Home Owners Package Policy – ICICI Lombard

Coverages ICICI Lombard (Comprehensive)
Standard Fire and allied perils with all standard conditions (Building and contents) Yes covered with standard conditions. All standard exclusions and deductible of fire policy applies
Debris removal Yes in excess of 1% of claim amount (same as basic fire policy) .
Professional fees Yes in excess of 3% of claim amount (same as basic fire policy).
Other Perils Not Covered
Contents Yes Covered
Specifically declared items NA
Terrorism Yes available by endorsement.
Earthquake Extension cover shall be granted, all buildings in the same compound must be covered under the policy is extended to cover this risk. Sum insured is identical to main policy except for plinth and foundation. 5% excess max 10000. STFI may be excluded or deleted.
Additional expenses for rent for alternative accomodation Yes as add on under fire building and contents cover not to be seen against consequential loss policy. Not for kutcha construction. Maximum indemnity three years for untenable premises for insured perils. Only for non manufacturing premises. Indemnity is difference between original and new rent. Available for both tenant and owner occupant for owner occupant locality limited to present occupation, rent is fixed basis municipal rates. If more area is taken insurer bears pro rata additional rent. Certificate from architect or local municipality as proof. No restriction for locality in same city or town. Compulsory for owner occupant to insure both building and content, tenant to insure the contents for which he is seeking extension.
Loss of Rent Yes extension. Covered for peril insured.  amount payable shall not exceed such portion of the sum insured on Rent as the period necessary for reinstatement bears to the term of the Rent Insured”
Burglary and Theft For contents of insured building. Attempted burglury limited to amount actually payable for locks/windows etc, Max liability 5000 per year for attempted theft or burglary. All contents automatically covered but Jewellery etc. of more than 10000 should be specifically declared failing which it would be granted to be of 10000. All jewellery including in bank should be taken for condition of average. Deductible for 5000 for jewellery. Any claim for inherent value of metal only. Exclusions (domestic staff, unoccupied for more than 30 days if uniformed, illegally occupied to forfeiture. livestock/motor vehicles/bullion/bonds/money/manuscript/documents/ATM/credit cards unless declared)
Purchase Protection Not Covered
Unit improvements and betterment Yes. Same as fire and special perils building and contents. acquisition by the insured and covered under a separate policy or arrangement. Carried by tenant in form of partition etc. Covered under Fire and special perils buildings and contents with same exclusions and conditions.
Change of residence Not Covered
Repair Costs Not Covered
Title Deed Not Covered
Local Authority Requirement Not Covered
Loss assessment coverage If insured, title holder and registered member of a co operative society if called to contribute the loss by peril insured in Standard fire and special peril policy building and contents. Contribution is required by law, rule or regulation. Only for areas common to all members elevators/stair case.
Tenants Legal Liability Yes for insured tenants. Building/contents belonging to others used by tenants or in custody of those for which tenant is legally responsible by unintentional property damage caused by fire, explosion and water damage. Exclusion (contractual liability)
Credit or debit cards, Cheque forgery Yes. Insured obligation under law for unauthorized use of Credit, debit cards validly issued to the insured. Forgery or alteration of Drafts, cheques or other negotiable instruments issued by on favour of the insured. Exclusion (living in person household or entrusted with such card, inform issuer and insurer within 48 months or any such time as mentioned, legal action against insured concerning misuse demanding any payment.
Plate Glass Yes. Damage to any fixed glass. Exclusion (Not for under construction, removal/repair at in or proximity of insured building, covered under fire and special perils or vacant period of more than 7 days. Embossed/silvered or like other than plain glass with ordinary glazing quality unless specifically stated).
Pedal Cycle Not Covered
Loan Payment Protection Not Covered
Baggage Insurance Not Covered
Loss of contents while in Transit Yes. Any content of dwelling insured while transit from insured dwelling to any new accommodation. Under a afrigtment contract by rail, air or lorry. Cover continues till alternative accommodation including transhipments, Not for damage caused by fire, lightening, breakage of bridges, collision/overturning/derailment or any like accident. Prior notice with relevant details is required. Prior notice of transhipment/possession/contents/nature of packing/other documents required. Exclusions (Single transit within a policy period, adequate packing and safety measures) Shortest and direct such route in adequate time as per conveyance used.
