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Shopkeeper / SME Packaging

This is a package policy specially designed for small shopkeepers/offices/Industries. It is a single policy combining the various insurance requirements.

 

Highlights

This is a package policy specially designed for small shopkeepers. It is a single policy combining the various insurance requirements of shopkeepers. Discount in premium is available if a minimum number of four sections is selected including Section I (b). Only one policy can be taken by one shopkeeper for each shop in a specific location having separate books of accounts.

 

Scope

The policy comprises of following 11 sections :

Section I - Building & Contents

Covers shop building and/or contents therein against loss or damage caused by Fire & Allied perils i.e.

• Fire, lightning, explosion of gas in domestic appliances
• Bursting and overflowing of water tanks, apparatus or pipes
• Aircraft or articles dropped therefrom
• Riot, strike, malicious damage, terrorist act
• Earthquake-Fire and/or shock, subsidence and landslide (including rockslide)
• Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tornado or Cyclone.
• Impact damage by rail/road vehicle not belonging to the insured

 

Section II - Burglary & Housebreaking

Covers contents of insured shop premises(excluding money and valuables) against loss or damage by burglary and/or housebreaking.

 

Section III - Money Insurance

Covers loss of money in transit, loss of money/valuables whilst contained in a locked safe, loss of money contained in cashier's till and/or counter by burglary/housebreaking

 

Section IV - Pedal - Cycles

Covers loss/damage to pedal cycles belonging to insured by:

• Fire, lightning or external explosion.
• Riot, strike, malicious or terrorist act.
• Burglary and/or Housebreaking or theft
• Accidental external means
• Flood, cyclone, storm, tempest, and other similar convulsions of nature and atmospheric disturbance
• Earthquake Fire and shock

This section also covers legal liability of insured for death/injury to third parties or damage to their property arising out of use of the insured pedal cycles.

 

Section V - Plate Glass

Covers loss of or damage to fixed plate glass in insured's shop by accidental means.

 

Section VI - Neon Sign/Glow Sign

Covers loss of or damage to neon sign/ glow sign by :

• Accidental external means.
• Fire, lightning or external explosion or theft.
• Riot, strike, malicious or terrorist act
• Flood, inundation, storm, tempest, typhoon, hurricane, tornado, cyclone.

 

Section VII - Baggage

Covers loss or damage to accompanied personal baggage of insured or baggage in connection with his trade, whilst anywhere in India, by accident or misfortune.

 

Section VIII - Personal Accident

Covers insured and spouse and/or his children, named in the schedule and aged between 5&70 years, against bodily injury caused solely and directly by accident and resulting in death or permanent total or partial disablement or temporary total disablement within 12 calendar months of such injury.

 

Section IX - Fidelity Guarantee

Covers direct pecuniary loss suffered by the insured due to fraud or dishonesty committed by any of insured's salaried employees.

 

Section X - Public Liability

Covers

• Legal liability in respect of accidental death or bodily injury to a third party or accidental damage to their property during performance of any act in connection with insured's business.
• Compensation to insured's employees under Workmen's Compensation Act or Common Law.

 

Section XI - Loss of Profit

Covers loss of profit due to interruption of business consequent upon loss or damage sustained by property insured under Section I of the policy due to insured perils

 

It is necessary to opt for a minimum of 4 sections for this policy to be issued of which Sections I&II are compulsory.

 

Who can take the policy?

Two amounts are specified in the policy:

• Limits of liability for any one loss (i.e. maximum liability of the Company)
• Estimated amount in transit during the year for the purpose of premium computation.

 

How to select the sum insured?

The shop building should be insured on market value basis i.e.depreciated value basis.The contents should be insured on cost price basis. The sum insured for contents under Section I&II should be identical. The sum insured under Sections III,V,VI,VII,IX,X&XI is limited to specified percentage of the sum insured for contents.

 

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.