Miscellaneous Insurance Covers

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The wordings and the coverages of these
policies vary between the various insurers
The coverages and exclusions are broadly
mentioned here

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1. Burglary Insurance

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What does Burglary policy Cover?
 loss or damage caused by Burglary,
following upon an actual forcible and
violent entry of and / or exit from the
premises)

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 Exclusions
Burglary insurance excludes damages arising
from;

 Riots, Strike, Civil Commotion

 War & War like operations
 Terrorist activities
 Consequential losses
 Theft (Can be covered on payment of additional
premium)

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 Types of Policies
Some of the important types of Burglary policies
are;
 Full Value Policies:
 A full value policy covers the goods insured
for their full value
 First Loss Policies:
 These are not full value policies.
 The sum insured doesn’t represent the full

value of the property

 Normally issued for bulk commodities in

which the total loss is practically impossible

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 Underwriting Considerations
 Security Features
 Type of Construction
 Location details
 Occupancy/Activity
 Property proposed for insurance
 Are the premises occupied at night?
 Are the premises at any time left unoccupied?
 Is the insured location protected by a burglar
alarm system?
 Past Claim details (incl. frequency of loss)
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Some preferable burglary risks from the
point of an insurer….

 Office premises with 24 hour watch &

ward staff on the premises
 Housing societies (flats) with 24 hours
watch & ward
 Shops with anti burglar alarm & anti
burglar devices or with watch and ward

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2. Fidelity Guarantee Insurance

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The most valued assets of an organization
are its employees.

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Although most organizations take enough
measure to ensure that they employ the best
talent, selections can sometimes be wrong.

The most honest of your employees can be

the cause of losses and fraud

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Fidelity Guarantee Insurance covers you
against these losses caused due to fraud or
dishonesty committed by the employees in
connection with their occupation and duties

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What does the Fidelity Guarantee
Policy cover?
 Direct pecuniary loss (loss of
money/goods) caused by an employee in
the course of performance of his duties

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Types of Fidelity policies
1. Individual policy: Only one individual by
name is guaranteed

2. Collective policy: Covers the entire staff or

number of selected people. One policy is
issued showing amount of guarantee against
the name of each individual covered

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3. Floating policy or floater: This cover is an extension of
the collective policy.

The sum insured for the whole group is mentioned and not
for an individual.

The names of the group member with their designations

are mentioned in the schedule of the policy.

Each claim reduces the sum insured and has to be

reinstated by paying extra premium

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4. Position Policy: Similar to collective
policy but instead of specifying names,
the positions are specified (eg cashiers,
store keepers etc).

The liability for each position is limited to

the amount of sum insured against each
position

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Exclusions
 Losses arising out of suppression of fact

 Any change in the circumstances or

conditions of the said employment without
the consent of the company.

 More than one claim in respect of any one

employee.

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 Losses arising outside India.

 Due to non-observance or relaxations of

system of checks and precautions

 By an act committed subsequent to an earlier

act of dishonesty/fraud and which had come to
the notice of the insured / insured's
representative / supervisor.

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3. Baggage Insurance

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What does this policy cover?
 Accompanied baggage of persons travelling
 The Risks covered are Fire, theft or accidents of
baggage during the travel by land , sea or air
 The cover starts operating when the person starts
the journey and ends on completion of the tour
 Unaccompanied baggage is insured under a
separate Marine Cargo policy

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Exclusions
 Loss arising out of war and war like perils
 Theft from unattended vehicle
 Consequential losses
 Loss to articles or clothes when they are worn
while performing the journey
 Undeclared articles
 Articles which are perishable and consumable

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 Embossed, silvered, Bent or any special type
of glass other than of ordinary glazing quality
unless declared and expressly insured by the
policy
 Consequential loss arising out of breakage,
(i.e. interruption of business) or due to delay
in replacing the glass.
 Nuclear exclusion

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4. Plate Glass Insurance

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What does this policy cover?

 Breakage of Plate Glass fixed to display

windows or showcases of commercial
establishments by any cause, except those that
are specifically excluded

 Frames and framework are covered upto the

specified limits, but only as a consequence of
breakage of insured glass.

