Business owner's policy

A business owner’s policy (also businessowner’s policy, business owners policy or BOP) is a special type of commercial insurance designed for small and medium-sized businesses. By bundling general liability insurance and property insurance into a single policy, BOPs typically offer a reduced premium, often making them a more cost-effective option than separately purchased policies.

eligibility :

• Class of business (eligible classes include small restaurants, retail stores, apartments, office- or service-based businesses, wholesale distributors and contractors).
• Location of the majority of business operations (most BOPs require businesses to complete primarily on-premise business).
• Size (area) of a business’s primary location.
• Revenue.

UNIVERSAL SOMPO GENERAL INSURANCE COMPANY LIMITED

Preamble

WHEREAS the Insured described in the Schedule hereto (herein after called the “Insured”) by a proposal and declaration which shall be the basis of this contract and is deemed to be incorporated herein has applied to Universal Sompo General Insurance Company Limit  (hereinafter called the “Company”) for the insurance hereinafter contained and has paid or agreed to pay, in such manner and within such time, as may be prescribed under the provision of the insurance Act, 1938 and the rules made there under, the premium stated in the Schedule as consideration for such insurance during the period stated in the Schedule or during any further period for which the Company may accept payment for the renewal or extension of this policy.

Operative Clause

The Company hereby agrees, subject to the terms, conditions and exclusions herein contained or endorsed or otherwise expressed herein, to compensate the Insured/ Insured Person(s) for any legal liability, as described under different sections hereunder, but not exceeding the Sum Insured as specified in the Schedule to the Policy.

More Details :

https://www.irda.gov.in/ADMINCMS/cms/Uploadedfiles/148..Transport%20Operators%20Comprehensive%20Liability.pdf

SBI General Insurance

PUBLIC LIABILITY INSURANCE ACT POLICY

1. OPERATIVE CLAUSE

Upon receipt of written proposal & declaration along with premium from the Insured (as named in the Schedule), SBI General Insurance Company Limited (hereafter referred to as “the Company”) agrees to indemnify the Insured as per the indemnity clause contained hereafter.

2. INDEMNITY CLAUSE

Subject to the terms, exclusions and conditions contained herein or otherwise endorsed hereon, the Company will indemnify the Insured against their legal liability to pay compensation for and/or arising out of accidents occurring during the currency of the Policy due to handling of hazardous substances as provided for in the Act as defined below, and the Rules framed there under. 

The indemnity only applies to claims, arising out of accident occurring during the Period of Insurance, first made in writing against the Insured and notified to the Company by the Insured in writing during the Policy period or extended reporting period.

3. DEFINITIONS

3.1 “Act” unless otherwise specifically mentioned shall mean the Public Liability Insurance Act 1991 as amended from time to time.

3.2“Accident” means an accident involving a fortuitous, sudden or unintentional occurrence while handling any hazardous substance resulting in continuous, intermittent or repeated exposure to death of, or injury to any person or damage to any property but does not include an accident by reason only of war or radioactivity.

3.3“Handling” in relation to any hazardous substance means the manufacture, processing, treatment, package, storage, transportation by vehicle, use, collection, destruction, conversion, offering for sale, transfer or the like of such hazardous substance.

3.4“Hazardous Substance” and group means any substance or preparation which is defined as hazardous substance under the Public Liability Insurance Act, 1991 and the Rules framed there under.

3.5“Owner” or “Insured” means a person who owns, or has control over handling of any hazardous substance at the time of accident and includes in the case of :

More Details 

https://www.irda.gov.in/ADMINCMS/cms/Uploadedfiles/70_Public%20Liability%20Insurance%20Act%20Policy.pdf

Hand Book On Property Insurance

This handbook is designed by the Insurance Regulatory and Development

Authority (IRDA) as a guide on Property Insurance and gives general information only. No information given herein replaces or overrides the terms and conditions of an insurance policy. Please approach a duly licensed agent or a broker or an insurance company registered with IRDA for specific information regarding a policy or for any other additional information. 

more details :

http://www.policyholder.gov.in/uploads/CEDocuments/Property%20Insurance%20Handbook.pdf

ShriRam General Insurance 

INDUSTRIAL ALL RISKS INSURANCE POLICY 

OPERATIVE CLAUSE

Whereas the Insured Owner named in the schedule hereto and carrying on business described in the said schedule has applied to SHRIRAM GENERAL INSURANCE Company Limited (hereinafter called the Company) for the indemnity hereinafter contained and has made a written proposal and declaration which shall be the basis of this contract and is deemed to be incorporated herein and has paid the premium as per the provisions of the Industrial All risk Insurance and the rules framed there under.

1. Eligibility

All industrial risks (other than risks rateable under Petrochemical Tariff) having overall Sum Insured of Rs.50 crores and above in one or more locations in India shall be eligible for Industrial All Risks Policy.

