Accident Insurance
Theft / Burglary
Suitability
This NIC policy is designed for business premises and covers stock in trade, goods held in trust or on commission, fixtures & fitting and utensils of trade
Features
* The scope of cover is limited to burglary and house breaking only. It does not include related perils like larceny which are not covered by the definition.
* The claim amount reduces sum insured every time a claim is paid. However the sum can be reinstated on payment of pro-rata additional premium.
* Property insured is covered only when it is lost from the insured premises and not from any other location.
Benefits
* In the case of goods , which are of low value in high bulk, (such as cotton in bales, grain, sugar etc.) the risk of losing the entire stock on a single occasion is considered remote. The value that can be burgled is then ascertained as probable maximum loss and the premium is charged for this Maximum probable loss while covering the entire stock at risk.
Premium
* There is no Tariff regulation and each case is considered on merit. The determining factors include the client himself, situation of risk, the type of property (whether easily saleable in the market) security measures & precautions taken and previous claims experience.
* The benchmark rate varies between 0.35% to 1.00 on declared value (for a standard risk)
* With regard to rating of the risk in first loss policies, it depends on the proportion the maximum Probable Loss bears to the maximum sum insured with appropriate discount.
Requirements
The proposal form should be completed providing very detailed information on the location of the risk and claims history. Often inspection of the premises and its neighbourhood will be carried out. Premises located in isolated areas or the adjoining premises and such which are not occupied in the night (like educational institutions or a places of worship) are not favorably considered.
Why You Must Buy This Policy
The policy is vital especially when the property is pledged with a financial institution. Normal security arrangements are necessary for an insurer to accept the proposal for insurance. Even if an elaborate security system is planned, the cost of such system will not be as expensive as the premium paid for the Burglary policy, as the risk is dispersed and distributed among the insuring public. In any case, good security system will benefit the insured in fixing the premium rating.
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Money
Suitability
This policy is designed to protect banks and industrial / business establishments against loss of money.
Features
The policy offers cover against loss of cash/cheques/postal orders/postal stamps:-
* While in direct transit from the bank to the insured’s premises or to the places of disbursement.
* While in transit from insured’s premises to the bank.
* In the personal custody of the insured or the authorized employees whilst within a period not more than 48 hours from the time of collection.
* Whilst secured in locked safe/strong room in the insured’s premises as a result of burglary, housebreaking, robbery and hold up.
* Loss of money In transit caused by robbery, theft, or any fortuitious events
* Loss of money from the insured’s safe or strong room caused by theft or robbery.
* Loss of money from the insured’s premises during business hours caused by theft or robbery.
Extra Covers
Policy may be extended to cover strike, riot, and civil commotion risks on payment of extra premium.
Premium
Premium is dependent on the estimated total cash carrying, the liability of the company at any one time, the mode of conveyance, distance involved, safety measures taken etc. Rates range from 0.05% to 1.5%. Premium is adjustable based on actual cash carried through out the year based on declaration made within 30 days of expiry of the policy.
Requirements
* All losses should be reported to the police and registered. Copies should be sent to insurers. Vouchers/proof of ownership and other evidence to substantiate the claim shall be required. Claims will be settled on receipt of final police investigation report and investigation by agency appointed by the insurers.
* Duly completed proposal form giving all the salient features as are required for proper underwriting of the risk.
Why You Need This Policy
There is considerable risk involved in handling cash and negotiable instruments, be it at the office, at the bank, at place of disbursement or while in transit. Thus, this NIC policy is extremely useful for those who handle and transact cash in large volumes everyday.
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Individual Personal Accident/Group Personal Accident
These policies indemnify the insured person(s) for death, permanent disability, temporary total disablement or medical expenses where insured following an accident causing bodily injury solely by violent accidental and visible means.
The personal accident policy is personalistic or individualistic in nature, where as the group personal accident is generalistic or within the group. The personal accident policy is always taken out by a single individual while the group is issued to atleast two persons, members of a social club, members of the same family or employees in a common employment.
Scope of Cover
Death
Provided death occurs within twelve months from the date of accident. The benefit payable may be a specified capital sum or multiples of wages.
Permanent Disability
Provided this occurs within twelve months from the date of accident and the benefit payable may be a specified sum or percentage or multiples of wages.
Temporary Total Disablement
This is a weekly benefit and payable for a maximum period of 104 weeks. It may be an agreed amount per week or a percentage of wages per week.
Temporary Partial Disablement
This is seldom given by underwriters, and it is usually a percentage of TTD (Temporary Total Disablement) payable per week. Proposal in this respect should be referred to the Head Office for consideration.
Medical Expenses
The maximum payable in any one occurrence, is the agreed policy limit where this is incurred following an accident.
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Golfers
It covers the insured against liability claims for injury to third parties and their property, personal accident to the insured, loss or damage to golf clubs and other golf equipment and hole-in-one bill.
Plate Glass
Protects against the risk of accidental breakage of glass of showrooms, office buildings, etc.
Travel Personal Accident
The policy offers financial benefits to a traveler for bodily injury due to accident which may occur during a journey between airport of departure and airport of destination.
The policy offers financial benefits to a traveler for medical emergencies while traveling in the European and Schegen countries. The cover can extend to cover other benefits eg. trip cancellation and curtailment, Loss of luggage, personal accident luggage delay.
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Pedal Cycle
The policy covers pedal cycles against accidental damage, loss or damage due to theft and fire and the insured against third party liabilities.
Pedal cycle owned by organisations and used by their staff for official duties only. Cover excludes damage by overloading, mechanical breakdown and theft of accessories.