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MISCELLANEOUS INSURANCE (Theft Insurance (Fundamental Factor (Types of…
MISCELLANEOUS INSURANCE
Money Insurance
Money Includes
Bill of Exchange
Cheques
stamps
Postal
cash
Designed to cover organizations and individuals that handle cash in large volumes, insured is responsible to their loss of own-money
Scopes of Cover
Money in Premises
Damage to Safes or Strongroom
Money in Transit
Additional Covers
Armed robbery and hold-up at the Insured’s premises
Personal accident to the messenger or custodians
Exclusion
Loss by fraud, embezzlement or misappropriation by any director
Shortages due to clerical or accounting errors or omissions
Loss or damage directly or indirectly caused by nuclear weapons
Machinery Breakdown Insurance
This product covers loss or damage due to the breakdown of plant and machinery after successful completion of their performance acceptance tests
the purpose of cleaning
shifted within the premises.
weather work or rest
Subject Matter
ALL MECHANICAL AND ELECTRICAL EQUIPMENTS
Example: Generators, Transformers, Motor, Lifts, Elevators, Engine etc
Scopes of Cover
lack of skill, carelessness
short circuit
defects in casting and material, faulty design, faults at workshop
shortage of water in boilers
physical explosion, tearing apart on account of centrifugal force
In a manner necessitating repair or replacement.
Excluded Peril
Willful acts or willful negligence of the insured or his representatives
any consequence of nuclear reaction, nuclear radiation or radioactive contamination
War and related risks
Faults or defects existing at the time of commencement of the insurance
Loss or damage caused by any faults or defects existing at the time of commencement
Theft Insurance
Policy covers the insured against loss or damage to the insured property consequent upon actual, forcible or violent entry into/exit from the promises,
Must Have Burglary or Housebreaking
Scope of cover
Full Value Basis
First loss basis
property Covered (Business Premises)
Cover against theft of property
e.g. stock-in-trade, office equipment, furniture, fixtures, fittings etc.
Property Covered (Private Dwelling)
Households Good
Personal Effect
Furniture
Jewelry and valuables
Extension policy
Coverage
Time
Fundamental Factor
Types of Property
Size of the premium
Theft happen in accidental
Security
Location
Exclusion
War invasion act of foreign enemy hostilities or warlike operations
Theft by any member of the Insured's family, staff or domestic servants
Loss or damage directly or indirectly caused by nuclear weapons
Equipment All risk Insurance
All risk
protection covers the most common risk that could directly damage your property
Covers valuable articles and portable item such as cameras, laptops
Scopes of cover
Fire, Lightning, Explosion
Burglary, theft
Accidental Damage or any misfortune
2 Section
Section 1 : Material Damage
Section 2 : Third Party Liability
Insured peril
peril that have stated in policy and will be cover like Burglary housebreaking or theft, Accident or misfortune and so on.
Excluded Peril
highly costly or uncommon perils
Additional Peril
like Loss or damage to furs, watches, fountain pens, cigarette lighters, or cases, sunglasses, sports gear including camp kit, field glasses, guns, sticks, umbrellas, cameras projectors and accessories, jewelry, personal ornaments, gold and silver
Crop Insurance
Purchased by agricultural producers, including farmers, and others to protect themselves against either the loss of their crops due to natural disasters, such as hail, drought, and floods.
Extension from fire policy named as insurance of growing trees.
Scopes of Cover
Fire
Lightning
Additional Peril
Aircraft Damage
Riot, Strike, Malicious Damage
Windstorm
Flood
Animal Damage
Third Party Liability
Bodily Injury
Accident loss of the property damage belong to third party
Trees Excluded from Insurance
Have been attacked or damaged by white ants
suffering from any fungoid growth
died for any reason except by operation of any of the insured perils
damaged or destroyed at any time by the use of any weed killers or insecticides or pesticides.
FIDELITY POLICY
This policy indemnifies you as an employer against any direct loss of pecuniary that you may sustain through act(s) of dishonesty by your employees.
Types of policy
Position policy
Covers named position without names of employees being indicated
The sum insured is a specific amount corresponding to the position and subject to an aggregate limit per period of insurance
Floating Policy
An extension of Collective Policy where the sum insured is specified for the whole group rather than for each individual.
The sum insured is reduced as each claim is made and an extra premium is needed to reinstate the cover
Blanket policy
Covers all employees without show the names of guaranteed person irrespective of positions held and an indemnity up to stated amount in respect of acts of one or more employees
The sum insured is fixed for anyone loss and in the aggregate anyone period of insurance
Collective policy
This Policy covers a group of employees.
The Insured decides the specified amounts guaranteed for each named of individual employee covered according to his or her responsibility and position
individual policy
Covers individual persons named in the policy for a stated amount
Features of cover
This policy covers the Insured’s pecuniary loss or goods belonging to the Insured due to the act of fraud or dishonesty committed by His/Her (Insured) employees
Excluded peril
Is a source of loss that stated in the policy and not be covered
Conditions
Cancellation
Terms
Claims
Periods of Insurance
Risk Management Steps
interpretation