Skip to main content

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

 

Comments

Post a Comment

Popular posts from this blog

Insurance in a Time of Conflict: The Truth About War Risk Coverage

  In the wake of the recent confrontation between India and Pakistan through Operation Sindoor, a question in the minds of those with an insurance policy was if their policy will cover war-related damages. Our clients were no exception; we got queries on insurance coverage for wars during this period. War seemed a remote possibility until Operation Sindoor, but this operation made everyone believe that war was a reality and prompted the exploration of insurance coverage for such an incident.  In this blog, we will explore the coverage for war in insurance policies. War Coverage in Insurance Policies Most insurance policies—whether for property, auto, life, health, or travel—include a war exclusion clause . This clause denies coverage for losses or damages resulting directly or indirectly from war, invasion, civil unrest, rebellion, insurrection, or military action. Importantly, this exclusion generally applies even if war is not officially declared. Declared Wars: When...
Post a Comment
Read more

AOG (Act of God) Perils Extension in CGLpolicies

      A OG (Act of God) Perils Extension in Commercial General Liability (CGL) policies refers to the inclusion of natural and unpredictable events under the coverage of the policy. AOG perils are events beyond human control, often caused by natural forces, and their inclusion can significantly broaden the scope of a standard CGL policy. These perils are not covered automatically in a CGL but have to be purchased separately as an add-on. Let us look at this aspect of CGL policies in more detail. Indian firms looking to buy a CGL policy should ideally opt for an AOG perils extension because the country is geographically prone to various natural disasters such as earthquakes, cyclones, and floods. Including AOG perils in a CGL policy will help businesses in disaster -prone areas to protect against liabilities arising from damage or injury caused during such events. AOG Perils covered in a CGL policy Earthquake Floods (including inundation, cloudburst, etc.)...
Post a Comment
Read more

What Group Health Insurance Doesn't Cover: Key Exclusions You Must Know

  Many employees covered under a group health insurance policy are under the impression that this policy will cover any cost they incur for illness or hospitalization. But the fact is the insurance cover by a group health insurance policy has several exclusions which employees discover much later. Due to these exclusions, an employee who has to undergo medical treatment might not get the required coverage due to exclusions, which can cost him financially and emotionally. Employees need to be aware of what is not covered in a group health insurance policy so that when medical treatment is necessary for them or their family members, they know whether coverage is available or not and they can be in a better position by taking a personal health insurance policy. In this blog, we will focus on exclusions in a group health insurance policy. What are exclusions in group health insurance? Exclusions are conditions or treatments that a group health insurance policy will not cover...
Post a Comment
Read more