Things to Know Before Buying Trade Insurance
Here is a list of a few important terms and conditions that you should know before buying Trade Insurance.
Reasonable Precaution and Care of Property
You are expected to exercise due care to ensure the safety of the insured property and also make all efforts to minimize the damage caused to the property. If it is found that due to coverage offered by your policy, you did not exercise due caution, then your claim might not be reimbursed. In the case of electronic equipment, it is expected that you will comply with the guidelines specified by the manufacturer. You are also expected to employ only those employees who are of sound health and mind and are competitive at what they do.
You should send every written notice and communicate with our registered office address. This would be the branch from where your policy has been issued.
Disclosure of information norm
If it comes to our knowledge that there has been misrepresentation or concealment of material information from your side, then it would lead the policy to be canceled with immediate effect and the premium for the remaining period shall be forfeited.
Free Look-up Period (Personal Accident Section only)
When you purchase the policy, you will have a free look-up period of 15 days from the date of receipt of the policy. In case you do not agree to any terms and conditions of the policy, you can cancel the same by giving us a written notice specifying the reason for cancellation.
The refund for the premium paid shall be subject to the following conditions: -
Refund of the premium less any expenses incurred by us.
If the risk coverage has already started and you exercise your right to cancel the policy, the refund would be made after deducting the proportionate premium for the period the policy has been in effect and less any expenses incurred from our side
If only a part of the risk has commenced, then the refund shall be paid after proportionately deducting the risk premium for the period and expenses incurred by us such as medical examination and stamp duty.
Changes in Circumstances
You are supposed to inform us regarding any changes in the information that you have provided in the policy such as your particulars, details of your employees, change in your office premises or any other individuals covered by the policy. These can include change of address of your office, or if the insured building is vacant or unoccupied for more than 30 days. If there are any changes in the structure of the building or property or if you have undertaken any alterations, you must notify us regarding the same. If we do not receive any written communication from your side regarding any such change, the policy cover shall cease to exist, and you shall be vulnerable to losses.
Claim Procedure and Requirements
In case of occurrence of any event that might become a claim under the policy, shall be reported to us as soon as possible. You are required to furnish a written statement along with the completed claim form along with all supporting documents such as invoices, bills, police reports, and estimates. All these documents along with necessary details shall be sent to the office with your policy is registered within 15 days of such event. It should also include details of any other insurance covering the same damage.
You must inform the police immediately regarding any burglary attempted burglary, damages caused due to strikes, riots or any act of vandalism. You are supposed to take all necessary steps to apprehend the accused person(s) and recover the stolen property If there has been a claim filed against you or your partners or employees covered under the policy, then the notices, writ, summons, verbal notice, etc. shall be conveyed to us immediately. Without our prior consent, you shall not indulge in any negotiations with any third party, and you shall not admit to any claim or agree to any compensation without our consent. You are expected to extend all assistance to our representative to finalize such negotiations on your behalf.
If there is a claim under the section pertaining to Personal Accident, you or your authorized representative must send us a written intimation within 14 days (Fourteen days) of occurrence of such injury or death. All reports/certificates/ evidence/prescriptions from a registered medical practitioner shall be sent to us along with the written intimation. You shall extend full co-operation to our medical representative to conduct any medical examinations and tests as we deem ok.
If it is found out that any claim filed by you or your representative pertaining to you, your property or any other person covered under the policy is fraudulent, then all the benefits extended under the policy shall be withdrawn.
Cancellation of Policy
We reserve the right to cancel the policy by sending a 15 day written notice to your last updated registered address. In such a scenario you will be entitled to refund of the premium on a pro-rata basis from the date of cancellation of the policy to the period remaining. This refund is payable on demand only and shall be processed only if we receive a written intimation from your side.
In case you are no longer interested in enjoying the coverage provided by our policy, you are at your discretion to cancel the policy by giving a 15-days written notice to us at our registered address.