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HOUSEHOLDERS POLICY SCOPE The policy comprises of 10 sections as given here under:
Section I - Fire & Allied Perils
Allied Perils
Fire, lightening, explosion of gas in domestic appliances. Bursting and overflowing of water tanks, apparatus or pipes. Damage caused by aircraft. Riot, strike, malicious or terrorist act. Earthquake, fire and / or shock, subsidence and
landslide (including rockslide) damage. Flood, inundation, storm, tempest, typhoon, hurricane,
tomado or
cyclone. Impact damage.
Section II - Burglary & House Breaking Including Larceny And Theft
Covers contents of the dwelling against loss due to burglary, house
breaking, larceny or theft.
Section III - All Risks (Jewellery & Valuables)
Covers loss or damage to your jewellery and valuables by accident or
misfortune whilst kept, worn or carried anywhere in India subject to the
value declared in the schedule.
Section IV - Plate Glass
Loss or damage to fixed plate glass in the insured premises by
accidental breakage subject to limit of sum insured.
Section V - Breakdown of Domestic appliances
Covers domestic appliances against unforeseen and sudden physical damage
due to mechanical or electrical breakdown.
Section VI - T.V. (ALL RISKS)
Covers loss or damage to T.V.Set by fire and allied perils, burglary,
house breaking or theft, breakage due to accidental external means,
mechanical or electrical breakdown. Any legal liability arising out of
bodily injury or accidental death of any person other than insured's
family members or employee as also damage to property not belonging to
or in the custody of insured , caused by use of the T.V. Set is also
covered up to a limit of Rs.25,000/-.
Section VII - Pedal Cycles (All Risks)
Covers loss or damage to pedal cycles by:
Fire & allied perils. Burglary, housebreaking, theft. Accidental external means. Third party personal injury or Third party property damage for
Rs.10,000/-.
Section VII - Baggage Insurance Covers loss or damage to insured's accompanied baggage by accident or
misfortune whilst the insured is traveling on tour or holiday anywhere
in India. Section IX - Personal Accident
Covers death or bodily injury by accidental, violent, external and
visible means to the insured person named in the schedule and subject to
limits specified therein. Section X - Public Liability
Covers insured's legal liability for bodily injury or loss of or damage
to property of third party limited to amount specified in the schedule
and workmen's compensation liability to domestic servants engaged in
insured's premises. It is compulsory to opt for Section IB of the policy. A minimum of three
sections including Section IB have to be taken for issuance of this
policy.
HOW TO SELECT THE SUM INSURED For the insurance of household items, it would be necessary to group the
items in a broad category like furniture, clothing , linen, utensils ,
crockery etc. and give a value equivalent to the market value i.e. the
value for which this used item could be bought or sold in the market. Sections I A & B, II, III, IV, VI ,VII & VIII should be insured on
market value basis as described above. It is a condition of Section V i.e. breakdown of domestic appliances ,
that the sum insured should represent the current replacement value of a
similar item. For e.g. to insure 165 ltr. Godrej fridge which is 3 years
old, the sum insured should be equivalent to the cost price of a new 165
ltr. Godrej fridge. However, the claim amount payable would be the amount required to bring
the damaged item to the same condition as it was prior to the damage
subject to the adequacy of the sum insured. The sum insured under
Section IX i.e. Personal accident should not
exceed 72 months salary from gainful employment.
PORTABLE EQUIPMENT INSURANCE This policy is
essential for all professionals who use portable equipment, electronic
and otherwise since it insures their property from risks of theft and
damage. Under the portable equipment insurance policy, laptop computers
and medical equipment can be insured. The individual value of each item
covered cannot be less than Rs.10,000/-.
RISKS COVERED This policy covers the portable electronic equipment from the risks of:
Fire, explosion, lightning. Riots, strike and terrorist activity. Burglary / theft. Accident. Electrical and mechanical breakdown.
COMPENSATION OFFERED This policy will provide compensation in event of a loss or damage to
the electronic equipment based on cost of repairs or replacement based
on market value of the product. EXCLUSION Portable equipment insurance is subject to exclusions arising from:
Manufacturing faults or defects. Loss due to climatic conditions. Cost of maintenance. Loss or damage for which insured is contractually liable.
SHOPKEEPER INSURANCE
This is a package policy specially designed for small shopkeepers. It is
a single policy combining the various insurance requirements of
shopkeepers.
Discount in premium is available if a minimum number of four sections is
selected including Section I (b).
Only one policy can be taken by one shopkeeper for each shop in a
specific location having separate books of accounts.
SCOPE
The policy comprises of following 11 sections:
Section I - Building & Contents
Covers shop building and / or contents therein against loss or damage
caused by Fire & Allied perils i.e.
Fire, lightning, explosion of gas in domestic appliances. Bursting and overflowing of water tanks, apparatus or pipes. Aircraft or articles dropped there from. Riot, strike, malicious damage, terrorist act. Earthquake - fire and / or shock, subsidence and landslide (including
rockslide). Flood, inundation, storm, tempest, typhoon, hurricane,
tornado or
cyclone. Impact damage by rail / road vehicle not belonging to the insured.
Section II - Burglary & Housebreaking Covers contents of insured shop premises(excluding money and valuables)
against loss or damage by burglary and / or housebreaking. Section III - Money Insurance Covers loss of money in transit, loss of money / valuables whilst
contained in a locked safe, loss of money contained in cashier's till
and / or counter by burglary / housebreaking.
Section IV - Pedal - Cycles Covers loss / damage to pedal cycles belonging to insured by:
Fire, lightning or external explosion. Riot, strike, malicious or terrorist act. Burglary and / or housebreaking or theft. Accidental external means. Flood, cyclone, storm, tempest, and other similar convulsions of
nature and atmospheric disturbance. Earthquake, fire and shock.
This section also covers legal liability of insured for death / injury to
third parties or damage to their property arising out of use of the
insured pedal cycles. Section V - Plate Glass Covers loss of or damage to fixed plate glass in insured's shop by
accidental means. Section VI - Neon Sign / Glow Sign Covers loss of or damage to neon sign / glow sign by:
Accidental external means. Fire, lightning or external explosion or theft. Riot, strike, malicious or terrorist act. Flood, inundation, storm, tempest, typhoon, hurricane, tornado,
cyclone.
Section VII - Baggage Covers loss or damage to accompanied personal baggage of insured or
baggage in connection with his trade, whilst anywhere in India, by
accident or misfortune. Section VIII - Personal Accident Covers insured and spouse and / or his children, named in the schedule and
aged between 5&70 years, against bodily injury caused solely and
directly by accident and resulting in death or permanent total or
partial disablement or temporary total disablement within 12 calendar
months of such injury. Section IX - Fidelity Guarantee Covers direct pecuniary loss suffered by the insured due to fraud or
dishonesty committed by any of insured's salaried employees. Section X - Public Liability Legal liability in respect of accidental death or bodily injury to a
third party or accidental damage to their property during performance of
any act in connection with insured's business. Compensation to insured's employees under Workmen's Compensation Act or
Common Law. Section XI - Loss of Profit Covers loss of profit due to interruption of business consequent upon
loss or damage sustained by property insured under Section I of the
policy due to insured perils. It is necessary to opt for a minimum of 4 sections for this policy to be
issued of which Sections I & II are compulsory.
HOW TO SELECT SUM INSURED The shop building should be insured on market value basis i.e.
depreciated value basis. The contents should be insured on cost price
basis. The sum insured for contents under Section I&II should be
identical. The sum insured under Sections III, V, VI, VII, IX, X & XI is
limited to specified percentage of the sum insured for contents.
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