Insurance for Guns

[Pranab7]

Hi to All,

I came to know from the "http://www.newindia.co.in/per-other-gun.asp#1", website that its possible to get your gun insured.

I want to know more about this type of insurance, is it useful and would it be a costly affair for a 0.32 bore revolver?

Is it worth doing ? kindly Advise.

[No posts were found because the word insurance is not contained in any post.]

[Pranab7]

, no reply from any one of you!

Is it a new information to you all or I have asked a wrong question?

[nagarifle]

http://www.newindia.co.in/per-other-gun.asp
thanks for sharing have to get more details etc before more can be said, below some points on the website:

Exclusion
The Company shall not be liable to pay any claims under the above section II in respect of any death, injury or damage caused intentionally, or as a result of carelessness or negligence.
Loss, damage, injury, death or liability directly or indirectly occasioned by war, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, military or usurped power or riot or civil, commotion.
Loss or damage to guns occasioned by any process of cleaning or by wear and tear.
Any accident or any loss or destruction of or damage to any property whatsoever or any loss or expense whatsoever resulting or arising therefrom or any consequential loss.
Payment of compensation in respect of death, injury, disablement of the insured person directly or indirectly caused by or contributed to by or arising from ionizing radiation or contamination by radioactivity from any source whatsoever.


Scope
Section I: Loss or Damage

If any of the guns described and included in the Schedule and belonging to the Insured shall be lost damaged or destroyed by

Fire
Burglary
House-breaking
Larceny
Theft
Any other accident or misfortune not excluded
Whilst such property is anywhere in India

Section II: Third Party Liability

If any claim or claims shall be made on the Insured in respect of accident caused by him whilst using a sporting gun anywhere in India resulting in:

Death of or bodily injury to any person other than a member of the Insured's family or household or in his service under a contract of service or apprenticeship.
Damage to property not belonging to or in the charge or under the control of the insured or of a member of his family or household or of a person in his service.
And the Insured shall be legally liable for the same then the Company will pay the amount of such claim or claims upto but not exceeding Rs. 50000/- or Rs. 100000/- as specified in the schedule in respect of any one claim or series of claims constituting one occurrence, in addition to the claimants costs and expenses incurred with its written consent.

[Katana]

Pranab,

Assuming that you bought a firearm from a dealer, he is going to under invoice the article to you, say Rs. 15000/- for a handgun, but the actual value that you may have paid will be way above this figure. Now the insurance guys are going to do the market value assessment according to that bill. How on earth would you explain that?

Is it really worth it?

The only logical application of insurance that I can think is the dealer has his premises and stock insured, or unless he has something in transit.

[darashp]

with mr.katana.

[Katana]

I think this insurance business is targeted at the para military forces and not towards the civil market.

[nagarifle]

claims upto but not exceeding Rs. 50000/- or Rs. 100000/-




hardly worth it.

[Pranab7]

Dear Mr. Katana & Nagarifle,

I would like to bring to your kind knowledge that I am purchasing the a revolver from IOF, Kanpur, worth Rs. 84082.00 hence i am going to get the invoice of the same price which I have paid via a DD, as its a government body, you also know that.

Next, what I believe let's find out more about this product from the company and thereafter take a call over it.
First and the most important point out here is the Premium amount payable.

I am going to there office today, shall post more information ones I get something interesting out from there.

Thanks

Pranab

[Katana]

I think you should do it because in your case you would have the correct invoice, relevant papers and maybe a copy of the demand draft. In your case it would make sense. If you manage to insure it, it would be a first and could set a precedence.

Good thinking; I wish you had stated this earlier. Please post details once you go through the formalities. It would be helpful to a lot of people.

[akayar]

Dear All

The Insurance covers all the likely Risks for a householder who keeps his guns at home. The limit of 50,000/- and 1,00,000/- is for third party claims, rather legal liabilities arising out of your weapon causing injury to others.

As regards Invoice price, it is not relevant. You should Insure your gun for the Present Day replacement cost. You may have bought it for ' X ' amount 5 years ago but the loss has occurred today when the price is ' Y ' So the Loss Assessment will be done on that Basis. You should therefore keep in mind that while Insuring Please declare the Sum Insured as Present day cost and do not insure it for the purchase cost. I hope I have made the Point. May be you inherited a weapon, no one knows the cost, may be it is a gift?

Please call the Insurance co's agent and find out the Premium. I will appriciate a feed back.

akayar