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.
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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 :
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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.
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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:
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