SIGN BOARD INSURANCE POLICY
Preamble:
Whereas the Insured described in the Schedule hereto has applied to ……………… (hereinafter called ‘the Company’)
by a proposal and declaration which is declared to be the basis of this contract and
which is deemed to be incorporated herein and has paid the premium stated in the Schedule hereto as consideration for the
indemnity hereinafter contained for the Period of Insurance stated in the Schedule hereto.
Operative Clause:
The
Company hereby agrees, subject to the terms, conditions and exclusions herein
contained or endorsed or otherwise expressed hereon, to indemnify the
Insured to the extent and in the manner specified
herein, against any loss/damage to the property insured due to operation of any
of the insured perils as hereinafter mentioned during the Period
of Insurance Provided that the liability of the
Company shall in no case exceed in respect of each item the sum expressed in
the Schedule hereto
to be insured thereon or in the whole the total Sum Insured hereby.
Definitions:
1. Insured: The person (s) named as Insured in the Schedule.
2. Company: SBI General Insurance Company Limited.
3. Proposal: The
application form Insured sign for this insurance and/or any other information
Insured give to the Company
or which is given to the Company on Insured’s behalf.
4. Policy: Policy wording, the Schedule, the Proposal and Endorsement
/ Memoranda if any.
5. Schedule: The
document which describes Insured, the cover that applies, the Period of
Insurance
and other details of this
Policy.
6. Period of Insurance: The time
period for which the contract of insurance is valid as shown in the
Policy Schedule.
7. Excess/Deductible The
amount stated in the Schedule, which shall be borne by Insured first in
respect of each and every
claim made under this Policy.
8. Bodily Injury -bodily injury, illness or disease of or to any person.
9. Property Damage - Actual and/or physical damage to tangible property.
10. Hoarding - A
Hoarding is a frame made of wood/Iron/plastic or any other material on which
advertisements
are either affixed or painted, but which does not have any internal electricity
mechanism
for glowing.
11. Glow Sign - A Glow
Sign is a frame made of wood/Iron/plastic or any other material, and
advertisements
are either affixed as a plastic sheet or painted on glass. The frame has bulbs/ tube lights/CFLs inside or
outside the frame which glow by use of electricity.
12. Neon Sign - A Neon
Sign is a frame made of wood/Iron/plastic or any other material, and
advertisement
is displayed on the board using glass tubes containing neon or any other gas. Tubes glow through the use of
electricity.
What is covered:
The
Company will indemnify the Insured in respect of loss or damage to the Neon
Sign/Glow Sign/Hoarding
as specified in the Schedule, due to any external accidental means.
Exclusions: This Section of the Policy
does not cover the following -
a. The fusing or burning out of any bulbs and/or
tubes arising from short-circuiting or arcing or any
other mechanical or electrical breakdown
or faults.
b. Depreciation and/or wear and tear due to any
cause whatsoever.
c. Mechanical or electrical breakdown, failure
or breakage, over-running, over-heating, overloading
or strain.
Section II - Third Party
Liability
What is covered:
The Company will indemnify
the Insured against liability incurred at law (including claimant’s defense
costs
incurred with prior approval of Company) arising out of the perils mentioned in
Section I for
a. Death of/bodily injury to third party or
b. Any damage to third party property caused by
the said perils.
Exclusions: This
Section of the Policy does not cover the following unless specially mentioned
in the
Schedule:-
a. Death of or bodily injury to any person
under contract of employment or apprenticeship with
the Insured, their contractors and/or sub
contractors, when such injury arises out of the
execution
of such contract.
b. Damage to property belonging to or held in
trust by or in the custody or control of the Insured.
Common Exclusions
(Applicable to both the Sections) This Policy shall not cover the
following unless specially
mentioned in the Schedule:-
a. Contractual liability of any kind.
b. Any consequential loss sustained by the Insured.
c. Any accident, loss, damage and/or liability
directly or indirectly, proximately or remotely
occasioned
by/ contributed to by or traceable to or arising out of or in connection with
i. Hurricane, tornado, volcanic eruption.
ii. War, invasion, the act of foreign enemies,
hostilities or warlike operations (whether
before
or after declaration of war)
iii. Civil war, mutiny, rebellion, military or
usurped power, or by any direct or indirect
consequences
of any of the said occurrences.
and in
the event of any claim hereunder the Insured shall prove that the accident,
loss,
damage and/or liability arose independently of and was in
no way connected with or
contributed
to by or traceable to any of the said occurrences or any consequence thereof
and
in default of such proof the Company shall not be liable
to make any payment in respect of
such a claim.
d. Any accident loss or destruction of or damage to
any property or any loss or expense
whatsoever or legal liability of whatsoever nature arising out of any consequential loss.
