Building Insurance

Building Insurance for Residential & Commercial Properties 22,764 fire related calls received by the Mumbai Fire Brigade (MFB) in the last five years. Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

Serious Fire Incidents in Mumbai As per the RTI information, there were 48,434 fire calls received from 2008 to July 2018. Out of these, 1,568 broke out in high rise apartments, 8,737 in residential buildings, 3,151 in slums, and 3,833 in commercial buildings. 02 04 01 8,737 03 3,151 1,568 Total no. of 3,833 Total no. of Residential Slum Fire Total no. of High Building Fire Call Total no. of Rise Building Commercial Call Fire Call Building Fire Call Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

Fire Reasons a major reason for these accidents was faulty electric circuits - a total of 32,516 of all the fire accidents. 1,116 accidents took place due to gas cylinder leakages or explosions while 11,889 due to other reasons. Businesses affected by building fires see a 25-30% dip in footfall and business. Fire Outbreak is ranked as the 3rd biggest risk to business continuity and operations. Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

Risk Types Residential & Commercial Societies are exposed to various types of Risks. These risks can affect the financial well-being of the society The GOOD NEWS is that these risks can be Insured. 01 Accidental Property Damage Risk Financial 02 Third Party Liability Risks Risk 03 Liability to Committee Members Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

Adequate Insurance Cover It can be ensured in following 2 ways – • Opting Correct insurance policies to cover different types of the risks existing in Society. • Mechanism to arrive at adequate insurance coverage to reduce possibilities of getting petty ? ? PROPERTY DAMAGE A Current Cost of Construction for a similar structure needs to be considered for Sum Insured THIRD PARTY LIABILITY B Arrive at estimated liability for Single Event : Several Events for the year OFFICER BEARERS LIABILITY C Arrive at estimated liability for One Event and Several incidents in a Year Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

Damage to Property ? • As per bye law no. 161 (a) of the model bye-laws of Co-operative Housing Societies, the CHS are required to insure their Building structure and other utilities adequately against Fire and allied risks like Storm, Flood, Earthquake, Terrorism etc. • The Society is run by its members who own the Building structure, Various Utilities & equipment within the compound of the Society, the risk is to the extent of their share. • Off late India has experienced major natural calamities like Cyclone, Flash flood of Gujarat, recent floods arising out of Torrential rains in almost every year of different intensity leading to financial losses ranging from Rs.5,000 to 50,000 Crores each event. • Worrying part is that only 10% to 20% of these losses are found insured. Moreover, out of the total insured losses, majority of assets were under-insured i.e. not adequately insured. Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

Third Party Liability ? • Insurance cover for third party like Guests, contract labour, or any other party not related with the Co-operative society enters the Society compounds. • Suffers injury or death or damage to their property because of any accident within the compound of the Co-operative society. • The person who has suffered injury or their dependents can put a claim against the society for compensation. • The compensation is subject to Court Procedures and terms and conditions of the policy. Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

Committee Members Liability ? • The committee members can face a legal suit for the decisions taken which may affect the member or mass adversely. • The same may result into incurring the legal cost to defend such case and also pay compensation if the court orders against. • In any Society these risks are prominent. • Although taking proper insurance coverage cannot avert them, the co-operative society can safeguard themselves from such accidentally erupting massive Financial Outgoes which may cripple the Societies Financial Health severely. Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

Building Insurance Policies Type of Asset Type of Insurance policy What is paid in case of claim Building Structure with Plinth & Bharat Griha Raksha &/ or Re – Construction cost of Foundation, Separate Podium / Bharat Sukshma Raksha same kind and nature to Basement parking, Community Insurance the extent damaged Hall, Swimming Pool, Club House, Landscaping etc. Compound Wall, Gates, Water Bharat Griha Raksha &/ or Re – Construction cost of Tanks etc. Bharat Sukshma Raksha same kind and nature to Insurance the extent damaged Utilities like lifts, generators, Bharat Griha Raksha &/ or Repair cost to bring the transformers, motor pumps Bharat Sukshma Raksha & utility to its pre-loss etc. Machinery Breakdown Policy condition Electronic Equipment like Burglary & Theft Invoice Value less CCTV, DVR, HDD, Chairs etc. depreciation Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

Other Business Insurance • Office Package Insurance • Fire, Earthquake, AOG perils, Terrorism • Burglary & Theft Insurance • Machinery Breakdown • Electronics Equipment • All Risk for portable equipment • Cyber Crime • Employee Benefits like Group Health & Group Personal Accident • Workmen Compensation • Keyman Insurance Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

About Aastha • We are IRDA licensed insurance broker. As your representative, once mandated, we will perform the following tasks for your organization – • Understanding the risk exposures • Preparing a RFQ – request for quote / Assistance in Proposal filling • Sourcing premium and Terms from top insurers expert in specific line of business • Preparing a comparison for decision making • Placement of insurance with respective insurer post negotiation • Policy document audit • Claims assistance during the policy period • Endorsements if any during the policy period • For performing the above activities, we would require a Broker Mandate to represent your organization to the insurers. Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]

Thank You Corporate Office: 807, Agarwal B2B Centre, Kachpada, Malad (W), Mumbai – 400 064. Contact: 9833 83 7783 | Email: [email protected]