SALIENT FEATURES:
The policy is in the form of a proposal-cum-schedule. The proposer must complete the details and sign the declaration also.
It has ten sections. The insured must take section-1 (Fire and Burglary/House Breaking risk for contents) and Section VI (Public Liability and Employers Liability) because these two sections are compulsory.
Section Discounts are available if the insured takes more than five sections as under:
– if more than 5 section are taken 15% discount on
i.e. 6 or 7 sections premiums under non-
tariffed sections
– if more than 7 sections are taken 20% discount on
non-tariffed sections
Insurance Company’s liability is restricted to the sum insured under respective section of the policy.
The Insured must take all reasonable steps to safeguard the property and to minimise loss.
The insured must exercise reasonable care in selecting competent employees.
The policy is subject to general conditions and general exclusions. The various sections also specify their respective exclusions, warranties and special conditions.
Limits of liability and premium chargeable for various sections are given in the schedule.
COVERAGE
SECTION-1 : CONTENTS
Section I (1) :
Fire and allied perils to contents (excluding money and valuables)
Section I (2) :
Burglary and House breaking losses to contents (excluding money and valuables).
SECTION-II : GAS CYLINDERS IN TRANSIT:
Loss or damage to gas cylinders whether filled or empty by accident or robbery or hold up or theft whilst the gas cylinders are in the hands of the insured and/or his employees whilst in transit between the insured’s premises and the customers’ premises and/or vice-versa.
Maximum Liability: Any one accident : Rs.25,000/-
Any one period of insured : Rs.50,000/-
SECTION-III: MONEY INSURANCE
Cash whilst in transit within a radius of 25 kms. from the insured premises is covered against loss by accident or misfortune.
Cash whilst contained in Safe/Cash Box/Steel cupboard at the premises is covered against loss on account of burglary or housebreaking.
Cash is covered against loss during business hours by assault and/or violence or any threat thereof.
Maximum liability as per sum insured stated in the schedule.
SECTION – IV: FIDELITY GUARANTEE
Any act of forgery, embezzlement, larceny, or fraudulent conversion of the moneys by named employees as stated in the schedule. Maximum liability Rs.15,000/- per person.
SECTION-V: PEDAL CYCLE AND TRICYCLES
Own damage loss to Pedal Cycle/Tricycle upto sum insured and TPL for third party injury and property damage (Maximum Rs.10,000/- including legal expenses) during the period of insurance.
SECTION-VI: (A) PUBLIC LIABILITY
Maximum sum insured limit Any one accident: Rs.10,00,000/-
Any one year : Rs.40,00,000/-
(B) EMPLOYERS’ LIABILITY
Coverage for liability to workmen under the Fatal Accident Act 1855, Workmen’s Compensation Act, 1923 and Common Law in respect of death or bodily injury to such workmen arising out of and in the course of employment.
SECTION-VII: PERSONAL ACCIDENT
For named persons including insured’s partners, directors and staff members, Age 16 to 65 years. Maximum sum insured Rs. One lac per person. Cover granted is as per Table-III of P.A. Policy. However, Temporary Total Disablement (TTD weekly benefit) is restricted to a maximum of 50 weeks.
SECTION-VIII: PERSONAL ACCIDENT TO ANY CUSTOMER:
Provides cover to any customer or any member of his family or any other person in the premises where the cylinder is installed for accidental death or disablement resulting due to the installation of the cylinder.
Maximum liability per customer: Rs.15,000/-.
SECTION-IX: ACCIDENTAL BREAKING OF PLATE GLASS:
Covers fixed plate glass in the insured premises by accidental breakage. Maximum sum insured Rs.5,000/-
SECTION-X: DAMAGE TO NEON SIGN/GLOW SIGN:
This section covers loss or damage by accidental external means, Fire, Lightning or external explosion, or theft, riot, strike or malicious act flood and inundation etc.
Excess Clause : Rs.50/- for each and every loss.