Taxi Insurance
Does your profession involve offering services or advice to others? If yes, then you might want to get professional indemnity insurance.
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Description.
The policy will extend to cover cargo whilst being transported from the departure warehouse and whilst in transit to the final destination warehouse.
Provides cover in respect of loss or damage to insured’s goods whilst in the high seas and/or while carried on road and/or on rail. Marine cargo can be in respect of imports or exports.
Scope of cover
There are various kinds of covers available for overseas transit. Generally the following three kinds of cover are most common.
The scope of cover against the perils is restricted so far as Institute Cargo Clause C is concerned and gets widened up in case of Institute Clause B and finally becomes an All Risk in Institute Cargo Clause A subject to certain general exceptions.
The Risks covered under Institute Cargo Clauses (A), (B) or (C) briefly summarised are as under
The risks covered under these clauses include loss or damage to the insured property due to or caused by:
All losses covered under Institute Cargo Clauses (C) are covered under this clause. In addition the following perils are also covered:
Loss or Damage to the Insured property due to or caused by:
The Institute Cargo Clauses (A) provides cover for All Risks of Loss or Damage to the property insured unless specifically excluded under the general exclusions clauses.
The General Exclusions applicable to all the Institute Cargo Clauses, briefly summarised are as under:
Loss Damage or Expense:
The other clauses which are normally attached to a Marine Policy are:
Declaration Clause
This makes it obligatory on the Insured to declare each and every shipment within the scope of the Marine Open Cover (MOC). The shipment must be declared to the Insurer prior to shipment of the goods but in any case not later than the date of sailing of the vessel or flight of the aircraft.
Cancellation Clause
The Marine Open Cover is generally valid for a period of one year and renewable annually. It can be canceled by either party giving One Month’s notice of cancellation.
The Policy covers bodily injury caused by violent, accidental, external and visible means which is subject to the limits specified in the Policy. The cover is recommended for individuals and groups and can be issued on fixed benefits or based on salary. Such injury or injuries shall within six months from the date of occurrence thereof cause or result into any contingencies.
The age of the insured should range between 18 years to 65 years.
The sum insured depends on the individual’s annual earnings inclusive of all benefits.
Public liability insurance promises to indemnify the insured in the event of claims for bodily injury, sickness and death or property damage as a result of the negligent operation of their business or the negligence of agents acting on their behalf. The policy also provides compensation for legal fees incurred during litigations for such incidents. Legal liability for accidental death or bodily injury by Third parties including damage to their property caused by negligent acts arising from business operation- includes litigation costs and expenses.
This policy indemnifies the insured against all sums, including all costs and expenses incurred with the written consent of the insurer, subject to the terms, provisions, exclusions, conditions and liability limits) which the insured shall become legally liable to pay for compensation in respect of:
where such death, injury or damage is caused through the fault or negligence of the insured or any of his employees whilst actually engaged in the insured’s business, or by reason of any defect in any machinery or plant used by the insured in connection with such business.
This coverage is available whether the insured is a tenant or owner of the property.
The policy provides cover for to the insured against loss and/or destruction/damage to glass by accident or misfortune of fortuitous nature Cover can be arranged for display signs, fixed glass and glass partitions in a business premises.
This covers the breakage of any plate glass due to accidental or misfortunate damage excluding the following:
Burglary Insurance indemnifies the insured following loss of contents, stock, electronic equipment and other items contained in a building resulting from visible and forcible entry to or exit from said building.
A burglary insurance policy offers an additional layer of security to your property. It offers coverage for damages or misfortunes caused to your property and its contents. Burglary and Theft Insurance is designed to cover you against loss or damage as a result of theft or any attempted theft. Burglary and Theft Insurance will usually cover theft of property whilst the property is held within the premises, as well as damages made to the property as a result of the theft. For example, your home, office, factory can be protected against burglary and break ins. It provides cover under the accompanying circumstances:
On the off chance that someone breaks into your home and takes things in then it will be both emotionally and monetarily decimating. This protection offers you the money you need to help with adapting to any such occurrences, you can likewise get add-on coverage for your costly jewelry, diamonds or stones.
The primary reason that burglary insurance policies solve is that they risk-proof the insured premises from a violent or forceful attempt to the theft. In the event that burglaries and house-breaking incidents are regular in your area, then at that point you definitely should get theft or burglary insurance of some form to cover the well being and security of your space.
The Policy provides Indemnity against Accidental Loss or Damage to goods belonging to or for which the Insured is responsible whilst:
The cover can be arranged to give protection for goods carried either
During transit, the policy covers the risk of loss or damage occasioned by
The cover commences when the goods are being loaded on to the transporting Vehicle and ceases once the goods are unloaded at the final destination.
In the event of the Vehicle or Wagon not completing the transit for any reason whatsoever, the policy extends to cover the property whilst being transferred to and conveyed by any on-carrying vehicle.
This includes misappropriation of funds as well as theft of stock and raw materials. Fidelity guarantee insurance (FGI) exists to safeguard your firm or organisation against theft of the firm’s own money, securities or property by an employee, partner, contractor or volunteer. FGI can also be known as first-party fraud, theft or employee dishonesty cover.
Importantly, FGI cover should not be confused with third-party fraud and dishonesty cover. Third-party fraud and dishonesty refers to theft of the client’s money, as opposed to the accountancy firm’s own money, and is usually covered within the main insuring clause (civil liability) of a professional indemnity policy.
Availing fidelity insurance is one of the parts in a business’s risk management practice. Fidelity insurance plans are available in four types. Following are the types of fidelity insurance plans available-
Fidelity insurance provides coverage against financial losses suffered by the organisation due to fraudulent act employees. Following are the features of fidelity insurance –
The fidelity insurance policy covers theft of funds committed by the employees
The fidelity insurance provides coverage for loss of business assets such as property, stock certificates or any other assets
The fidelity insurance provides protection against loss of customer’s property caused by dishonest acts of an employee
The fidelity insurance protects the business from financial crises coming from a small portion of the workforce (dishonest employees) which can affect the entire business and other employees.
The fidelity insurance protects the reputation of business along with ensuring absolute transparency in supervision and accountability requirements within the business.
The policy operates in the event of a fire causing a loss in profit of the insured and interruption to the business. This policy covers the balance sheet from becoming adverse from the interruption to business.
Possible losses include loss to gross and net profit and to standing charges.
Exclusions include: