It's wise to always protect your key assets against any losses from theft, fire, and other perils
Shopkeeper's Package Policy
Why does one need a Shopkeeper Insurance Policy?
Shop keeping is an economic activity pursued with the aim of earning maximum profits within the limits of Government Rules & Regulations as well as social values. To ensure that one can focus on this primary activity, it is necessary that the mind should be free from other worries not related to trading such as accidents, which could hamper the business activity.
MERCHANT COVER (Shopkeeper) INSURANCE
It is a comprehensive policy which is generally used for covering shops in order to cover the loss or damage to both the structure and it’s contents and against financial loss incase of an unfortunate incident of fire, earthquake, flood, riot, fraud and burglary of cash in safe place and while in transit from bank to shop vice versa etc. It also provide compensation of liability claims and accidental benefits
Salient Features of the policy:
-
The Shopkeeper Insurance Policy may be taken for any shop of Pucca construction where the cumulative value for building and contents is up to Rs.2 (Two) Crores.
-
Shops selling confectionery and sweet meats items can be covered provided no process of manufacturing is done in the shop premises.
- Dry Cleaner shops may be covered provided no process is carried out in the shop premises.
-
Tailor shops; watch repairers may be covered provided no process is carried out. Incidental repairs are however allowed.
-
No Shopkeeper Insurance Policy may be issued for showrooms and display centres where no sales are carried out.
-
Electrical & electronic goods like CCTV, Personal Computer and related equipments installed in shop of Insured may also be covered against the risk of fire, housebreaking, electrical or mechanical breakdown.
-
Long term policy for upto 4 (four) years at discounted rate is also available.
-
The policy carries varying excess applicable to different sections.
-
Terrorism risk may also be covered at additional premium at the opinion of Insured and sole acceptance of company.
General Exclusions
This policy does not cover loss or damage:
i) Caused by war and allied perils
ii) By nuclear radiation and related causes.
COVERAGES UNDER THE POLICY:
Fire: It covers loss or damage to buildings and contents due to fire, lightening, strike, riot, storm, cyclone, flood etc.
Burglary: It covers any loss or damage caused by burglary or attempt of burglary to contents in your shop
Money(Safe & Transit): It covers loss of money due to burglary of cash in safe place or in transit from shop to bank/atm and bank to shop. The premium is calculated from Per Sending Limit as defined by the insured.
Fidelity: It covers financial losses due to fraud or dishonest act of salaried employees.
Cheque Forgery: Loss occurred due to forgery or material alteration of cheques, drafts or any negotiable instruments issued by you or in your favor
Personal Accident: Bodily injuries because of accident resulting in death or permanent total disability. It also provides for ambulance charges uptoRs 2000 and in the event of death for carriage of dead body
Public liability: This cover provides for legal liability on behalf of the proposer for accidental death or bodily injury to third party excluding resident employee or domestic staff as well as accidental damage to third party property.
Glass Breakage: This covers loss or damage to any fixed plain glass caused by an accident, external and visible means.
NEON SIGN: Neon or glow signs displayed at your shop premises are covered against damage caused by fire, accident, riot & flood
Medical Expenses To Insured: This covers provides benefit for medical expenses, to extent of sum insured under this cover, incurred by the proposer for the hospital treatment against any accident
Employer’s Liability: Covers legal liability to your employees
Tenants Legal Liability: It provides for legal liability imposed on you by the property owner on account of damage to property by fire, earthquake, flood riots, etc
Marine Transit of Goods: The losses or damage caused to the goods during movement from godown to shop
EXCLUSIONS IN POLICY:
In case the actual value of the sum insured is less when compared to the loss occurred under fire then claim would be reduced in the same proportion
Involvement of the Insured’s and/or Insured’s staff directly / indirectly
livestock, motor vehicles, pedal cycles, money, securities for money, stamp, bullion, deeds, bonds, bills of exchange, promissory notes, stock or share certificates, business books, manuscripts, documents of any kind, ATM debit or credit cards (unless previously specifically declared to, and accepted by, the Company);
Insured’s premises is unoccupied, for a period of more than 30 days consecutively To any property illegally acquired, kept, stored , or property subject to forfeiture in any manner whatsoever.
To jewelry, gold ornaments, precious stones and silver articles of any description
Second or subsequent transit in any one day.
Where the absence of immediate notice to the Police authorities and to the Company, along with FIR