This Policy broadly covers pecuniary loss sustained as a result of act of fraud or dishonesty in respect of monies or goods of the employer committed by the employees in the course of performance of their duties.
This policy is suitable for employees occupying positions of trust such as cashier and storekeeper.
Money Insurance policy provides cover for loss of money in transit between the insured’s premises and bank or post office,or other specified places occasioned by robbery, theft or any other fortuitous cause.
The policy also covers loss by burglary or housebreaking whilst money is retained at Insured’s premises in safe(s) or strong room.
The Indian Workmen’s Compensation Act 1923 provides for the payment of compensation by the employer to his employees (or their dependents in the event of fatal accidents) if personal injury is caused to them by accidents arising out of and in the course of their employment.
The maximum compensation payable is upon the following scale as per W.C. Amendment Act 2000 & its amendment
- Fatal Injury
- Permanent Total Disablement
- Permanent Partial Disablement (According to incapacity)
- Temporary Disablement (Half monthly compensation)
The policy can be provided with extension under table “A” by charging an additional premium of 50% of book rate to cover disease mentioned in part ‘C’ of Schedule III of Workmen’s Compensation Act.
This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service.
The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.
Group policies can also be issued covering members of one profession. Group discount in premium is available depending upon the number of members covered.
This policy covers all sums (inclusive of defence costs) which the insured becomes legally liable to pay as damages as a consequence of:
- Accidental death / bodily injury or disease to any third party.
- Accidental damage to property belonging to a third party.
Arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the insured’s premises.
The policy offers the benefit of retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of policy, also become payable.