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Compact Insurance
This insurance policy is ideal for all offices, hotels, hospitals/
nursing homes and educational establishments.
However, this policy cannot cover any of the risks faced by manufacturing
concerns, godowns, warehouses or cinema theatres either. Yet, it
covers risks incidental to their operation like basic functions of
purchase and sales.
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What can be Insured
The insurance policy provides cover for the insured party's
office property ranging as
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Building and its contents.
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Electronic/ mechanical
equipment including portable computers and cellular phones.
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Money in transit.
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Personal accident benefits.
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Legal liabilities against employees and third party damages.
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Fidelity guarantee of employees.
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Plate glass and sanitary fittings.
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Neon and glow signs, also hoardings.
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Risks covered
This insurance policy consists
of the following 10 basic sections
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Section I (A) covers building
and contents against Fire & Allied
perils.
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Section I (B) covers contents against Fire and allied
perils.
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Section I (C) covers
Insured’s Legal Liability
as Tenant.
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Section II covers contents
against Burglary & House-breaking.
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Section III covers
mechanical & electrical
appliances against breakdown.
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Section IV covers electronic appliances, Laptop Computer, Cellular
Phone against all risks.
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Section V covers money against accident or
misfortune.
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Section VI covers Personal Accident to employees.
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Section VII covers pecuniary loss caused by infidelity/dishonesty
of employees.
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Section VIII covers legal liability of the insured against third
parties and employees.
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Section IX covers fixed glass/ sanitary fittings against accidental
breakage.
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Section
X covers
Neon
Sign/
Glow
Sign/
Hoarding
against
accidental
external means.
- The basic policy can be extended to cover
risks, which are peculiar to a particular establishment.
Schools covered under
this insurance policy can have their "Students' Safety" insured.
Hospitals/ nursing homes covered under compact insurance can
opt for "Professional Negligence" cover too.
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Additionally, the basic policy can cover
baggage and loss of profits too. |
Compensation Offered
This insurance policy will pay the actual extent of loss or damage
to the property under the policy's sections and endorsements, subject
to the Sum Insured, also limited by the maximum liability under the
section.
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Exclusions -
This insurance policy will not pay any claims arising from
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Loss
or damage owing to war or nuclear perils.
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Loss or damage owing to gradual deterioration, wear and tear and
slowly developing flaws.
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Consequential losses.
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Loss or damage caused by an
action of any lawfully constituted authority or government body.
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Loss or damage for which the manufacturer or the repairer
or the supplier or the transporter is responsible, either
by law or by contract.
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