Small Business

Society Policy

Cooperative Housing societies are entrusted with managing the affairs as per guidelines of the Cooperative Societies Act and additionally handling staff and managing administration. This policy offers risk solutions suitable to most of housing societies' insurance requirements.

Bye-Laws of Co-operative Housing Society, Maharashtra state, Section XVII / 161- states, "The Society shall insure its building/buildings necessarily against risk of fire and earthquake."

• Who can buy?

  This policy provides insurance for Housing Societies. It may include,

  • Residential Housing Society
  • Employee/Staff Housing Society
• Insurance Covers Offered:Standard Fire and Special Perils Policy
  • Fire
  • Add on Covers
    • Earthquake
    • Terrorism
    • Removal of Debris (in excess of 1% of TSI)
    • Architect, Surveyors and consulting engineers fees (in excess of 3% of TSI)
    • Loss of Rent (For owner occupied building)
    • Insurance of additional expenses of rent for an alternative accommodation

Other Covers

• Burglary (First Loss / Total Loss)
• Money in safe
• Public Liability
• Workmen Compensation

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• What is excluded?

  Standard Fire and Special Perils Policy

  Loss, destruction or damage caused by:

  
  
  1. War or war like operations;
  2. Ionising radiation, contamination by radioactivity, nuclear fuels or waste;
  3. Pollution or contamination losses;
  4. Loss of earnings or loss of market

  Burglary

  Loss, destruction or damage caused by:

  
  
  1. Fire or explosions;
  2. Inmates or member of the insured's household or business staff;

  Money

  Loss, destruction or damage caused by

  
  
  1. Collusion by any employee or agent of the insured
  2. Use of keys or duplicate keys.
  3. Use of counterfeit money;

  Workmen's Compensation:

  Liability arising out of:

  
  
  1. Willful or intentional non compliance of any statutory provision;
  2. Fines, penalties, punitive and / or exemplary damages
  
  

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