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There are two types of cover.
- Wide Cover - This policy covers against loss or damage to the property insured by any accident or misfortune unless specifically excluded in the policy. Premium is much higher.
- Restricted Cover - This policy covers against loss or damage to property insured on named perils basis. Premium is cheaper.
The types of property that can be covered: -
- Commercial or Industrial machinery of any kind.
- Must be stationary & not moveable.
Commercial Equipment
- Office machinery
- Electrical, scientific equipment
- Musical instruments
- Entertainment equipment
- Survey equipment
- Medical equipment
Industrial Equipment
- All types of factory machinery
Exclusions
- Wear & tear, gradual deterioration, any process of cleaning, dyeing, restoring, repairing or renovation.
- Mechanical derangement or defects
- Scratching or denting
- Cracking or breakage of brittle articles.
- Deeds, bonds, bills of exchange, promissory notes, cheques, money, medals etc.
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