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OFFICE PACKAGE INSURANCE

OFFICE PACKAGE – SCOPE Of COVER, INDICATIVE PREMIUMS & RECOMMENDATION

This is a package policy designed to cater for the complete insurance requirement of an office. It is a single policy covering various contingencies faced by offices, which are normally covered as separate policies.

Scope Of Cover :

  • Fire & Allied perils
    • Additional Cover for Earthquake & Terrorism
  • Burglary & Housebreaking
  • Money Insurance (Cash in transit & Cash in safe)
  • Plate Glass
  • Breakdown of Appliances – Machinery Breakdown – MBD
  • Baggage
  • Electronic Equipment Insurance – EEI
  • Fidelity Guarantee
  • Public Liability
  • All Risks (Portable equipment)
Office Insurance
office package insurance

Valuation Norm :

  • We recommend that the Valuation norm to be used to arrive at the Sum Insured for all the Policies be REINSTATEMENT CLAUSE. Applying this clause means that we will be paid the cost incurred to Reinstate or Replace the Insured Property in case of any partial or total damage. This Clause is to be affected for Fire + Earthquake + Terrorism, Burglary, Plate Glass, MBD and EEI. For other Policies Specific Sum Insured or Limit of Indemnity is applicable.

FIRE & ALLIED PERILS

This is a package policy designed to cater for the complete insurance requirement of an office. It is a single policy covering various contingencies faced by offices, which are normally covered as separate policies.

Scope Of Cover :

This policy safeguards you against the losses that can arise due to a fire or risks that are stated below.

EXTENSION – Tenants Legal Liability: You may avail of the Tenants Legal Liability under this section on payment of additional premium and secure yourself against any legal liability to your landlord arising out of damage caused to the premises that you occupy as a tenant.

ADDITIONAL COVER – Earthquake & Terrorism

What is to be covered for FIRE + EQ + TERRORISM?

RECOMMENDATION – We recommend that you cover yourself for Fire, Earthquake & Terrorism and the same need to be extended to the Building + Content inside. Extension of Tenants Legal Liability is not required in your case.

Premium rate applicable will be the ones indicated above for an Office Premise.

BURGLARY & HOUSEBREAKING

The policy provides protection against loss of or damage to insured property due to burglary and housebreaking i.e. theft following upon an actual, forcible and violent entry to or exit from the insured premises.

The policy also pays for the damage to the premises on account of burglary, housebreaking etc.

The policy provides cover in respect of all types of property such as stock in trade, goods held in trust or commission, furniture, fixture, fittings, money in locked safe and any other item or equipment.

To cover the fluctuating stocks at one place or at many places or variations due to seasonality, one can choose from Floater, Declaration or Floater Declaration Policies.

One can also opt for First Loss Policy where the Sum Insured chosen is a percentage of the full value of property in respect of stocks of bulk nature, where it is impossible for the entire stocks/contents to be burgled at one time.

PREMIUM RATE

The Premium rate for this cover is a NON-TARIFF one and therefore the same can be negotiated separately with Insurance Company. However, the standard rate is Rs.1 per 1000 ie. Rs.100 per Lac of Sum Insured.

RECOMMENDATION – We recommend you to have this cover in force in the Policy. You may cover your Movable Contents under this Policy.

burglary insurance
Money Insurance

MONEY INSURANCE – Money In Transit & Money In Safe

The money insurance policy covers Loss of money in transit caused by robbery, theft, or any fortuitous event.
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.
The loss of money in transit should occur when being carried by the insured or his authorized employee, which means employees named in the schedule.
However, any loss of Money due to Fire is not covered. Therefore the value of money in safe/ office premise should be mentioned separately in the Fire Policy.

PREMIUM RATE

The Premium Rate for this cover is a NON-TARIFF one. However, the standard rate is Rs.1.5 per 1000 on the Annual Turnover.

RECOMMENDATION – We recommend you to have this cover in force in the Policy. You may cover the Money in Transit especially if you have regular cash transactions with Bankers over a reasonable distance. We need to know how much money at max is in transit in one transaction and how many such transaction happen very week. If you have Cash / Currency lying in your Office safe we need to cover the same as well.

