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Section 1: Fire & Allied Perils
This covers loss of or damage
to (a) building and (b) contents by fire & allied perils.
The maximum S.I. under Section 1 is Rs.10 Lacs. If S.I.
exceeds Rs.10 Lacs, usual Fire policy A/B must be issued for the full amount.
Rate of Premium : 2.25 per mille.
Section II: Burglary
& Housebreaking
This covers all contents in the
premises against the above risks.
The Sum Insured under this
section should be the same as the Sum Insured under Section 1 (b).
Rate of Premium : Rs.
2.50 per,mille.
Section III : Money Insurance
This covers loss of money
whilst in transit and whilst contained in a safe/steel cupboard/cash box
under lock and key in the Insured premises.
Rate of premium
a) In transit (not exceeding Rs.2.55
per mille
Rs.50,000 per any one
Carrying) between two
Places within a radius of
15 miles from Insured
premises.
b) In safe/steel cupboard/cash
Rs.2.55 per mille
box kept under lock/key
(2% of the Sum Insured
under section 1 or Rs.20,000/-
whichever is less)
c) In counter (1% of the Sum Rs.2.55 per mille
Insured under section 1 or
Rs.10,000 whichever is less)
Section IV : Pedal cycle
This cover pedal cycle against
loss or damage by fire & allied perils, burglary/housebreaking and
accidental external means.
Legal liability upto a limit of
Rs.10,000
Rate of Premium :
Rs.20.05 per mille.
Franchise : Rs.10/- of each and
every loss due to accident. If the loss or damage exceeds Rs.10/- the full
claim is payable.
Section V : Plate Glass
This covers loss of or damage to fixed plate glass in the
Insured premises by accidental Breakage.
Rate of Premium : Rs.10.05 mille
Sum Insured : 10% of the Sum Insured under
Section 1 or Rs.1,00,00/- whichever Is less.
Section VI : Neon Sign/Glow Sign Insurance
This covers loss of or damage
to Neon Sign/Glow Sign by accidental external means, Fire, lightning or
external explosion or theft, riot, strike or malicious act flood, inundation,
Storm, etc.
Rate of Premium :
Rs.10.05 per mille
Sum Insured : 2% of the sum insured under
section 1 or Rs.20,000/- whichever is
less.
Section VII :
Baggage
a) This
indemnifies the Insured in respect of baggage in connection with trade
accompanying the Insured and/or his employees.
b) Personal
baggage of the Insured and/or proprietors and/or partners accompanying them
anywhere in India if lost or destroyed or damaged by a accident or
misfortune.
Rate of Premium
: Rs.7.55 per mille.
Sum Insured : Carrying trade
sample by Insured/employees and/or personal effects of the Insured partner (2%
of the Sum Insured under Section 1 or Rs.20,000/- whichever is less)
Section VIII : Personal Accident
Please refer PA section of this
manual.
Section IX : Fidelity Guarantee
This indemnified the insured
against direct pecuniary loss sustained by him and caused By the act fraud or
dishonesty committed by any salaried person employed by the Insured in the
premises.
Rate of Premium :
Rs.10,00 per mille
Sum Insured :
10% of the sum insured under section 1 or Rs.1,00,000 whichever is
Less.
Section X : Liability
This covers (a)
legal liability to any third party for personal injury or property damage
whilst caused at the Insured premises.
Insured statutory liability
in connection with his trade and business under Workmens Compensation
Act,1923. Fatal Accidents Act, 1855 and at Common Law in respect of death of
or injury to employees.
Public Liability
Rate of Premium :
Rs. 0.50 per mille.
Sum Insured :
5% of the Sum Insured under Section 1 or Rs.50,000/- whichever is
less.
Workmens Compensation -
As per tariff.
Section XI : Business
Interruption
Sum Insured must be equal to
the S.I. under Sec. 1 (b)
Rate of Premium : Rs.2.25 per mille.
Important
This policy should be issued
only to shops with Class A
construction.
The sum insured under section 1
(a) & (b) together should not
exceed Rs.1,00,000/-
This policy cannot be issued to
cover risks where the fire tariff rate is more than Rs.3.35 permille.
Section 1 (b) * II, i.e. insurance of contents against
the risk of fire & allied perils
& Burglarry/housebreaking are compulsory. However, policy can not be issued covering the above sections
alone. A minimum of two sections have to be covered out of the remaining
sections. The minimum premium for
Sec. 1 is Rs.10/- and Rs.5/- for other Sections.
In case the proposer opts for
section IV and VI, the properties covered under these two Sections may be
deleted from the schedule under section 1 (b) and II in view of double cover.
2. Group Discount :
a. When the proposer opts for 15%
on non-tariff
more than 4
sections premium
only.
b. When the
proposer opts for 20%
on non-tariff
more than 6 sections. Premium
only.
Non-traditional business : 15% Agency Commission.
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