The sum insured depends on the value of your shop and the value of the contents of the shop. The value of the shop is calculated on the basis of the estimated cost of rebuilding it completely. The contents of the shop are assessed according to their value at the time of purchasing the shop insurance policy. The valuation would also include electrical and mechanical appliances in the shop.
Shopkeepers' insurance provides you with cover for your shop and its contents.
Can I select the items to be insured in my shop?
Fire and Allied Perils
Your shopkeeper's insurance policy covers any damage to your shop and it's contents. Read to know more.This section of shopkeepers' insurance provides cover for damage to your shop and its contents - business assets, stock-in-trade, equipment, furniture, fixtures, fittings, interior decoration and other contents - against fire and its associated perils that might happen because of natural or man-made calamities.
Natural calamities include fire, lightning, earthquake, landslide or rockslide damage, flood, inundation, storm, tempest, typhoon, hurricane, tornado, or cyclone.
Man-made calamities include explosion of gas in domestic appliances, bursting and overflows of water tanks, apparatus, or pipes, damage caused by aircraft, riots, strikes, malicious, or terrorist acts.
Additional risk covers provide for:
- Removal of debris
- Costs to comply with building regulations following a damage
- Consulting fees for architects, surveyors, and engineers
- Temporary removal of equipment to another place for repairs or renovation
- Loss of rent as landlord and
- Additional expenses on rent for tenant
- Escalation of sum insured throughout the year to guard against inflation
Exclusions
- insurance companies tend to be selective about the risk covers offered. For example, some companies may charge an additional price for cover against terrorist activities. Yet others may have built-in deductibles where you will have to pay a portion of the claim amount for damage or loss due to natural calamities.
- Loss, destruction or damage caused by:
- War, invasion, foreign enemy hostilities, civil war, mutiny, civil commotion
- Nuclear activity
- Pollution or contamination
- Stock spoilage in cold storage due to change in temperature
- Loss, destruction or damage to bullion or unset precious stones, works of art for an amount exceeding Rs. 10000, goods held in trust or on commission, manuscripts, plans, drawings, securities, obligations or documents of any kind, stamps, coins or paper money, cheques, books of accounts or other business books, computer systems records, explosives unless otherwise expressly stated in the policy
- Loss of earnings, loss by delay, loss of market
- Loss by theft during a peril or after it happens except in the case of riots, strikes, and malicious damage covers
- Loss or damage to property insured if they have been removed to another place; this is not applicable to machinery and equipment temporarily removed for repairs, cleaning, or renovation (not exceeding 60 days)
Burglary and Housebreaking
Your shopkeeper's insurance policy will cover your shop and its contents against loss or damage caused by burglary, housebreaking, theft, robbery, or dacoity. Read onn to know more.This section of the shopkeepers' insurance policy provides cover to your shop and its contents against loss or damage caused by burglary, housebreaking, theft, robbery, or dacoity. Some companies restrict the damage payment to the shop due to burglary or house breaking to a maximum 5 per cent of the sum insured.
This cover also protects against loss due to impact damage by falling trees/electric poles/lampposts, breakage or collapse of aerials/satellite dishes and damage by civic authorities while preventing fire.
Exclusions:
Typically, the policy will not cover:
- Loss or damage where a family member or business staff has directly/indirectly assisted any in the actual theft to cause the damage
- Loss or damage by fire or explosion, or natural calamities, such as earthquake, tornado, cyclone, etc.
- Gold or silver articles, watches, jewelry, precious stones, medals, coins, sculptures, manuscripts, rare books, plans, patterns, models, moulds, and designs
- Deeds, bonds, bills of exchange, promissory notes, money or securities for money, stamps, books of accounts, business books or documents, cheques, share certificates, tickets, stamp collection, coin collections, medals, plans, specifications, blue prints, document of title to goods, contracts or other legal documents, or documents of any other kind
- Unexplained losses, shortages due to error while making an inventory, losses resulting from your voluntarily parting with title or possession of any property, legally, illegally, or by deception
Some insurers state the policy will cease if:
- Your premises have been left uninhabited by day and night for seven or more consecutive days and nights
- You do any alterations on your premises by which the risk of burglary or housebreaking is increased; or change or relax any of the safeguards installed for securing the premises
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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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