SHOPKEEPERS
INSURANCE
RAVI PATEL
ASSISTANT(BAVLA BRANCH)
SKI Policy-Salient Features
Minimum 4 sections to be covered including Section I B & II which are
compulsory.
Shops dealing in non hazardous goods can be insured.
Discount in premium on non tariff sections (I & XI- WC)
if more than 4 sections covered-15 %
if more than 6 sections covered-20 %
Shopkeepers Insurance
Sectio
n
No.
Coverage
I-A
I-B
II
III
Building
Contents
Burglary
MoneyIn Transit (2%)
In safe (1%)
Till/Counter(1%
S.I. Limit Premiu
m
[Link]
Lacs
Per
mille
50
2.25
50
2.25
50
2.50
1.00
0.50
0.50
2.50
2.50
2.50
Shopkeepers Insurance
Sectio
n
No.
Coverage
S.I. Limit Premiu
m
[Link]
Lacs
Per
mille
20.00
IV
Pedal cycle
Plate Glass
1.00
10.00
VI
Neon & Glow
Signs
0.50
10.00
Shopkeepers Insurance
Sectio
n
No.
VII
VIII
IX
Coverage
S.I. Limit Premiu
m
[Link]
Lacs
Per
mille
Baggage (2% of
0.50
7.50
S.I.)
Personal
As per
As per
accident
P.A.
P.A.
Fidelity
0.50
10.00
Guarantee
Shopkeepers Insurance
Sectio
n
No.
X
XI
Coverage
S.I. Limit Premiu
m
[Link]
Lacs
Per
mille
Liability- Public
0.50
0.50
WC
As per
tarif
Business
[Link]
2.50
interruption
Section-I Fire & allied perils
This Section covers perils covered under Standard Fire Policy including
Earthquake
Exclusions
-Loss of or damage to Livestock, motor Vehicles & pedal
cycle, Money,Jewellery & valuable,Consumables
Condition
of Average- not applicable if Sum insured not
less than 85% of value at the time of loss
Excess-
5% each claim for AOG perils subject to maximum of Rs. 25000/-
Sec.-II Burglary & Housebreaking
Exclusions- Act of any employee or
insureds family member as principal or
accessory,
Loss of or damage to Livestock, motor
Vehicles & pedal cycle,
Loss of or damage to Money, Jewellery
& valuables (unless specifically
declared)
Sec.-III Money insurance
Transit with in 25 KMs (15 MILES)
In till or counter during business hours
Excluded if loss not discovered & notified in 2 days, Account kept in a separate
place
Exclusion- Act
of any employee or
insureds family member,
Loss of cash from safe using Key
Shortage due to error or omission
Sec.-IV
Pedal cycle
Loss or damage due to fire & allied perils earthquake, accidental external
means burglary & housebreaking
Third party liability- Rs.10000/-excluding family member or employee
Exclusion- Use for hire or reward
Mechanical breakdown/ overloading
Loss of accessories unless cycle is stolen
Loss not exceeding Rs.10/-
Racing/ pace making (if left unlocked)
Sec.-V
Plate Glass
Loss or damage to fixed plate glass by accidental breakage
Exclusions- During removal alteration/ repair
Breakage of lettering alone
Scratching /disfiguration/Damage without fracture
Breakage of glass not securely fixed
Damage to frame or framework
Consequential loss
Sec.-VI
Loss
Neon /Glow sign
or damage to sign by accidental
external means & fire& allied perils &
theft (not of parts)
Exclusions- Fusing/burning of bulb/
tubes, From short circuit arcing/
electrical / mechanical breakdown
Action of Sun/rain/Hail/Bad weather
Loss during cleaning repair/ removal
Sec.-VII Baggage
insurance
Loss of or damage to personal or Baggage in connection with trade
accompanying insured or employees(misfortune/acci)
Exclusions- Money, documents jewellery & valuables, trade samples
Electrical & electronic items by short circuit or overrunning/overheating
Travel tickets ,theft from car
Edible articles, with in municipal limits
Sec.-VIII Personal Accident
Benefit
policy-Sum insured-depending
on income from gainful employment (25
months for table A & 72 months for
other Tables)
Death with in 12 calendar months
Carriage of Dead body 2% of S.I./1000
Cum. Bonus if renewed with in 30 days
Sec.-IX ,X ,XI
Sec.-IX Fidelity Guarantee -Loss should have been discovered within 6 months
of death/dismissal/ retirement/expiry of pol
Sec.-X Public Liability
Sec.-Xi Loss of profits
Interruption of business due to perils covered under I-B
Full working days lost
X S.I. under I B
Full working days (annual)
Limitations of SKI policy
Limit of Sum insured in Money
insurance
2. Larceny & theft not covered
3. Lack of cover against Machinery
breakdown
4. Policy can not be given for shops
dealing in hazardous goods
1.
