Miscellaneous Insurance
The various Policies under it are as follows:
All Risk Insurance
Burglary Insurance Policy
Cash in Transit Insurance
Fidelity Guarantee Insurance Policy
Householder's Insurance
Shopkeeper's Insurance
Television Insurance
Special Contingency Insurance
Suhana Safar Insurance
Baggage Insurance
Plate Glass Insurance
Jeweller's Block Insurance
All Risk Insurance
SUBJECT MATTER COVERED:
The policy is specially suitable for covering Jewellery, Valuables, Curios, Antiques and other Works of Art, Paintings, Watches, Cameras and other similar articles.
PROPERTY NOT COVERED:
Fountain pens, Spectacles, Musical Instruments, Cufflinks, Clothing, Cigarette Cases, Silver Utensils, Money, Securities, Manuscripts, Deeds, Bonds, Traveller’s Cheques, Books of Accounts etc.
INSURED PERILS:
Fire, Riot and Strike
Burglary, House Breaking, Larceny or Theft
Accidental Loss or Damage
EXCLUSIONS UNDER THE POLICIES:
Although these policies are known as All Risk Insurance Policies there are certain exclusions such as
Loss arising from Wear and Tear
Damages caused by the process of repairing renovation etc.
Breakage of Lens and Cameras unless caused by fire/ accident to the means of conveyance
Mechanical/ Electrical Breakdown
IMPORTANT CONSIDERATION:
Moral Hazard is a very pertinent factor and policies are issued only to known and valued clients. A moral hazard report should be obtained from the marketing official or the concerned u/w officer about his her personal knowledge of the client for a minimum period of three years.
RATING:
Non Tariff
The normal lowest rate for First Class Proposal is 1.50%.
If in special cases the geographical limits are to be extended world wide the rate should be atleast 2%.
The above rate includes Riot and Strike.
Burglary Insurance(Business Premises):
APPLICABILITY OF INSURANCE:
The policy is available to Commercial Establishments. Factories, Godowns, shops etc. Burglary Policy can be issued only where a fire policy is also availed.
PROPERTY COVERED UNDER THE POLICY:
Stock in trade
Goods held in trust or on commission for which the insured is responsible.
Fixtures, Fittings and Utensils in Trade.
Cash and Currency notes secured in locked safe.
EXCLUDED PROPERTIES:
The property excluded under the policy include deeds, bonds, bills of exchange, promissory notes, cash treasury and bank notes, cheques, security for money, stamps, stamp collections, books of account, documents of any kinds, manuscripts, medals and coins, motor vehicles and accessories or livestock unless specifically insured.
INSURED PERILS:
Burglary or Housebreaking of property, by actual forcible and violent entry.
Theft by a person in the premises who subsequently breaks out by a violent and forcible means.
Damage to the premises by the burglars to be made good by the insured.
EXCLUSIONS UNDER THE POLICY:
Loss or Damage
Where insured’s family member or business staff is involved as principal or accessory.
By act of persons lawfully on the premises(larceny)
Consequent upon fire or explosion.
Perils insurable under a fire or Plate glass insurance policy.
Loss of cash from the safe following the use of key or duplicate thereof unless such key is obtained by violence or threats of violence.
Earthquake and other natural perils.
Riot, Strike and civil commotion.
War and Nuclear Risks.
TYPES OF POLICIES:
Declaration policy may be issued as in Fire Department
Floater policy on the basis of provision of the fire tariff may be issued.
First Loss policy may be issued for property except cash and/ or valuables where total loss is impossible.
Full value policy is the most common type of policy issued.
Cash In Transit Policy:
SCOPE OF COVER:
Loss of Money in Transit by the insured or insured’s authorized employees occasioned by Robbery. Theft or any other fortitude cause.
Loss of Money by Burglary, House-breaking, Robbery or Hold up whilst money is retained at insured’s premises in safe or strong room.
DEFINITION OF MONEY:
It shall include cash, bank draft, currency notes, treasury notes, cheques, postal orders and current postage stamps.
IMPORTANT CONSIDERATION:
The insured should indicate the address of the premises where cash is kept and also the Limits under each or the following situations.
Section 1:
Money for payment of wages or petty cash in transit from bank to office premises and cheques drawn by the insured for the above purposes from premises to bank.
Money for other purposes in transit between premises and bank.
Money other than above collected and in personal custody of the insured/ his employees in transit to the premises or bank within 48 hours time.
