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ALL RISKS INSURANCE
SUITABILITY
This policy is suitable for people owning jewellery or valuables, which
are prone to accidental loss or damage.
SALIENT FEATURES
The policy covers valuables like jewellery, ornaments, paintings, work
of art, and similar artifacts of sentimental value, etc.
The scope of cover is limited to loss or damage due to fire, riot &
strike, terrorist act, burglary, house - breaking, larceny or theft and
accidental loss or damage.
BENEFIT
The policy pays for any loss or damage to the property insured caused by
insured perils.
The amount of claim payable would be limited to the sum insured or
market value at the time of loss, whichever is lower.
PREMIUMS
Premiums are based on underwriting considerations, which are dependant
on the completed proposal forms.
EXCLUSIONS
In case of paintings or work of art, other than damage by fire, partial
losses are not covered.
REQUIREMENTS
Completed proposal form giving full and accurate information.
All items to be covered should be fully described for easy
identification in future.
Unless value of each item is declared separately, the claim for each
item will be limited to 5% of the total sum insured.
FIDELITY GUARANTEE INSURANCE
This insurance policy protects the employer from risks presented by any
of his employees such as fraud, dishonesty, embezzlement during the
course of employment. In industries where secrecy and confidentiality of
operations is vital for a company's success, this policy will ensure the
concealment of business procedures from other competitors who may be
successful in poaching their rivals' employees.
WHAT CAN BE INSURED
This insurance policy seeks to indemnify the employer from direct
financial losses sustained due to acts of fraud or dishonesty of an
employee in the course of employment.
Individual policy
Provides cover against one specific named employee.
Collective policy
Provides cover against a specific group of named employees up to an
agreed amount against each person.
Floater policy
Provides cover against a number of employees without specifying any
names and amounts against each person. Only the total guarantee is
stated.
RISKS COVERED
This insurance policy insures the employer from risks faced owing to his
employees such as:
Fraud or obtaining advantage through unfair means.
Dishonesty or breach of trust.
Forgery or illegal alteration.
Embezzlement or misappropriation of money or goods.
Larceny or dishonest means of possession.
Default or failure to perform specific duties.
COMPENSATION OFFERED
This insurance policy pays compensation according to the type of policy
taken and subject to a preset maximum limit.
Individual / Collective policy
Up to Rs.100 lacs per person.
Floater policy
Up to Rs.100 lakhs for named persons and up to Rs.75 lakhs for unnamed
persons.
EXCLUSIONS
This insurance policy will not pay compensation based on any claims
arising from:
Losses not discovered within the period of insurance.
Losses discovered after 6 months of expiry / cancellation of the
policy.
Losses sustained beyond the retroactive period of 2 years from the
date of discovery.
JEWELLER’S BLOCK INSURANCE This policy is essential for all jewelers and jeweler establishments,
keeping in mind the specific requirements of their trade.
WHAT CAN BE INSURED This policy provides cover against any loss or damage. To property by fire, explosion, riot or strike, malicious damage,
burglary, house - breaking, theft, robbery or hold-up or being carried,
conveyed, distributed outside specified premises for the purpose of
business. To furniture, fixtures and fittings as well as other business appliances
inside the premises. RISKS COVERED This policy has 4 separate sections:
Section I Covers loss or damage to property contained within the premises where
the insured's property is deposited against the risks of fire,
explosion, riot or strike, malicious damage, burglary, housebreaking,
theft, robbery and hold -up risks only.
Section II
Covers loss or damage to property insured while in the custody of the
insured's partners and / or employees.
Section III
Property insured, excluding cash and currency notes in transit within
India by air - freight or local couriers.
Section IV
Loss or damage to furniture, fixtures and fittings from fire, explosion,
lightning, riot or strike, malicious damage, robbery and hold - up risks
only.
COMPENSATION OFFERED
This policy provides compensation based on the classification of the jeweller, either less than Rs.25 lakhs or above Rs.25 lakhs. For a Capital Sum Insured above Rs.25 lakhs, it is a prerequisite that
after business hours, the stock must be stored in a burglar - proof safe. Safes to minimize the chances of loss as far as possible. It is also essential to take fidelity guarantee
cover for all the
employees of the jeweler.
