Insurance
costs Features
The policy
offers protection to offices against different kinds of risks and perils an office
environment may be subject to. The policy has 12 sections to provide comprehensive
coverage to various aspects of a business.
Section1: covers building
from fire perils as per standard fire and special perils policy.
Section2:
covers contents against fire and allied perils.
Section3: covers money
while in office or in transit from or to the office.
Section4: covers
fixed glass and sanitary fittings from accidental breakage.
Section5:
covers losses caused by fraud or dishonesty committed by any salaried employee.
Section6: covers accidental losses and electronic equipment in the office
including mobile equipment.
Section7: covers additional rent required
for alternative accommodation in the event of a loss.
Section8: covers
bodily injury to insured persons by accidental means.
Section9: Breakdown
of appliances due to electrical and mechanical causes is covered under this section.
Section10: accidental loss or damage to baggage of persons during official
journey is covered here.
Section11: covers liability to public for accidental
bodily injury and property damage.
Section12: covers loss of income including
increased cost of working, additional expenditure due to business interruption
following a loss.
Benefits
Subject to exclusions, conditions,
general definition and warranties as detailed in the policy, claims shall be admitted.
If the sum insured of any property/item is less than the cost of reinstating the
property by new, the claim amount payable will be proportionally reduced. Terms
of coverage and basis of loss settlement shall be as applicable in respective
policies.
Premium
Rates of premium are fixed for individual
sections. Section1 is compulsory for the owner while section 2 is mandatory for
tenant. A minimum of 5 sections are to be covered by the owner while the tenant
may cover minimum 4 sections. For covering additional 2 sections, 10% discount
is given. For the next additional 2 sections, 15% and for the next additional
3 sections 20% discount is given. However, discount is not available on sections
1, 6 and 11.
Requirements
The proposal form shall be
filled in giving values of items required to be insured section wise.
Recommendations
The package policy provides total coverage of
all risks that are common to office environment and eliminates the need to take
different policies. Since all the covers are available under one policy, one need
not feel insecure and concentrate on the business. Hence, this policy is recommended
for all offices. Insurance
costs |