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Exclusions
 Breakage caused directly or indirectly by Fire or
any loss that could be covered by a Fire Policy.
 Earthquake, volcanic eruption, cyclone or such
other convulsions of nature
 war and allied perils
 Cracked or imperfect glass or scratches on the
glass
 Willfully caused by the Insured or his agent

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 Embossed, silvered, Bent or any special type
of glass other than of ordinary glazing quality
unless declared and expressly insured by the
policy
 Consequential loss arising out of breakage,
(i.e. interruption of business) or due to delay
in replacing the glass.
 Nuclear radiation

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5. INSURANCE OF
NEON SIGN / HOARDINGS

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Coverages
The Neon sign Insurance covers Loss or
damage to the neon sign installation by
 Accidental means
 Fire, Lightning, Theft

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Exclusions

 Fusing or burning out of any bulbs and

tubes arising out of short circuiting /
mechanical / electrical defect/breakdown
 Consequential losses
 War and war related perils

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6. MONEY INSURANCE

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The policy covers;

i) Money in Transit between the insureds

premises and specified places
ii) Money in safe

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Sum Insured – Money In Transit

 Per Transit Limit (max amount that would be carried

at any one time)
 Annual estimated amount of transit

The above two are specified in the policy

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Exclusions:
 Shortage due to error or omissions
 Loss of cash entrusted to any person other
than the insured or the employee of the
insured
 Losses due to the fraud/dishonesty of the
employees
 Theft of money from unattended vehicle
 Losses arising from war or war like perils

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7. Jewellers Block Insurance

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 This is a package policy specially designed for
jewellers & diamontaires
 The policy can be taken by jewellers who are
wholesalers or retailers.
 The policy cannot be given to establishments
whose work is predominantly manufacturing like
cutters and goldsmiths.
 The policy also cannot be given to angadias ,
brokers or pawn brokers etc.

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 The policy comprises four sections which are
optional except for section I which is
compulsory.

 Section I : loss or damage to jewellery , gold &

silver ornaments, pearls, precious stones due to
fire, explosion, lightning, burglary, theft

 Section II : Covers loss or damage to jewellery,

gold etc. as described in Section I whilst it is in
the custody of the insured, his/her partners,
employees, directors, or whilst such property
(excluding cash and currency notes) is in the
custody of brokers, agents, cutters and
goldsmiths.
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 Section III : Covers loss or damage to
property described in Section I whilst in
transit by registered parcel post, air freight
or through angadia.

 Section IV : Covers loss or damage to trade

and office furniture and fixtures in insured
premises due to fire, explosion, theft

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 Exclusions:
 Loss / damage to the insured property resulting from the
process of cleaning, repairing etc
 Shortage noticed at the time of stock taking
 Loss/damage when the insured property is at any public
exhibition
 Loss/damage while the insured property is worn or used
by the insured / family members/ partners / friends
 Consequential losses, War and allied perils

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8. All Risk Insurance

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Though the cover is termed as an ‘All Risk
Cover’, this policy doesn’t cover all risks of
loss or damage. The policy contains several
exceptions.

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The policy mainly covers loss or damage by
fire or burglary or theft or any other
accidental or fortuitous circumstances

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 The policy is suitable for personal valuables,
jewellery, antiques, paintings etc
 One of the problems in All Risk policy is the
basis of deciding the value
 An important factor to be considered while
underwriting an All Risk policy is good moral
hazard
 Proposals should be entertained from those
whose integrity and reputation are beyond
doubt
 Normally insurers provide ‘All Risk’ cover on
accommodation basis

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Exclusions:
Some of the exclusions include;
 Loss due to wear and tear or other inherent defects
 Loss arising from repairing, restoring, renovation
or cleaning
 Breakage, Cracking or scratching of Crockery,
Glass, Pictures, articles of brittle or fragile nature
 Loss or damage due to delay, detention or
confiscation by customs or by other authorities
 Usual exclusions like war and allied perils,
consequential losses, nuclear weapons material
etc.