EXCLUSIONS This policy will not pay any compensation if the claim has arisen from:
Any loss or damage to the property while it is being worked on or from
any process of cleaning, repairing or restoring. Any loss or damage to the property while it is being worn or used by
the insured, his representatives or his relatives. Any loss or damage to the property while it is displayed in a public
exhibition. Any loss due to theft or missing from property stored in an unattended
road vehicle. Any loss or damage to the property arising from depreciation, gradual
deterioration, wear and tear, etc. Any loss or damage to fragile items. Any loss or damage to the property owing to a dishonest act of the
insured's employee or family member or person entrusted with the
property.
MONEY INSURANCE
SUITABILITY This policy is intended to protect banks, industrial business
establishments etc against loss of money. SALIENT FEATURES
This policy can be taken to indemnify loss of money either while in
transit or while in custody. Money here includes cash, bank drafts,
currency notes, treasury notes, postal orders and postage stamps. The basic policy covers money handled by employees named in the
schedule. Money insurance can also be extended to cover unnamed
employees at an extra premium. Many corporations tend to contract out the task of cash carriage, in
which case the policy can be extended to include carriage of cash by
contractors' employees provided all the cash carriage is contracted out.
BENEFITS The money insurance policy covers:
Loss of money in transit caused by robbery, theft, or any fortuitous
event. Loss of money from the insured's safe or strong room caused by theft
or robbery. Loss of money from the insured's premises during business hours caused
by theft or robbery.
The loss of money in transit should occur when being carried by the
insured or his authorized employee, which means employees named in the
schedule. EXCLUSIONS
The Policy does not cover loss or damage on account of:
Any consequential losses of any kind. Loss arising out of the infidelity of the insured or employees. Loss of money from the insured premises where the money is not kept in
a safe or strong room after business hours. Money carried under a contract of affreightment. Loss of money from an unattended vehicle. Loss in any way contributed to by the insured. Loss caused by AOG perils.
OFFICE PACKAGE INSURANCE SUITABILITY This is a package policy designed to cater for the complete insurance
requirement of an office. It is single policy covering various
contingencies faced by offices, which are normally covered as separate
policies. SALIENT FEATURES The policy offers the following 11 covers:
Cover 1 - Fire & allied perils
Fire. Lightning. Explosion / implosion. Aircraft damage. Riot, strike, malicious and terrorism damage. Storm, cyclone, typhoon, tempest, hurricane, tornado,
flood.
Cover 2 - Burglary & Robbery This cover provides indemnity against the loss of or damage to the
contents in the insured premises including money, but excluding
valuables, against the risk of burglary / robbery including theft. Cover Is Also Extended To Indemnify For Damage caused to insured premises as well as costs for changing locks at
the insured premises resulting from burglary and / or robbery including
theft or any attempt there at any time during the policy period but
limited to 10 % of the total sum insured. This section also covers loss of money, by actual or attempted burglary,
if it is kept in a safe or strong room when the insured premises are
unoccupied. This section also covers loss of money from the cashiers
till and / or counter, caused by robbery in the insured premises. Cover 3 - Money Insurance
This Cover indemnifies in respect of money in transit, by the employer
or the employers, occasioned by theft, or any other fortuitous cause. The transit for the purpose of this policy shall commence with the
taking over of the money for the purpose of transit and shall end as
soon as the money reaches the place of delivery. Cover 4 - Plate Glass This cover pays for the loss or damage to plate glass located at the
insured premises due to accidental breakage during the policy period.
Also the company pays for the cost of any temporary boarding up
necessitated by such breakage. Furthermore the Company will indemnify costs for damaged frames and
frameworks but only as a consequence of an insured damage according to
the terms and conditions up to a maximum limit of Rs. 5,000. Cover 5 - Breakdown of Office Equipment This section covers Office equipment such as photocopying machine, deep
freezers etc against unforeseen and sudden physical loss caused by or
solely due to mechanical or electrical breakdown. The section carries an excess of 1% of the sum insured subject to a
minimum of Rs. 250/- for each and every loss. Cover 6 - Baggage The Company will indemnify in respect of loss to accompanied baggage of
while on official tour. The coverage is anywhere in India. This can be
extended worldwide. Cover 7 - Electronic Equipment The Company will indemnify in respect of any unforeseen and sudden
physical loss or damage to electronic equipment such as fax machine.
Computers etc. from any cause, other than those specifically excluded. The coverage is subject to excess as follows:
5 % of the claim amount subject to minimum of Rs 5000/- for claim
involving computers. 1 % of the claim amount subject to a minimum of Rs 500/- for other
equipment. Accidental damage to external data media, software and cost for
reproduction of lost data and information is also covered. Accidental loss or Damage to Portable Computers, and replacement or
repair costs in this respect are provided for under this particular
cover.
