TaxTMI 
TaxTMI 
Central Comprehensive Insurance Scheme, 2007
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....ing units which go in for substantial expansion and are located anywhere in NER, will be eligible for reimbursement of 100% insurance premium under Comprehensive Insurance Scheme . The Scheme will also be applicable to the following service sector activities/industries: - III. Service Sector: (vii) Hotels (not below Two Star category), adventure and leisure sports including ropeways ; (viii) Medical and health services in the nature of nursing homes with a minimum capacity of 25 beds and old-age homes ; (ix) Vocational training institutes such as institutes for hotel management, catering and food crafts, entrepreneurship development, nursing and para-medical, civil aviation related training, fashion, design and industrial training. II. Bio-technology industry III. Power Generating Industries: Power Generating plants upto 10 MW based on both conventional and non-conventional sources. 3(a). The Scheme shall not be applicable to the industries listed in Annexure-I 4. Definitions: (a) Industrial Unit means any industry which is included in Fire Policy 'C' as per All India Fire Tariffs. (b) 'New industrial unit' means an industrial unit for the setting up of which effective s....
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....hedule hereto having paid to the ------------- ------------ Insurance Company Limited (hereinafter called the company) the premium mentioned in the said schedule, THE COMPANY AGREES, (subject to the conditions and exclusions contained herein or endorsed or otherwise expressed hereon) that if after payment of the premium the property insured described in the said schedule or any part of such property be destroyed or damaged by the following:- i. Fire ii. Lightning iii. Explosion/Implosion but excluding loss of or damage (a) to boilers (other than domestic boilers), economizers or other vessels, machinery or apparatus in which steam is generated or their contents resulting from their own explosion/implosion, (b) caused by centrifugal force. iv. Riot, Strike, Malicious and terrorist Damage as per Riot, Strike, Malicious and terrorist Damage clause printed hereon. v. Impact by any Rail/Road vehicle or animal. vi. Aircraft and other aerial and/or space devices and/or articles dropped therefrom, excluding destruction or damage occasioned by pressure waves caused by such devices, vii. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation. viii. Subsidence a....
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....with any organization. 2. The action of any lawfully constituted authority in suppressing or attempting to suppress any such act, of terrorism or in minimizing the consequences thereof. For the purpose of this clause "terrorism" shall mean the use of violence for political ends and shall include any use of violence for the purpose of putting the public or any section of the public in fear. EXCLUSIONS THIS INSURANCE DOES NOT COVER 1. Loss by theft during or after the occurrence of any insured peril except as provided for the Riot, Strike and Malicious Damage Clause. 2. Loss or damage to property occasioned by its undergoing any heating or drying process. 3. Loss or damage occasioned by or through or in consequence of (a) The burning of property on order of any public authority (b) Subterranean fire. 4. Loss of damage directly or indirectly caused by or arising from or in consequence of or contributed to by nuclear weapons material. 5. Loss or damage directly or indirectly caused by or arising from or in consequence of or contributed to by ionising radiations or contaminations by radio-activity from any nuclear fuel or from any nuclear waste from the combustion of nuclear f....
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.... from total or partial cessation of work or the retarding or interruption or cessation of any process or operation or omissions of any kind. (c) Loss or damage occasioned by permanent or temporary dispossession resulting from confiscation commandeering or requisition by any lawfully constituted authority. (d) Loss or damage occasioned by permanent or temporary dispossession of any building or plant or unit or machinery resulting from the lawful occupation by any person of such building or plant or unit or machinery or prevention of access to the same. PROVIDED nevertheless that the Company is not relieved under © or (d) above of any liability to the Insured in respect of physical damage to the property insured occurring before dispossession or during temporary dispossession. CONDITIONS 1. THIS POLICY shall be voidable in the event of mis-representation, mis-description or nondisclosure of any material particular. 2. All insurance under this policy shall cease on expiry of seven days from the date of fall or displacement of any building or part thereof or of the whole or any part of any range of building or of any structure of which such building forms part. PROVIDED suc....
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....of this condition have been complied with. (ii) The Company reserves the right to treat the claim as no claim if no information/documents are submitted by the insured within a period of 6 months from the date of loss. (iii)In no case whatsoever shall the |Company be liable for any loss or damage after the expiration of 12 months from the happening of the loss or damage unless the claim is the subject of pending action or arbitration; it being expressly agreed and declared that if the Company shall disclaim liability for any claim hereunder and such claim shall not within 12 calendar months from the date of the disclaimer have been made the subject matter of a suit in a court of law then the claim shall for all purposes be deemed to have been abandoned and shall not thereafter be recoverable hereunder. 5. On the happening of loss or damage to any of the property insured by this policy, the Company may:- (a) enter and take and keep possession of the building or premises where the loss or damage has happened. (b) take possession of or require to be delivered to it any property of the insured in the building or on the premises at the time of the loss or damage. (c) keep possessio....
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....o reinstate or replace. If in any case the Company shall be unable to reinstate or repair the property hereby insured, because of any municipal or other regulations in force affecting the alignment of streets or the construction of buildings or otherwise, the Company shall in every such case, only be liable to pay such sum as would be requisite to reinstate to its former condition. 8. The insured shall at the expense of the Company do and concur in doing, and permit to be done, all such acts and things as may be necessary or reasonably required by the Company for the purpose of enforcing any rights and remedies or of obtaining relief or indemnity from other parties to which the Company shall be or would become entitled or subrogated, upon its paying for or making good any loss or damage under this policy, whether such acts and things shall be or become necessary or required before or after his indemnification by the Company. 9. If at any time of any loss or damage happening to any property hereby insured there be any other subsisting insurance or insurances, whether effected by the insured or by any other person or persons covering the same property, this Company shall not be li....
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....ny. The additional premium referred above shall be deducted from the net claim payable under the policy. This continuous cover to the full extent will be available notwithstanding any previous loss for which the Company may have paid hereunder and irrespective of the fact whether the additional premium as mentioned above has been actually paid or not following such loss. The intention of this condition is to ensure continuity of the cover to the insured subject only to the right of the company for deduction from the claim amount, when settled of pro-rata premium to be calculated from the date of loss till expiry of the policy. Notwithstanding what is stated above, the Sum Insured shall stand reduced by the amount of loss in case the insured immediately on occurrence of the loss exercises his option not to reinstate the sum insured as above. ANNEXURE-I Negative List: The following industries will not be eligible for benefits under NEIIPP, 2007:- (i) All goods falling under Chapter 24 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) which pertains to tobacco and manufactured tobacco substitutes. (ii) Pan Masala as covered under Chapter 21 of the First S....