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Shopkeepers' Insurance
This policy is specifically designed
to cover all the risks and contingencies faced by small to medium shop
owners. It provides protection for the property and the interests of
the insured and his partners in the business venture.
What can be Insured
The 11 sections under this policy can insure the shop
building, its contents, money stored in transit/ counter/ safe, pedal
cycle, plate
glass, neon and glow signs, baggage, fidelity of the employees, the
owner's public liability, workmen's compensation liability as well
as interruption of business.
Shops that implement manufacturing processes do not qualify for the
Shopkeepers' Insurance policy.
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Risks covered
The risks covered under this policy are
- Fire and allied perils.
- Burglary and house-breaking.
- Loss or misfortune.
- Accidental breakage.
- Loss due to fraud or dishonesty
of employees.
- Injury to third party.
- Risk or liability under Workmen's
Compensation Act.
- Loss of business owing to interruption.
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Compensation Offered
This policy can be provided for shops where the value at risk including
the building (if owned by the insured) does not exceed Rs.10 lakhs
during the policy year.
Establishments with a larger value at risk have to obtain separate
coverage for different perils.
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Exclusions
Under Section
I (B) that covers contents (excluding money and valuables),
loss or damage to livestock, motor vehicles and pedal cycles, security
stamps, deeds, bullion, bonds, bills of exchange, stocks and share
certificates, promissory notes, business documents, manuscripts,
precious stones and valuables cannot be insured.
Under Sections
II, III (A), (B) and (C), which covers the risks
of burglary and housebreaking against the contents of the shop, any
misdemeanour involving any partner or employee of the insured or
his family member as principal or accessory will not be compensated.
Under Section
IV, any
loss or damage to the pedal cycle insured if and when it is not
securely locked when unattended or overloaded
will not be compensated.
Under Section V, that
covers the risks towards plate glass
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Breakage
or damage during removal, alteration and/ or repairs.
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Breakage
of lettering.
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Breakage or damage
to the frames or framework.
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Disfiguration
or scratching or damage other than a fracture extending through
the entire thickness
of the
glass.
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Embossed, silvered,
lettered, ornamental, curved or any glass that is not plain and
of ordinary
quality.
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Breakage
of glass that is not securely fixed.
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Loss or damage
consequent to interruption or delay of business arising from replacement
or breakage
of glass
will not be provided for.
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Under Section
VI that covers the risks
towards neon and glow signs, the liability posed by earthquakes or
fusing or burning out of bulbs, short circuits, mechanical or electrical
faults is not payable.
Under Section
VII that covers the risks towards baggage, any loss
caused by scratching, breakage of lenses, china, marble, records,
brittle and fragile articles, damage caused by mildew, worming, cleaning
processes, dyeing, repairing and restoring, theft from unattended
and unlocked cars is not payable.
Under Section
IX that covers the fidelity guarantee, any infidelity
by a person other than a salaried employee of the insured is not
insured.
Under Section
X (A) that covers the third party liability of the
insured, any liability assumed by the policyholder as well as injuries
caused to animals or vehicles are not payable.
Under Section
X (B) that covers risks and liabilities towards the
Workmen's Compensation Act, any interest or penalty imposed upon
the insured will not be payable.
Under Section
XI that covers the loss of business due to interruption
caused by fire and allied perils, the insurers are not liable for
consequential losses to securities, obligations or documents, stamps,
coins, paper money, books of accounts, other business books, computer
records, manuscripts, plans, drawings or designs, patterns, moulds
or patented designs. |
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