereon or at the commence- aforesaid Regulations of Bye-laws not arisen, ment of any destruction or damage to such property by any of the perils insured against by the policy, then the insured shall be consid- c) The amount of any rate, tax, duty, development or other charge or ered as being his own insurer for the excess and shall bear a rateable assessment arising out of capital appreciation which may be payable proportion of the loss accordingly. Each item of the policy (if more in respect of the property or by the owner thereof by reason of than one) to which this memorandum applies shall be separately compliance with any of the aforesaid Regulations or Bye-laws. subject to the foregoing provision. 2) The work of reinstatement must be commenced and carried out This Memorandum shall be without force or effect if with reasonable dispatch and in any case must be completed within twelve months after the destruction or damage or within such further (a) The Insured fails to intimate to the Company within 6 months from time as the Insurers may (during the said twelve months) in writing the date of destruction or damage or such further time as the allow and may be carried out wholly or partially upon another site (if Company may in writing allow his intention to replace or reinstate the the aforesaid Regulations or Bye-laws so necessitate) subject to the property destroyed or damaged. liability of the Insurer under this extension not being thereby increased. (b) The Insured is unable or unwilling to replace or reinstate the property destroyed or damaged on the same or another site. 3) If the liability of the insurer under (any item of) the policy apart from this extension shall be reduced by the application of any of the 5) Local Authorities Clause terms and conditions of the policy then the liability of the Insurers under this extension (in respect of any such item) shall be reduced in The insurance by this policy extends to include such additional cost like proportion. of reinstatement of the destroyed or damaged property hereby insured as may be incurred solely by reason of the necessity to 4) The total amount recoverable under any item of the policy shall comply with the Building or other Regulations under or framed in not exceed the sum insured thereby. pursuance of any act of Parliament or with Bye-laws of any Municipal or Local authority provided that 5) All the conditions of the policy except in so far as they may be hereby expressly varied shall apply as if they had been incorporated 1) The amount recoverable under this extension shall not include: herein." a) The cost incurred in complying with any of the aforesaid Regula- 6) No additional premium shall be charged for inclusion of this clause tions or Bye-laws. in this policy. i) In respect of destruction or damage occurring prior to the granting of this extension. 9

11 6) Architects, Surveyors and Consulting Engineer's Fees (upto 3% Step 3: of the claim amount) If you are still not satisfied with the resolution provided, You can write It is hereby declared and understood that the expenses incurred to the Head- Customer Services at towards Architects, Surveyors and Consulting Engineers fees for After examining the matter, We plans, specification tenders, quantities and services in connection will send You Our final response within a period of 7 days from the with the superintendence of the reinstatement for the Building, date of receipt of Your complaint on this id. Machinery, Accessories and equipment insured under this policy is covered upto 3% of the adjusted loss, but it is understood that this An acknowledgment will be sent on receipt of your concern, we does not include any costs in connection with the preparation of the would then investigate the matter internally and respond with a Insured's claim or estimate of loss in the event of damage by insured suitable resolution within a period of 10 days from the date of receipt perils of the complaint. Please share your contact details to enable us to get in touch with you. In case the resolution is likely to take longer time, 7) Removal of Debris Clause (upto 1% of the claim amount) We will inform You of the same through an interim reply. The following Clause shall be used :"It is hereby declared and agreed Within 30 days of lodging a complaint with us, if you do not get a that the expenses incurred upto 1% of the claim amount is included satisfactory response from us and you wish to pursue other avenues in the sum insured on: for redressal of grievances, you may approach Insurance Ombudsman appointed by IRDAI under the Insurance Ombudsman Scheme. (a) Removal of debris from the premises of the Insured. This Policy is subject to regulation 5 of IRDA of India (Protection of Policyholder s Interests) Regulation. (b) dismantling or demolishing. (c) shoring up or propping. Note: (b) & (c) above should be deleted when neither Building nor Machinery are covered. VII) Customer Grievance Redressal Policy:The Company is committed to extend the best possible services to its customers. However, if you are not satisfied with our services, please follow the below steps for redressal. Step 1 Call us on Our 24X7 Toll free number Or You may to the customer service desk at support@edelweissinsurance.com. Step 2 If our response or resolution does not meet Your expectations, You can write to support@edelweissinsurance.com. After investigating the matter internally and subsequent closure, we will send Our response within a period of 8 days from the date of receipt at this id. 10

