What is Plate Glass Insurance?
Plate Glass Insurance is a type of insurance that is there to cover you against any damage or breakage of large panes of glass on your commercial buildings, like shop windows.
In case you were wondering, Plate Glass is a kind of thick and fine quality glass that is used to make window panes, glass doors, screens, and transparent walls.
For many businesses, having lots of glass is really important. Just imagine a shop where you can’t look inside to see what they are selling! But glass is also very fragile and can accidentally get damaged or break suddenly, due to anything from a badly balanced shelf, to kids playing cricket! Unfortunately, getting this plate glass repaired can turn out to be a costly affair.
But if your business is covered by a plate glass insurance, you will be protected against such financial losses.
But, why do you need a Plate Glass Insurance?
Replacing a broken glass window is quite expensive depending on type and size and work involved.
Security and alarm systems are or maybe inclusive when repairing or replacing.
What can a Plate Glass Insurance Cover?
When you get a Plate Glass Insurance, you will be covered in case of…
Loss or damage
Any accidental loss or damage to the plate glass on your business premises.
Replacing the window frames
You will also be covered for the cost of replacing the damaged window frames or framework (but with due allowance for wear and tear).
Erecting boarding
The policy also covers the cost of erecting any temporary boarding that may be necessary after the plate glass is damaged.
Replacing alarms and wiring
In case you had any alarm tapes or wiring attached to the glass before it was broken, you will be covered for their replacement.
Replacing signs and lettering
You will be covered in case you need to replace any lettering, signs, or ornamentation that was on the broken plate glass.
What’s not Covered?
Since we really believe in transparency, here are some situations that won’t be covered…
- Damages and losses caused by natural disasters like earthquakes, floods, storms, or cyclones will not be covered.
- Losses or damages arising due to fires, explosions, gas or heat are not covered.
- If damage is caused to the frame or framework without any damage to the plate glass, it won’t be covered.
- Any consequential losses (like loss of profit or business interruption) aren’t covered for.
- Damages and losses that occur while altering, removing or repairing the plate glass are not covered.
- Losses caused due to a war, riot, strike or nuclear disaster will not be covered.
How much does a Plate Glass insurance cost?
The cost of the premium for your Plate Glass Insurance premium is based on a number of factors. Some of these factors that are used to determine the premium are:
- The sum insured you opt for (i.e., the maximum sum payable as a whole under the policy).
- Where your business is located.
- The number of items covered.
- Type of glass being insured.
Types of Coverage
Options available for plate glass insurance, you can opt for a sum insured based on which of the following will suit your business.
Intrinsic Value
Here, the value of the plate glass is fixed as per its cost of replacement on the first day of the Policy Period, or when it was new, with any depreciation due to age, wear and tear deducted.
Replacement Value
Also called “Reinstatement Value” this is fixed as per the cost of replacement as on the first day of Policy Period, and no depreciation for age, or wear and tear is taken into consideration.
Advantages of having a Plate Glass Insurance
This policy is specially designed for businesses that use glass in their building or premises in some way or the other.
Your business won’t have to deal with a lot of financial loss in case of accidentally broken plate glass.
It will help your business run more smoothly, even after it faces a bad situation!
Who all need a Plate Glass Insurance?
If you or your business establishments have even a bit of plate glass installed, you might find a plate glass insurance is extremely important. For example, if…
Your business deals with glass
Such as furniture stores, glass dealerships, and more.
Your business uses plate glass for decoration
Such as showrooms, restaurants, hotels, theatres, etc.
Your business premises have numerous plate glass windows
For example, offices, shops, boutiques, etc.
As Insurance is a complex subject, please talk to us now for professional advice and to make sure your level of coverage is appropriate, adequate, and sufficient to your requirements.
The List of Risks or the range of insurances available is not exhaustive, if there are any particular risks that are possibly unique to your type of business and/or for any specific or special requirements, please seek our assistance and guidance.