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Trade Suvidha Policy from IFFCO Tokio

Whether small or large-scale, all of us care for our business, put our life and soul into making our businesses grow and that is why we go to whatever lengths necessary to make sure that our business thrives and stays protected no matter what may come.To help you protect your office and the place of your work, IFFCO Tokio has come up with the Trade Suvidha Policy which offers you the best solution to the unforeseen problems that may arise and helps you to safeguard your office.

What is Trade Suvidha Policy?

The Trade Suvidha Policy helps you to safeguard your office and helps you financially bearany damages caused to it. Apart from this, should something happen to your office, this policy will reimburse you for those costs. Here is what the policy covers for you:

  • All contents of your office are covered under this policy from natural calamities such as fires, earthquakes, floods, etc.
  • Your office and its contents are covered and insured against all kinds of manmade calamities such as riots, strikes, etc.
  • Losses incurred due to damages to your goods in office or in-transit are covered under Trade Suvidha Policy.
  • Any kind of losses incurred to the electronic items in your office is also covered by this policy.
  • Any kinds of losses incurred by you and your office due to dishonesty or fraud by the employees of your office are also covered under Trade Suvidha Policy.

Features of Trade Suvidha Policy

As the name suggests,Trade Suvidha Policy offers you a lot of benefits that help you to better focus on your business. Here is what the policy offers you:

  • Fire and Allied perils: This section of the insurance policy helps you safeguard your office from manmade and natural calamities, and the losses that you incur due to them. The policy offers you protection from the losses and damages caused to you by floods, fire, earthquakes as well as from overflowing water tanks, riots, strikes, etc.
  • Burglary and Allied perils: Theft and robbery are common perils to any establishment. This section offers you protection against damages caused to your place of work due to burglary, dacoity and robbery. Other than this, the section also offers you security against damages caused by felling of trees, poles, dish antenna and other things. Furthermore, this section also covers costs that you will incur for fire rescue operations.
  • Money related perils: This section of the Trade Suvidha Policy offers you protection against various things such damages caused to your office and goods in transit due to robbery, burglary, dacoity or any other kind of unfortunate event.
  • Personal Accident: Under this section of the policy, you and your employees are covered for damages caused to you due to accidents and other kinds of work-related accidents. This policy covers death, disability for permanent or temporary nature.
  • Fidelity Guarantee: Trade Suvidha Policy offers you coverage for damages caused to you due to dishonesty, fraud and other related matters of your employees.
  • Electronic Equipment: This policy also covers the damages caused to your office’s electronic items.

Benefits of Trade Suvidha Policy

Trade Suvidha Policy offers you a number of benefits. The policy aims at making your work and office safer by offering you coverage for various kinds of damages that can befall your office at any given point in time. Here are the benefits of choosing this policy:

  • You and your office are covered against the damages that may be caused due to various kinds of natural and manmade calamities.
  • The office and its contents are safeguarded against theft, robbery and docility.
  • Other than this, you are even covered for the damages that may be incurred by your goods on premises or in-transit.
  • You and your employees named to the policy are covered against personal accidents caused due to work and work-related operations.
  • Furthermore, your office’s electronic items are safeguarded under Trade Suvidha Policy as well.
  • Other than this, your office and its contents are even insured against felling of trees, dish antenna, poles etc.
  • Additionally, this insurance policy even covers your costs for fire rescue operations.
  • The policy safeguards you against direct money losses due to theft and robbery.

If you opt for Trade Suvidha Policy for your office and place of work, you will never have to pay for the damages on your own.

General Exclusions

Any claims against Trade Suvidha Policy will not be processed if the fall under the following:

  • Damages caused to your office due to civil unrest, war, foreign invasion, loot, pillage, etc. will not be covered under our policies.
  • Any damages to your office or goods caused due to confiscation of requisitioning or demolition authorized by the government or any other equivalent authority will not be covered under our policy.
  • Any illness or disability caused directly or indirectly due to the following is also not covered by our policies:
    • Contamination from radioactivity from nuclear fuel, nuclear waste or burning of any nuclear fuel.
    • Exposure to Ionizing radiation
    • Toxic, Radioactive, explosive or other hazardous properties of any dangerous nuclear component or nuclear assembly.