PLATE GLASS

This cover pays for the loss or damage to plate glass located at the insured premises due to accidental breakage during the Policy Period. Also, the company pays for the cost of any temporary boarding up necessitated by such breakage Furthermore the Company will indemnify costs for damaged frames and frameworks but only as a consequence of an insured damage according to the terms and conditions upto a maximum limit of Rs. 5,000.

RECOMMENDATION – We recommend you to have this cover in force in the Policy. Details of such Plate Glass along with Costing has to be provided. Plate Glass being susceptible to damage on knockdown or similar accidents having a risk cover for the same is advisable.

BREAKDOWN OF OFFICE EQUIPEMENT (MBD)

Breakdown of any business appliances or equipments such as photocopying machine, deep freezers etc against unforeseen and sudden physical loss caused by or solely due to mechanical or electrical breakdown.

Such breakdown can be covered by Machinery Breakdown Policy (MBD)..

RECOMMENDATION – We recommend you to have this cover in force in the Policy. With or without AMC Office Appliances are susceptible to Mechanical, Electrical or External Breakdown and the same therefore needs to be covered and MBD offers a comprehensive policy against such risk. Fire, EQ, Terrorism and Burglary needs to be separately endorsed for such items as MBD is not an All Risk cover. It’s only a Breakdown Cover.

Machinery insurance

BAGGAGE INSURANCE :

The Insurance Co. pays you in respect of loss to accompanied baggage of you and / or your employees while on official tour. The coverage is anywhere in India. This can be extended worldwide.

Such breakdown can be covered by Machinery Breakdown Policy (MBD).

RECOMMENDATION – We recommend you to have this cover in force in the Policy in case there are Frequent Travellers in your firm.

ELECTRONIC EQUIPMENT :

The insurance Co. will indemnify you in respect of any unforeseen and sudden physical loss or damage to electronic equipment such as fax machine, computer etc. This is an ALL RISK Cover and therefore all types of Breakdown including External Breakdown + Fire Risk + Earthquake Risk is also covered under this cover. Terrorism Risk however is not covered and the same needs to be taken separately.

RECOMMENDATION – The insurance Co. will indemnify you in respect of any unforeseen and sudden physical loss or damage to electronic equipment such as fax machine, computer etc. This is an ALL RISK Cover and therefore all types of Breakdown including External Breakdown + Fire Risk + Earthquake Risk is also covered under this cover. Terrorism Risk however is not covered and the same needs to be taken separately.

Baggage insurance
fidelity guarantee

FIDELITY GUARANTEE

This Section covers against any direct pecuniary loss caused by act of fraud or dishonesty committed by any salaried person employed by you in the insured premises. This is a Policy with Limits of Indemnity specified and therefore only loss upto the Specified Sum Insured (Limit of Indemnity) is payable.

The Premium Rate for this cover is a NON-TARIFF one. However, the standard rate is Rs.10 per 1000 ie. Rs.1000 for One Lac Sum Insured.

RECOMMENDATION – We recommend you to have this cover in force in the Policy in the event you think Financial Loss due to Dishonesty of an employee is a concern. Otherwise the same can be ignored. But periodic review is a must for not only Risk Covers we take up but also for ones we don’t at the initial stage.

PUBLIC LIABILITY

This section will compensate you, for with claims arising out of third-Party death, bodily injury or property damage occurring in your premises.

RECOMMENDATION – As discussed you did not feel that you need to take this cover. So we leave this at your discretion.

ALL RISKS (PORTABLE EQUIPMENT)

An ALL RISK COVER similar to the EEI Cover but for items which are movable. It therefore covers all possible breakdowns including External Breadown + Fire + EQ + Burglary. Unique fact is that it also covers Terrorism Risk. Worldwide Cover is also possible in this policy.

Generally, Laptops, LCD Projectors, Handycams, Mobiles and similar items which are movable are covered under this policy.

RECOMMENDATION – We recommend you to have this cover in force in the Policy. Laptops, LCD Projectors especially are high risk items and therefore the same should be covered under the Spl Contingency Policy. If the employees are traveling worldwide with the Laptops you may obtain a Worldwide Cover for the same.

All Risk Insurance

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