Small Business

Exclusions

Cooperative Housing societies are entrusted with managing the affairs as per guidelines of the Cooperative Societies Act and additionally handling staff and managing administration. This policy offers risk solutions suitable to most of housing societies' insurance requirements.

• Standard Fire and Special Perils

  General Exclusions

  
  
  • This Policy does not cover (not applicable to policies covering dwellings)
    • The first 5% of each and every claim subject to a minimum of Rs. 10,000 in respect of each and every loss arising out of "Act of God perils" such as Lightning, STFI, Subsidence, Landslide and Rock slide covered under the policy
    • The first Rs. 10,000 for each and every loss arising out of other perils in respect of which the Insured is indemnified by this policy.
    • The Excess shall apply per event per insured.
  • Loss, destruction or damage caused by war, invasion, act of foreign enemy hostilities or war like operations (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power.
  • Loss, destruction or damage directly or indirectly caused to the property insured by
    • Ionizing radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel
    • The radio active toxic, explosives or other hazardous properties of any explosive nuclear assembly or nuclear component thereof
  • Loss, destruction or damage caused to the insured property by pollution or contamination excluding
    • Pollution or contamination which itself results from a peril hereby insured against.
    • Any peril hereby insured against which itself results from pollution or contamination
  • Loss, destruction or damage to bullion or unset precious stones, any curios or 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, destruction or damage to the stocks in Cold Storage premises caused by change of temperature.
  • Loss, destruction or damage to any electrical machine, apparatus, fixture, or fitting arising from or occasioned by over-running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity from whatever cause (lightning included) provided that this exclusion shall apply only to the particular electrical machine, apparatus, fixture or fitting so affected and not to other machines, apparatus, fixtures or fittings which may be destroyed or damaged by fire so set up.
  • Expenses necessarily incurred on
    • Architects, Surveyors and Consulting Engineer's Fees and
    • Debris Removal by the Insured following a loss, destruction or damage to the Property insured by an insured peril in excess of 3% and 1% of the claim amount respectively.
  • Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind or description whatsoever.
  • Loss, or damage by spoilage resulting from the retardation or interruption or cessation of any process or operation caused by operation of any of the perils covered.
  • Loss by theft during or after the occurrence of any insured peril except as provided under Riot, Strike, and Malicious Damage cover.
    Any Loss or damage occasioned by or through or in consequence directly or indirectly due to earthquake, Volcanic eruption or other convulsions of nature.
  • Loss or damage to property insured if removed to any building or place other than in which it is herein stated to be insured, except machinery and equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period not exceeding 60 days.





• Burglary
  • This Policy does not cover the following unless specially mentioned in the Schedule and expressly insured by the Policy:
    • Gold or Silver articles, watches jewellery precious stones medals coins curiosities sculptures manuscripts rare books plans patterns models mould 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, promissory notes, tickets, stamp collection, coin collections, medals, plans, specifications, blue prints, moulds, document of title to goods, contracts or other legal documents, or documents of any other kind.
    • Loss or damage by fire or explosion however caused.
    • Loss or damage to plate glass whether forming part of the premises or otherwise.
    • Loss or damage where any inmate or member of the Insured's household or of his business staff or any other person lawfully in the premises is concerned in the actual theft of or damage to any of the articles or premises or where such loss or damage has been expedited or in any way assisted or brought about by any such person or persons.
    • Loss or damage which either in origin or extent or directly or indirectly proximately or remotely, occasioned by or contributed to by or which either in origin or extent directly or indirectly, proximately or remotely, arises out of or in connection with earthquake, volcanic eruption, typhoon hurricane, tornado, cyclone, or other convulsion of nature or atmosphere disturbance.
    • Loss or damage occasioned by loot, sack, spillage or pilferage.
    • Unexplained losses, shortages due to error or omissions losses discovered when making an inventory or a periodic stock taking or loss resulting from the Insured's voluntarily parting with title or possession of any property or induced to do so by deception.
    • The first amount of each and every claim stated in the Schedule as the Excess or Deductible.
  • This Policy shall cease to attach:
    • If the premises shall have been left uninhabited by day and night for seven or more consecutive days and nights while the premises shall have been left uninhabited.
    • If the Insured shall cause or suffer any material alteration to be made in the premises or anything to be done whereby the risk is increased; change or relax any of the safeguards for securing the premises.
    • To any property insured which shall be removed from the premises in which it is herein stated to be safe so far as is expressly provided for in the Policy or these conditions.
    • To any property the interest of the Insured which shall pass from the Insured otherwise than by will or operation of law; unless in every case the consent of the Company to the continuance of the insurance thereon is obtained and signified by a memorandum made on the Policy by or on behalf of the Company.