  • Damages caused due to the slow decoration of a commodity or the wear and tear of the commodity or caused due to non-maintenance of the commodity are not covered under this policy.
  • Any damages caused due to the reduction of market value or other related issues to your goods are not covered under our policy.
  • If an item that is a part of the set is damaged, our policy will only compensate for the damaged part and not the entire set.

Where to Buy?

You can buy Trade Suvidha Policy for your office through the following means:

  • You can make the purchase via our website directly. We make use of secure payment gateways and servers to protect your details.
  • You use various online marketplaces, where you can compare plans and benefits online to make your purchase as well.
  • Other than this, you can directly visit the company office or branch nearby where you can come in and buy for your policy.

Trade Protector Policy

When you have invested a lot of time, money and efforts in setting up your business, you must make sure that you take every possible step to ensure that there is no damage caused to your business. But believe us, it is not under your control. Emergency and crisis do not five prior warning and would strike you when you least expect it. So, if you cannot avoid them altogether, then the best option for you is to get an insurance coverage which safeguards you against any possible damages and reimburses you in the event of a loss.

Our Trade Protector Policy has been designed with a view to safeguarding your business and your vested interest in it against most of the damages that can affect it. By opting for our comprehensive Trade Protector Policy, you get extensive coverage against a wide range of possible damages which may otherwise cripple your business with thefinancial burden.

Benefits of Trade Protector Policy

This policy consists of 12 Sections that offer extensive protection for your trade assets, interests, liability, establishment and safeguarding resources- including partners, employees, directors on board and yourself. The Sections are as follows: -

1. Fire and Allied Perils (Section 1)

This section provides cover against fire, explosion, riots and natural disasters. The insurance covers your establishment building, stocks, interior, furniture and other contents.

2. Burglary and other Perils (Section 2)

This section provides cover against burglary, robbery or dacoity and housebreaking, along with damage caused by impact of such activities.

3. Money and Fidelity Guarantee (Section 3 A/B)

This section provides cover for any loss of money in the premises due to damages as listed in Section 1 & 2. Additionally, cover for direct pecuniary losses caused to you by any act of fraud committed by your employees, is also provided.

4. Fixed Glass and Sanitary Fittings (Section 4)

This section provides cover for any accidental breakage of fittings in your establishment and any damage to subsidiary goods caused by such damage.

5. Electronic Equipment (Section 5)

This section provides cover for electronic equipment and data installed in your establishment. Cost of reinstating the said data/material/software up to the limits given by you, is covered as well.

6. All Risks (Section 6 C)

Under section 6 A/B cover for television, computer, mobile phone, video equipment etc. is provided.

This section provides cover against fire, riots, burglary and accidental loss damage for neon and/or illuminated signs and hoardings installed on the establishment premises and other trade equipment in India.

7. Breakdown of Electrical/Mechanical Appliances (Section 7A)

This section provides cover for unforeseen mechanical or electrical breakdown of appliances up to 7 years of age that are installed in your premises.

8. Deterioration of Refrigerated Goods (Section 7B)

This section provides cover against loss of refrigerated goods due to deterioration or putrefaction resulting from sudden mechanical/electrical breakdown of the unit.

9. Personal Accident (Section 8)

This section provides cover to you and your employees/business partners against any accidental bodily injury causing permanent or temporary disablement or death. Additional benefits include dead body carriage cost, damage to clothing costs, ambulance charges, loss of employment benefit, the cost for an insured person to adjust to injuries, an education fund for children and modification cost of house or vehicle after such injuries.