12 Mentioned below are contact details of Ombudsman:Contact Details Jurisdiction AHMEDABAD Office of the Insurance Ombudsman, 2nd floor, Ambica House, Near C.U. Shah College, 5, Navyug Colony, Ashram Road, Ahmedabad Tel.: /139 Fax: bimalokpal.ahmedabad@gbic.co.in State of Gujarat and Union Territories of Dadra & Nagar Haveli and Daman and Diu. BENGALURU Office of the Insurance Ombudsman, Jeevan Soudha Building, PID No N-19, Ground Floor, 19/19, 24th Main Road, JP Nagar, 1st Phase, Bengaluru Tel.: / bimalokpal.bengaluru@gbic.co.in Karnataka. BHOPAL Office of the Insurance Ombudsman, Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opp.Airtel Office, Near New Market, Bhopal Tel.: /201/202 Fax: bimalokpalbhopal@gbic.co.in States of Madhya Pradesh and Chattisgarh. BHUBANESHWAR Office of the Insurance Ombudsman, 62, Forest park, Bhubaneshwar Tel.: / Fax: bimalokpal.bhubaneswar@gbic.co.in State of Orissa. CHANDIGARH Office of the Insurance Ombudsman, S.C.O. No. 101, 102 & 103, 2nd Floor, Batra Building, Sector 17 - D, Chandigarh Tel.: /5861/ Fax: bimalokpal.chandigarh@gbic.co.in States of Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir and Union territory of Chandigarh. CHENNAI Office of the Insurance Ombudsman, Fatima Akhtar Court, 4th Floor, 453 (old 312), Anna Salai, Teynampet, CHENNAI Tel.: / Fax: bimalokpal.chennai@gbic.co.in State of Tamil Nadu and Union Territories - Pondicherry Town and Karaikal (which are part of Union Territory of Pondicherry). DELHI Office of the Insurance Ombudsman, 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi Tel.: /7539/7532 Fax: bimalokpal.delhi@gbic.co.in State of Delhi ERNAKULAM Office of the Insurance Ombudsman, 2nd floor, Pulinat Building, Opp. Cochin Shipyard, M.G. Road, Ernakulum Tel.: / Fax: bimalokpal.ernakulum@gbic.co.in Kerala, Lakshadweep, Mahe - a part of Pondicherry GUWAHATI Office of the Insurance Ombudsman, 'Jeevan Nivesh, 5th Floor, Nr. Panbazar over bridge, S.S. Road, Guwahati (ASSAM). Tel.: / Fax: bimalokpal.guwahati@gbic.co.in HYDERABAD Office of the Insurance Ombudsman, , 1st floor, "Moin Court" Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool, Hyderabad Tel.: / Fax: bimalokpal.hyderabad@gbic.co.in States of Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura. States of Andhra Pradesh, Telangana and Union Territory of Yanam- a part of the Union Territory of Pondicherry. 11

13 Contact Details Jurisdiction JAIPUR Office of the Insurance Ombudsman, Jeevan Nidhi-II Bldg., Ground Floor, Bhawani Singh Marg, Jaipur Tel.: bimalokpal.jaipur@gbic.co.in State of Rajasthan. KOLKATA Office of the Insurance Ombudsman, Hindustan Building Annexe, 4th floor, 4, CR Avenue, Kolkata Tel.: / Fax: bimalokpal.kolkata@gbic.co.in States of West Bengal, Bihar, Sikkim and Union Territories of Andaman and Nicobar Islands. LUCKNOW Office of the Insurance Ombudsman, 6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow Tel.: / Fax: bimalokpal.lucknow@gbic.co.in District of Uttar Pradesh: Lalitpur, Jhansi, Mahoba, Hamirpur, Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur, Varansi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao, Sitapur, Lakhimpur, Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Deoria, Faizabad, Amethi, Kaushambi, Balrampur, Basti, Ambedkarnagar, Sulanpur, Maharajganj, Santkabirnagar, Azamgarh, Kaushinagar, Gorkhpur, Mau, Chandauli, Ballia, Sidharathnagar. MUMBAI Office of the Insurance Ombudsman, 3rd Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai Tel.: /360/889 Fax: bimalokpal.mumbai@gbic.co.in State of Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane. NOIDA Office of the Insurance Ombudsman, Bhagwan Sahai Palace, 4th Floor, Main Road, Naya Bans, Sector-15, Gautam Budh Nagar, Noida - bimalokpal.noida@gbic.co.in State of Uttaranchal and the following Districts of Uttar Pradesh: Agra, Aligarh, Bagpat, Bareilly, Bijnor, Budaun, Bulandshehar, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad, Firozabad, Gautam Budh Nagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur. PATNA Office of the Insurance Ombudsman, 1st Floor, Kalpana Arcade Building, Bazar Samiti Road, Bahadurpur, Patna bimalokpal.patna@gbic.co.in States of Bihar and Jharkhand. PUNE Office of the Insurance Ombudsman, Jeevan Darshan Building, 3rd Floor, CTS Nos. 195 to 198, NC Kelkar Road, Narayan Peth, Pune Tel: bimalokpal.pune@gbic.co.in State of Maharashtra, Area of Navi Mumbai and Thane excluding Mumbai Metropolitan Region. (The Ombudsman office applicable for the Insured s address will be printed in the Policy) IRDA AND ADDRESSES Refer the below link: Edelweiss General Insurance Company Limited, Edelweiss House, Off CST Road, Kalina, Mumbai IRDAI Reg No: 159. CIN: U66000MH2016PLC I Long Term Home Insurance I UIN: IRDAN159P0001V Reach us on: support@edelweissinsurance.com Website: Trade logo displayed above belongs to Edelweiss Financial Services Limited and is used by Edelweiss General Insurance Company Limited under license. Insurance is the subject matter of solicitation. 12