• Electronic Equipment

  Section I

  The Company shall not, however, be liable for -

  
  
  • The Excess stated in the Schedule to be borne by the Insured in any one occurrence; if more than one item is lost or damaged in one occurrence, the insured shall not, however, be called upon to bear more than the highest single Excess applicable to such items;
  • Loss or damage caused by any faults or defects existing at the time of commencement of the present insurance within the knowledge of the insured, or his representatives, whether such faults or defects were known to the company or not;
  • Loss or damage as a direct consequence of the continual influence of operation (e.g. wear and tear, cavitations, erosion, corrosion, incrustation) or of gradual deterioration due to atmospheric conditions;
  • Any costs incurred in connection with the elimination of functional failures unless such failures were caused by an indemnifiable loss of or damage to the insured items;
  • Any costs incurred in connection with the maintenance of the insured items, such exclusion also applying to parts exchanged in the course of such maintenance operations;
  • Loss or damage for which the manufacturer or supplier of the insured items is responsible either by law or under contract;
  • Loss of or damage to rented or hired equipment for which the owner is responsible either by law or under a lease and/or maintenance agreement;
  • Consequential loss or liability of any kind or description;
  • Loss of or damage to bulbs, valves, tubes, ribbons, fuses, seals, belts, wires, chains, rubber tyres, exchangeable tools, engraved cylinders, objects made of glass, porcelain or ceramics sieves or fabrics, or any operating media (e.g. lubricating oil, fuel, chemicals);
  • Aesthetic defects, such as scratches on painted polished or enamelled surfaces.
  • In respect of the parts mentioned under i) and j) above the Company shall be liable to provide compensation in the event that such parts are effected by an indemnifiable loss or damage to the insured items.





• Portable Equipments

  The Company shall not be liable in respect of: -

  
  
  • Damage caused by a process of cleaning, dyeing or bleaching, restoring, repairing or renovation or deterioration arising from wear and tear, moth, vermin, insects or mildew or any other gradually operating cause.
  • Breakage, Cracking or Scratching of Crockery, Glass, Cameras, Binoculars, Lenses, Sculptures, Curious, Pictures, Musical Instruments, Sports Gear and similar articles of brittle or fragile nature, unless caused by fire or accident to the means of conveyance.
  • Loss or damage caused by mechanical or electrical derangement/breakdown of any article unless caused by accidental external means.
  • Overwinding, denting or internal damage including of watches and clocks.
  • Loss or damage to Money, Securities, Manuscripts, Deeds, Bonds, Bills of Exchange, Promissory Notes, Stocks or Share Certificates, Stamps and Travel Tickets or Traveler's' Cheques, business books or documents.
  • Theft from any car except from a car which is a fully enclosed type passenger carrying motor car with a permanent top and glass windows (not being a convertible) and then unless -such theft is by visible physical and forcible means and -such Baggage was stored concealed in the boot of the motor car and the motor car had all the doors, windows and other openings securely locked and properly fastened and -the Insured was in the course of a Travel and at the time of the theft was not resident in any hotel, guesthouse or other accommodation.
  • Any loss or damage arising through delay, detention or confiscation by Customs or other authorities.
  • Consequential loss or legal liability of any kind.
  • Loss or damage due to or contributed to by the Insured having caused or suffered anything to be done whereby the risks hereby insured against were unnecessarily increased.





