Miscellaneous Insurance

Includes insurance against loss from damage done, directly or indirectly by lightning, windstorm, tornado, earthquake or insurance under an open policy indemnifying the producer of any motion picture, television, theatrical, sport, or similar production, event, or exhibition against loss by reason of the interruption, postponement, or cancellation of such production, event, or exhibition due to death, accidental injury, or sickness preventing performers, directors, or other principals from commencing or continuing their respective performance or duties; and any insurance not included in any other classes and which is a proper subject of insurance

Types of Miscellaneous Insurance Policies

• Burglary Insurance Coverage
• Cash in transit and Cash in safe
• Fidelity Guarantee
• Group Personal Accident
• Group Health Insurance

Burglary Insurance Coverage
The Policy covers against loss or damage by Burglary House Breaking (i.e theft following upon actual, forcible & violent entry of &/or exit from the premises including Holdup risk, in respect of contents of offices, warehouses, shops , etc. & cash in safe or strong room & also damage caused to the premises.

Exclusions:
The policy does not cover loss or damage arising from war & war like operation, Riot & Strike, Civil Commotion, Terrorist activities convulsion of nature & consequential loss by use of the keys to safe unless obtained by force or threat, caused by Insured’s employees or member of the family.

Property Covered:
Property whilst contained in the premises, which includes a) Stock in Trade i.e. your property pertains to the Business or Occupation. b) Goods held in Trust or commission for which you are responsible, c) Furniture, fixtures, fittings, utensils and appliances in Trade, d) Money in locked safe, e) All other contents unless specifically declared for insurance.

Property not covered:
Goods or silver articles, watches or jewelry or precious stones or models or coins or curios, sculptures, manuscripts, books, plans, medals, moulds, designs deeds, bonds, bills of exchange, bank, treasury or promissory notes, cheque, money other than in the locked safe, securities, stamps unless specifically insured

Cash in transit and Cash in safe
Enterprises that require to transport or hold large amounts of cash as part of the business process are often hesitant to do so due to security concerns. However, specific insurance coverage can be taken for loss of cash, currency notes, coins, securities and cheque – both whilst in transit and/or in a locked safe on your premises. However, some policies will not extend to loss of cash entrusted to unauthorized persons or due to fraud, dishonesty, riots or terrorist activities. In case of Cash-in-transit Insurance, details of the mode of conveyance, manner of transport, nature of cash receptacle, presence of armed guards etc. will have to be provided to the insurer. Other details like maximum amount carried in a single transit, location of destination and route will also need to be conveyed. Additional coverage may also be sought for loss sustained due to damage to safe containing the cash whilst in transit.

Cash-in-safe Insurance pertains to money stored in a locked and secured storage facility on your premises. The insurer will need to ascertain the nature of business transactions that occur in the premises to determine the volume of cash requiring coverage. Details of number of keys and their possessors and security measures against burglaries and hold ups will also need to be given. Separate coverage may be sought for loss of cash by armed robbery during working hours and loss of cash during non-business hours.

Fidelity Guarantee
Although all companies aim to employ the best talent, this is not always possible. You need to protect your business against financial losses caused by dishonest employees who are aware of internal weaknesses. Such insurance should ideally cover theft of money or securities, fraudulent conversion, embezzlement, forgery, burglary, counterfeiting, and computer / wire transfer fraud.
Specific protection may also be taken for crimes committed by employees in the course of performance of their duties. This is ideal for cashiers and storekeepers – employees in positions of trust.

Types of fidelity policies:

• Individual policy – guarantee for one individual
• Collective policy / Floating policy: for the entire staff or select number of employees
• Position Policy: For positions / designations rather than individuals

Group Personal Accident
Group Personal Accident Insurance is an umbrella policy that covers any specific group of people insured against any bodily injury solely & directly from accident caused by external violent and visible means then Insurance Company shall pay to insured or his legal personal representatives as the case may be the sum or sums insured. Aside from physical injuries, uncertainty and depression may prevent you from going to work, leading to loss of income.

Benefits covered:

• Accidental Death
• Loss of limbs and eyes and
• Permanent partial / total disablement
• Temporary partial / total disablement. (at 1% of CSI upto 100 weeks
• The policy can be extended to include medical expenses to the extent of 40% of the valid claim amount by paying additional premium.

Group policies may be sought by any employer for employees or as a family package. Additionally self-inflicted damage such as drug / alcohol rehabilitation would also not be covered. Coverage is provided according to risk classification. This is generally attained by examining your professional work environment and lifestyle. Accountants, teachers and doctors would be in a different category from those involved in manual labor and vehicle drivers. Naturally, voluntary participation in physically endangering activities, such as adventure sports / extreme motor sports would result in different risk classifications.

Group Health Insurance

Group Mediclaim Policy:
Any Group/Association/Institution/Corporate body of more than 50 persons can take a group mediclaim policy. In essence a group health insurance policy is an insurance cover applied for by the employer, with the Insurance Company. The employer would usually bear the entire premium or only a part of it.

Coverage:
Hospitalization expenses incurred within the country, due to illness/disease &/or due to accident during the Policy period.
Room, Boarding expenses as provided by the Hospitalization/Nursing Home, and Nursing Expenses. Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist Fees Anesthesia, Blood, Oxygen, Operation Theater Charges, Surgical Appliances, Medicines and Drugs, Diagnostic Materials and x-ray, Dialysis, Chemotherapy, Radiotherapy, Cost of Pacemaker, Artificial Limbs and Cost of Organs and similar expenses.