Get complete information on the Plate Glass Insurance
The policy provides cover against the breakage of the plate glasses fixed to display windows or show cases of commercial establishments by any reason whatever, except those that are specifically excluded by the policy. Breakages normally excluded from the policy are by reason of:
(i) Fire and explosion,
(ii) Typhoon, flood, hurricane, volcanic eruption, earthquake or other convulsions of nature; and
(iii) Fight, strikes, war and kindred risks (riot and strike risks may be covered on payment of additional premium).
Unless specifically stated in the Schedule of the Policy, glass means plain glass and does not include any embossing, silvering, lettering or ornamental work. Damage to frames and the cost of removal or replacement of any fittings or fixtures necessitated for replacing the broken glass are not paid for under the policy.
The rate of premium depends on the type of glass, situation, previous experience and neighborhood. The rate ranges from 5% to 10% of the value of the glass.
Missing Documents Indemnity:
Documents like share certificates, bank deposit receipts, life insurance policies, etc., sometimes get lost or misplaced and consequently the owners of these documents may have to apply for the issue of duplicate documents.
Since there is no guarantee that the original documents have perished or they have not fallen into wrong hands who may misuse them, there is element of risk in the issue of duplicate documents.
The authorities concerned, therefore, ask for an indemnity from an insurance company before they issue duplicate documents.
The indemnity issued by insurers seeks to indemnify the authority issuing the duplicate documents or paying any sums under the missing documents against any loss that it might sustain as a result of its having issued a duplicate document or having made any payment under the missing document.
Insurers, while granting such an indemnity, almost always obtain a counter-indemnity in order to safeguard their interests.
There are no standard premium rates for this indemnity, because the risk varies from case to case.
Neon Sign Insurance:
Neon Sign Insurance covers loss or damage to the neon sign installation by accidental external means or fire, lightning, external explosion and theft.
The loss or damage includes burning out of any bulbs/tubes, repair, clearing, removal or erection, overrunning, overheating or strain atmospheric conditions, natural risks, war and kindred perils and consequential loss. Strikes, riot, curl common are covered on extra premium
The neon sign must be examined and inspected at regular interval within six months by a qualified electrician and engineer. It should be properly and adequately fastened and attached to its frame work.
The foundation of the structure should be adequately strong and properly attached to the ground or floor safety measures should be adopted for the prevention of loss or damage occurring as a result of the collapse of the sign.
The physical characteristics of the property on which the sign is erected or attached and the features of the surroundings are important factors for consideration of insurance.
Age, height, building built, territory prove to windstorms with high velocity winds blowing during certain seasons. Third party liability is also covered on extra premium.