• Machinery Breakdown

  The Company shall not be liable for -

  
  
  • The Excess, as stated in the Schedule, to be first borne by the insured out of each and every claim; where more than one item is damaged in one and same occurrence, the insured shall not, however, be called upon to bear more than the highest Excess applicable to any one such item;
  • Loss of or damage to belts, ropes, chains, rubber tyres, dies, moulds, blades, cutters, knives or exchangeable tools, engraved or impression cylinders or rolls; objects made of glass, porcelain, ceramics, all operating media (e.g. lubricating oil, fuel, catalyst, refrigerant, dowtherm) felts, endless conveyor belts or wires; sieves, fabrics, heat resisting and anti-corrosive lining and parts of similar nature, packing material, parts not made of metal (except insulating material) and non-metallic lining or coating of metal parts; unless loss or damage to the equipment/machinery is indemnifiable in terms of the policy.
  • Loss or damage for which the manufacturer or supplier or repairer of the property is responsible either by law or contract.

  In any action, suit or other proceeding where the Company alleges that by reason of the provisions of the exceptions or exclusions above, any loss, destruction, damage or liability is not covered by this insurance, the burden of proving that such loss, destruction, damage or liability is covered shall be upon the Insured.



• Money

  

  Money in Safe

  The Company shall not be liable in respect of any loss:

  
  
  • Of Money in transit
  • Due to robbery, theft, fraud, dishonesty or collusion by any employee or agent of the Insured; or damage insured by any other policy or policies except in respect of any excess beyond the amount which would have been payable under such other policy or policies had this insurance not existed;
  • Arising out of shortages due to clerical or accounting errors, omissions, depreciation or direct or indirect consequential loss of any kind;
  • Occurring elsewhere than within the premises specified in the Policy;
  • On premises which at the time are closed unless the Money is in a locked cash box or safe or strong-room and all openings (including all doors leading to the safe or strong-room) of the premises are fully secured;
  • From a cash box, safe or strong-room following use of its key(s) or any duplicate thereof belonging to the Insured unless this has been obtained by threat or by violence to the person in custody of the key (s);
  • Of Money whilst unattended or due to the use of counterfeit Money;
  • Occasioned by loot, sack, spillage or pilferage.
  • Resulting from the Insured's voluntarily parting with Money or induced to do so by deception.
  • Being the first amount shown in the Schedule as the Excess or Deductible in respect of each and every claim.



Money in Transit




This insurance policy does not cover loss or damage due to flood, cyclone, earthquake and other convulsions of nature, war and warlike operations, Civil commotion, Riot and Strikes and Terrorist activities, shortages due to error and ommission, by use of key to safe(s) or strong room unless such keys are obtained by force or threat , whilst being carried under contract of affreightment, theft from unattended vehicle and consequntial loss.




The Company shall not be liable in respect of any loss;



• Occurring elsewhere than within the Geographical Area specified in respect of the insured transits;
• Of Money whilst unattended or from unattended vehicles due to the use of counterfeit Money;
• If, unless agreed in writing by the Company, the Money while being transported is not in a carrying case specifically designed to carry Money;
• If, unless agreed in writing by the Company, the Money is consigned to any person (other than a full time permanent employee of the Insured in employment of the Insured under an express contract of employment) agency or organisation engaged in the transportation of Money for third parties.



The indemnity granted shall neither extend to nor cover :



• Damage arising directly or indirectly from or in consequence of fire, heat, gas, lightning, explosion, burglary (or attempt thereat), storm (understood for the purpose of this insurance as any action of wind or any thing carried by it), flood, inundation, earthquake, strike, riot or civil commotion.
• Damage arising from the Plate Glass being worked upon in any manner or during its removal or replacement or arising out of or in course of alterations to the Premises.
• Frames or framework of any description or the cost of removal of any fittings, fixtures or other obstructions.
• Scratched, cracked or imperfect glass
• Damage as a result of faulty workmanship and/or defective design of frames or framework or fittings or fixtures of any description.
• Costs of recreating any glazing and/or lettering and /or ornamentation and /or any surface treatment or surfacing on the Damaged Plate Glass unless such is specifically declared for insurance hereon.


• Plate Glass / Neon Sign

  

  The indemnity granted shall neither extend to nor cover :

  • Damage arising directly or indirectly from or in consequence of fire, heat, gas, lightning, explosion, burglary (or attempt thereat), storm (understood for the purpose of this insurance as any action of wind or any thing carried by it), flood, inundation, earthquake, strike, riot or civil commotion.
  • Damage arising from the Plate Glass being worked upon in any manner or during its removal or replacement or arising out of or in course of alterations to the Premises.
  • Frames or framework of any description or the cost of removal of any fittings, fixtures or other obstructions.
  • Scratched, cracked or imperfect glass
  • Damage as a result of faulty workmanship and/or defective design of frames or framework or fittings or fixtures of any description.
  • Costs of recreating any glazing and/or lettering and /or ornamentation and /or any surface treatment or surfacing on the Damaged Plate Glass unless such is specifically declared for insurance hereon.