10. Business interruption (Section 9)

This section provided cover for the loss of gross trading profit and increased the cost of working that occurs as a result of damages to insured property by perils listed in Section 1.

11. Baggage (Section 10)

This section provides cover for any accidental damage or misfortune to your employees’ baggage when he/she is on journey related to your business.

12. Liability (Section 11 A/B)

This section provides cover against liability to the general public for any death, injury, property damage occurring due to perils to your establishment. Liability to your employees for death or injury in the course of employment with you under the Workmen's Compensation Act is covered as well.

13. Goods in Transit (Section 12)

This Section provides cover to goods in transit in connection with your trade or business. Insurance for damages caused by collision, derailment, strike, riot, theft and/or non-delivery of the entire package, fire, lightning, breakage of bridges, robbery etc. is provided.

Policy Exclusions

Important Exclusions under the policy are as follows:

  • Damages resulting from war, invasion, rebellion, civil war etc.
  • Damages resulting from commandeering, confiscation, destruction or requisition due to lawful orders by governments.
  • Damages resulting from indirect or indirect radiation, nuclear exposure or radioactive contamination.
  • Damages resulting from normal gradual deterioration to equipment.
  • Damages resulting from any type of pollution.

Note: There are some other exclusions as well, pertaining to specific sections of the policy

General Conditions for Trade Insurance Policy

Following are some general conditions that are applicable to all sections of the policy: -

  • Reasonable Precaution and Care of Property: We expect you to take steps to protect your property against various issues. If we find that reasonable care and precaution of your property was not done on your end, you claim may not be processed by our company. Other than this, for claims regarding damages to your electronic items, we expect you to follow our guidelines. Any contravention of the guidelines might lead to non-payment of your claims. Furthermore, we expect you to be careful when you hire employees. We will offer coverage for only those persons who are of sound mind and health and are competent at what they do.
  • Disclosure of information norm: When you opt for our Trade Suvidha Policy we expect you to comply with our guidelines and expect full information about everything. However, should it turn out that there was a misrepresentation of facts from your end or you have concealed some important facts, your insurance policy should stand cancelled with immediate effect and all premiums from there on shall stand forfeited.
  • Free Look-up Period (Personal Accident Section only): Once you accept and make the payment for this section, we offer you a free-look up within 15 days from the receipt of your payment. In case you do not agree to our terms and conditions, you can cancel this section by giving us a written notice of your desire for cancelling this section.
  • Changes in Circumstances: If there are any changes in circumstances of your office and employees, we expect to receive a written notice from you. You will need to inform us of all the changes in your office employees, gives us the particulars of the new employees, give us information if you change your office and other things. If there are any alterations to your property and other items in your property’s items, we expect an intimation of such things as well. Such changes in your circumstances must be reported to us within 30 days of such changes taking effect. In case of not informing us about such details in the appropriate time, our covers will cease to exist, and the cost of damages will be borne by you.
  • Claim Procedure and Requirements: In the event of damages incurred to you against the covers offered to your office by us, you will be required to fill out a claim form. You will be required to fill out all details and add any required documents to the form. Once we receive your form in the prescribed manner with all the details, we will process your payments.
  • Fraud: In case of fraud and in case of fraudulent information received by us against your policy or claims, all benefits offered to you by our company shall be withdrawn.
  • Cancellation of Policy: We reserve the right to cancel your policy at any given time. In case we are cancelling your policy, we shall send you a 15-day notice specifying the same. The premiums paid to us are refundable only if we receive an application from your side demanding such refunds. The refunds will be made to you on pro-rata basis only.

If you wish to cancel your policy with us, you can do so by writing a 15-day notice to us and sending it to our registered office only. Depending on the benefits enjoyed by you and the benefits offered to you by our company on behalf of your policy we shall offer you a refund according to the following valuations:

Period of Cover Premium to be withheld
15 days
1 months
2 months
3 months
4 months
5 months
6 months
7 months
8 months
9 months
Exceeding 9 months

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