COMMERCIAL

POLICIES

BY
R.R.JOSHI
BAGGAGE INSURANCE
 SUBJECT MATTER--POLICY COVERS
LOSS/DAMAGE TO ACCOMPANIED PERSONAL
BAGGAGE DURING THE COURSE OF THE
JOURNEY,INCLUDING STOPPAGES IN
TRANSIT.POLICY IS AVAIBLE FOR A SPECIFIED
JOURNEY AS ALSO FOR ALL THE JOURNEYS
DURING THE PERIOD OF ONE YEAR IN THE FORM
OF AN ANNUAL POLICY.ARTICLES INTENDED
FOR SALE/DISTRIBUTION ARE NOT NORMALLY
COVERED.
 SCOPE OF COVER –POLICY COVERS LOSS/
DAMAGE DUE TO FIRE,RIOT AND STRIKE,
TERRORISM,THEFT,ACCIDENTS WHILST THE
INSURED IS TRAVELLING IN INDIA/ABROAD.
 MONEY INSURANCE
 SCOPE OF COVER
A) MONEY WILL INCLUDE CASH,DRAFTS, CHEQUES,
POSTAL ORDERS,CURRENT POSTAGE STAMPS
B) POLICY COMPRISES TWO SECTIONS—
SECTION I—PROVIDES FOR LOSS OF MONEY IN TRANSIT BY
THE INSURED/THEIR AUTHORISED EMPLOYEES
OCCASIONED BY ROBBERY/ THEFT AND ANY OTHER
FORTUITOUS CAUSE.
MONEY WILL INCLUDE MONEY FOR WAGES/ SALARIES/
PETTY CASH/OTHER SPECIFIED PURPOSES AND CASH
COLLECTED BY INSURED /EMPLOYEES DURING
COLLECTION ROUND UPTO 48 HOURS FROM THE TIME OF
COLLECTION.
SECTION II---COVERS MONEY AGAINST LOSS BY BURGLARY
/HOUSEBREAKING/ROBBERY/HOLD-UP WHILST RETAINED
AT INSURED’S PREMISES IN SAFES /STRONG ROOM.
 ALL RISK INSURANCE
 SCOPE OF COVER:
INSURANCE IS INTENDED TO COVER
JEWELLRY/VALUABLES,LAPTOPS,MOBILE
PHONES CAMERAS,WATCHES etc.AT ANY
LOCATION IN INDIA AGAINST LOSS/DAMAGE
BY FIRE,RIOT AND STRIKE,TERRRORISM,
THEFT, ACCIDENTS AND ANY OTHER
FORTUITOUS CAUSE.
 SALIENT FEATURES-
 INDIVIDUAL DESCRIPTION /IDENTIFICATION BY MODEL
No./SERIAL No./YEAR OF MAKE etc.OF THE INSURED ITEM
IS ESSENTIAL
 POLICY IS SUBJECT TO GENERAL EXCEPTIONS OF WAR/
NUCLEAR PERILS/CONSEQUNTIAL LOSS /DEPRECIATION
 POLICY IS SUBJECT TO SPECIAL CLAUSES/CONDITIONS
 BURGLARY AND HOUSEBREAKING
 SCOPE OF COVER
THIS INSURANCE COVERS CONTENTS OF
BUSINESS PREMISES,INCLUDING CASH-IN-SAFE/
STRONGROOM,AGAINST LOSS OR DAMAGE BY
BURGLARY,HOUSEBREAKING AND HOLDUP.
DAMAGE TO PREMISES CAUSED BY BURGLARS
DURING THE BURGLARY OR ANY ATTEMPT
THEREAT,IS ALSO COVERED, PROVIDED INSURED
IS LIABLE FOR THE DAMAGE REPAIRS.
 DEFINITIONS
 BURGLARY/HOUSEBREAKING—THEFT INVOLVING
ENTRY INTO OR EXIT FROM THE INSURED
PREMISES OR BOTH BY FORCIBLE AND VIOLENT
MEANS.
 HOLD-UP—THEFT ACCOMPANIED BY THREAT OF
VIOLENCE BY ANY PERSON/PERSONS
 BURGLARY AND
HOUSEBREAKING…contd.
 MODIFICATIONS TO BURGLARY POLICY
 FIRST LOSS POLICY—IN THE CASE OF BULK
COMMODITIES OR HEAVY STEEL ITEMS/
MACHINERY,THE VALUES INVOLVED MAY BE
HUGE.BESIDES,THE PROBABILITY OF A TOTAL
LOSS DUE TO BURGLARY WILL BE REMOTE.IN
SUCH CASES,THE SUM INSURED CAN BE AGREED
TO BE LESS THAN THE VALUE OF THE PROPERTY
( i.e.PERMITTED UNDERINSURANCE ).THE SUM
INSURED CAN BE FIXED AT A MUTUALLY AGREED
PERCENTAGE OF THE VALUE OF THE PROPERTY.
 DECLARATION/FLOATER POLICY-BURGLARY
POLICIES CAN BE ISSUED ON A FLOATER OR
DECLARATION BASIS AS PER THE PRACTICE IN
FIRE DEPARTMENT
 HOARDING/NEON SIGN
INSURANCE
 POLICY COVERAGE—HOARDINGS
 MATERIAL DAMAGE SECTION –COVERS LOSS/
DAMAGE DUE TO FIRE /BURGLARY /ACCIDENTS /
EARTHQUAKE/ STFI/ RIOT, STRIKE AND MALICIOUS
DAMAGE RISKS.
 REMOVAL OF DEBRIS SECTION—COVERS DEBRIS
REMOVAL (MAX.Rs.500/-)
 LEGAL LIABILITY SECTION—COVERS LIABILITY TO
THIRD PARTY ARISING OUT OF OPERATION OF
INSURED PERIL UPTO Rs.25000/-
 POLICY COVERAGE—NEON SIGNS
THE HOARDING POLICY MAY BE ISSUED WITH THE
EXCLUSION OF ELECTRICAL BREAKDOWN,SHORT-
CIRCUIT AND FUSING OF BULBS.
 PLATE GLASS AND SPECIAL
CONTINGENCY POLICIES
 PLATE GLASS POLICY
POLICY COVERS FIXED PLATE GLASS AGAINST
ACCIDENTAL BREAKAGE. BREAKAGE WILL NOT
INCLUDE DAMAGE OR DISFIGURATION OTHER THAN
FRACTURE EXTENDING THROUGH THE ENTIRE
THICKNESS OF THE GLASS.
 SPECIAL CONTINGENCY POLICY
THE COVER OFFERED IS A COMBINATION OF FIRE
AND ALLIED PERILS, BURGLARY, ACCIDENTS,
BREAKDOWN AND OTHER CONTINGENCIES.THE
CHIEF MERIT OF THIS POLICY IS THAT THE
QUESTION OF CONTINGENCIES TO BE COVERED IS
KEPT OPEN AND CAN BE VARIED TO SUIT
INDIVIDUAL CIRCUMSTANCES.