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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?

1
Replacing a broken glass window can cost you up to ₹1,200 per square foot! (1)
2
Security and alarm systems can end up costing you almost ₹75,000 to repair or replace. (2)

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

With Digit’s 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.

How to choose the right Plate Glass Insurance?

  • Compare different policies - While it’s always great to find ways to save money, sometimes policies with low premiums might not be the best option for your business, as they might not give you the right coverage. So, compare the features and premiums of different policies to find the right one for you at an affordable price.
  • Make sure you have complete Coverage - look for a policy that offers you maximum coverage for all the risks to your business and the plate glass on its premises.
  • Pick the right Sum Insured - Try to pick a sum insured based on either the Intrinsic Value or Replacement Value of the plate glass, depending on which is better for your business.   
  • Look for an Easy Claims Process - Since claims are really important, look for an insurance company that has an easy claims process, as it can save you and your business a lot of hassle. 
  • See if you can get extra service benefits - Lots of insurance companies offer all kinds of other benefits, such as 24X7 customer assistance, easy-to-use mobile apps, and more.

FAQs about Plate Glass Insurance in India