Insurance

Insurance All Risk Cover = Complete Peace of Mind

 

Why Should you take All Risk Cover Insurance instead of Product Warranty?

The Product warranty cover is a limited cover on parts and Insurance All Risk Cover offers a wide range of cover as mentioned below including One year of all potential damages as listed, Transit damage, Operator injury, Act of God, Liquid Damage, Electrical Break Down etc please find the as per the comparison:-

Detailed Comparison:-

Sl no Description Insurance All Risk Cover Product Warranty
1 Limited Parts Warranty – manufacturing defects only Yes Yes
2 Transit Cover by Road /Air with carrier warranty Yes No
3 Electrical Breakdown Yes No
4 Mechanical Breakdown Yes No
5 Fire, Lightning, Yes No
6 Riot, Strike, Malicious damage, Terrorist Activity Yes No
7 Theft/Burglary Yes No
8 Accidental External means, including accidental liquid damage Yes No
9 Fortuitous Circumstance in knowledge of the insured Yes No
10 Act of God’ perils viz Flood, Hurricane, Storm, Tempest, Typhoon Yes No
11 Workman Compensation Cover for Operator Yes No
12 Impact Damage by External and/or Moving Object Yes No

* The wordings may vary as per the insurance company, please refer the policy documents for detailed terms and condition.

The Video service call support* shall be provided by Okoboji Global Authorised Partner to ascertain the problem, solve if there are minor issues and provide estimate in case of any Insurance claim.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year Insurance All Risk Cover including transit cover to destination for new Machines and Video call Service Support.

 

Brief highlight on the terms of coverage, for clarity and for ready reference.

 

SCOPE OF COVER

Policy covers All Risks of loss or damage except those that are specifically excluded under the policy.

 

Insurance company will, in the event of any of the following occurrences, indemnify Insured subject to terms, conditions and exclusions of the policy:-

  • Fire, Lightning,
  • Riot, Strike, Malicious damage, Terrorist Activity,
  • Theft/Burglary,
  • Accidental External means, including accidental liquid damage,
  • Fortuitous Circumstance in knowledge of the insured
  • Act of God’ perils viz. Flood, Hurricane, Storm, Tempest, Typhoon, Inundation
  • Electrical & Mechanical break down
  • Impact Damage by External and/or Owner Vehicle or Moving Object
  • Workman Compensation cover for Operator.

 

The indemnity is to the extent of the coverage under the policy.

 

INTEREST:-                              Brand new OKOBOJI Equipments with spares of Okoboji Range of Products (details of the equipment with Model details/Sl. No/other specifications, value of the equipment etc as per Invoice).

INSURED : –                             Purchaser of Brand New OKOBOJI Equipments and whose name is mentioned on the Invoice.

DESTINATION:                         From Okoboji Authorised Partner to various customers within the geographical limits of India. Complete details of the purchaser, address with pin code etc. should be furnished for issuance of policy in Individual name against the value.

MODE OF TRANSIT:                Inland transit is by Road or Air with carrier Liability.

 

GEOGRAPHICAL LIMIT: –        INDIA

SUM INSURED:                        Value of each equipment should be on the present day replacement cost. Ideally CIF basis will ensure adequate coverage.

ADDITIONAL CLARITY:

DECLARATION: It is a condition of this insurance that the Proposer is bound and will declare the following details of each and every equipment coming under the scope of the Policy without any exception on periodical basis for issuance of policy:

  • Purchaser Details: Name, Address with pin code, Phone no and mail id.????
  • Equipment Details: Make, Model, Sl. No,
  • Sum Insured Details: Invoice No. & Date, Value of Equipment incl. TAX,

PERIOD OF INSURANCE (RISK PERIOD): The within mentioned policy coverage is valid for a period of one year from the date of sale and payment of premium.

EXCESS: 5% of claim amount subject to a minimum of Rs.1,000/- on each claim.

DEPRECIATION: Applicable on the equipment and the duration of usage based on the convention – either electrical or mechanical equipment and the life of the equipment.

 

 

EXCLUSIONS:

Insurer is not liable for loss / damage and/or liability caused by or arising from or inconsequence of, directly / indirectly:

  1. Caused by incorrect storage, poor care and maintenance, careless use, negligence of the insured or his responsible representatives.
  2. Due to mysterious disappearance, forgotten or misplaced or Lost.
  3. a) War, Invasion, Act of Foreign Enemy, Hostilities or war like operations (Whether War be declared or not). Civil War; Rebellion, Revolution, Insurrection, Mutiny, Riot, Strike, lockout and Malicious Damage. Civil Commotion, Military or usurped Power, Martial Law, conspiracy confiscation, Commandeering, A group of malicious persons or persons acting on behalf of or in connection with any political organisation. Requisition or Destruction or damage by order of any Government de jure or de facto or by any Public, Municipal or Local Authority.
  4. Caused whilst engaging in criminal acts (including Terrorism)
  5. Caused by consequential loss or damage of whatsoever nature or any costs incurred in connection with claim under this policy, including postage, transit costs and reconnection cost.
  6. Loss of handset resulting from or caused by theft, or attempted theft of the equipment left in any vehicle
  1. The policy is not transferable otherwise than by will or operation of law.
  1. Due to negligence/misconduct of Insured/ the intentional act or wilful neglect of the insured/ intentional overloading of the instrument.
  2. If damage is minor and / or cosmetic in nature, and does not result in failure of the Equipment to operate.
  3. If the documents are found tampered; non-disclosure of material facts; fraud/misrepresentation.
  4. Any third Party repairs except Okoboji Authorised center only.

 

CLAIMS SETTLEMENT: Claim settlement directly to claimant as per terms and conditions of the policy.

Claim Procedure: The customer intimates the Insurance company for the claim, the machine shall be inspected by Okoboji Authorised partner and estimate shall be provided to insurance company/customer. The Okoboji Authorised Partner shall repair the machine and collect the payment from Customer and Customer shall get paid by insurance company as per the claim filed to the insurance company.

Note: *The role of Okoboji Authorised Partner is restricted to facilitation only of insurance all risk cover. Inevent of any dispute between Insuring company and Customer, Okoboji Authorised partner shall not responsible in any way. Both the entities are individual entities and role of Okoboji Authorised Partner is only for mediation and/or estimation only.

Disclaimer: This document is only for information and Okoboji’s and role of their authorised partner is limited to facilitating and hence will not have any liability in case of dispute. The policy terms and conditions is as per the discretion of insurance company, the company has the right to change and terms to their discretion at any time. Please check policy copy for detailed terms and condition from time to time.