Lift insurance

 

                                               LIFT INSURANCE

Lifts /Elevators are the essential infrastructure for any building, residence etc. With the increase in high

rise buildings it has become a necessity for builders to first ensure the existence of a lift /elevator in the premises. Even we have domestic lifts for the convenience of the aged. What happens when one gets injured in a lift while reaching places such as office, home, hospital, theatre, malls etc? One can be caught unawares in such a scenario.

 

A Lift Insurance policy to cover the third party liability injury damages is the right product for Owners of buildings or Managers of business establishments.

 

The operating clause of Lift Insurance policy states:

 

The company will indemnify the insured against liability at law for compensation (including legal costs of any claimant) for death of or bodily injury sustained by any persons whilst in any lift whilst entering the same or in the well or caused by machinery hatches, doors or appliances connected therewith, solely as a result of malfunctioning of the lift due to negligent / faulty / defective maintenance work of lift by the insured’s contractor.

 

Who can buy Lift Insurance?

 

Owners, managers of establishments where lifts are used by public

What is insured?

Any lift for carriage of passengers /goods including hoists fitted in offices, multistoried buildings, residential complexes, hospital /theatres etc.

Lift includes operating plant and machinery safety devices doors etc.

Risk Coverage:

·       Death or bodily injury of any person being a Third Party and not members or of  employees of the insured

·       Loss or damage to property (not being the property of the insured or of his family members or of his employees)

·       Direct damage to personal effects of any person(not being the property of the insured or of his family members or of his employees)

Lift owners have a specific responsibility to ensure the safety of others, while using the lift. In particular they are responsible for the safe use of the lift, which includes its safe operation, condition (maintenance) and compliance with relevant statutory requirement.

Policy Exclusions:

Policy excludes loss /damage liability in respect of   

War group of perils, Nuclear perils, Riot & Strike

Perils such as earthquake, flood, storms, typhoon, cyclone, volcanic eruption and similar perils.

Liability assumed by Insured by Agreement

Consequential loss of any kind

Fire explosion, bursting of boilers

Any claim in respect of Insured’s family or in Insured’s service.

 

We at Zen Insurance assist in choosing the right Insurance cover to suit your needs . Please contact us for assistance.

Disclaimer:

Zen Insurance is an IRDAI registered broker which facilitates quick & accurate insurance broking services. We deal with only regulator approved products of insurers. We do not underwrite the products