As a part of our duty of updating you on General insurance matters, we bring to your notice that, with effect from 1st January 2020, GIC has initiated some major changes with regard to the underwriting of risks as under for New business as well as renewal in Fire Portfolio.
Some new occupancies have been added that were not mentioned in Fire Tariff which are as follows:
- Data Processing/Call Centres/ Business Process Outsourcing Centres
- Engineering workshop- Manufacturing of Cut & Polished diamonds (Manufacturing of diamonds)
- Disposable Diaper Manufacturing
- Sports Goods Manufacturing
- Compressors handling air, Inert Gas and CO2
- Compressor (others)
- Boundary Walls Made of combustible materials
- Boundary Walls (others)
- Electric Crematoriums
- Vehicle stored in open including tractors
- Bus Terminus
Though prima facie rates are higher but they are lower as compared to original tariff rates .
We have compared original tariff rates and revised rates by GIC which are also mentioned in attached sheet.
Maximum range of discount is between 40% to 60%.
Further to add; we will provide you our best services during the currency of the policy .
Kindly contact us in case of queries.
Please find the new IIB Rates below: