For many offices and other establishments like showrooms, hotels and theatres, plate glass often forms an important part of the building structure. Glass used for this purpose is available in various categories and can cost a lot. And more importantly, it is fragile. Thus, to cover the cost of its breakage, we need plate glass insurance.
What is Plate Glass Insurance?
Plate glass insurance covers accidental breakage of and damage to glass on business premises. It is not uncommon for glass fixtures on a business premise to break due to accident or some other reason. This can turn out to be a costly affair. To manage such situations, business units often consider opting for plate glass insurance.
Types of Plate Glass Insurance
The plate glass insurance is a flexible policy. It covers the below mentioned areas:
- Intrinsic value of glass: This refers to the Reinstatement Value less depreciation
- Fixed glass: Glass refers to fixed plain glass and mirrors within the office or shopping complex excluding painting, tinting, ornamental work on the glass unless stated whilst calculating the sum assured
What all Plate Glass Insurance Covers?
In case of any damage or breakage to the glass fixtures, the replacements costs can be very high. Thus, plate glass insurance policy covers the following:
- Accidental loss or damage to plate glass within the insured premises
- Expenses incurred to erect any temporary boarding as a replacement for damaged plate glass
- Cost of replacing lettering, ornamentation and sign writing affixed to the broken item
- Cost of replacement of shatter proof or reflective film affixed to the broken plate glass
- Cost of replacement of the burglar alarm tape or wiring affixed to the broken plate glass
- Replacing damaged window frames due to wear and tear
If needed, insured can ask for an extended coverage against the following cases with an additional premium:
- Damage caused by terrorism, riot, strike and malicious damage
How Plate Glass Insurance Functions?
Plate glass insurance application and claim settlement is a quick and easy process. It includes the following steps:
- Fill up the insurance application form
- Provide details of the items which need insurance after a proper evaluation
- The insurance company checks the eligibility of the policy seeker
- If eligible, both parties sit and agree on the amount of premium and sum insured
- In case of any breakage or damage to the plate glass, the insured applies for compensation provided it comes under the coverage
- A representative from the insurance company visits the site and verifies the submitted claim details
- If the claim is found to be genuine, the money is sanctioned and paid to the beneficiary account
- In case the claim is not approved by the insurance company and the insured does not agree with the solution, a dispute can be raised in the court of law
Plate Glass Insurance can be availed by any businesses, such as showrooms, restaurants, hotels and shopping complexes that use plate glass for decoration or commercial purpose.
Plate Glass Insurance Claim Process
Insurance companies have a hassle-free and quick claim settlement process. In case the policy holder needs to claim for the damaged or broken fixed plate glass, the following steps should be followed to process the claim:
- Evaluate the damage and then call the customer care number and register the claim. The call should be made immediately after the damage comes to notice
- Submit the duly filled in claim form along with other necessary evidence of damaged plate glass
- Submit a detailed and written statement of the damage within 14 days
- The insurance company verifies the claim details
- If the claim is found fit for compensation as per the policy, the amount will be paid in the beneficiary account
- In case, the claim is rejected, reason will be informed to the insurer. If the insurer does not consent to the resolution, he/she can raise a dispute in the court of law
Documents Required for Claim Process
In case of any eventuality, the following documents must be submitted to get the claim amount:
- Duly filled in claim form
- Copy of plate glass insurance policy
- Detailed statement of the loss/damage along with intrinsic value of the damaged item
- Reasonable information, assistance and proof related to the claim
How Long Does it Take to Pay Out a Claim?
The claim is paid within 30 days of intimation and document submission. If a dispute is raised or legal action is needed, it might take more time.
Cases Where You Can’t Claim Plate Glass Insurance (Exclusions)
Going for plate glass insurance should be considered by organisations that have used glass in their building or premises in some way or the other. However, not all situations are covered under the insurance and they come under exclusions. Some of the cases not covered by the policy are:
- Cracked, scratched or imperfect glass plate
- Deductible excess which is stated in the schedule of the insurance policy
- Damage to plate glass caused by fire, explosions, heat and gas
- Damage caused by natural calamities like earthquakes and storms
- Damage by war, strikes, nuclear explosions, terrorism and riots
- Breakage caused while repairing, removing or alteration in the landscaping. Disfiguration of glass which is not caused by cracks, extending through the thickness of the plate glass
- Loss or damage caused due to careless or negligence in placing the plate glass properly
- Breakage of the lettering while the main glass remains intact
- Silver letters, embossed or ornamental glass frames; unless these are specifically mentioned in the policy
- Damage to any plate glass which is different from the plain and ordinary plate glass of glazing quality
- Consequential loss of property, legal liability or personal injury
Companies Offering Plate Glass Insurance in India
Glass plate insurance is gaining popularity in India because of the fact that an increasing number of organisations are opting for a modern architecture on their premises, involving more of glass fixtures. Some of the insurance companies offering glass plate insurance in India are:
- HDFC Ergo
- SBI General
- Bharti AXA
- Reliance General Insurance
- Oriental Insurance
- United India Insurance Company
Before purchasing a glass plate insurance, you should be aware about all the little things associated with the insurance in order to get the best deal. Some of the points to be kept in mind are:
- The notice and communication made to the insurance company should be documented. Even if the beneficiary is calling up to intimate about the event, the revert or acknowledgement should be in writing
- If the amount needed for replacement or repair is more than the insured amount, the insurance company is liable to pay only up to the insured amount
- If there is misrepresentation, misdescription or non-disclosure of any fact related to the claimed damage, the policy can be termed as void by the insurer
Advantages of Buying Plate Glass Insurance
A plate glass insurance is extremely important for businesses which deal with glass or use plate glass for decoration purpose. The policy is beneficial in the following ways:
- Cost of accidental breakage of glass plate is covered
- Protects against loss or damage to ornamental, stained or embossed plates and sheet glasses
Q1. What is plate glass?
Plate glass refers to thick and fine quality glass. These pieces of thick and plain glass are used to make window panes, glass doors and transparent walls.
Q2. What is the sum insured under plate glass insurance?
It is the reinstatement value of the plate glass. The sum insured refers to the maximum sum which is payable as a whole under the policy.
Q3. How is the premium of plate glass insurance calculated?
The premium depends on the sum insured, number of items covered and the type of glass being insured.
Q4. What is the cancellation process of plate glass insurance?
The insurance can be terminated at a notice of 15 days. The insurance company will retain a part of the premium for the time span in which the policy was in force.