2. United Value Udyam Suraksha (UVUS)
Perils Covered
■ Fire, including due to its own fermentation, or natural
heating or spontaneous combustion.
■ Explosion / Implosion
■ Lightning
■ Earthquake, Volcanic eruption & other convulsions of
nature
■ Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado,
Tsunami, Flood & Inundation
■ Subsidence, Landslide, rockslide
■ Bush fire, Forest Fire, Jungle Fire
3. Perils Covered
■ Impact damage – Now in built cover (by any external physical object excluding
caused by vehicle, animal or aircraft belonging to or owned by Insured or their employee while
acting in course of employment.)
■ Missile Testing Operations
■ RSMD – Wider cover now
■ Terrorism (As per IMTRIP) - Removed
■ Bursting & Overflowing of pipes
■ Leakage of Automatic sprinklers
■ Theft within 7 days following any of the above mentioned perils
■ Cost of removal of Debris upto 10% of claim amount incl
Foregin debris
4. Comparison of SFSP vs. BLUS vs.
UVUS
Parameter SFSP Laghu UVUS
Fire Covered except
i) its own fermentation ,natural
heating or spontaneous
combustion.
ii) its undergoing any heating
or drying process.
iii) burning of property
insured by order of any Public
Authority.
Covered
Except
i)its undergoing any
heating or drying
process.
ii) burning of property
insured by order of any
Public Authority.
Same as BLUS
Lightning Covered Covered Same as BLUS
5. Parameter SFSP BLUS UVUS
Storm, Cyclone,
Typhoon, Tempest,
Hurricane, Tornado,
Tsunami, Flood and
Inundation
Covered except
Tsunami
Covered Covered
Subsidence,
Landslide, Rockslide
Covered Covered Covered
Impact damage By animals and
vehicles except
Insured’s own vehicle
By any external physical
object including Aircraft
damage
except vehicle, animal or
aircraft owned by Insured /
Employees
Impact damage by insured vehicle is
made as a default cover by
removing the exclusion. It is no
more an add on cover.
Accidental Damage Not covered Not covered Covered. Excl provided
Startup expenses Covered upto 5 lakhs Covered upto 5 lakhs
6. Parameter SFSP BLUS UVUS
Riot, Strikes, Malicious
damages
Covered Covered Covered ( more wider cover)
Bursting or overflowing
of water tanks,
apparatus and pipes
Covered Covered Covered
Leakage from automatic
sprinkler installations.
Covered Covered Covered
Costs compelled by
Municipal Regulations
Add-On cover Covered Covered
7. Parameter SFSP BLUS UVUS
Professional fees as % of
claim amount
Covered (up to 3%) Covered (up to 5% ) Covered (up to 5% )
Costs for removal of debris
as % of claim amount
Covered (up to 1%) Covered (up to 2%) Removal of debris limit is enhanced to
10% of the claim amount. By default,
foreign debris is also held covered within
this limit.
Earthquake, volcanic
eruption, or other
convulsions of nature
Add-On cover Covered Covered
Bush fire, Forest fire,
Jungle fire
Forest Fire covered
as add-on
Covered Covered
Terrorism Add-On cover Covered Maybe opted out/removed
Theft within 7 days Not covered In-built Cover In-built Cover
Under Insurance Wavier Add-On cover Waived upto 15% Waived upto 15%
8. Additions, alterations or extensions
– Additions, alterations or extensions has been made a default cover
without limiting the coverage. Advantage or conditions are as follows.
■ As there will always be alteration or additions to assets in the premises and
insured is facing difficulty in declaring, to avoid the same, all additions are
held covered automatically. Hence, no need to declare any additions made
after the commencement of the policy.
■ All additions are covered subject to adequacy of sum insured as on the date
of loss (value at risk shall be calculated including the additions made after
the commencement of policy)
■ However, the additions shall be covered only after successful operation after
erection of the plant and machinery if any.
Subject to underinsurance
9. Accidental physical damage
Accidental physical damage is made as default cover. i.e due to any external
peril. However the accidental damage peril excludes the following in order to
avoid any internal risk/peril related to the property.
■ Loss for "valuable contents"
■ Loss or damage due to breakdown, electrical, electronic and/or mechanical
derangement.
■ Loss, destruction or damage to the insured property premises caused by change of
temperature.
■ Loss or damage by spoilage resulting from the retardation or interruption or
cessation of any process or operation caused by operation of any of the perils
covered.
■ Loss or damage due to termites, moths, insects, vermin, inherent vice, fumes,
latent defect, fluctuations in atmospheric or climatic conditions, the action of
light.
■ Loss or damage due to collapse, settlement or bedding down, ground heave or
cracking of structures or the removal or weakening of support to any insured
property.
■ Any loss or damage due to self-intentional destruction, and/or arising out of
provocation by the Insured or its authorized representative.
10. 8 occupancies rates have gone up by
approx 45-50% due to higher ICR:
■ •Storage of Category I hazardous Goods (4002)
■ •Plastic goods manufacturing (2148)
■ •Textile Mills-Spinning mills (2189)
■ •Oil Extraction (2135)
■ •Battery Manufacturing(2016)
■ •Chemical Manufacturing(Using materials with Flash Point below 32OC), Bulk
Drug Manufacturing(2043)
■ •Carpenters, Wood wool, Furniture Manufacturing and other wood worker
shops (2034)
■ •Agarbatti manufacturing(2004)
11. 12 occupancies rates have gone
down by 25-30% due to better
claims exp:
■ •Shops dealing in goods otherwise not provided for(1023)
■ •Office premises, Meeting Rooms(1007)
■ •Cloth Processing units (2053)
■ •Rice Mills (2161)
■ •Shops dealing in hazardous goods(1024)
■ •Garment Makers, Topee, Hats and the like makers(2089)
■ •Weaving Mills (2202)
■ •Engineering Workshop (Others), Motor Vehicle Garages(2076)
■ •Engineering Workshop- Pipe Extruding, Stamping, Pressing, Forging Mills, Metal
smelting, Foundries, Galvanising works(2224)
■ •Cafes, Restaurants, Hotels, Confectioner And Sweet meat sellers, Health Resorts(1017)
■ •Hospitals including X-ray and other Diagnostic clinics(1006)
■ •Schools, Colleges(1005)