Loss of cash while in transit Yes. Money/coins/notes are covered while transit in insured possession against theft/burglary from insured’s bank/ATM to dwelling or vice-versa. Exclusion (second or subsequent transit in any one day, immediate notice to police and insured)
Impact damage due to construction in the neighbourhood Yes. Damage to building/contents. Direct impact due to construction in the adjacent dwelling. Exclusion (breakage of glassware/lens/fragile or brittle articles, water damage, dropped by workman, wilful acts, repair damage, fine arts/valuable and like.
Property removed Yes. If removed after a fire peril insured to immediately preserve from fire and allied perils to a place of safety. Not available after 90 days.
Electronic equipment’s Insurance Not Covered
Domestic appliances Physical damage caused by mechanical/electrical causes confined to equipment’s within the insured building. Equipment should be insured for replacement value. For electronic data equipment extended for restoration of data is covered maximum liability is 5000 (business results and data excluded). Domestic appliances (Fridge/TV/Washing machine), Hi Value Electronics (PC, Camera, Speakers). Cost of repair is provided, for total loss market value is paid. Exclusions apply transport costs, under warranty, existing defects. Exclusions (wilful misconduct or negligence, pre existing defect, cost of transport, insurable separately.
All risk – Specified articles As specified specifically in schedule 1 with individual values. In dwelling or carried as a personal baggage. Exclusions (illegally stored proper forfeiture, breakage/scratching unless by fire perils/burglary, any damage to pedal cycle unless stored at same time, perishable nature, wear and tear/inherent vice/latent defect, electrical and mechanical breakdown, derangement or overwinding of watches and clocks, birds/bats/rodents/insects, electrical currents other than lightening or fire/explosion follows, war and nuclear risks, erasure of recordings, damage resulting from process or work, leakage of liquids and like in baggage, intentional or criminal act
Expenses towards temporary resettlement Yes. For transporting, Packing/Unpacking of insured possessions or dwelling contents from insured’s dwelling to alternate accommodation.
Public Liability Yes. Insured is legally liable including litigation expenses. Accidental death/Bodily injury or accidental damage to property of any person except insured’s staff. SI for any one accident or a series of accidents arising for one event or cause and for all accidents during period of insurance. Exclusions apply.
Employers Liability Yes covered. For insured’s legal liability towards accidental death or bodily injury for domestic staff or resident employee, other than in business of insured. Exclusions apply.
Workman compensation NA
Medical/Hospital expenses to third party Yes. Reasonable medical expenses for rendering any emergency assistance towards loss minimization. If such party visits on invitation of insured.
Medical/Hospital expenses to the insured Yes. Reasonable medical expenses for any bodily injury sustained by operation of an insured peril under fire/burglary. Subject to deductible excess.
Personal Accident Yes for external, violent and visible means. Percentile of SI needed to be assigned to this benefit. Ambulance, Carriage of body, Death, PTD, medical – 25000, Exclusions apply.
Personal property owned by guest or resident employee Yes. Loss by burglury or dacoity of property owned by guest (staying at home) or staff and held in insured custody. Not for valuables or paying guest.
Increased Living Expenses Not Covered
Loss of wallet cover Not Covered
Wedding Benefits Not Covered
PET Not Covered
Agreed Bank Clause Yes available by endorsement.
Escalation Clause Yes available by endorsement.
Reinstatement value clause No
Omissions to insure, additions or extensions Yes available by endorsement.
Reinstatement of Sum Insured Yes on payment of extra premium. Not applicable for Fire building and contents cover.
CLAIMS SETTLEMENT Damage to property: company will pay the market value of the item or if not readily available item equivalent, as existed immediately before loss less salvage. Company at its discretion may reinstate/replace/repair the property/premises lost but upto extend and manner circumstances permit upto SI specified in the schedule. Contents: Total and Partial loss condition. Claim is paid in India Rupees. For fire building and contents if SI found to be less than 85% of market value condition of average applies.