MISCELLANEOUS INSURANCE : ⭐

THEFT INSURANCE ⛔

Scope of theft policy cover

WHAT IS THEFT INSURANCE?
Policy covers insured against loss or damage to the insured property consequent upon actual,forcible or violent entry into/exit from premises,or damage to insured property or any threat including armed robbery /hold up

Theft risk covered by insurers

Housebreaking

Burglary

Full Value Basis
The total of property will be declared as sum insured.
The possibility of entire property being stolen at any one time

First loss basis
When the insured decides that it is not possible for entire property to be stolen at any one time.Therefore,at least 20% of total value declared

Property Covered

Business Premises
This policy provides cover against theft of property .
example: stock in trade, office equipment,furniture,fixtures,fittings etc

Private Dwelling
This policy covers the contents of private dwelling.The items covered under this policy are:
1.Household goods
2.Personal effects

  1. furniture 4.jewellery and valuables

Extension Policy

  1. This policy is extended to cover loss or damage to your covered personal property caused by theft

2.Extension policy can be in 2 ways:
a. Coverage
b.time

Common Policy Conditions
1.Interpretation
2.Precautions
3.records
4.cancellation
5.Reinstatement
6.other insurances
7.claims

Underwriting of theft insurance

1.Location

  1. Security
  2. Theft happen in accidental
  3. types of property
  4. size of premium

MONEY POLICY 💰

Designed to cover organizations &individuals that handle and transact cash in large volumes against loss of own money or money for which insured is responsible

Money includes 🤑

  1. cash
  2. cheques
    3.postal/money order
    4.bill of exchange
  3. stamps

SCOPE OF COVER

1.Money in transit
2.Money in premises
3.damages to safes or strongroom

Additional Cover

  1. Personal accident to messenger or custodians
  2. Armed robbery & hold up at the insured's premises
  3. riot,strike& civil commotion

Duration of cover

1 year & Renew the policy annually

Exclusions

  1. Shortage due to error or omission or resulting from clerical or accounting errors
  2. loss or damage by or through collusion or the fraudulent embezzlement by or misappropriation
  3. Loss occurring outside the territorial limits
  4. any loss occurring when premises are closed unless money are in locked safe or strong-room
  5. Any loss or damage occasioned by or through or in consequences ,directly or directly(war,strike,any terrorism)
  6. Loss or destruction or damage to any property(ionizing radiation or contamination by radioactivity)

Conditions

  1. Assignment
  2. Cancellation
    3.fraud
    4.change of policy terms &condition
    5.Material changes of subject matter
    6.subrogation,contribution,Arbitration

Warranties

1.insured shall take all ordinary & reasonable precautions for safety of money

  1. cash box or till drawer after business hours to be kept in a safe or strong room
    3.Safe or strong keys or duplicates thereof at all times be kept away from portion of insured premises
  2. all money not paid out on the day it received from bank is secured

FIDELITY GUARANTEE INSURANCE ✅

DEFINITION
indemnifies you as an employer against any loss of pecuniary that you may sustain through acts of dishonesty by your employees

TYPES OF POLICY

1) Individual
2)Position
3)collective
4)floating
5)Blanket

Individual policy-- Covers individual person named in policy for s stated amount
position policy-- covers named position without names of employees being indicated
collective policy--covers a group of employees-the insured decides specific amounts guaranteed for each named of individual employee
blanket policy--Covers all employees without show the names of guaranteed person irrespective of position held

Conditions

  1. Interpretation
  2. claims
    3.cancellation
    4.terms
    5.period of insurance
    6.risk management steps

EQUIPMENT ALL RISK POLICY ⭐

All risk protection covers the most common risk that could directly damage your property

Categories of all risk policy
1.equipment all risk
2.homeowner all risk
3.contractor all risk
4.election all risk
5.commercial all risk

What is equipment all risk policy
Policy covers valuable articles & portable item such as cameras,laptops,watches,clocks,paintings

Scope of cover

1.Fire,Lightning,explosion
2.burglary,theft
3.accidental damage or any misfortune

CROP POLICY 😃

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SECTION 2-- THIRD PARTY LIABILITY

SECTION 1--MATERIAL DAMAGE

Covers against loss or damage your insured property that happen during the period of insurance,within specified location or territorial limit

A third person or organization less directly involved in a matter than main people or organizations that are involved

Third party liability claims

  1. your business could be faced with a compensation claim
  2. this compensation payment can take into account medical costs,lost earnings&replacement or repair of damaged property

GENERAL EXCLUSION

  1. Loss or damage caused by arising from war,terrorism, confiscation or destruction
  2. over winding or internal damage
    3.loss caused from repairing,restoring or renovation
    4.loss to camera ,telescope
    5.damage to gramophone records by cracking,scratching

Basis of compensation


  1. market value mean the value of property insured at time of damage or loss


  2. reinstatement value mean the cost of replacing or reinstating loss or damage property of same kind or type,but not more extensive than the insured property when new.

Crop policy is purchased by agricultural procedures,including farmers,and others to protect themselves agaiinst the loss of crops due to natural disasters

MACHINERY BREAKDOWN INSURANCE 🎰 ⚠

covers against loss or damage due to breakdown of plant &machinery after successful completion of their performance acceptance tests,whether they are work or at rest or being dismantled

Business operating in following industries


  1. oil & petrochemicals
    2.chemicals &pharmaceuticals
    3.manufacturing industries
    4.power generation,utilities& alternative energy

subject matter of insurance
All mechanical & electrical equipment.example; generators,transformers,motor

scope of cover
-covers against any unforeseen&sudden physical loss or damage to item/property insured whilst on premises from causes

condition

  1. interpretation
    2.claims
    3.cancellation
    4.premium warranty

What is the premium that have to pay

  1. nature &mode of operation
    2.maintenance program in place
    3.underwriting principles/requirements
    4.equipment type/design&age

Types of claim settlement

Partial loss
-new parts are replaced in respect of damage items freight,custom duties

total loss
actual value of item before occurrence of loss including all other charges including charges for dismounting of machinery destroyed

UNDERWRITING CONSIDERATION


1.Age & condition of machine
2.maintenance programmed in place
3.loss history
4.seasonal/shift use &operational loss

scope of cover

  1. fire
    2.lightning

Period of cover
12 months &need to renew the policy annual

Additional peril
1.Animal damage

  1. windstorm
    3.aircraft damage
  2. riot,strike,malicious damage
    5.flood

sum insured

  1. operates on an agreed value basis
  2. values of trees can vary from one plantation to another

Exclusion of fire damage caused by burning within estate

  1. This insurance does not cover loss or damage to growing trees hereby insured
  2. if fire originates outside the estate covered by this policy,resulting loss or damage by spread of such fire to trees insured hereunder will be payable

Trees excluded from insurance

  1. tree have been attacked or damaged by white ants or other insect pests
  2. are suffering from any fungoid growth or other organic or constitutional diseases
    3.have died for any reason
    4.have been damaged or destroyed at any time by use of any weed killers

warrant

  1. control of undergrowth
    2.maintenance of fire breaks