• Workmen's Compensation

  The policy does not cover war and allied perils, liability to employees of contractor(unless specifically covered) any employee who is not a workman within the meaning of the laws., any contractual liability and nuclear exclusion.

  
  

  For any injury not resulting in death caused by accident directly attributable to

  
  
  • Workman having been at the relevant time under the influence of drinks or drugs.
  • Wilful disobedience of the workmen to an order expressly given or to a rule expressly framed for the purpose of securing safety of the workmen.
  • Wilful removal or disregard by the workman of any safety guard or any other devise which he knew to have been provided for the purpose of securing his safety
  • It is important to note that if a workman institutes a claim before the W.C. Commissioner for damages in respect of his injury, he cannot subsequently file a civil suit against his employer. On the other hand, if he institute a claim under Common Law, he cannot subsequently claim compensation under W.C. Act. Workman can not take with both hands and has to choose his form of redressal.





• Personal Accident

  Policy does not cover death, injury or disablement resulting from:

  
  
  • Service or Duty with an armed force
  • Intentional self-injury, suicide or attempted suicide, insanity, venereal disease or the influence of intoxicating drink or drugs.
  • Medicinal or surgical treatment(except where such treatment is tendered necessary within the scope of policy)
  • Aviation other than as a passenger (fare paying or otherwise) in any duly licensed standard type aircraft anywhere in the world.
  • Nuclear radiation of nuclear materials
  • Child birth, pregnancy or other Physical causes peculiar to the female sex
  • Whilst committing any breach of law with criminal intent.
  • Medical Expenses





• Public Liability

  This Policy does not cover liability

  
  
  • Assumed by the Insured by agreement and which would not have attached in the absence of such agreement.
  • Arising out of earthquake, earth-tremor, volcanic eruption, flood, storm, tempest, typhoon, hurricane, tornado, cyclone or other similar convulsions of nature and atmospheric disturbance.
  • Arising out of deliberate, willful or intentional non-compliance of any Statutory provision. arising out of loss of pure financial nature such as loss of goodwill, loss of market and all consequential financial losses
    • arising out of all personal injuries such as libel, slander, false arrest, wrongful detention, defamation etc., and mental injury, anguish, or shock resulting therefrom.
    • infringement of plans, copyright, patent, trade name, trade mark, registered design.
  • Arising out of fines, penalties, punitive or exemplary damages or any other damages resulting from the multiplication of compensatory damages.
  • Due to constitution related exposures.
  • for property under care, control and custody of the insured
  • Arising out of resident/tenants/employees and other permanent occupants of the insured premises.



This Policy does not cover liability for claims arising out of:



• The ownership, possession of, use by or on behalf of the Insured of any motor vehicle or trailer for which compulsory insurance is required legislation other than the following:
  • Claims caused by the use of any tool or plant forming part of or attached to or used in connection with any motor vehicle or trailer;
  • Claims arising beyond the limits of any carriageway or thoroughfare caused by the loading or unloading of any other motor vehicle or trailer;
  • Claims for damage to any bridge, weighbridge, road or anything beneath caused by the weight of any motor vehicle or trailer or of the load carried therein;
  • Claims arising out of any motor vehicle or trailer temporarily in the Insured's custody or control for the purpose of parking.
• Transportation of materials and/or hazardous/dangerous substances outside Insured's premises
• Damage to property owned, leased or hired or under hire purchase or on loan to the Insured or otherwise in the Insured's care custody or control other than,
  • Premises (or the contents thereof) temporarily occupied by the Insured for work thereon or other property temporarily in the Insured's possession for work thereon (but no indemnity is granted for damage to that part of the property on which the Insured is working and which arises out of such work).
  • Employees' and visitors' clothing and personal effects.
  • Premises tenanted by the Insured to the extent that the Insured would be held legally liable in the absence of any specific agreement.
• The deliberate conscious or intentional disregard of the Insured's technical or administrative management or the need to take all reasonable steps to prevent claims.
• Injury to any person under the contract of employment or apprenticeship with the Insured their contractor(s) and/or Sub-Contractor(s) when such injury arises out of the execution of such contract.
• Liability more specifically insured elsewhere.
• Liability arising under any statute based on the doctrine of No-Fault Liability or under the Public Liability Insurance Act 1991.
• Claims arising out of or in connection with
  • Pollution howsoever caused unless specifically covered
  • any product





