Universal Sompo Home Insurance By Universal Sompo General Insurance Company Limited is a joint venture between Indian banks – Allahabad Bank, Karnataka Banka and Indian Overseas Bank, an Indian investment company, Dabur Investments and a Japanese insurance company, the Sompo Japan Insurance Company. The Sompo Japan Nipponkoa Insurance Inc. is a leading Japanese insurance provider and is the largest property and casual insurance company in the country of Japan. Universal Sompo has its headquarters at Mumbai where it started its operations in the year 2007. Among the various types of insurance that is offered by the company, there is a Householders Insurance policy that will protect the home and assets of its customers home and assets against many unfortunate and unforeseen circumstances. The importance of Universal Sompo Home Insurance Plan Householders insurance protects our home and the furniture and valuable contents within it against both man-made as well as natural situations and circumstances. Our homes are a place of security and peace; its a place we retreat to, a place of safety from the world. It is a place where dreams are built and they grow, where families come together and lives are made. Thus, our homes are much more than cement and brick, they are much more than four walls and windows and door. Our homes are an investment both in financial terms as well as in, time and memories. Householders insurance is important as it seeks to protect this investment against everything that will harm it. Therein, lies the importance of householders insurance. A home is something more than just walls and beams, it is a place of comfort and safety, where dreams are built, memories are made and families grow. Why purchase Universal Sompo Home Insurance? Universal Sompo is a rapidly growing insurance provider in India, it strives to become a trusted leader in the insurance industry; it provides simple yet innovative solutions for various types of insurance. With the backing of Japanese insurance expert Sompo Japan Nipponkoa Insurance Inc., which is a Fortune 500 company, and the backing of three major Indian banks as well a major investment company, Universal Sompo is an ideal insurance company for those looking for robust insurance plans that are provided efficiently and quickly, with the most number of benefits and coverages. Given below are some of the benefits and advantages of purchasing householders insurance from Universal Sompo: Protection is provided for the customers property and all the contents within it, all encompassed within a single policy plan Universal Sompo offers very competitive and attractive premium rates for this insurance A wide range of assets and items are covered under the single all-inclusive Householders Insurance plan, from jewellery and ornaments to laptops. Scope of coverage of the Universal Sompo home Insurance Plan To provide its customers with the financial stability and protection, Universal Sompo has created a householders insurance policy that provides coverage against a wide range of calamities, be they natural or caused by man. The coverage is categorized under ten different headings, which are as follows: Fired Allied Perils, Burglary and Robbery, All Risk (Jewellery and Valuables), Plate Glass, Electronic Equipment, Electrical Mechanical Breakdown of Domestic Appliances, Personal Accident, Baggage Insurance, Workmens Compensation, and Public Liability. A further detailed explanation and exploration of each category is given below:- Section 1 : Fire Allied Perils – Building contents The customers home and all the contents within it are protected in the light of the following circumstances Fire Lightning Explosion/implosion Storm, cyclone, hurricane, earthquake, tornado, flood and inundation, tempest Missile testing operations Leakage from automatic sprinkler installations Aircraft damage Damage caused by impact from rail/road vehicle or animal Riot, malicious damage, strike Subsidence and landslide including rockslide Bushfires Terrorism (on paying an additional premium) Bursting and /or overflowing of water tanks, apparatus and pipes The Sum Assured for assets must be on Reinstatement Value Basis. Here assets should be understood to mean – The building, permanent fixtures, fittings, electrical fans, tube lights and domestic appliances. Section 2 : Burglary and Robbery Loss and damage to the customers property and the contents within the property are protected in the event of a burglary. The following items are covered: Contents or any item that was kept in the insured premises Insured premises (including reasonable costs for locks that have been damaged) Currency notes and cash up to the limit that was agreed upon and mentioned in the schedule, which was contained in a safe and locked cupboard. Section 3: All Risk (Jewellery and Valuables) Valuables such as jewellery and precious items, which even be kept in bank lockers are covered under the Householders Insurance plan. This coverage extends to loss or damage to the jewellery or valuables while they are worn during travelling and/or any social function occasioned by theft, robbery, fire or any such other unfortunate event. Section 4: Plate Glass Under this section, the following are covered: Accidental loss and damage to Plate Glass Damage to the frame and framework of any description following the breakage of Glass and/or neon boards/glow signs, subject to a maximum amount of Rs. 5000 The cost of lettering, embossing, tinting, painting, silvering or any other such ornamental work on the replacement Glass, on the condition that such costs were included in the Sum Insured of the Glass under this section.0000 The customer will have to provide details of the plate glass along with an estimation of its value Section 5: Electronic Equipment Electronic equipment such as any audiovisual equipment, like TV and VCR and computers, etc. are covered In case there is partial damage or loss, no depreciation is deducted except for the parts with limited life The Sum Insured has to be on Reinstatement Basis Section 6: Electrical Mechanical Breakdown of Domestic Appliances The customers mechanical and electronic