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plate glass insurance

Plate Glass Insurance

Many offices and other establishments like showrooms, hotels, and theatres often incorporate plate glass as a key part of their building structure. This glass comes in various categories and can be quite expensive. More importantly, it is fragile. Therefore, we need plate glass insurance to cover the cost of any breakage.

What is Plate Glass Insurance?

Plate glass insurance provides coverage for accidental breakage and damage to glass located on business premise. Glass fixtures on business premises often break due to accidents or other reasons, which can be costly. To manage these situations, business units often opt for plate glass insurance.

Place Glass Insurance Types

Plate glass insurance is a flexible policy that covers the following areas:

Fixed Glass

Glass refers to fixed plain glass and mirrors within the office or shopping complex, excluding painting, tinting, and ornamental work on the glass unless specified when calculating the sum assured.

Intrinsic Value of Glass

This refers to the reinstatement value minus depreciation.

What Does Plate Glass Insurance Cover?

If the glass fixtures are damaged or broken, replacement costs can be very high. Therefore, a plate glass insurance policy covers the following:

  • Expenses incurred to erect temporary boarding to replace damaged plate glass.
  • Accidental loss or damage to plate glass within the insured premises.
  • The cost of replacing shatterproof or reflective film attached to the broken plate glass.
  • The cost of replacing lettering, ornamentation, and sign writing attached to the broken item.
  • Replacing window frames damaged due to wear and tear.
  • The cost of replacing burglar alarm tape or wiring attached to the broken plate glass.
  • If necessary, the insured can request extended coverage against the following cases with an additional premium.
  • The insurance policy can extend coverage to include damage caused by terrorism, riots, strikes, and malicious acts upon request, with an additional premium.

How does Plate Glass Insurance function?

The process of applying for plate glass insurance and settling claims is quick and easy, involving the following steps:

  • Complete the insurance application form.
  • Provide detailed information about the items requiring insurance after a thorough evaluation.
  • The insurance company assesses the eligibility of the policy seeker.
  • If eligible, both parties convene to agree on the premium amount and sum insured.
  • If there is any breakage or damage to the plate glass, the insured can apply for compensation as long as it falls under the coverage.
  • A representative from the insurance company visits the site to verify the submitted claim details.
  • If the insurance company deems the claim genuine, they sanction and pay the money into the beneficiary’s account.
  • If the insurance company rejects the claim and the insured disagrees with the resolution, they can raise a dispute in a court of law.

Eligibility Criteria

Any business that uses plate glass for decoration or commercial purposes, such as showrooms, restaurants, hotels, and shopping complexes, can avail itself of plate glass insurance.

Claim Process of Plate Glass Insurance

Insurance companies offer a quick and hassle-free claim settlement process. If the policyholder needs to file a claim for damaged or broken fixed plate glass, they should follow these steps to process the claim:

  • Evaluate the damage, then call customer care and register the claim. Make the call immediately after noticing the damage.
  • Submit the completed claim form along with other necessary evidence of the damaged plate glass.
  • Submit a detailed written statement of the damage within 14 days.
  • The insurance company verifies the details of the claim.
  • If the claim meets the policy requirements for compensation, the amount will be paid into the beneficiary’s account.
  • If the claim is rejected, the insurance company will inform the policyholder of the reason. If the policyholder disagrees with the decision, they can raise a dispute in court.

Required Documents for Claim Processing

In the event of a claim, the following documents must be submitted to receive the claim amount:

  • A completed claim form.
  • A copy of the plate glass insurance policy.
  • A detailed statement of the loss or damage, including the intrinsic value of the damaged item.
  • Provide reasonable information, assistance, and proof related to the claim.

What is Excluded in Plate Glass Insurance Policy?

Organizations that have used glass in their building or premises in any manner should consider obtaining plate glass insurance. However, it’s important to note that not all situations are covered under the insurance; some cases fall under exclusions. Examples of situations not covered by the policy include:

  • The insurance policy excludes cracked, scratched, or imperfect glass plates.
  • The insurance policy’s schedule states the deductible excess.
  • The insurance policy covers damage to plate glass caused by fire, explosions, heat, and gas.
  • The policy excludes breakage caused during repair, removal, or alteration in landscaping. It also does not cover disfiguration of glass that is not caused by cracks extending through the thickness of the plate glass.
  • The policy does not cover loss or damage caused by careless or negligent placement of the plate glass.
  • It does not cover the breakage of the lettering while the main glass remains intact.
  • Unless specifically mentioned, the policy does not cover silver letters, embossed glass, or ornamental glass frames.
  • The insurance policy excludes damage to any plate glass that is not plain and ordinary in glazing quality.
  • The policy does not cover consequential loss of property, legal liability, or personal injury.

Companies in India offer Plate Glass Insurance

An increasing number of organizations in India are opting for modern architecture on their premises, involving more glass fixtures. This trend is driving the popularity of glass plate insurance in India. Some of the insurance companies offering this type of insurance are:

  • SBI General
  • Bharti AXA
  • Reliance General Insurance
  • HDFC Ergo
  • Oriental Insurance
  • United India Insurance Company

What are the importance Aspects of Buying Plate Glass Insurance?

Before purchasing glass plate insurance, ensure you are aware of all the details associated with the insurance to secure the best deal. Keep the following points in mind:

  • Document all notices and communications made to the insurance company. Even if the beneficiary calls to report an event, ensure that the response or acknowledgement is in writing.
  • The insurance company is only liable to pay up to the insured amount if the cost for replacement or repair exceeds this amount.