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NATIONAL INSURANCE COMPANY LIMITED

(Government of India Undertaking)

KNOW YOUR PRODUCTS SERIES – 25/21

Locker Insurance Policy

Compiled By

Akanksha Agnihotri and Team KYP

Trusted since 1906

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Locker Insurance Policy

Trusted since 1906

Akanksha Agnihotri and Team KYP

KYP 25/21

SCOPE OF COVER

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This policy offers coverage of contents of bank lockers for customers.

RISK COVERED

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  • Fire
  • Theft, Burglary, Dacoity, Robbery, Holdup
  • Building Collapse
  • Fraud committed by the employees of the bank
  • Loss during shifting / merger of the branch

(Coverage will be strictly as per RBI Circular)

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  • Bank has to follow RBI instructions with respect to safe deposit lockers and safe custody of articles kept therein.
  • Bank has to follow SOP as laid down by regulatory body/RBI/Local authority
  • All risk locations should have 24*7 security guard and working CCTV Cameras. Bank to preserve CCTV recordings for a period of not less than 180days.
  • Bank shall send an email & SMS alert to the registered email ID and mobile number of the customer on each time the customer access to their lockers.
  • FIR is compulsory for each & every claim
  • Affidavit duly signed by the customer for loss of contents to be provided. If affidavit is proved to be wrong, no liability can be claimed.
  • Immediate notification of Loss/Damage
  • Insurance company will reimburse the loss amount to Bank only after reimbursement of loss by bank to their customers and on submission of sufficient proof of payment.
  • "Covid-19/Communicable Disease Exclusion" Clause to be incorporated. The policy will exclude claims arising out of violation of any provision of NDMA/Epidemic Act.
  • Contribution Clause to apply.

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Coverage:

Locker Insurance Policy

Trusted since 1906

WARRANTIES / CONDITIONS

Akanksha Agnihotri and Team KYP

KYP 25/21

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  • Inventory Losses
  • Mysterious Disappearance
  • Earthquake, STFI, Lighting, Floods
  • Terrorism
  • Consequential Losses
  • Confiscation, detention, requisition by Govt. or Local authority
  • Mechanical & Electrical Breakdown
  • Illegal or hazardous substances/articles
  • Any other risk/perils other than mentioned above in risk covered
  • War & allied perils
  • Loss or failure of computer data, hardware or software

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Coverage:

Locker Insurance Policy

Trusted since 1906

EXCLUSIONS

Akanksha Agnihotri and Team KYP

KYP 25/21

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Locker Insurance Policy

Trusted since 1906

LIMIT OF INDEMNITY (LI)

Akanksha Agnihotri and Team KYP

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KYP 25/21

  • Deductible - As per fire tariff i.e. - 5% of claim amount subject to minimum of Rs.100,000/- for EEL

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  • Policy period - 12 months from the date of receipt of premium

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  • Premium Rate -   As approved by Head Office

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  • Policy to be issue as Special Contingency policy

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  • Total number of locker to be mentioned in policy

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IMPORTANT POINTS

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Locker Insurance Policy

Trusted since 1906

LIMIT OF INDEMNITY (LI)

Akanksha Agnihotri and Team KYP

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KYP 25/21

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  • Indemnity Limit per locker is 100 times the prevailing annual rent of the Safe Deposit Locker

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  • RBI vide their circular has made it compulsory for all banks to be liable to customers for damage to contents of locker due to Fire and allied perils, STFI, earthquake, terrorism, burglary theft and dishonesty, fraud ,negligence of bank employees

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  • This cover is not available under Bankers indemnity policy

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  • Fidelity guarantee cover is restricted to Rs 20 lacs EEL

IMPORTANT POINTS

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Locker Insurance Policy

Trusted since 1906

Akanksha Agnihotri and Team KYP

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KYP 25/21

WE THANK YOU FOR YOUR KIND ATTENTION.