2. Policy

The Policy form given at Annexure I consist of: 

More Details 

https://www.irda.gov.in/ADMINCMS/cms/Uploadedfiles/75_Industrial%20All%20Risk.pdf

Business overhead expense disability insurance

Business overhead expense (BOE) disability insurance, also known as Business Expense Insurance, pays the insured’s business overhead expenses if he or she becomes disabled. A BOE policy pays a monthly benefit based on actual expenses, not anticipated profits. It is designed for businesses that rely on a small number of people (or one person) to produce revenue.

COVERAGE:

The following business overhead expenses are typically covered by a BOE disability policy.

• Rent
• Interest payments on some business debts
• Utilities
• Employees' salaries and payroll taxes
• Postage and stationery
• Equipment maintenance
• Rental, lease, or depreciation of office equipment
• Taxes on the business property location
• Insurance premiums for Workers' Compensation, employee medical, and liability
• Accounting fees
• Professional memberships and subscriptions

Policies do not typically cover the salary of a temporary employee hired to do the duties of the disabled, unless a substitute salary expense or similar rider is purchased with the policy. Income taxes and the cost of inventory are some expenses that are not covered.

THE NEW INDIA ASSURANCE COMPANY LIMITED 

PERSONAL PACKAGE INSURANCE POLICY FOR EXECUTIVES / BUSINESSMEN

( EXECUTIVE / ADHIKARI SURAKSHA KAVACH ) WHEREAS the insured named in the Schedule hereto has made to New India Assurance Company Limited (hereinafter called “the Company”) a proposal and declaration which shall be the basis of this contract and be deemed to be incorporated herein for the insurance hereinafter contained and has paid the premium stated herein.

The Company hereby agrees subject to the terms and conditions contained herein or endorsed or otherwise expressed hereon that if the Insured shall sustain LOSS or DAMAGE or INCUR LIABILITY or shall sustain BODILY INJURY by accident or shall at any time during the period of insurance or any subsequent renewal in respect of which premium has been paid to the Company the Company will pay to the Insured the value, at the time of happening of such LOSS, of the property so lost or the amount of such damage or the amount of liability incurred or the benefits specified herein but not exceeding in any one period of insurance in respect of each of the several items specified herein the sum set opposite thereto respectively .

GENERAL CONDITIONS

1. Notice : Every notice and communication to the Company required by this policyshall be in writing to the office of the Company through which this Insurance is effected .

2. Mis-description : This Policy shall be void and all premium paid hereon shall be forfeited to the Company in the event of misrepresentation misdescription or nondisclosure of any material particular.

3. Reasonable Care : The Insured shall take all reasonable steps to safeguard the property insured against any loss or damage.

4. Cancellation : The Company may at any time by seven days notice in writing cancel this Policy, in which case the Company shall return to the Insured a proportion of the last premium corresponding to the unexpired period of insurance. This Policy may also be terminated at any time at the request of the Insured in which case the Company will retain the premium for the period this policy has been in force at the short period scale as described below. 

More details : http://newindia.co.in/downloads/Adhikari-Suraksha-Kavach-clause.pdf

UNITED INDIA INSURANCE COMPANY LIMITED

UNI EXECUTIVE PROTECT – DIRECTORS AND OFFICERS

In consideration of the premium received and in reliance upon the statements made and the information contained in the Proposal 

Form and provided otherwise (all of which are part of and form the basis of this Policy), the Insurer and the Policyholder agree to the following, subject to the terms, conditions and exclusions of this Policy.

The Limit of Liability is the maximum, total and cumulative liability of the Insurer in respect of any and all Claims under the Policy during the Policy Period (or the Discovery Period, if applicable). Sub-limits specified in the Schedule are part of and not in addition to the Limit of Liability, unless expressly specified to the contrary in the Policy.

The Insurer shall only pay in excess of the Retention, which amount shall apply to each and every Claim. The Company will be liable for the Retention which will remain uninsured. A single Retention shall apply to all Loss arising out of, based upon or attributable to continuous, repeated or related Wrongful Acts. If the Insurer advances any Loss for which a Retention applies under the Policy, the Company agrees to reimburse the Insurer immediately to the full extent of the Retention upon the Insurer notifying the Company of the Loss so advanced. The Retention shall not be applicable to any Non-Indemnifiable Loss.

More Details:

https://www.irdai.gov.in/ADMINCMS/cms/Uploadedfiles/NLP1516/98.pdf

L & T Insurance 

POLICY WORDING 

Whereas the Insured has made to L&T General Insurance Company Ltd (hereinafter called the “Company”), a proposal which is hereby agreed to be the basis of this Policy and has paid the premium specified in the Schedule, now the Company agrees, subject always to the following terms, conditions, exclusions and limitations, to indemnify the Insured , in excess of the amount of the Deductible and subject always to the Sum Insured and/or Limit of Indemnity against such loss as is herein provided.

