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Business Package Insurance

Business Package Insurance

Introduction:

Your business is the symbol of your achievement and fructification of your dream. In spite of best efforts, sometimes accidents do occur resulting in huge financial loss and upset your dream. With SBI General you can be in control and safe guard your dream. At SBI General we believe being with our customers at every step and help them take control.
With SBI General's Business Package Insurance Policy you can take on the challenges life throws at you with confidence.

Product Features

  • SBI General fully understands growing businesses like yours need the flexibility. Hence we allow the customers to select the combination of Sections under which they would like to cover the risks. We also provide the flexibility for you to choose the basis of indemnity depending on the sections selected

Scope

  • This Policy, being a Package Policy contains seven covers packaged in a single policy form.
  • Section I - Fire and Allied Perils (Compulsory Section) - It covers building/s, plant and machinery, furniture, fixtures and fittings, electrical installations and stock and stock-in-trade against fire and allied perils.
  • Section II - Business Interruption (Optional Section) - It covers loss due to interruption or interference with the business carried on by the insured at the premises specified and covered under Section I, in consequence of loss, destruction or damage indemnifiable under Section I.
  • Section III - Machinery Breakdown (Optional Section) - It indemnifies the Insured against unforeseen and sudden physical damage caused by and/or solely due to electrical and/or mechanical breakdown of electrical and mechanical appliances, apparatus or gadgets specified in the Schedule
  • Section IV- Electronic equipments / appliances (Optional Section) - It covers loss or damage to:
  • IV (A): All Electronic equipments like Computers, Medical, Biomedical, Micro- processors; Audio/Visual equipments including the value of Systems Software
  • IV (B): External Data Media
  • IV(C): Increased Cost of Working
  • SECTION V - Burglary and Housebreaking (Optional Section) - It covers any loss or damage to the insured property by Burglary, Housebreaking or hold up and damage caused to the premises resulting from Burglary and/or Housebreaking.
  • Section VI - Money Insurance (Optional Section) - indemnifies the amount of loss of Money belonging to the Insured against theft or loss, destruction or damage caused by any accident, not otherwise excluded
  • Section VII - Plate Glass Insurance (Optional Section): - indemnifies the Insured in respect of any accidental loss of or damage caused to Plate Glass at the Insured Premises

Key Features

  • Package policy containing seven sections
  • Insured have the option to choose any of these 7 sections - only Section I (Fire and Allied Perils ) is compulsory
  • Time spent in Procedural requirements and easy for administration

Exclusions

  • 'A': Each Section of the Policy is subject to a specific set of Exclusions details of which can be obtained from any of Branch Office
  • 'B': General Exclusions applicable to all Sections of the Policy.
  • 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 a) Ionising, radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel b) Radioactive toxic, explosives or other hazardous properties of any explosive nuclear assembly or nuclear component thereof
  • 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
  • Loss, damage and/or liability caused by or arising out of the wilful act to wilful neglect or gross negligence of the insured or his responsible representatives
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