Section II:
Money kept in premises during business hours and whilst kept in licked safe or strong room after business hours against burglary, house breaking or hold up.
MAJOR EXCLUSIONS:
The Company shall not be liable in respect of:
Shortage due to error or omission.
Loss of money entrusted to any person other than the insured or an authorized employee of the insured.
Loss of money where the insured or his employee is involved as Principal accessory, except loss due to fraud or dishonesty of the cash carrying employee of the insured occurring whilst in transit and discovered within 48 hours.
Loss occurring on the premises, after business hours, unless the money is in a locked safe or strong room.
Loss occasioned by Riot and Strike and Terrorism (can be covered on payment of additional premium).
Money carried under contract of affrightment and theft of money from unattended vehicle.
Loss of money from safe or strong room following use of the key to the safe or strong room or any duplicate thereof belonging to the insured. Unless this has been obtained by threat or by violence.
RATING:
Section-I
Normally 0.35 per mile may be charged on ordinary risk in good locality. In case of remote, isolated places the rate may be charged upto 0-.50 per mile.
Section-II
0.25% to 0.50% depending upon risk perception.
Fidelity Guarantee Insurance Policy:
APPLICABILITY OF INSURANCE:
This insurance indemnifies the employers against
the financial loss suffered by them due to fraud, dishonesty during the course of employment of an employee or employees subject to the following conditions:
The cover granted is against the direct pecuniary loss and not a consequential one.
The loss should be in respect of monies or goods of the insured.
The act should be committed in the course of the duties specified.
If the employee guaranteed under the policy had left the services of the employer and was re-engaged by him, no liability attaches to the policy unless the consent of the insurers was obtained.
THE PERIOD OF DISCOVERY:
If the policy is not renewed or if the policy is canceled, losses must be discovered within 12 months from the date of expiry or cancellation of the policy.
Company is not liable for losses not sustained within a retroactive period not exceeding 2 years from the date of discovery.
EXCLUSIONS:
This insurance policy does not cover any loss:
Discovered more than 12 months after the death/ dismissal/ retirement of the employee concerned.
When there has been any change in the agreed system of check or accounting precautions, without the insurer’s prior consent.
Caused by an employee after discovery of his previous fraud or dishonesty.
Such as stock taking shortages, trading losses, not caused by fraud or dishonesty.
IMPORTANT CONSIDERATION:
The following particulars regarding the person to be guaranteed should be satisfactory:
Character
Financial position
Domestic Responsibility.
Previous experience
Previous record or service
Amount guaranteed in relation to remuneration
TYPES OF POLICIES:
COMMERCIAL FIDELITY GUARANTEE:
Individual Policy: Only one named individual is covered.
Collective policy: List of employees may be furnished. Each individual may have his respective guarantee amount shown against his/ her name. Advantage of this policy is that any change can be incorporated by just putting an endorsement.
Floater policy: Here list of employees may be furnished by individual guarantee amount is not mentioned. The guarantee amount is floated and can be pegged to any individual in the list upto the maximum limit mentioned in the policy. The policy is helpful for those employers who because of the functional intricacies may not be able to quantify loss in respect of each act of fraud or dishonesty by individual employees.
NOTE:
Floater cover should not be granted for persons numbering less than 5 in case of cover for unnamed persons, all persons without exception should be included. Sub-limits may be stipulated for each category of employees taking into account their functions and maximum amount handled by them.
Position policy: Guarantee amount shown against each position and no name is mentioned.
Blanket policy: Given to establishment with a wide network of staff. Just, a blanket amount for the total number of employees.
PROPOSAL FORM:
Normally for commercial fidelity guarantee policy there are two proposal forms viz., one given by the3 employer and another given by the employee.
HAZARDOUS RISK:
The collection agents whose cash limits are higher than his salary, such as jewelery and traveling salesman, cashiers in hotels, cinema halls, estate agents, treasurer in socio-cultural organization and employees of billion merchants are treated as hazardous risks under these policies.
House Holder’s Insurance:
APPLICABILITY:
This is a comprehensive package insurance scheme, meant for house holders, by combining a number of contingencies under single policy.
This policy comprises of 10 sections. They are as follows.
Fire and Allied perils (including earthquake, loss of or damage to building/ contents excluding money and valuables).
Burglary/ Housebreaking including larceny or theft: Loss of or damage to contents excluding money and valuables.
All risks: Loss of damage to jewelery or valuables caused by accident or misfortune whilst any where in India.