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9. Package Policies
• House Holders Policy
• Office Package Policy
• Shop Keepers Package policy etc.

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 Package policies are designed by insurance companies to get a
comprehensive cover under one single policy for various risks

 The insured doesn’t have to take a number of individual policies to

cover various perils

 Substantial discounts are available

 For insurers, unnecessary administrative work can be avoided

 Low administrative expenses such as stamp fee and other policy

issuing expenses

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Some of the common package policies are;

 House Holders Package Policy

 Office Package Policy
 Shop Keepers Package Policy etc.

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10. Travel Insurance

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 Travel insurance is
intended to cover
medical expenses and
financial and other
losses incurred while
traveling, either within
one's own country, or
internationally

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 History of Travel Insurance
 The travel insurance industry has actually
been around for quite some time, more than
a hundred years in fact.
 The idea of travel insurance started in the
United States
 On April the first 1864, a man called James
Batterson opened the doors of the world’s
first travel insurance agency.

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 The name of that
business was The
Traveler’s Insurance
Company and its task
was to ensure travelers
against accidents and
theft while they were
traveling.
 Since that time the face
of the travel insurance
industry has changed
dramatically and there
are all kinds of risks
against which you can
take out insurance.
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 In India, the policy was introduced in 1984
to cover medical expenses of Indian
residents during their overseas trip for
official or holiday purpose
 The insurance scheme since 1984 has been
modified from time to time to provide for
additional benefits like PA, Loss of passport
etc
 In 1991, Employment and Study policy was
introduced for Indian citizens temporarily
working or studying abroad
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 Coverages
 Travel insurance coverage differs with each
insurance company. Some of the covers are basic
and may be mandatory depending upon the
country to which the traveler is traveling.

 The most important part of the cover is medical

travel insurance coverage. ie, Bodily injury and
health related ailments, later comes baggage loss,
personal liability and the other coverages

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 Some of the covers offered by the
insurers include;
 Medical Expenses, Evacuation & Repatriation
 Medical Expenses - Necessary medical aid provided to
maintain life or provide relieve from
pain/sickness/accidental injury
 Medical Evacuation - Removing the insured from the
place where he is currently stationed (abroad), to a
hospital in India to provide medical facility & care
 The cost of repatriating the insured’s remains to India,
or upto an equivalent amount for burial or cremation of
the insured in the country where the death occurred due
to insured’s accident bodily injury /sickness/disease is
also provided under this section

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 Personal Accident - Covers Death & Permanent Disability
 Loss of checked baggage - Covers total & complete loss
of baggage checked in, by an International Airline (Covers baggage
& contents excluding any valuable items)
 Delay of checked baggage - Covers delay of checked
baggage of more than 12 hrs, beyond the time of insured’s arrival at
the intended destination outside India. Covers cost of emergency
purchase of replacement items such as toiletries, medication &
clothes
 Loss of Passport - Covers reasonable & necessary expenses
to obtain a duplicate passport or valid travel documents
 Personal Liability -Accidental bodily injury/Accidental
property damage

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 Exclusions:
 Loss or damage caused by detention,
confiscation or destruction by customs and
excise.
 Any unlawful acts committed by you or
traveling companions.
 War, Nuclear radiation or radioactive
contamination.

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 Use of drugs, narcotics or alcohol, unless
administered upon the advice of a licensed
physician.
 Fraud/misrepresentation/concealment in
connection with the trip insurance
application and/or claims processes.

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 Delay of baggage when intended
destination is in India
 Pre-existing diseases, suicide, mental
disorder, pregnancy.
 Travel to a country for which Govt. of India
has put restrictions

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 Loss of passport due to detention by
authorities
 Loss of passport not reported to police
within 24 hrs. after loss
 Medical expenses beyond the expiry of the
policy
 Cost of spectacles, contact lenses, hearing
aids

