Office Package Insurance Policy

This policy is an insurance package, designed to offer a range of benefits, arranged in different sections. It is a flexible package which not only gives the choice to identify the risks against which the proposer would like to protect the property, it also lets the proposer to determine the extent of cover against each identified risk. Thus, one can develop ones very own customized policy in accordance with the specific needs.

The Policy Covers

II. Burglary & Housebreaking: Covers contents in office premises and damage to office premises or safe resulting from burglary or housebreaking, or any attempt threat.

III. Electrical & Mechanical Appliances: Covers all electrical and mechanical appliances, against loss or damage due to unforesseen and sudden accidental physical damage caused by and solely due to mechanical or electrical breakdown.

IV. Electronic Appliances: The electronic appliances, equipment or electronic installations, are covered against damage or breakdown under this Section. Computer software and programs (other than those developed in-house), data and data carrying devices, can also be covered under the policy.

V. Money Insurance: loss of money arising out of accident or misfortune while in transit or its loss from the safe / till in office.

VI. Baggage: Coverage is available against the loss of baggage due to accident or misfortune during any official journey undertaken outside the city by the proprietor, partner, principal officer or a permanent employee in the office.

VII.Fixed Plate Glass and Sanitary Fittings: Covers loss or damage (due to accidental breakage) of fixed plate glass and sanitary fittings as well as frames or framework in the office premises.

VIII. Neon Sign/Glow Sign/Hoarding:Covers Neon sign, Glow signs and Hoarding against loss or damage due to accidental external means like fire lightning, theft of whole sign, riot, strike, malicious damage, storm, tempest and flood.

IX. Personal Accident: Covers Death, Permanent Total/Partial Disablement and Temporary Total Disablement.

X. Infidelity/Dishonesty of Employees :Covers against any direct pecuniary loss caused by the dishonest act / infidelity of employees.

XI A. Legal Liability Towards Employees :Any legal liability towards employees under Fatal Accidents Act 1855 / Workmen’s Compensation act 1923 can be covered under this Section.

XI B. Legal Liability Towards Third Parties : Covers legal liability to pay compensation to third parties, in accordance with the Indian Law subject to limitations.

XII. Additional Rent for Alternate Accommodation: Covers additional rent which the proposer may have to pay for hiring an alternative accommodation, contingent upon the operation of a peril covered under Section I.

XIII. Tenants Legal Liability: Covers the legal liability incurred by the proposer as a tenant of the office premises, subject to certain limitations.

Premium Discounts/Loading

• The rate will be subject to suitable discount/loading according to the special character of the risks.
• Choosing more than five Sections entitles to attractive discounts in the premium rates.
• The proposer can also enjoy discounts from 5% to 20% for a favourable claim ratio. Likewise, there could be loading on the standard premium for a high claim ratio.

Major Exclusions:

This Policy does not cover

a) loss or damage due to war and/or warlike perils, nuclear and/or atomic radiation.

b) Loss or damage due to wear and tear, gradual deterioration or slowly developing flaws.

c) Consequential loss of any kind.

d) Loss of or damage caused by or due to action of any lawfully constituted authority or Governmentbody.

e) Loss or damage for which the manufacturer or supplier or repairer or transporter or any other third party is responsible either in law or under a contract.

Apart from the above all the standard exclusions of the respective policies shall also be applicable for the respective sections.