• Baggage
  • Any loss or damage occurring during routine travel.
  • Damage caused by any process of cleaning, dyeing or bleaching, restoring, repairing or renovation or deterioration arising from wear and tear,moth,vermin, insects or mildew or any other gradually operating cause.
  • Breakage, cracking or scratching of crockery, glass, cameras, binoculars, lenses, sculptures, curios, pictures, musical instruments, sports gear and similar articles of brittle and fragile nature, unless caused by fire or accident to the means of conveyance.
  • Loss or damage caused by mechanical or electrical derangement/ breakdown, of any article, unless caused by accidental external means.
  • Overwinding and denting or internal damage of watches and clocks
  • Loss or damage to money, securities, manuscripts, deeds, bonds, bills of exchange, promissory notes, stocks or share certificate, stamps and travel tickets or traveller's cheques, business books or documents.
  • Loss destruction or damage caused by or arising from the leakage, spilling or exuding of liquids, oils or material of a like nature or articles of dangerous or damaging nature.
  • Theft from any car except car of fully enclosed saloon type having at the time all the doors, window and other operatings securely locked and properly fastened.
  • Loss or damage to articles which did not form part of the baggage when the journey commenced, unless





• Fidelity Guarantee

  The Company shall not be liable to make any payment hereunder should there be any breach of any of the Warranties stated herein.

  
  
  • The Company shall not be liable to make any payment hereunder if the nature of the Business of the Insured or the duties or conditions of service of any of the Employed shall be changed or the remuneration of any of the Employed reduced without the sanction of the Company or if the precautions and checks for securing accuracy of the accounts mentioned in the Proposal and correspondence relative thereto shall not be duly observed.
  • If this Policy shall be continued in force for more than one Period of Indemnity or if any liability shall exist on the part of the Company under this Policy and also under any other Policy in respect of fraud or dishonesty of the Employed the liability of the Company hereunder shall not be accumulated or increased thereby but the aggregate liability of the Company during any number of Periods of Indemnity and for any number of acts of fraud or dishonesty committed by the Employed shall not exceed the Amount of Guarantee set against the name of such Employed in the Schedule or the amount guaranteed under any other such Policy as aforesaid whichever is the greater.
  • No amount shall be payable under this Policy in respect of any Employed by reason of any act committed after knowledge of any act of fraud or dishonesty on the part of the Employed or reasonable cause for suspicion thereof or any improper conduct shall have come to the Insured or of any representative of the Insured to whom is entrusted the duty of superintendence over any of the Employed.
  • The Company shall not be liable to pay more than one claim in respect of any of the Employed.
  • Any monies of any of the Employed in respect of whom a claim is made in the hands of the Insured and any monies which but for any act of fraud or dishonesty committed by such one of the Employed would have been due to that Employed from the Insured shall be deducted from the amount of the loss before a claim is made under this Policy. The Insured and the Company shall share any other recovery (excluding insurance and reinsurance and any counter security taken by the Company) made by either on account of any loss in the proportions that the amount of the loss borne by each bears to the total amount of the loss.
    • The Company shall not be liable to make any payment hereunder if the nature of the Business of the Insured or The Company may at any time determine and cancel this Policy in respect of any person or persons specified in the Schedule hereof by registered letter to the Insured at his place of business last known to the Company provided that the Company shall in that event on demand return to the Insured a proportionate part of the premium corresponding to the unexpired term of the Policy in respect of such person(s).
    • The Company shall not be bound to notice or be affected by any notice of any trust charge or alienation relating to any payment under this Policy but the receipt of the Insured or his legal personal representatives shall in any event be effectual discharge for the Company of its liabilities under the Policy.