All in One Home Protector Policy

In the event of damage to property insured by insured perils during the currency of the Policy, claim settlement will be carried out as explained below:-

1. Reinstatement Value Basis

In the event of damage to property insured, We will indemnify Insured by payment or at Our option by repair, replacement or reinstatement by paying the full cost of repair or replacement to a condition equal to but not better or more extensive than its condition when new, provided that such cost has been incurred.

2. Market Value Basis

In the event of Loss/ Damage to property insured, if Insured does not opt to repair, replace or reinstate the property and the cost has not been incurred, We will indemnify the Insured by payment of Market Value i.e. the replacement value of insured property or item as new at the time of Loss/ Damage less due allowance for betterment, wear and tear and/or depreciation..

However, if the reinstatement of a building is not carried out for the reasons beyond the Insured’s control and he/she opts to abandon the damaged property to IFFCO-Tokio including all the rights with respect to ownership of the property, then IFFCO-Tokio will pay you the realizable market value on the basis of amount mentioned in the valuation report of a Government approved valuer based on authentic sources or the Sum Insured mentioned in the policy, whichever is lower, provided that the indemnity is not sacrificed.

IFFCO-Tokio will not be liable for:

1. War Risk

Damage as a consequence of war, invasion, the act of a foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, military or usurped power, confiscation, nationalization, civil commotion or loot or pillage in connection therewith.

2. Confiscation

Any damage due to confiscation, commandeering, requisition, detention or destruction by order of any Government or lawfully constituted authority.

3. Willful Act or Gross Negligence

Damage due to willful act or gross negligence of Insured, his/ her Family or his/ her employees including Insured person(s).

4. Nuclear Risk

Any damage to property, consequential loss, legal liability or bodily injury, illness, a disease directly or indirectly caused by or contributed to by or arising from

• ionizing radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel.
• the radioactive, toxic, explosive or hazardous properties of any nuclear assembly or nuclear component.

5. Terrorism

Any damage due to an act of Terrorism will be excluded unless specifically mentioned in the Policy Schedule or Policy Wordings.

6. Wear and Tear

Damage caused by wear and tear, depreciation and/or gradual deterioration.

7. Consequential Loss

Consequential loss of any kind or description including any reduction of market value beyond the cost of repair or replacement. However, this exclusion will not apply to Section 12 (Increased Living Expenses). The exclusion with respect to the reduction in Market Value shall not apply in the case of Section 3B – All Risk - Fine Arts or in any other Section as agreed by IFFCO-Tokio.

8. Existing Damage

Any damage, injury, accident, disease or illness occurring before cover commences under the Policy.

9. Matching of Items

The cost of repair or replacement of any undamaged or unbroken items or part of item forming part of a set, suite or other article of uniform nature, colour or design (including area of carpet) when damage or breakage occurs within a clearly identifiable area or to a specific part and replacement cannot be matched.