The company has some segregation under this policy for which the company is not liable: Damage, deconstruction or loss caused by war, act of foreign enemy, hostilities, invasion or war like operations. Damage, deconstruction or loss to property caused by any act of terrorism. Damage, deconstruction or loss to property is insured by – i) ionising radiation, or contamination by radioactivity from nuclear fuel or wastage from the combustion of nuclear fuel. ii) The radioactive toxins or any other hazardous properties of explosive nuclear assembly or component thereof. If damage caused to the property is insured by its own fermentation, impulsive combustion or natural heating. Loss or damage causes by mean of downgrading of the article or wear and tear or depreciation. Permanent or temporary dispossession of property resulting from exclusion, commandeering, requisition or deconstruction by order of any lawful or government authority. Permanent or temporary dispossession of property resulting from unlawful activity by the person. Any indirect losses or damage like loss of earnings, loss by delay, loss of market. Sum Assured Selection Procedure: If you want to insure your domestic contents you have to cluster the articles under different and broad category like-clothing, utensils, furniture, crockery, linens, etc. The value given to these articles should be equivalent to their market value. It means the value dedicated to these articles will be the same on which these articles can be bought or sold in the market. Articles falls under the category of Section 1 (a & b), 2, 3, 4, 6, 7, and 8 should also be insured on the market value basis with the same method as described above for domestic contents. For Section number 5- Breakdown of Domestic appliances, the sum insured amount will be equal to the current replacement value of the same. Lets take an example:- If you wants to insure your 8 litres LG Washing Machine which is 2 years old. Then the insurance amount for the 8 litres LG washing machine will be equivalent to the cost of new 8 litres LG washing Machine. The claim amount to be paid needs to be equivalent to the amount which is required to bring down the damaged item to the similar state which it was prior to the damage, subject to the limit of sum insured. Under Section 9- Personal accident the Sum assured should not be greater than the 72 months salary from the productive employment. New India Assurance Householders Policy Claim Procedure: In case of an event which direct to a valid claim under New India Assurance householders policy there are some guidelines which needs to be followed. Following points should be taken care of while making the claim process:- One should take necessary course of action to lessen the damage or loss. One should inform the fire brigade as soon as possible in case of fire. One should inform to the nearest police station immediately with the list of stolen items and their approximate value if any theft, larceny, or burglary take place. One should inform the insurance company immediately by phone, fax or in writing. One has to submit the complete claim form duly filled and signed by insurer which is issued by the insurance company. One has to provide the complete support to the surveyor who is appointed by the insurance company to survey the site of incident also you have to provide proper and complete documents to authenticate the loss. Cancellation: New India Assurance Company provides free look in period of 7 days to the customer. If in any case customers are not satisfied with the terms and condition of the company they can return and cancel their policy within seven days of receiving the policy documents. Griha Suvidha Policy: Griha Suvidha policy is the abbreviated form of householders policy. Its main aim is to target the content of average householders on `first loss basis. The main point of interest in this policy is its simplicity. It effortlessly provides the details and description of the contest to the customers, which is easy to understand. Also the process of claim settlement is trouble-free and hassle free. This policy has four specific options which again have five sections each. This policy also has an additional section six, under which the residential premises is cover on Complete Sum Insured Basis. Anybody who is residing in India, including foreign nationals can avail this policy provided that the content which is going to be insured is situated within the territory of India. Also the claim settlement will be done in Indian currency only. This policy provides insurance to domestic contents against- Fire and other allied perils like-flood, riot, strike, housebreaking, earthquake, terrorism, burglary, theft and accidental damage to contents including jewellery and other valuable items. It also provides cover against breakdown of domestic appliances including TV and desktop. Section i- Provides coverage for contents (excluding jewellery) against Fire and Allied perils which also includes earthquake and terrorism. Section ii – Provides coverage for contents (excluding jewellery) against Burglary and house breaking and theft which also include larceny. Section iii – Provides coverage to Jewellery and other valuable items Section iv – Provides coverage to breakdown of domestic appliances Section v– Provides coverage to Television and Desktop Sum Insured on First Loss Basis
