What is miscellaneous insurance

what is miscellaneous insurance

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.

  • 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
    A completed proposal form.
  • The measurements of the glasses as well as their replacement values are to be furnished.

  • 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.
  • Source: www.iribl.com

    Category: Insurance

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