Payment of compensation in
respect of death, injury, disablement directly or indirectly caused
by or contributed to by or arising from
ionising radiation or contamination by radio activity
from any
source whatsoever.
f. Any accident, loss, destruction, damage or
legal liability directly or indirectly caused by or
contributed
to by or arising from nuclear weapons material.
g. Any accident, loss, destruction, damage or
legal liability directly or indirectly caused by or
contributed
to by or arising from terrorist activity.
General Conditions:
(Applicable to both Sections of the Policy)
1. The Insured
shall take all reasonable steps to safeguard the property insured against accident,
loss or damage. The due observance
and fulfillment of the terms, conditions
and endorsements of this Policy in so far as they relate to anything to be
done or complied with by the Insured and the truth
of the statements and answers in the proposal shall be a condition precedent to
any liability of the Company to make any payment under this
Policy. and the Company shall have at all times free and full access to examine the said
property or any part thereof. In the
event of any accident, proper precautions shall be taken to prevent further
damage or loss.
Coverage
under this Policy shall be voidable in the event of mis-representation,
mis-description or
non-disclosure of any material particular.
2.
Every notice and other communication to
the Company required under this Policy must be written
or
printed. 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
loss or damage, or such further time as the Company may in writing
allow in that behalf, deliver to the Company
A. Claim in writing for the loss or damage
containing in particular an account as may be
reasonably
practicable of all the several articles or items or property damaged or
destroyed, and of the amount
of the loss or damage thereto respectively, having regard to their value at the
time of the loss or damage not including profit of any kind.
B. Particulars of all other insurances, if
any.
The
Insured shall also at all times at his own expense produce, procure and give to
the Company
all such further particulars, plans, specification books,
vouchers, invoices, duplicates or copies
thereof,
documents, investigation reports
(internal/external), proofs and
information with
respect to the claim and the origin and cause of the loss
and the circumstances under which the
loss or damage occurred, and any matter touching the
liability or the amount of the liability of
the Company as may be reasonably required by or on behalf
of the Company together with a
declaration on oath or in other 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.
3. Under any of
the following circumstances the insurance ceases to attach as regards the
property
effected unless the Insured,
before the occurrence of any loss or damage, obtains the sanction of the
Company signified by endorsement upon the Policy by or on behalf of the
Company:-
A. To any property insured which shall be
removed from the premises in which it is herein stated.
B. If the interest in the property passes from
the Insured otherwise than by will or operation of
law.
4. On the
happening of loss or damage to any of the property insured by this Policy, the
Company
may
A. take and
keep possession of any such property and examine, sort, arrange, remove or
otherwise
deal with the same
Sell any such property or
dispose of the same for account of whom it may concern.
The
powers conferred by this condition shall be exercisable by the Company at any
time until
notice
in writing is given by the Insured that he makes no claim under the Policy, or
if any claim is
made, until such claim is finally determined or
withdrawn, and the Company shall not by any act
done in the exercise or purported exercise of its powers
hereunder, incur any liability to the
Insured or diminish its rights to rely upon any of the
conditions of this Policy in answer to any
claim.
If the Insured or any person
on his behalf shall not comply with the requirements of the Company or shall hinder or obstruct the Company, in the
exercise of its powers hereunder, all benefits under this Policy shall
be forfeited.
The
Insured shall not in any case be entitled to abandon any property to the
Company whether taken
possession of by the Company or not.
5.
Basis of indemnity:
A. The indemnity in respect of Section I, shall
be on the basis of market value.
B. In the event of property insured being
damaged by any of the specified perils, the Company
shall
pay for the amount of damage or loss or at its option replace or repair the
damaged
property.
C. The indemnity in respect of Section II shall
be on the basis of liability incurred and defence
costs subject to Sum Insured (limit of
indemnity) opted in the Policy.
If the
Company at its option, reinstates or replaces the property damaged or
destroyed, or any
part thereof, instead of paying the amount of the loss or
damage, or join with any other company
or Insurer(s) in so doing, the Company shall not be bound
to reinstate exactly or completely but
only as circumstances permit and in reasonably sufficient
manner, and in no case shall the
Company be bound to expend more in reinstatement than it
would have cost to reinstate such
property as it was at the time of the occurrence of such
loss or damage nor more than the Sum
Insured
by the Company thereon.