A Coverage

If an insured event described in one of the Covers below occurs then the Company will make payment but only if:  the insured event arises or occurs during the Policy Period, and Only up to the available or remaining Sum Insured or Limit of Indemnity (or any sub-limit of either) as stated in the Schedule.

Coverage, special condition and special exclusion for optional cover is applicable provided same stands chosen by the insured

Cover 1 a & b: Standard Fire and Special Perils

1) Cover is provided for the Insured’s Buildings, Farmhouse and Contents in the Farmhouse on the same terms as if they were covered under the Company’s [Standard Fire and Special Perils] Policy (which is deemed to be incorporated into this Policy for the purposes of this Cover only) but the cover provided is:

for the Policy Period only, and is subject to the same terms, conditions, exclusions and warranties as the Company’s [Standard Fire and Special Perils] Policy in all respects. Excess – Nil. Terrorism Excess – 1% of claim amount, subject to minimum of Rs.10000 and maximum of Rs.5 lakhs

More Details :

https://www.irdai.gov.in/ADMINCMS/cms/Uploadedfiles/NLP1516/48.pdf

PROFESSIONAL INDEMNITY INSURANCE-ARCHITECTS &ENGINEERS

POLICY WORDINGS

(Note 1: Please read and check the details of this Policy carefully to ensure its accuracy and see that it meets your requirements

Note 2: This is a “Claims Made” Policy, which means it, covers only claims reported during the Period of Insurance

Note 3: The Limit of Indemnity applies to all damages and costs and expenses, including those incurred both by the Insured and the Company.)

L&T General Insurance Company Limited (hereinafter called the “Company”) and the Insured agree that This Policy, the Schedule (including any Schedule issued in substitution) and any Clauses thereon shall be considered one document and any word or expression to which a specific meaning has been attached in any of them shall bear such meaning wherever it appears throughout

The Proposal or any information supplied by the Insured shall be incorporated in and be the basis of the contract.

The Company will provide the insurance subject to the Terms and Conditions of this Policy, during the Period of Insurance shown in the Schedule and any subsequent period for which the Company has agreed to accept and the Insured has paid the premium.

The following shall be conditions precedent to any liability of the Company

a) The truth of the Proposal

b) Observance of the terms of this Policy relating to anything to be done or complied with by the Insured

1. Insurance Cover

This policy covers Claims made against the Insured for Loss arising due to actual or alleged legal liability provided that the Claim

- arises out of an actual or alleged negligent act, error or omission in the rendering of or failure to render Professional Services by the Insured or any person or entity for whom the Insured is legally liable, within the Geographical Territory specified in the Schedule; and

- is made during the Period of Insurance and reported to the Company in writing during the Period of Insurance or any applicable Extended Reporting Period and the negligent act, error or omission in the rendering of or failure to render Professional Services first takes place on or after the Retroactive Date but before the expiration of the policy.

The Company shall not be liable under this Policy in respect of any Claims or Circumstances known to the Insured prior to inception of this Policy or that in the Company’s reasonable opinion ought to have been known to the Insured or notified by the Insured under any other insurance prior to inception of this Policy or disclosed in the latest Proposal made to the Company .

more details :

https://www.irda.gov.in/ADMINCMS/cms/Uploadedfiles/109.Professional%20indemnity%20Policy%20wordings%20-%20Architects%20%20Engineers.pdf

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Business interruption insurance

Business interruption insurance (also known as business income insurance) covers the loss of income that a business suffers after a disaster while its facility is either closed because of the disaster or in the process of being rebuilt after it. A property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the profits that would have been earned. This extra policy provision is applicable to all types of businesses, as it is designed to put a business in the same financial position it would have been in if no loss had occurred.

This type of coverage is not sold as a stand-alone policy, but can be added onto the business' property insurance policy or comprehensive package policy such as a business owner's policy (BOP). Since business interruption is included as part of the business' primary policy, it only pays out if the cause of the loss is covered by the overarching policy

Builder's risk insurance

Builder's risk insurance is a special type of property insurance which indemnifies against damage to buildings while they are under construction. Builder's risk insurance is "coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause."

Bond insurance

Bond insurance (also known as "financial guarantee insurance") is a type of insurance whereby an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security. As compensation for its insurance, the insurer is paid a premium (as a lump sum or in installments) by the issuer or owner of the security to be insured. Bond insurance is a form of "credit enhancement" that generally results in the rating of the insured security being the higher of (i) the claims-paying rating of the insurer and (ii) the rating the bond would have absent insurance (also known as the “underlying” or “shadow” rating).

The premium requested for insurance on a bond is a measure of the perceived risk of failure of the issuer. It can also be a function of the interest savings realized by an issuer from employing bond insurance or the increased value of the security realized by an owner who purchased bond insurance.