Cover 8 - Personal Accident This Section covers you in the case of accidents suffered by self as
well as named partner / directors, members of managerial staff or
employees, aged between 16 and 65 years and permanently working with
you.
In case of such an accident an additional amount of 2 % of the sum
insured for death, but not more than Rs. 5,000 will be paid for the
transport of the mortal remains. Should the accident result in the total and irrecoverable:
- Loss of sight on both eyes,
- Physical separation of or loss of ability to use both hands or both
feet,
- Physical separation of or loss of ability to use one hand and one
foot,
- Loss of sight of one eye and physical separation of or loss of ability to use either one hand or one foot,
The insured is entitled to payment of 125 % of the sum insured.
Option is available to take additional covers like Permanent Partial
Disability. Temporary Disability Benefits: Cover 9 - Fidelity Guarantee This Section covers against any direct pecuniary loss caused by act of
fraud or dishonesty committed by any salaried person employed by you in
the insured premises. Cover 10 - Public Liability & WC
This Section will indemnify if, in connection with claims arising out
of bodily injury or property damage in connection with the activity or
business specified in the schedule, the proposed is held legally liable
to pay compensation to third persons in accordance with the Indian law
and other than in respect of the Public Liability Insurance Act, 1991,
or any other no fault liability base. The Company will pay compensation to your employee named in the
Schedule engaged in the Insured premises under the Workman's
Compensation Act, 1923 or any amendment thereto or Common Law in respect
of death of or bodily injury to such employee arising out of and in the
course of employment.
Cover 11 - Hospital Cash Daily Allowance
The hospital cash policy is a comprehensive insurance policy with cash
benefits which are payable according to the selected scheme if the
insured is hospitalized due to sickness or accident. It provides cash
benefits for each and every completed day of hospitalization. BENEFITS The policy indemnifies the insured against loss or damage to the insured
property arising out of insured perils under the respective sections. PLATE GLASS INSURANCE SUITABILITY Any person who installs plate glass of substantial value can avail of
this policy. This policy covers all kinds of accidental breakages of
fixed plate glass like window glasses, show room glasses, etc. BENEFITS
Replacement cost of damaged glass or sum insured whichever is lower, is
paid Cost of fixing the replacement is also covered. PREMIUMS Premium rate would be 4 % to 6% of the total cost of the plate glass
depending upon the location and vulnerability. REQUIREMENTS
RECOMMENDATION
As accidental breakage of plate glass is excluded in all other policies,
it is recommended to avail this policy. Sometimes the labor cost of
replacement may be much more than the cost of the glass itself. WORKMEN’S COMPENSATION
INSURANCE WHO CAN BE INSURED This insurance policy is essential for each and every employer, either
as the principal or the contractor who engages "workmen" as defined by
the Workmen's Compensation Act to cover his liability towards them under
statutory and Common Law. This insurance policy protects the insured
party from legal liabilities against injury or death of any of his
employees who is a "workman" as defined by the Workmen's Compensation
Act. RISKS COVERED This insurance policy is necessary for every employer since it
indemnifies him against his legal liability as an "employer" towards
accidental or fatal injuries sustained by his work men during work. On extra payment of premium, medical, surgical and hospitalization
expenses including transportation costs are also covered. Liabilities that may arise owing to diseases mentioned in Section III
(C) of Workmen's Compensation Act during the course of employment are
also covered. COMPENSATION OFFERED This insurance policy stands subject to the provisions of the Workmen's
Compensation Act. The sum insured is based on the annual wages of the
workmen during the insurance period. So the compensation is adjusted at the end of the policy period or
submission of the statement of actual wages paid during the insurance
period. The policy can also cover the medical expenses of the employer's workmen
up to the limit specified under the policy. EXCLUSIONS
The insurance policy will not pay any claims arising from:
Any injury that does not result in a fatality or disability for 3 days
subsequent to the accident. The first 3 days of a temporary disability if the total temporary
disability period does not exceed 28 days. Any non - fatal injury caused by an accident that is directly attributed
to. Influence of drinks or drugs. Willful disobedience of an order that would have secured the workman's
safety. Willful removal or disregard of any safety device. War or nuclear group of perils. Liability towards employees of the contractors of the insured (unless
specifically declared). Any employee who is not a "Workman" as per the Workmen's Compensation
act. Liability assumed under an agreement. Occupational diseases unless cover is extended on payment of extra
premium. Any change in statute provisions after the policy has commenced.
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