Shopkeepers Insurance
The Shopkeeper’s Insurance is a combination of eleven sections covering risks faced by shopkeepers/traders. The policy covers building, contents, money, pedal cycle, plate glass, signs, baggage, personal accident, fidelity guarantee, liability and business interruption. While Section IB and II are compulsory, the client should opt for two more from the other sections The shop Owners of Retail chain, Shopping Arcades & Complex, Shops/Showrooms, Dealers where the Sum Insured of the building and contents together does not exceed Rs. 2 crores may buy the policy.
The policy covers various sections related to shop owners risks more detailed in Coverage section.
The policy covers various sections related to shop owners risks more detailed in Coverage section.
Section 1(b) and II are compulsory. In addition to the compulsory section two more of the remaining sections are to be opted
| Sec | Description of Cover | Description of Risk | Rate per mille |
|---|---|---|---|
| 1A | Fire and Allied Perils | Building (Excess–Asapplicable to Standard Fire Policies) | 1.25 |
| 1B | Fire and Allied Perils | Contents–(i) Non hazardous goods (ii) Hazardousgoods | 2.00 2.75 |
| II | Burglary, House- Breaking, larceny and theft | All Contents in IB above (Sum Insured should beidentical with IB) | 2.50 |
| III | Money Insurance | In Transit (not exceeding Rs. 150000/- perany one carrying) between two places within a radius of 24 K.Ms from insured's premises | 2.50 |
| ec | Description of Cover | Description of Risk | Rate per mille |
|---|---|---|---|
| In Safe / Steel Cupboard/ Cash Box kept under lock & key (2% of the Sum Insured under Section I or Rs.150000/-which ever is less) In Counter (1% of the Sum Insured under Section I or Rs.150000/-which ever is less) | 2.50 2.50 | ||
| IV | Pedal Cycle | Loss due to fire, burglary and external accidental means Legal Liability Rs.10000/- | 20.05 |
| V | Plate Glass | Accidental Breakage (Sum Insured 10% of the Total Sum Insured underSectionIorRs.100000/-which ever is less) | 10.05 |
| VI | Neon Sign/ Glow Sign | Loss due to fire and allied perils, theft, malicious damage and other external accidental means (Sum Insured 2 % of the Total Sum Insured under Section I or Rs. 20000 which ever is less) | 10.05 |
| VII | Baggage Insurance (in connection with the trade) | Baggage accompanying the insured / his employees Personal Baggage of the insured/partners/ propreitors | 7.50 |
| VII I | Personal Accident | Personal Accident Cover as per Personal Accident Guidelines Table and Cover Options | As per Guiderate |
| IX | Fidelity Guarantee | Monetory Loss to the insured due to the infidelity of salaried employees of the insured (Sum Insured 10 % of the Total Sum Insured under Section I or Rs. 100000/- which ever is less) | 10.00 |
| X- A | Liability Insurance- Public Liability | Third Party Liability including property damage caused due to the fault and negligence of family members of insured (Maximum Sum Insured 5 % of the Total Sum Insured under Section I or – Rs. 50000/- which ever is less)Coverage –As per Public Liability Act | |
| X- B | Workmen Compensation | Drivers, Servants, GateKeepers, Watchman, Gardners can be included – Accidents happen during the employment of the workers Sum Insured – Total Annual Wages paid Coverage – As per WC Act | As per Guidelines |
| XI | Business Interruption | Sum Insured must be equal to Sum Insured under1-Babove | 2.55 |
Discounts : If 4 or more sections are opted discount of 15 % is allowed. For 6 or more sections discount of 25% will be allowed.
The policy cannot be issued to cover risks where the applicable fire rate (Section I - Shops) is
more than 1.78 %o (for contents) Terrorism Loading – 0.15 %o
| Sec | Descriptionof Cover | Exclusions |
|---|---|---|
| I | Fireand Allied Perils | Loss of or damage to lives to ck motor vehicles and pedal cycles Loss of/damage tomoney,securities, stamps,bullion,deeds, bonds, bills of exchange, promissory notes, stock and share certificates, business books, manuscripts, documents or any kind unset precious stones and jewellery and valuables unless specifically declared |
| II | Burglary, House- Breaking, larceny and theft | Loss/damage where any employee of the insured or member of the insured’s family is concerned as principal or accessory Loss of/damage to livestock, motor vehicles and pedal cycles Lossof/damage to money securities stamps, bullion, deeds, bonds, bills of exchange, promissory notes, stock and share certificates, business books, manuscripts, documents or any kind unset precious stones and jewellery and valuables unless specifically declared |
| III | MoneyInsurance | Loss/damage where any employee of the insured or member of the insured’s family is concerned as principal or accessory or arising from fraud/dishonesty committed by employees carrying money Shortage due to errors and omissions Loss of money from safe following the use of the its original/duplicate key unless the key has been obtained by assault or violence |
| IV | PedalCycle | Loss/damage while the cycle is being used for hire or reward or outside India Overloading strain or mechanical breakdown Theft of accessories if not accompanied by stealing of the cycle Loss/damage while being used for racing or pacemaking |
| V | Plate Glass | Breakage/damage during removal, alterations,repairs on the premises Breakage of lettering on lyunac companied by breakage of glass Breakage of frames unless specifically declared Disfiguration/scratching/damage of glass other than fracture which extends through the entire thickness of glass Embossed, silvered, lettered, ornamental curved or any glass whatsoever unless specifically declared |