Insured securities range from municipal bonds and infrastructure bonds to asset-backed securities (“ABS”), such as residential mortgage- backed securities (“RMBS”) andcollateralized debt obligations (“CDOs”) domestically and abroad.

Bancassurance

The bank insurance model (BIM), also sometimes known as bancassurance, is the partnership or relationship between a bank and an insurance company whereby the insurance company uses the bank sales channel in order to sell insurance products, an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank's client base.

BIM allows the insurance company to maintain smaller direct sales teams as their products are sold through the bank to bank customers by bank staff and employees as well.

Bank staff and tellers, rather than an insurance salesperson, become the point of sale and point of contact for the customer. Bank staff are advised and supported by the insurance company through product information, marketing campaigns and sales training.

The bank and the insurance company share the commission. Insurance policies are processed and administered by the insurance company.

This partnership arrangement can be profitable for both companies. Banks can earn additional revenue by selling the insurance products, while insurance companies are able to expand their customer base without having to expand their sales forces or pay commissions to insurance agents or brokers.

Bancassurance, the sale of insurance and pensions products through a bank, has proved to be an effective distribution channel in a number of countries in Europe, Latin America, and Asia

Aviation insurance

Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different from those for other areas of transportation and tend to incorporate aviation terminology, as well as terminology, limits and clauses specific to aviation insurance.

Types of insurance

Public liability insurance

Passenger liability insurance

Combined Single Limit (CSL)

Ground risk hull insurance not in motion

Ground risk hull insurance in motion (taxiing)

In-flight insurance

SOURCE FROM: wikipedia

Assumption reinsurance

Assumption reinsurance is a form of reinsurance whereby the reinsurer is substituted for the ceding insurer and becomes directly liable for policy claims. This ordinarily requires a notice and release from affected policyholders. In the more typical reinsurance arrangement, the reinsurer has an obligation to indemnify the ceding insurer, which remains liable for claims on policies it has issued, and policyholders' approval is not required.

SOURCE FROM: wikipedia

Alien abduction insurance

Alien abduction insurance is an insurance policy issued against alien abduction.

The insurance policy is redeemed if the insured person is abducted by aliens. Simon Burgess, former Managing Director of British Insurance, well known for being involved in the bizarre end of insurance, said "Of course, the burden of proof lies with the claimant. Let’s face it – insurance is so tedious that if I can enlighten my dreary life with a bit of humour every now and again, I will."

A policy normally costs around $150 per $1.5 million in coverage as of 1998.Policy offerings vary from $10,000 to $10 million.Some companies offer policies for alien pregnancy, alien examinations and death caused by aliens. More recently the Alien Abduction Insurance Corporation has launched the idea of abduction insurance certificates as a unique gift for a lifetime premium and sell it at $9.95.

The very first company to offer UFO abduction insurance was the St. Lawrence Agency in Altamonte Springs, Florida.The company says that it has paid out at least two claims. The company pays the claimant $1 per year until their death or for 1 million years, whichever comes first. Over 20,000 people have purchased the insurance. The insurance is normally purchased by the "feeble-minded", according to Burgess, a former Lloyd's of London underwriter. Prominent policyholders have included Shirley MacLaineand a Harvard University professor who has written on aliens.

top 10 general insurance companies in india 2014- 2015

SURVEYS ABOUT TOP 10 GENERAL INSURANCE COMPANIES :
According to surveys here we provide what are the Insurance companies got a good grade in the year of 2013-14. Here first we are going to see , previous years surveys lists and rankings.

First(www.business.mapsofindia.com) : 
This site was started in the year of 1998. MapsofIndia.com is the largest online repository of maps on India. Based on www.business.mapsofindia.com website updated the top 10 general insurance companies in india in the year of 2012. According to this site they declare the below sites are top 10

1. Life Insurance Corporation of India
2. Tata AIG General Insurance
3. Bajaj Allianz General Insurance
4. New India Assurance
5. ICICI Prudential Life Insurance
6. IFFCO TOKIO General Insurance
7. ICICI Lombard General Insurance
8. Oriental Insurance
9. Birla Sun Life Insurance
10. HDFC Standard Life Insurance

These above list are preparing on the basis of the following things

1. Number of Customers, Policy holders and agents
2. Plans and Schemes
3. Customer services
4. performance over the years
5. Number of Branches (India and Abroad) etc

SECOND(www.top10companiesinindia.com):

This website was among the top online market research and consulting firm in India. It is online resources directory which conducts various studies in qualitative, quantitative, market trends, ranking and survey.Based on www.top10companiesinindia.com website updated the top 10 general insurance companies in india in the year of  2014. According to this site below list are the top 10 insurance companies .

1.  New India Assurance Company Limited