Plate Glass: Loss of or damage to fixed plate glass by accidental means.
Breakdown of domestic appliances: Unforeseen and sudden physical damage caused by mechanical or electrical breakdown of domestic, electrical, electronic or mechanical appliances specified in the policy and whilst contained in the insured premises.
Television Set: Loss of or damage to television apparatus including V.C.R/ V.C.P whilst contained in the insured’s premises.
Pedal Cycles: Loss of or damage to pedal cycles, and legal liability to third parties.
Baggage Insurance: Loss of or damage to personal baggage dud to accident or misfortune whilst traveling any where in India.
Personal Accident: Personal Accident Insurance for insured, his spouse and children as per personal accident insurance guidelines.
Public Liability: Legal liability of the insured in respect of accidental death or bodily injury to third party through fault or negligence of the insured/ family members. Legal liability as per W.C. Act/ Common Law towards employees.
ShopKeeper’s Insurance:
APPLICABILITY:
This is a comprehensive package insurance scheme meant for small shopkeepers whose property is valued at less than Rs. 10,00,000/-. It contains eleven sections. Maximum four sections will have to be taken in which section 1 and 2 are compulsory.
COVERAGE UNDER POLICY:
Fire and Allied perils: Loss of or damage to building/ contents (excluding money and valuables) Whilst contained in the insured’s premises.
Building
Contents
Burglary/ Housebreaking: Loss of or damage to contents (excluding money and valuables) whilst contained in the premises.
Money Insurance:
Loss of money in transit due to accident/ misfortune (Not exceeding Rs. 50,000/- per any one carrying).
Loss of or damage to money, valuables whilst contained in a burglar-proof safe (2% of the sum insured under Section or Rs. 10,000/- whichever is less)
Loss of money whilst lying in cashiers till and counter (1% of the sum insured under Section 1 or Rs. 5,000/- whichever is less).
Pedal cycles: Loss of or damage to pedal cycles and legal liability to third parties.
Plate Glass: Loss of or damage to fixed plate glass by accidental means.
Neon and Glow sign: Loss of or damage to Non Sign or Glow Sign by accidental external means/ Fire, lightning or external explosion/ Theft/ Riot, Strike, malicious Act.
Baggage Insurance: Loss of or damage to personal baggage of insured or baggage in connection with trade anywhere in India.
Personal Accident: Personal Accident insurance for insured/ his employees as per PA Policy
Fidelity guarantee: Direct pecuniary loss suffered by the insured due to fraud or dishonesty committed by any salaried employee excluding sales man and commission agents.
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 business.
Business Interruption: Due to operation of perils covered under Section I and subject to claim payable there under.
Television Insurance:
The Television insurance policy is designed to indemnify the insured against:
Loss of or damage to the Television apparatus by
Accidental external means
Fire. Lighting
Short circuiting
Flood and Storm
Bursting and overflowing of water tanks
Theft
Riot and Strike
Earthquake, fire and shock
Legal Liability to third party for accidental bodily injury/ damage to property arising out of the use of TV installation. Rs. 25,000/- for all claims out of one event.
IMPORTANT EXCLUSIONS:
The company will not pay first Rs. 150/- of any claim due to electrical causes or self-heating.
Damage to cathode ray tubes.
Burning out of valves or coils.
Theft of parts unless the apparatus is also stolen at the same time.
Special Contingency Insurance:
APPLICABILITY:
This policy covers loss against accidental external means, fire, external explosions, self ignition, lightning, burglary, housebreaking, theft and malicious act whilst the property is situated at a designated place.
EXCLUSIONS:
Mechanical or electrical breakdown
SPECIAL FEATURES:
Suggested rate is 2.5%
Whenever items are governed by tariff rates but covered under special contingency policy, it is to be ensured that tariff rates and excess are applied in respect of such items and no violations made in this regard.
INSURANCE FOR LAP-TOP COMPUTERS:
Laptop computers can be covered under special contingency policy on the lines of electronic equipments policy which also covers electrical or mechanical breakdown. However the rate charged for Lap-Top computers would be between Rs. 1.25% to 1.50%.
Suhana Sufur Insurance:
"PACKAGE INSURANCE COVER FOR DOMESTIC TRAVELERS"
SCOPE OF COVER:
The object of this insurance is to provide relief in case of accidental death and loss and/ or damage to accompanied baggage during traveling within the country as follows:
Rs. 1 lac per head irrespective of age and income, under Table I and Table II of PA policy.