appliances that they have in their homes are covered against accidental mechanical or electrical breakdown. For this, a list has to be given to the company stating the value of the items to be covered. The Sum Insured has to be on Reinstatement Basis Section 7: Personal Accident A Personal Accident compensation is provided along with the Householders Insurance plan by Universal Sompo. Death, permanent partial disability and permanent temporary disability are all covered in this section. This section of the insurance plan provides coverage for bodily injury that leads to the death or disablement leading to: Loss of sight Physical separation of or loss of the ability to use both hands or both feet Loss of sight of one eye and physical separation or loss of the ability to use one hand or one foot Permanent Total Disablement Section 8: Baggage Insurance This section of the insurance policy provides coverage against the loss of the customers baggage while on holiday or on tour outside of the municipal limits of the city or town of residence. This section provides coverage to the customer as well as to his family members baggage. The coverage is against fire-allied perils, burglary and theft and/or due to any external accident means. Section 9: Workmens Compensation A Workmans compensation protects the customers liability towards his or her domestic employees. This goes into effect if the employees if they suffer an injury during their employment. This compensation is extended towards death of the domestic employee as well. Section 10: Public Liability Universal Sompos Householders Insurance provides a public liability that compensates the customer in the event of a claim that arises because of a third party bodily injury that occurs on his or her premises. The same applies for any damage to property that occurs on the premises. What is not covered under the Universal Sompo Home Insurance Plans Damage and loss that is caused to money cheques / stamps/ currency Damage and loss caused by theft and / or house breaking when a member of the insured’s family is involved Damage and loss to motor vehicles, pedal cycles and livestock are not covered When there is damage caused to audiovisual equipment for which the manufacturer or supplier has to take responsibility, then the policy will not cover When there is damage and loss to mechanical / electronic equipment and audiovisual equipment that is a result of normal wear and tear, atmospheric or climatic conditions, gradual deterioration, corrosion, moth, rust, vermin or insect When mechanical and electronic equipment is willfully damaged or caused damage to by gross negligence then it will not be covered Mechanical equipment or electronic equipment will not be covered for damage if it has pre-existing faults that the insured person is aware of Mobile phones and other such communication gadgets are not covered by the policy The Personal Accident cover has a few exclusions of its own, which are as follows – When the injury has been intentionally caused to the self When alcohol and drugs are the cause of the accident Illegal acts or a violation of law or the persons resistance to arrest It does not cover when the insured is taking part in risky activities such as ballooning, aviation and trial runs Accidents that have been caused by curative treatments and interventions Any complications that arise out of pregnancy, miscarriage, abortion and childbirth It will not cover when the accident is caused by invasion, war, or any acts of foreign enemies and attacks Radiation and nuclear contamination are not covered Pre- existing disablements are not covered Venereal diseases and sexually transmitted diseases, HIV/AIDS will not be covered A hospital stay that is not specifically recommended by a doctor Expenses that are non medical in nature and emergency medical evacuations are not covered There are exclusions under the tenants legal liability cover which are as follows: Normal wear and tear, shrinkage or settlement, fungus, insects, vermin, the weather, or anything that occurs naturally and gradually; faulty materials, workmanship and design; and building work involving renovations, alterations, repairs and extensions; or subsidence of the land There are exclusions under the workmans compensation cover that are as follows: Liabilities that involve the payment of fines and penalties Any liabilities that are assumed by an agreement Liabilities that are connected to motor vehicles, spacecraft or hovercraft, watercraft Liabilities that arise out of intentional, willful and deliberate non-compliance with set statutory provisions Liabilities that arise out of any kinds of animals that are kept for agricultural and commercial purposes Interest of any kind that is imposed in connection with the Workmen’s compensation act There are exclusions under the Baggage cover that are as follows: When items are stolen from the car except from fully enclosed saloon cars that have all the doors, windows and other openings securely locked and properly fastened When there is damage and loss when the car is in transit by a carrier under contract of affrightment Damage and loss to gold and silver ornaments, money securities, travel tickets, jewellery, drafts, share certificates, cheques Articles that may be consumed will not be covered The exclusions under plate glass cover are as follows: When there is damage or breakage during alterations or repairs or removal taking place in the insured premises When the glass is damaged by disfiguration or scratching, other than fracture that extends through the entire thickness of the glass Ways to apply for Universal Sompo Home Insurance Plan Universal Sompos Householders Insurance plans can be applied through the following means: Potential customers can dial the Universal Sompo Sales helpline of the company and talk to a customer service representative. Interested individuals can mail their queries at the following email ID contactclaims@universalsompo[dot]com or contactus@universalsompo[dot]com. Potential and interested applicants can walk into any of Universal Sompos branches and get to know more about the householder policy from an agent.