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This is a package policy of various sections which covers business assets, stock-in-trade and equipment in a proposer’s shop including items of property contained therein for which a shop-keeper is accountable and legal liability, if any, incurred while carrying on trade/business at the shop. Shopkeepers’ insurance plans provide you with various covers for various items that you might want to insure against natural and manmade calamities, burglary, loss of cash in transit, cheque forgery, and many such misfortunes
The Policy Covers:
The policy is convenient and easy to understand, with easy documentation and hassle free claims service.
- FIRE AND ALLIED PERILS – building/s and contents from Natural calamities include fire, lightning, earthquake, landslide or rockslide damage, flood, inundation, storm, tempest, typhoon, hurricane, tornado, or cyclone
Man-made calamities include explosion of gas in domestic appliances, bursting and overflows of water tanks, apparatus, or pipes, damage caused by aircraft, riots, strikes, malicious, or terrorist acts.
- BURGLARY AND HOUSE BREAKING of the shop as well as loss due to impact damage by falling trees/electric poles/lampposts, breakage or collapse of aerials/satellite dishes and damage by civic authorities while preventing fire.
- ELECTRICAL AND MECHANICAL APPLIANCES – covers the loss or damage of insured appliances
- PERSONAL BAGGAGE – for loss or damage by accident or misfortune to your baggage your family members, while being carried on a journey anywhere in the world on business.
- FIXED PLATE GLASS – provides cover for accidental loss or damage to the plate glass that is completely and securely fixed on your premises
- ACCIDENTAL DAMAGE TO NEON SIGN AND/OR GLOW SIGN AND/ OR HOARDING
- FIDELITY GUARANTEE – against direct financial loss due to fraud or dishonesty of a specified employee. The employer sets a guarantee amount against the specified employee’s name
- LEGAL LIABILITY TO EMPLOYEES – accidental bodily injury to third parties, accidental loss, or damage to third party property. It also provides cover for liabilities under the Workmen’s Compensation Act 1923, Fatal Accidents Act 1855, and Common law to pay compensation to employees for bodily injury or death caused due to accidents or occupational diseases during the course of employment.
- MONEY INSURANCE – for loss of money at your premises or while transporting it, due to accidents, hold-ups, break-ins, robberies, etc. It also provides cover for loss or damage to the safe,
- BUSINESS INTERRUPTION- provides cover for loss of income that includes increased cost of working due to damage to your property caused by fire and its associated perils that is an interruption to your profession or business.
- If the employee’s nature of job is changed, his/her remuneration is reduced, or if the precautions to secure any accounts are not observed
- No amount will be payable if you had knowledge or reasonable cause for suspicion of the specified employee having committed fraud or a dishonest act
- Theft from unattended vehicle
- Money not transported in a carrying case specifically designed to carry it (unless agreed in writing by the insurer)
- Money consigned to any person other than your full time permanent employee, agency, or organization
- Due to robbery, theft, fraud, dishonesty or conspiracy by any of your employees or agents
- Loss or damage due to wear and tear, cavitations, erosion, corrosion, or any other gradual deterioration due to atmospheric conditions
- Costs to repair functional failures
- Consequential loss or liability of any kind
- War, invasion, foreign enemy hostilities, civil war, mutiny, civil commotion
- Nuclear activity
- Pollution or contamination
- Stock spoilage in cold storage due to change in temperature
- Loss of or damage to rented or hired equipment for which the owner is responsible
- Damage due to faulty workmanship or defective design
- Damage while moving the plate glass, working on it, or replacing it etc…
1. What is the value of my shop?
Your shop’s value is assessed as per its reinstatement value i.e. the cost of rebuilding it completely. For example, if your shop is 800 sq. ft. and the going construction rate is Rs.1,200 per sq. ft., the sum insured for your shop is Rs. 9,60,000.
2. What is the value of the merchandise in my shop?
The contents in a shop are assessed on their value at the time of purchasing the shopkeepers’ insurance policy, i.e. the cost of buying a similar new item, after deducting appropriate depreciation, based on the age of the item. This valuation includes electrical and mechanical appliances.
3. Can I select the items to be insured in my shop?
Yes, you have that choice. The shopkeepers’ insurance policy covers various perils and you can decide the type of cover you want to purchase.
4. What happens to my shopkeepers’ insurance policy if I sell my shop?
If the new owner of the shop wants to continue the cover, the insurance company may issue an endorsement in your name and transfer the policy to the new owner’s name. Otherwise, you can cancel the policy and take a refund from the insurance company.
What is the Claims Process?
In the event of a mishap, the first thing to do is report it to the insurer. Submit a written statement, so that the insurance company can provide you with a claim form. Fill up the claim form and submit it to the insurance office along with supporting documentation – an estimate of repairs, vouchers, invoices, proof, investigation reports, etc; typically the insurer should receive all your paperwork within a few days of the mishap. In case of theft, the police must be informed and a First Investigation Report (FIR) has to be filed. In case of third party liability, you must forward all letters, claims, notices, summons, etc to the insurance company
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