What is miscellaneous insurance
ALL RISKS INSURANCE
This policy is suitable for people owning jewellery or valuables, which are prone to accidental loss or damage.
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.
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 are based on underwriting considerations, which are dependant on the completed proposal forms.
In case of paintings or work of art, other than damage by fire, partial losses are not covered.
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.
Provides cover against one specific named employee.
Provides cover against a specific group of named employees up to an agreed amount against each person.
Provides cover against a number of employees without specifying any names and amounts against each person. Only the total guarantee is stated.
RISKS COVEREDThis insurance policy insures the employer from risks faced owing to his employees such as:
Default or failure to perform specific duties.
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.
Up to Rs.100 lakhs for named persons and up to Rs.75 lakhs for unnamed persons.
EXCLUSIONSThis insurance policy will not pay compensation based on any claims arising from:
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.
This policy has 4 separate sections:
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.
Covers loss or damage to property insured while in the custody of the insured's partners and / or employees.
Property insured, excluding cash and currency notes in transit within India by air - freight or local couriers.
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
It is also essential to take fidelity guarantee cover for all the employees of the jeweler.
EXCLUSIONSThis policy will not pay any compensation if the claim has arisen from:
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.
This policy is intended to protect banks, industrial business establishments etc against loss of money.SALIENT FEATURES
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.
BENEFITSThe money insurance policy covers:
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.
EXCLUSIONSThe Policy does not cover loss or damage on account of:
Loss caused by AOG perils.
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.
The policy offers the following 11 covers:Cover 1 - Fire & allied perils
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
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:
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 AccidentThis 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.
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
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.
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
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.
Replacement cost of damaged glass or sum insured whichever is lower, is paid Cost of fixing the replacement is also covered.
Premium rate would be 4 % to 6% of the total cost of the plate glass depending upon the location and vulnerability.REQUIREMENTS
The measurements of the glasses as well as their replacement values are to be furnished.
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.
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.
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.
EXCLUSIONSThe insurance policy will not pay any claims arising from: