Plate Glass Insurance Policy
Plate Glass Insurance Policy covers the cost of repairing or replacing broken glass in windows, doors
Glass can be fixed plain glasses and mirrors within the premises of the insured. This excludes decorative works like painting, tinting, and embossing on the glass unless specifically stated in the Schedule and its value is mentioned in the Sum Insured. Glass does not include frames and framework provided it is specifically stated in the Schedule and its cost is included in the Sum Insured.
What the Policy Covers?
Plate Glass Insurance Policy is coverage for damage to large glass panes, used in commercial spaces, including windows used for storefronts. A Standard Plate Glass Insurance offers compensation only in case of accidental breakage. It does not include breakage of glass due to fire or improper installation.
Key Features
1. It includes the cost of replacement of the insured glass broken by accident, except those that are particularly excluded.
2. It also offers protection for loss/ damage to decorative glass panes, including ornamental, embossed, lettered, or stained plate.
What the Policy Does not Cover?
However, a Plate Glass Insurance Policy might have numerous exclusions. This policy does not include the following:
1. Damage due to fire, explosion, gas, and heat
2. Damage due to unexpected natural calamities such as flood, earthquake, and storm
3. Damage because of other catastrophes such as war, terrorism, riot, and strike.
4. Loss/ damage during removal, repair, or alteration
5. Loss/ damage because the glass was not completely and securely fixed
6. Only the letters have broken
7. Disfiguration or scratch extending across the entire thickness of the glass
8. Consequential losses
Types of Plate Glass Insurance
Plate Glass Insurance is a flexible policy, which covers the areas mentioned below:
Intrinsic value of glass: It implies the Reinstatement Value less Depreciation.
Fixed glass: Fixed glass refers to the fixed plain glass and mirrors inside an office or shopping complex, excluding painting, tinting, and ornamental work on the glass unless mentioned while determining the sum assured.
How to claim?
1. Fill in the application form
2. Provide the details of the products for which you want insurance
3. The Insurer will check the eligibility of the policy seeker
4. If eligible, both the parties discuss and agree on the value of the premium and sum insured
5. If there’s breakage or damage to the glass, the insured applies for compensation
6. A rep from the insurance company visits your place and verifies the submitted claim details
7. If the claim is genuine, the money is approved and paid to the beneficiary’s account
8. If the Insurer doesn’t sanction it and the insured doesn’t agree with the solution, he or she can quickly raise a dispute in the court of law
How to get the best policy
Find a specialized industrial insurance policy provider
You must deal with specialists. Since specialized insurance companies that deal with Plate Glass Insurance Policy can give you a comprehensive solution. You need to search for one skilled insurance service provider.
Run a comparison study
You can find several sites offering you information about the various insurance providers, their policies and reviews. By running a comparison study, you can easily find an insurance company that is right for your needs and requirements.
Seek professional help
It would be advisable to find professional help to understand the policy, because, at times, it can be too technical for you to understand, and a person who is expert in the insurance business can help you in spotting the right kind of policy for your business. The insurance expert can make you understand the legal terms associated with the policies.
Read the terms and conditions carefully
You should read the terms and conditions. For instance, you need to know about the social exclusions, the add-ons of the policy, and more. Hence, take out some time and read the terms and condition carefully before buying the insurance plan.
Never let the business be vulnerable to the unpredictability of nature and happenings. You can keep everything under control by availing the best Plate Glass Insurance Policy for your business and act with a sense of urgency when things go wrong without prior notice. So, stay safe.