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.
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.
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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
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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 .
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