Reasonable and actual emergency incidental expenses upto Rs. 1000/- per head arising out of an accident resulting in a valid claim under PA section.
Loss or damage to accompanied baggage arising out of fire, storm, tempest, hurricane, flood, inundation, riot, strike, malicious damage, accident, theft or burglary.
TABLE OF BENEFIT UNDER BAGGAGE:No. of persons 1 2 3 4 and above
Sum Insured (Rs.) 5000 10,000 12,500 15,000
SPECIAL PROVISION:
1.Cover is available to travelers by all modes. Road/ Rail/ Water and Air including those who travel by their own mode of transport.
2.Cover is valid for transit period subject to maximum of 60 days. The cover includes incidental local travel also.
Baggage Insurance:
SCOPE OF COVER:
This policy provides cover against loss/ damage to accompanied personal baggage of the insured due to FIRE, THEFT OR ACCIDENT during the course of the journey.
IMPORTANT EXCLUSIONS:
LOSS/ damage by wear and tear, moth, mildew, vermin.
Any process of cleaning, repairing etc.
Breakage of glass articles, china clay and articles of brittle nature.
Theft from unattended vehicles
Electrical and Mechanical breakdown
Loss or damage to articles while being worn or in actual use
Terrorism
SPECIAL CONDITIONS:
Articles in Pairs or Sets.
Single Article limit.
UNDERWRITING GUIDELINES:
The geographical limit to the above policy is ‘worldwide’.
The items covered to be specified with individual values. Valuation report shall be obtained for valuables like Diamond/ precious stones etc.
Non –Tariff business.
Guideline rate 0.75% - 5% based on clientele relationship/ other premium income etc.
Plate Glass Insurance:
SCOPE OF COVER:
The policy covers loss/ damage to fixed glass (Display windows, show cases etc) by breakage due to accidental causes.
IMPORTANT EXCLUSIONS:
Fire/ Explosion, Riot and Strike, terrorism.
Typhoon, Flood, Hurricane, Volcanic eruption, Earthquake and other convulsions of nature.
Damage to frame/ framework or any description.
Cost of lettering or painting.
DECLINED RISKS:
Bad localities, Empty shops, green house conservatories, unprotected glass at high levels.
Broken or cracked glass, movable mirrors.
RATE:
Rate is to the fixed depending on the merit of each individual proposal taking into consideration localities, risk involved, precautionary measures and previous claims experience etc.
SUGGESTED RATE: Between 4% and 6%.
Jeweler’s Block Insurance:
SECTION 1:
Loss/ damage to property (Gold, Silver items, Pearl, Precious stones etc.) insured whilst contained in the premises or deposited with a bank:-
Property insured on the premises
Property insured in display windows.
Cash and Currency notes.
Property Insured in Bank Lockers subject to the insured maintaining a separate register to record all deposits/ withdrawals in such lockers.
Perils Covered: Fire, Explosion, Lightning, Riot and Strike, Malicious Damage, Burglary, House Breaking, Theft, Robbery and Hold-up risk only.
SECTION 2: ALL RISKS COVER
Property insured excluding Cash and Currency Notes whilst in the custody of the Insured, his partners, Directors duly constituted Attorneys, his employees or sorters of diamonds.
Property Insured excluding Cash and currency Notes whilst in the custody of persons not in regular employment of the insured such as brokers or agents or cutters or goldsmiths.
SECTION 3: TRANSIT COVER ALL RISKS
Property excluding cash and currency notes whilst in transit within India by
Registered insured Parcel Post.
AIR Freight (Minimum 20% of value to be declared to the Airlines).
Angadias.
SECTION 4:
Office furniture and fittings against the perils mentioned in Section 1.Damage done by burglars and/ or thieves to the premises and/ or landlord’s fixtures and fitting for which insured is legally responsible as tenant upto 1% of SI under this section.
IMPORTANT EXCLUSIONS:
Loss or damage to the property insured due to:
Whilst it is being worked upon or during cleaning, repairing etc.
Inventory losses.
Whilst at any Public Exhibition.
Theft or dishonesty of the insured’s family members, servants employees, customer, broker, angadias, cutters, goldsmiths in respect of the property entrusted to them by insured.
Whilst in window display at night or whilst kept out of safes after business hours.
Any loss following use of key of duplicate key belonging to the insured unless it has been obtained by threat or violence.
EQ, Volcanic eruptions, flood, storm etc.
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