If the
Company so elects to reinstate or replace any property the Insured shall at his
own expense
furnish the Company
with such plans,
specifications,
measurements, quantities and
other
particulars
as the Company may require, and no acts done, or caused to be done, by the
Company
with a view to reinstatement or replacement shall be
deemed an election by the Company to
reinstate
or replace.
6. If the property hereby insured shall at the
commencement of any destruction of or damage to the
property by any peril hereby insured against be
collectively of greater value than the Sum Insured thereon, then the Insured shall be considered as being his own insurer
for the difference and shall bear a
ratable proportion of the loss accordingly. Every item, if more than one, of
the Policy shall be separately subject to this condition.
7. If at the
time of any loss or damage happening to any property hereby insured there be
any other
subsisting
insurance or insurances, whether effected by the Insured or by any other person
or persons covering the same property, this Company shall not
be liable to pay or contribute more than its ratable proportion of such loss or damage.
8. The
Insured shall at the expense of the Company do and concur in 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 enforcing any
rights and remedies or of obtaining relief or indemnity from other
parties to which the
Company shall be or would become entitled or subrogated, upon its paying
for or making good any loss or damage under this
Policy, whether such acts and things shall be or
become necessary or required before or after his
indemnification by the Company.
At all times during the period of insurance of this
Policy the insurance cover will be maintained to
the full
extent of the respective sum insured in consideration of which upon the
settlement of any loss under this Policy, pro-rata premium for the
unexpired period from the date of such loss to the expiry of period of
insurance for the amount of such loss shall be payable by the Insured to the Company. The additional premium referred to
above shall be deducted from the net claim amount payable under the
Policy.
This
continuous cover to the full extent will be available notwithstanding any
previous loss for which
the Company may have paid hereunder and irrespective of the fact whether the
additional premium as mentioned above has
been actually paid or not following such loss. The intention of this condition is to ensure continuity of the cover
to the Insured subject only to the 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 expiry of the
Policy.
Notwithstanding what is
stated above, the Sum Insured shall stand reduced by the amount of loss in case
the insured immediately on occurrence of the loss exercises his option not to
reinstate the Sum Insured as above.
10. If any dispute or difference shall arise as
to the quantum to be paid under this Policy (liability
being
otherwise admitted) such dispute/difference shall independently of all other
questions be
referred
to the decision of a sole arbitrator to be appointed in writing by the parties
thereto or if they cannot agree upon a single arbitrator within 30 days
of any party invoking arbitration, the same
shall be referred to a panel of three arbitrators, comprising of two
arbitrators, one to be appointed by each of the parties to
the dispute/difference and the third arbitrator to be appointed by
such two arbitrators
and the arbitration
shall be conducted
under and in accordance with the provisions of the Arbitration and
Conciliation Act, 1996.
It is
clearly agreed and understood that no dispute or difference shall be referable
to arbitration
as hereinbefore provided, if the Company has disputed or
not accepted liability under or in
respect of this Policy.
It is hereby expressly
stipulated and declared that it shall be a condition precedent to any right of
action or suit upon this Policy that the award by such arbitrator/ arbitrators
of the amount of the loss or damage shall be first obtained.
11. In no case whatsoever shall the Company be
liable for any loss or 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
arbitration; it being expressly agreed and declared that if the Company shall
disclaim
liability for any claim hereunder and such claim shall not
within 12 calendar months from the
date of the disclaimer have been made the subject matter
of a suit in a court of law then the
claim shall for all purposes be deemed to have been
abandoned and shall not thereafter be
recoverable
hereunder.
12. This insurance may be terminated at any time
at the request of the Insured, in which case the
Company
will retain the premium at the short period rates as per the Table given here
below, for
the time the Policy has been
in force.
Policy period % of Annual Premium
Refundable
Up to
one month 75% of
annual rate
Up to
three months 50%of annual
rate
Up to
six months 25% of
annual rate
Exceeding
six months Nil
This insurance may also at any time be terminated at the option of the Company, on 15 days' notice to that effect being given to the Insured, in which case the Company shall be liable to repay on demand a ratable proportion of the premium for the unexpired term from the date of the cancellation. Such cancellation will be on grounds of mis-representation, fraud, non-disclosure of material facts or non-cooperation of the Insured.
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