Neon Sign/Glow Sign Insurance

This Policy is of benefit to business establishments, showrooms, shopping complexes, star hotels, theatres, stadia etc. in that it covers accidental breakage of Neon sign and/or Glow sign and/or Hoarding belonging to the Insured and fixed at the Insured's business premises against loss or damage due to accidental external means including theft of whole sign/ hoarding.

Scope of Cover

It is an annual Policy that covers all kinds of accidental breakage of Neon sign and/or Glow sign and/or Hoarding of commercial establishments.

The Policy covers the cost of making good accidental breakage of insured Neon sign and/or Glow sign and/or Hoarding by any reason whatever, except those that are specifically excluded.

Exclusions

The Policy does not cover loss or damage - 

• due to terrorism, war and nuclear perils
• during removal or repair or alteration
• due to Neon sign and/or Glow sign and/or Hoarding not being completely and securely fixed
• due to breakage of lettering without the breakage of Neon sign and/or Glow sign and/or Hoarding itself
• due to breakage of silvered, lettered, curved, embossed and ornamental Neon sign and/or Glow sign and/or Hoarding and also frames not declared specifically
• due to disfiguration or scratching or damage of Neon sign and/or Glow sign and/or Hoarding other than fracture extending through the entire Neon sign and/or Glow sign and/or Hoarding
• to any property or any loss or expense whatsoever resulting or arising from or any consequential loss
• legal liability of whatsoever nature, 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 thecombustion of nuclear fuel or from any nuclear weapons material.

Conditions to be fulfilled by the Insured

1. Every notice and communication to the Company required by this Policy shall be in writing and be addressed to the office of the Company through which this insurance is effected.
2. The Insured is required to ensure that there is no misrepresentation, misdescription or nondisclosure of any material fact.
3. The Insured shall take all reasonable steps to safeguard the property insured against accident, loss or damage.
4. Upon the happening of any event giving rise or likely to give rise to a claim under the Policy, the Insured shall:
a. Give immediate notice in writing to the nearest office of the Company with a copy to the Policy issuing office;
b. Furnish to Company, within 14 days of the date on which the event shall have come to his knowledge, detailed particulars of the amount of loss or damage together with such explanation and evidence to substantiate the claim as the Company may reasonably require.
5. The Insured shall do all such acts and things that may be necessary or reasonably required by the Company for the purpose of enforcing any rights and remedies or obtaining relief or indemnity from other parties to which the Company would become entitled.
6. The Insured shall ensure due observance and fulfillment of all the terms, conditions and endorsements of the Policy.

Basis of indemnity & method of payment of the claim

1. A claim will be settled based on the value of the broken property at the time of happening of the loss subject to the Sum Insured.
2. The Company may at its option reinstate, replace or repair the broken property or any part thereof instead of paying the amount of loss or damage or may join with any other insurer in so doing.
3. If the property insured shall at the time of any loss or damage be collectively of greater value than the sum insured, then the Insured shall be considered as being his own insurer for the difference, and shall bear a rateable proportion of the loss or damage accordingly. Every item, if more than one, in the Policy, shall be separately subject to this condition.