1. BURGLARY INSURANCE: This insurance indemnifies the
insured against loss or damage to any
kind of movable property like,
stock-in-trade, plant & machinery, fixtures fittings etc. In the business
premises so long as these are reasonably
protected. The insurance may be
extended to cover cash or valuable in strong rooms of banks and safe
deposits and safes other than banks.
SUM
INSURED: As only stocks are casually
covered under this type of policy, the market value of the safes other than stocks held
should be furnished as the sum to be insured. SCOPE OF COVER: The insurance cover loss or damage to property by
theft following burglary or house breaking which means that to establish a
claim there must be visible signs of felonious
entry or exit from the premises
by violent and forcible means. Damages to properties falling to be borne by the
insured is also covered subject to a maximum of 5% of the total sum insured.
TYPES OF POLICIES: (1) DECLARATION POLICY: This type of policy is issued in
case of fluctuating stock and where large handling of stocks is involved during
the year which are at number of locations . It is issued on the same lines as
fire declarations policy. (2) FIRST LOSS INSURANCE POLICY: This is an exception to the normal procedure of providing insurance for the value. This type of the
policy is loss subjected to the partial average
clause according to which if at the time of a loss the actual value of
the property exceeds the total value
declared to the insurer then the liability of the insurer in respect of the
loss is restricted in the same proportion as the declared total value bears to
the actual total value. The insurer’s
maximum liability will be restricted to the first loss amount to be chosen by
then the insured. Usually minimum first loss percentage is expected to be 25 %
of the total value at risk. 2. CASH
/MONEY (IN TRANSIT) INSURANCE:( C ) Assault risks to unnamed cash carrying
messengers and or employees. (d)
Terrorism.
3. FIDELITY GUARANTEE INSURANCE: This insurance
protects the interests of the employers
and businessmen who apprehend financial
loss due to fraudulent or dishonest
conduct of their employees Its basis originates from an employer and
employee or a fiduciary relationship where confidence or trust reposes a
crucial part.
TYPES OF FIDELITY INSURANCE POLICIES: (1) INDIVIDUAL POLICY: It
is used where only one individual is to
be guaranteed. (2) COLLECTIVE POLICY: It is used in the entire staff or an
a number of selected individual
are to be covered. (3) FLOATING POLICY: It is an extension to the collective form of contract in which
the names and duties of the individual to be covered are inserted in a schedule
but instead of individual’s amount of guaranteed a specified sum of
guaranteed is floated on the whole group. (4) BLANKET POLICY: It covers the
entire staff without sharing names or positions. No enquiries about the employees bare made by the
insurers. Such policies are suitable are
suitable for an employer who has a large staff and the organization to make adequate enquiries into the
antecedents of employees. 4.
NEON SIGN INSURANCE: This insurance is
designed to cover fro glow sign installation against loss or damage to
the installation or any part there of by
accidental external means, fire,
lighting external explosion or
theft etc. But loss due to fusing or burning out of the any bulbs or tubes
arising from any mechanical or
electrical defects are not covered under
this insurance. Even the loss or cost due to following reasons are also not
covered under this insurance: (a) Nuclear risks. (b) Earthquake, flood and
other natural calamities. ( C ) Riot,
strike and civil commotion. (e) Damages to tubes unless the glass is fractured.
(f) Over running, overheating or strain. (g) Atmospheric condition and . (h) Consequential loss.
5. JEWELLERS BLOCK INSURANCE: This scheme
covers all types of risks relating to jewellery
and jeweller can take an insurance of all jewellery which is in
possession, whether that is for sale or belongs to customers or kept for
cleaning or repair etc. The risk
covered under this insurance is divided into four sections: SEC 1: Loss of or
damage to property while All risks cover whilst the property insured is in the custody of the insured
hi/her partners his employees directors
sorters of diamond. SEC-3: All risks
cover whilst such property is in transit
by registered parcel post and Air
Freight, SEC -4: Cover for trade and office furniture and fitting in the
premises against the risks specified in
section
6. DUTY INSURANCE: This
insurance is generally taken by the
importer to cover the payment of actual duty on the imported goods. When
imported cargo arrives in India, certain duty is leviable by the custom authorities. This duty can be insured either
by including it in it the marine cargo policy’s sum insured or by
purchasing a separate duty policy. It
forms a apart of a cargo policies and
also agreed value policies but the claim is payable 75% of the assured
claim. 7. SHOPKEEPERS INSURANCE: This insurance has
been designed to cover various risks and contigencies faced by small shopkeepers under a single policy. It provides protection
for property and interests of the
insured and his partners in the shop. The shop premises must conform to
specification of class A construction as per fire tariff. The shops where value at risk including the
value of the building if owned by the insured is not exceeding Rs. 10 Lakhs at
any time during the insurance policy year are eligible to buy this policy. The insurers would not
permit this policy in case the value of stock is more than 10 Lakhs at the time
of taking insurance or is likely to exceed this limit any time during the period
of insurance.