Features
This is a Package Policy divided into 10 sections. The package includes the
following sections:
Fire Insurance of the building and contents (house
hold contents). Insurance of contents against fire risks is compulsory and a minimum
of three covers are to be selected for issue of a package policy.
Burglary,
housebreaking, larceny and theft
All Risks Insurance for Jewelry, ornaments
and other valuables
Plate Glass Insurance
Break down of Domestic
Appliances (Electrical and mechanical failures)
Television including
VCR & VCP and music systems
Pedal cycle Insurance
Personal
baggage insurance
Personal accident with family package discount of 10%
Public liability & Employers Liability
Benefits
This being a package policy, only one proposal form is to be completed instead
of separate proposal forms for individual policies.
As regards fire
risks, while covers like explosion/implosion (other domestic gas cylinders or
pressure cookers) and impact of rail/road vehicles are withdrawn as inconsequential,
special risks like damage due to bursting and overflowing of water tanks, apparatus,
or pipes are included in the policy.
By opting for Burglary section
under this policy inspection of the premises is waived. The sum insured should
be identical as selected for fire risks for contents.
As regards 'All
risks" policy for Jewelry & other valuable, the premium rates being high,
the insured is give an option to insure only such percentage of jewelry which
may be taken out of bank lockers for use at a time.
By opting for more
number of sections, a discount in the premium is allowed for non-tariff covers.
Requirements
A completed proposal form giving full details
of the property to be insured, full value of Jewelry and individual values of
each item to be given. As Personal Accident policy contains assignment facility,
this part may be completed and witnessed
Recommendations
Though there are individual policies to cover all the above risks, a single
package policy would avoid cumbersome procedure associated with individual policies. |