Commercial Policies

COMMERCIAL POLICIES BY R.R.JOSHI

BAGGAGE INSURANCE 

SUBJECT MATTER--POLICY COVERS LOSS/DAMAGE TO ACCOMPANIED PERSONAL BAGGAGE DURING THE COURSE OF THE JOURNEY,INCLUDING STOPPAGES IN TRANSIT.POLICY IS AVAIBLE FOR A SPECIFIED JOURNEY AS ALSO FOR ALL THE JOURNEYS DURING THE PERIOD OF ONE YEAR IN THE FORM OF AN ANNUAL POLICY.ARTICLES INTENDED FOR SALE/DISTRIBUTION ARE NOT NORMALLY COVERED.

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SCOPE OF COVER –POLICY COVERS LOSS/ DAMAGE DUE TO FIRE,RIOT AND STRIKE, TERRORISM,THEFT,ACCIDENTS WHILST THE INSURED IS TRAVELLING IN INDIA/ABROAD.

MONEY INSURANCE SCOPE OF COVER

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MONEY WILL INCLUDE CASH,DRAFTS, CHEQUES, POSTAL ORDERS,CURRENT POSTAGE STAMPS B) POLICY COMPRISES TWO SECTIONS—

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SECTION I—PROVIDES FOR LOSS OF MONEY IN TRANSIT BY THE INSURED/THEIR AUTHORISED EMPLOYEES OCCASIONED BY ROBBERY/ THEFT AND ANY OTHER FORTUITOUS CAUSE. MONEY WILL INCLUDE MONEY FOR WAGES/ SALARIES/ PETTY CASH/OTHER SPECIFIED PURPOSES AND CASH COLLECTED BY INSURED /EMPLOYEES DURING COLLECTION ROUND UPTO 48 HOURS FROM THE TIME OF COLLECTION. SECTION II---COVERS MONEY AGAINST LOSS BY BURGLARY /HOUSEBREAKING/ROBBERY/HOLD-UP WHILST RETAINED AT INSURED’S PREMISES IN SAFES /STRONG ROOM.

ALL RISK INSURANCE 

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SCOPE OF COVER: INSURANCE IS INTENDED TO COVER JEWELLRY/VALUABLES,LAPTOPS,MOBILE PHONES CAMERAS,WATCHES etc.AT ANY LOCATION IN INDIA AGAINST LOSS/DAMAGE BY FIRE,RIOT AND STRIKE,TERRRORISM, THEFT, ACCIDENTS AND ANY OTHER FORTUITOUS CAUSE. SALIENT FEATURESINDIVIDUAL DESCRIPTION /IDENTIFICATION BY MODEL No./SERIAL No./YEAR OF MAKE etc.OF THE INSURED ITEM IS ESSENTIAL POLICY IS SUBJECT TO GENERAL EXCEPTIONS OF WAR/ NUCLEAR PERILS/CONSEQUNTIAL LOSS /DEPRECIATION POLICY IS SUBJECT TO SPECIAL CLAUSES/CONDITIONS

BURGLARY AND HOUSEBREAKING 

SCOPE OF COVER THIS INSURANCE COVERS CONTENTS OF BUSINESS PREMISES,INCLUDING CASH-IN-SAFE/ STRONGROOM,AGAINST LOSS OR DAMAGE BY BURGLARY,HOUSEBREAKING AND HOLDUP. DAMAGE TO PREMISES CAUSED BY BURGLARS DURING THE BURGLARY OR ANY ATTEMPT THEREAT,IS ALSO COVERED, PROVIDED INSURED IS LIABLE FOR THE DAMAGE REPAIRS.

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DEFINITIONS

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BURGLARY/HOUSEBREAKING—THEFT INVOLVING ENTRY INTO OR EXIT FROM THE INSURED PREMISES OR BOTH BY FORCIBLE AND VIOLENT MEANS. HOLD-UP—THEFT ACCOMPANIED BY THREAT OF VIOLENCE BY ANY PERSON/PERSONS

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BURGLARY AND HOUSEBREAKING…contd. 

MODIFICATIONS TO BURGLARY POLICY

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FIRST LOSS POLICY—IN THE CASE OF BULK COMMODITIES OR HEAVY STEEL ITEMS/ MACHINERY,THE VALUES INVOLVED MAY BE HUGE.BESIDES,THE PROBABILITY OF A TOTAL LOSS DUE TO BURGLARY WILL BE REMOTE.IN SUCH CASES,THE SUM INSURED CAN BE AGREED TO BE LESS THAN THE VALUE OF THE PROPERTY ( i.e.PERMITTED UNDERINSURANCE ).THE SUM INSURED CAN BE FIXED AT A MUTUALLY AGREED PERCENTAGE OF THE VALUE OF THE PROPERTY. DECLARATION/FLOATER POLICY-BURGLARY POLICIES CAN BE ISSUED ON A FLOATER OR DECLARATION BASIS AS PER THE PRACTICE IN FIRE DEPARTMENT

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HOARDING/NEON SIGN INSURANCE

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POLICY COVERAGE—HOARDINGS

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MATERIAL DAMAGE SECTION –COVERS LOSS/ DAMAGE DUE TO FIRE /BURGLARY /ACCIDENTS / EARTHQUAKE/ STFI/ RIOT, STRIKE AND MALICIOUS DAMAGE RISKS. REMOVAL OF DEBRIS SECTION—COVERS DEBRIS REMOVAL (MAX.Rs.500/-) LEGAL LIABILITY SECTION—COVERS LIABILITY TO THIRD PARTY ARISING OUT OF OPERATION OF INSURED PERIL UPTO Rs.25000/-

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POLICY COVERAGE—NEON SIGNS THE HOARDING POLICY MAY BE ISSUED WITH THE EXCLUSION OF ELECTRICAL BREAKDOWN,SHORTCIRCUIT AND FUSING OF BULBS.

PLATE GLASS AND SPECIAL CONTINGENCY POLICIES 

PLATE GLASS POLICY POLICY COVERS FIXED PLATE GLASS AGAINST ACCIDENTAL BREAKAGE. BREAKAGE WILL NOT INCLUDE DAMAGE OR DISFIGURATION OTHER THAN FRACTURE EXTENDING THROUGH THE ENTIRE THICKNESS OF THE GLASS.

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SPECIAL CONTINGENCY POLICY THE COVER OFFERED IS A COMBINATION OF FIRE AND ALLIED PERILS, BURGLARY, ACCIDENTS, BREAKDOWN AND OTHER CONTINGENCIES.THE CHIEF MERIT OF THIS POLICY IS THAT THE QUESTION OF CONTINGENCIES TO BE COVERED IS KEPT OPEN AND CAN BE VARIED TO SUIT INDIVIDUAL CIRCUMSTANCES.