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Central Comprehensive Insurance Scheme, 2007

Indian Laws - No.10(3)/2007-DBA-II/NER - Dated:- 27-7-2007 - MINISTRY OF COMMERCE & INDUSTRY (Department of Industrial Policy and Promotion) NOTIFICATION New Delhi, the 27th July, 2007 No.10(3)/2007-DBA-II/NER- In pursuance of the North East Industrial and Investment Promotion Policy, 2007 (NEIIPP, 2007) issued by the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide O.M. No.10 (3)/2007-DBA-II/NER,dated the 1st April, 2007, the Government of India is plea .....

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erwise specified, all new manufacturing industrial units as well as existing units which go in for substantial expansion and are located anywhere in NER, will be eligible for reimbursement of 100% insurance premium under Comprehensive Insurance Scheme . The Scheme will also be applicable to the following service sector activities/industries: - III. Service Sector: (vii) Hotels (not below Two Star category), adventure and leisure sports including ropeways ; (viii) Medical and health services in t .....

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pplicable to the industries listed in Annexure-I 4. Definitions: (a) Industrial Unit means any industry which is included in Fire Policy C as per All India Fire Tariffs. (b) New industrial unit means an industrial unit for the setting up of which effective steps were not taken prior to 1.4.2007 (c) Existing Industrial Unit means an industrial unit for the setting up of which effective steps were taken prior to 1.4.2007. (d) Substantial expansion means increase in the value of fixed capital inves .....

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on market valuation to be declared by the proposer. 6. Designated Agency for disbursement of Subsidy: North Eastern Development Financial Corporation (NEDFi) Guwahati shall be the designated agency for disbursement of insurance premium on the basis of the recommendations of the State Level Committee (SLC) of the concerned State Government. 7. Mode of Operation: The insured party shall pay the initial premium which shall be reimbursed by the nodal agency (NEDFi) out of the revolving fund maintain .....

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he purpose for which it was given shall be furnished to the Central Ministry of Industry (Department of Industrial Policy and Promotion) by the financial Institution//State Government concerned within a period of one year from the date of receipt of last installment/full amount. 9. The Insurance policy envisaged under the Scheme will be as indicated in Annexure-A. 10. A High Level Monitoring Committee has been set up as in Annexure-II which would monitor implementation of the Scheme. (N.N.Prasad .....

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any part of such property be destroyed or damaged by the following:- i. Fire ii. Lightning iii. Explosion/Implosion but excluding loss of or damage (a) to boilers (other than domestic boilers), economizers or other vessels, machinery or apparatus in which steam is generated or their contents resulting from their own explosion/implosion, (b) caused by centrifugal force. iv. Riot, Strike, Malicious and terrorist Damage as per Riot, Strike, Malicious and terrorist Damage clause printed hereon. v. I .....

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any subsequent period in respect of which the insured shall have paid and the Company shall have accepted the premium required for the renewal of the policy, the Company will pay to the Insured the value of the Property at the time of the happening of its destruction or the amount of such damage or at its option reinstate or replace such Property or any part thereof. PROVIDED that the liability of the Company shall in no case exceed in respect of each item the sums expressed in the said Schedule .....

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ny disturbance of the public peace (whether in connection with a strike or lock-out or not) not being an occurrence mentioned in exclusion 7(a), (b). 2) The auction of any lawfully constituted authority in suppressing or attempting to suppress any such disturbance or in minimising the consequence of any such disturbance. 3) The willful act of any striker or locked out worker done in furtherance of strike or in resistance to a lock out resulting in visible physical damage by external violent mean .....

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art therein. II) Loss of or Damage to the property insured by explosion or otherwise directly caused by: 1. An act of terrorism committed by a person or persons acting on behalf of or in connection with any organization. 2. The action of any lawfully constituted authority in suppressing or attempting to suppress any such act, of terrorism or in minimizing the consequences thereof. For the purpose of this clause terrorism shall mean the use of violence for political ends and shall include any use .....

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fire. 4. Loss of damage directly or indirectly caused by or arising from or in consequence of or contributed to by nuclear weapons material. 5. Loss or damage directly or indirectly caused by or arising from or in consequence of or contributed to by ionising radiations or contaminations by radio-activity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purpose of this Exclusion only, combustion shall include any self-sustaining process of nuclear fissi .....

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apparatus, fixture, fitting, or portions of the electrical installation so affected and not to other machines, apparatus, fixtures, fittings, or portions of the electrical installation which may be destroyed or damaged by fire so set up. 7. Loss or damage occasioned by or through or in consequence directly or indirectly, of any of the following occurrences, namely, (a) War, invasion, act of foreign enemy hostilities or warlike operations (whether war be declared or not), civil war, (b) Mutiny, .....

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t, for an amount exceeding ₹ 1000/-, manuscripts plans, drawings, patterns, models or moulds, securities, obligations or documents of any kind , stamps, coins or paper money, cheques, books of account or other business books, computer system records, explosives, unless otherwise expressly stated in the policy. 9. Property insured if removed to any building or place other than in which it is herein stated to be insured except Machinery and Equipments temporarily removed for repairs, cleanin .....

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m confiscation commandeering or requisition by any lawfully constituted authority. (d) Loss or damage occasioned by permanent or temporary dispossession of any building or plant or unit or machinery resulting from the lawful occupation by any person of such building or plant or unit or machinery or prevention of access to the same. PROVIDED nevertheless that the Company is not relieved under © or (d) above of any liability to the Insured in respect of physical damage to the property insured .....

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caused by insured perils loss or damage by which is covered this policy or would be covered is such building, range of buildings or structure were insured under this policy. Notwithstanding the above, the company, subject to an express notice being given as soon as possible but not later than 7 days of any such fall or displacement, may agree to continue the insurance subject to revised rates, terms and conditions as may be decided by it and confirmed in writing to this effect. 3. This insuranc .....

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ppening of any loss or damage the insured shall forthwith give notice thereof to the company and shall within 15 days after the loss or damage or such further time as the company may in writing allow in that behalf, deliver to the company. (a) A claim in writing for the loss or damage containing as particular an account as may be reasonably practicable of all the several articles or items or property damage or destroyed, and of the amount of the loss or damage thereto respectively, having regard .....

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which the loss or damage occurred and any matter touching liability or the amount of the liability of the Company as may be reasonably required by or on behalf of the Company together with a declaration and oath or in other legal form of the truth of the claims and of any matters connected therewith. No claim under this policy shall be payable unless the terms of this condition have been complied with. (ii) The Company reserves the right to treat the claim as no claim if no information/documents .....

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n made the subject matter of a suit in a court of law then the claim shall for all purposes be deemed to have been abandoned and shall not thereafter be recoverable hereunder. 5. On the happening of loss or damage to any of the property insured by this policy, the Company may:- (a) enter and take and keep possession of the building or premises where the loss or damage has happened. (b) take possession of or require to be delivered to it any property of the insured in the building or on the premi .....

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shall not by any act done in the exercise or purported exercise of its powers hereunder, incur any liability to the insured or diminish its rights to rely upon any of the conditions of this policy in answer to any claim etc. If the insured or any person on his behalf shall not comply with the requirements of the Company or shall hinder or obstruct the Company, in the exercise of its powers hereunder, all benefits under this policy shall be forfeited. The Insured shall not in any case be entitle .....

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s option, reinstate or replace the property damaged or destroyed or any part thereof, instead of paying the amount of the loss or damages, or join with any other Company or Insure(s) in so doing, the Company shall not be bound to reinstate exactly or completely but only as circumstances permit and in reasonably sufficient manner, and in no case shall the Company be bound to expend more in reinstatement than it would have cost to reinstate such property as it was at the time of the occurrence of .....

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shall be unable to reinstate or repair the property hereby insured, because of any municipal or other regulations in force affecting the alignment of streets or the construction of buildings or otherwise, the Company shall in every such case, only be liable to pay such sum as would be requisite to reinstate to its former condition. 8. The insured shall at the expense of the Company do and concur in doing, and permit to be done, all such acts and things as may be necessary or reasonably required .....

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insurance or insurances, whether effected by the insured or by any other person or persons covering the same property, this Company shall not be liable to pay or contribute more than its reteable proportion of such loss or damage. 10. If the property hereby insured shall at the breaking out of any insured peril, be collectively of greater value than the sum insured thereon, then the insured shall be considered as being his own insurer for the difference, and shall bear a reteable proportion of t .....

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the quantum to be paid under this Policy (liability being otherwise admitted) such difference shall independently of all other questions be referred to the decision of a sole arbitrator to be appointed in writing by the parties to or they cannot agree upon a single arbitrator within 30 days of any party invoking arbitration the same shall be referred to a panel of three arbitrators, comprising of two arbitration, one to be appointed by each of the parties to the dispute/difference and the third .....

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tion or suit upon this policy that the award by such arbitrator/arbitrators of the amount of the loss or damage shall be first obtained. 12. At all times during the period of insurance of this policy the insurance cover will be maintained to the full extent of the respective sum insured in consideration of which, upon the settlement of any loss under this policy, pro rata premium for the unexpired period from the date of such loss to the expiry period of insurance for the amount of such loss sha .....

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ubject only to the right of the company for deduction from the claim amount, when settled of pro-rata premium to be calculated from the date of loss till expiry of the policy. Notwithstanding what is stated above, the Sum Insured shall stand reduced by the amount of loss in case the insured immediately on occurrence of the loss exercises his option not to reinstate the sum insured as above. ANNEXURE-I Negative List: The following industries will not be eligible for benefits under NEIIPP, 2007:- .....

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apter 27 of the First Schedule to the Central Excise tariff Act, 1985 (5 of 1986) produced by petroleum oil or gas refineries. Value Addition Benefits under NEIIPP, 2007 will not be admissible to goods in respect of which only peripheral activities like preservation during storage, cleaning operations, packing, re-packing, labelling or re-labelling, sorting, alteration of retail sale price etc. take place. ANNEXURE-II High Level Committee/Advisory Committee i. Secretary, Department of Industrial .....

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