Educational Institution Insurance

Here is the list of the things covered under educational institutional insurance:

1. Standard fire and special perils

Losses resulting from specified perils, such as fire, lightning, earthquake, explosion, and implosion, as well as malicious damage, riot, strike, storm, tempest, flood, and inundation, are covered by the policy. However, unless specifically mentioned, the policy does not cover damages resulting from theft and loss of profits, loss to bullion, documents, cash, etc., for an amount exceeding the limit. You can add coverage for impact damage brought on by your cars and acts of terrorism.

2. Electronic Equipment

The plan includes coverage for external data media costs as well as risks like fire, burglary, acts of God (AOG), accidents, and material damage brought on by sudden, unforeseen events. The policy does not cover losses or damages brought on by normal wear and tear or cosmetic flaws.

3. Machinery Breakdown

The insurance covers damages resulting from mechanical, electrical, and other breakdowns that are accidental and result from both internal and external factors. However, the plan does not cover theft, overloaded experiments, gradually appearing faults, loss and/or damage from fire and related risks, or deterioration from normal use.

4. All Risks (Portable Equipment)

The plan protects your institution against loss or damage to insured property caused by fire, riot, strike, accident, or any other unforeseen event anywhere within the specified geographical area. Nevertheless, unless specifically stated, the plan does not cover loss or damage resulting from normal wear and tear, electrical failure, glass breakage, theft from unattended vehicles, detention or confiscation by customs or other authorities, or theft.

5. Plate Glass

Covers loss or damage to fixed plate glass that is plain and of standard glazing quality, as well as glass that has embossing, silvering, lettering, bending/curving, or ornamental work, as a result of shattering by any unintentional, external, and visible methods. However, it does not protect against losses brought on by existing cracks or flaws, harm to the framework, or disfigurement or scraping.

6. Burglary

The insurance covers loss and/or damage from burglaries, housebreaking (theft after an actual, violent entry into and/or exit from the premises), hold-up risk, and damage to the premises while trying the same. Please be aware that unless the safe keys are obtained through force, the policy does not cover loss and/or damage resulting from a riot, strike, civil unrest, or usage of the keys.

7. Fidelity Guarantee

Covers financial damage incurred as a result of an employee’s theft of employer property while performing their job. This includes theft of goods or money. The insurance excludes loss resulting from a change in terms of the aforementioned employment and loss occurring outside of India.

8. Money Insurance

The plan provides coverage for any money lost while being transported by the insured or the insured’s authorised employee(s) due to theft, robbery, or other unplanned circumstances.

9. Group Health / Group Health (Floater)

The plan covers medical expenditures for up to 30 days before hospitalisation and up to 60 days following hospitalisation and reimburses hospitalisation costs spent for illnesses contracted or injuries experienced in India. Nevertheless, the policy does not cover pre-existing conditions, AIDS, pregnancy, dental care, the cost of eyeglasses or contact lenses, illnesses incurred within the first 30 days of purchasing the policy, and some specified illnesses during the first year of the policy. Yet, you have the choice to expand the benefit of coverage to include pre-existing conditions.

10. Group Personal Accident

The insurance covers losses due to suicide, self-injury, venereal diseases, and pregnancy but excludes losses due to accidental death, loss of eyes, permanent total disability, and permanent disablement. Please be aware that the benefits can be increased to pay for accident-related medical costs.

11. Critical Illness Insurance

If the insured is determined to have contracted one of these serious illnesses during the policy period and lives for at least 30 days after its discovery, the plan pays the sum insured. Cancer, stroke, paralysis, kidney failure, end-stage liver disease, major organ transplant, heart valve replacement, coronary artery bypass graft surgery, and myocardial infarction are all covered under the critical care plan (heart attack). The ailments that are covered are pre-existing illnesses, congenital illnesses, claims linked to pregnancy/childbirth, and HIV/AIDS/sexually transmitted diseases.

12. Public Liability (Non-Industrial Risk)

Covers the insured’s legal responsibility for third-party damages resulting from 1. Accidental death, bodily harm, or disease 2. Property loss or damage resulting from such accidents 3. Two limitations of indemnity under the clause must be determined, one for legal fees and expenses and the other for exposure. 4. Any One Mishap (AOA) 5. The ratio of any One Year (AOY) AOA and AOY can be 1:1, 1:2, 1:3, or 1:4.