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 Also, no claim will be paid if the insured
person;
 Is travelling against the advice of a

physician
 Is travelling for the purpose of

obtaining medical treatment

 Has received a terminal diagnosis for a

medical condition

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 Types of Travel Insurance
 Insurance companies offer lots of customised
c
policies which cater to the special needs of the
individuals
 Depending upon the frequency of travel, purpose
of travel, travel period, no. of people travelling,
insureds requirements, Sum Insured and premium,
the insurance companies have designed various
Travel insurance plans

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Some of them are;
 Single Trip Travel Insurance
 Annual Travel Insurance for frequent travellers
 Long stay Travel Insurance
 Group Travel Insurance
 Business Travel Insurance/Corporate Plans
 Student Travel Insurance
 Leisure Travel Insurance
 Plans for Senior Citizens
 Plans for Domestic Travellers
 Pravasi Bharatiya Bima Yojna (for Indian emigrant who
goes abroad for employment purpose after obtaining
emigration clearance)

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11. Bankers Indemnity

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 Banker’s Indemnity Insurance is a
combination of several specific covers
which provide protection to the banks
against various losses

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The Policy provides indemnity against the
following;
 Loss of money/securities on the insureds premises
due to fire, burglary, theft etc
 Loss of money in transit
 Forgery or Alteration
 Dishonesty of the employees
 Hypothecated goods
 Registered Postal Sendings
 Loss due to Infidelity of the agents, collectors etc
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Exclusions:
 Loss due to wrongful act of directors or
partners other than the salaried
 Trading losses
 War and allied perils
 Losses due to faulty computer programming
 Losses due to ionising radiations, losses due
to nuclear weapons material etc

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12. Aviation insurance

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 In view of the large premium and
technicalities involved, Aviation is
generally handled separately and not as a
part of the miscellaneous department

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 The policy generally covers loss or damage
to the aircraft and the legal liability to third
parties and to passengers arising out of the
operation of the aircraft

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13. Event Insurance

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 With the advent of professional event
managers, there is now a more professional
approach to the business of Event
Management

 The coverages are highly customised to suit

specific requirements and differ with each
insurance company.

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 Generally insurance companies cover
events like Musical events , Award
ceremonies , Product launches , Fashion
shows, Exhibitions etc under the Event
insurance

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Some of the basic coverages which the insurers
provide under this policy include;
 Event cancellation due to;
 Loss or Damage to the Venue due to Fire,
Earthquake, Flood or Cyclone
 Riot occurring at the Venue or within 25
km radius of the Venue
 Named Artist’s absence due to Accident
or Illness requiring Hospitalisation
 Death of President of India/ Prime
Minister of India / Chief Minister of the
state where the Event is being held
 Cover for the equipments
 Public Liability

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Exclusions:
 Cancellation due to
 Known Circumstances

 Lack of funds

 Alterations or variations of the events

 Regulation or Law

 Strikes or Lockouts

 Bodily Injury due to the use of alcohol,self

caused injuries etc
 War,Nuclear action

 Criminal conduct

 Consequential losses

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14. Wedding Insurance

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 The coverages are highly customised to suit
specific requirements and differ with each
insurance company

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Some of the coverages include;

 Wedding Cancellation or Postponement due to;

 Fire&Allied perils

 Accident to Bride/Groom

 Accident to Blood Relations of Bride/Groom

 Damage to property – can include Residence

decoration, Hired venue, sets, decoration etc
 Personal Accident cover to named people
 Public Liability – Person/Property
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15. Film Insurance

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 Making a film involves heavy investment
and consequently involves significant risk

 Film insurance cover is tailor-made for all

aspects of the film industry

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Some of the coverages include;
 Cover for the non appearance of named Artistes,
Directors, Technicians etc due to death, accidents
etc
 Coverage for Properties, Sets, Production
Equipments
 Public Liability
 Personal Accident
These covers can be enhanced or modified to suit
specific requirements.

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16. Rural Insurance

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 Cattle Insurance
 Sheep & Goat Insurance
 Pet dog insurance
 Poultry Insurance Duck Insurance
 Crop Insurance

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Various new schemes of Rural Insurance
have also been devised by the companies.
Some of them are Insurance covers for;
 Piggery

 Camels

 Elephants

 Rabbits

 Donkeys

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