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MISCELLANEOUS INSURANCE : :star: (CROP POLICY :smiley: (Crop policy is…
MISCELLANEOUS INSURANCE : :star:
THEFT INSURANCE :no_entry:
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
Scope of theft policy cover
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
furniture 4.jewellery and valuables
Extension Policy
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
Security
Theft happen in accidental
types of property
size of premium
MONEY POLICY :moneybag:
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 :money_mouth_face:
cash
cheques
3.postal/money order
4.bill of exchange
stamps
SCOPE OF COVER
1.Money in transit
2.Money in premises
3.damages to safes or strongroom
Additional Cover
Personal accident to messenger or custodians
Armed robbery & hold up at the insured's premises
riot,strike& civil commotion
Duration of cover
1 year & Renew the policy annually
Exclusions
Shortage due to error or omission or resulting from clerical or accounting errors
loss or damage by or through collusion or the fraudulent embezzlement by or misappropriation
Loss occurring outside the territorial limits
any loss occurring when premises are closed unless money are in locked safe or strong-room
Any loss or damage occasioned by or through or in consequences ,directly or directly(war,strike,any terrorism)
Loss or destruction or damage to any property(ionizing radiation or contamination by radioactivity)
Conditions
Assignment
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
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
all money not paid out on the day it received from bank is secured
FIDELITY GUARANTEE INSURANCE :check:
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
Interpretation
claims
3.cancellation
4.terms
5.period of insurance
6.risk management steps
EQUIPMENT ALL RISK POLICY :star:
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
GENERAL EXCLUSION
Loss or damage caused by arising from war,terrorism, confiscation or destruction
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
market value mean the value of property insured at time of damage or loss
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
:smiley:
Crop policy is purchased by agricultural procedures,including farmers,and others to protect themselves agaiinst the loss of crops due to natural disasters
scope of cover
fire
2.lightning
Period of cover
12 months &need to renew the policy annual
Additional peril
1.Animal damage
windstorm
3.aircraft damage
riot,strike,malicious damage
5.flood
sum insured
operates on an agreed value basis
values of trees can vary from one plantation to another
Exclusion of fire damage caused by burning within estate
This insurance does not cover loss or damage to growing trees hereby insured
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
tree have been attacked or damaged by white ants or other insect pests
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
control of undergrowth
2.maintenance of fire breaks
SECTION 2-- THIRD PARTY LIABILITY
A third person or organization less directly involved in a matter than main people or organizations that are involved
Third party liability claims
your business could be faced with a compensation claim
this compensation payment can take into account medical costs,lost earnings&replacement or repair of damaged property
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
MACHINERY BREAKDOWN INSURANCE :slot_machine:
:warning:
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
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
interpretation
2.claims
3.cancellation
4.premium warranty
What is the premium that have to pay
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