PrintEmail this Page
Trade Protector Policy Online from IFFCO Tokio
The trade or business you have built spending so much time and resource is constantly under the threat of various kinds of risks. Any unfortunate event may result into a huge financial loss for your business. Although, you may not protect your business for every possible risk, you may certainly take steps to help your business tide over unexpected events through trade protection policy.
Protect your business against uncertainties with IFFCO-Tokio General Insurance's Trade Protector Insurance.
Trade Protector Policy
IFFCO Tokio’s Trade Protector Policy provides protection to your business/trade from uncertainties. We at IFFCO Tokio understand the time and resources that go into building a business and the various kinds of risks that constantly threaten it. While as an owner you may take necessary precautions to protect your business from various threats, there always remain a chance that an unexpected events can undo all the work done in establishing your business. IFFCO Tokio’s Trade Protector Policy helps your business tides over such risks and unexpected events.
Complete Protection for Your Business
An insurance policy unlike any other in the market, the Trade Protector Policy from IFFCO Tokio provides complete protection to your business against a wide range of risks and perils. By opting for Trade Protector Policy, your business shall be covered almost all the risks that you may normally encounter during while doing business.
Why Opt for IFFCO Tokio’s Trade Protector Policy?
The Trade Protector Policy package offers a comprehensive protection for your business establishment, interests, assets and liability. The policy also safeguards human resources of your establishment, like yourself and the board of directors. The policy provides scope for customized cover as it has 12 sections. A cover opted forthat includes all 12 sections will provide complete protection for your business. You can easily select the cover you want from among the 12 sections. The sections are:-
Fire and Allied Perils (Section 1)
Fire and Allied Perils covers your buildings, stocks, furniture, fixtures, fittings, interior decorations and other objects associated with the business from fire, explosion, bursting/overflowing of water tank, riot, strikes, malicious damage, earthquake, landslide, cyclone, etc.
Also, at no extra charge, the policy will cover:-
- Costs incurred to comply with building regulations post a damage
- Temporary removal of equipment to other place for the purpose of renovation
If the insured wishes, he/she can avail the cover for following by paying extra premium:-
Any expenses incurred on towards professional fees architects, surveyors etc. for superintendence of a building following a loss/damage
- Expenses incurred towards removal of debris
- Expenses incurred towards temporary removal of stocks
Burglary and other Perils (Section 2)
Burglary and other perils will cover the same properties and assets as those mentioned in Section 1 against housebreaking, burglary, robbery or dacoity. It will also cover damage caused by impact of falling trees/electric poles/lamp post, breakage or collapse of television or radio aerial/satellite along with any damage caused by civic authorities in prevention of fire.
Money and Fidelity Guarantee (Section 3 A/B)
Money and Fidelity Guarantee section will cover any loss of money in the business premises due to a hold up, housebreaking, robbery, dacoity or/and in transit due to an accident or misfortune. The Trade Protector Policy will also cover, at no extra cost, any damage to safe, strong room, steel almirahs as well as any case, bag, etc. used for carrying money. This section will also cover any direct monetary loss to the business caused by any act of fraud or dishonesty committed by the employees.
Fixed Glass and Sanitary Fittings (Section 4)
The section provides financial safeguard against any accidental breakage of fixed glass and sanitary fittings in the business premises. This will include cost of frames, lettering, printing, etc. and also any accidental damage to goods, which are incidental to the business, caused by the breakage.
Electronic Equipment (Section 5)
The section provides cover for any loss or damage to any electrical equipment like computers and its accessories, fax machines, etc. The cover will also include loss or damage to any data carrying material installed in the business premises. The section will also cover the cost reinstating/reinstalling up to the limit specified by you.
Television/Video Equipment and Portable Computer/ Mobile phone (Section 6A/B)
The section covers any loss or damage to television/video equipment installed in the premises of the business. It also covers any loss or damage to portable computer, mobile phone and electronic diary present anywhere in the world.
All Risks (Section 6 C)
The section covers damage to items such as neon and other illuminated signs, hoardings/billboards installed on the premises and any other trade equipment anywhere in India against fire, riot burglary and any other form of accidental loss/damage, provided it is not specifically excluded.
Breakdown of Electrical/Mechanical Appliances (Section 7A)
The section covers any sudden and unforeseen electrical or mechanical breakdown of any electrical or mechanical appliances present in the premises of the business, provided the appliances are up to 7 years of age.
Deterioration of Refrigerated Goods (Section 7B)
This section covers any damage to refrigerated goods by deterioration or putrefaction caused due to variance in the temperature. This variance can be a result from sudden electrical/mechanical breakdown of the refrigeration or due to accidental escape of the refrigerant gases.
Personal Accident (Section 8)
Personal Accident covers you and any other named persons connected with the business against accidental bodily injury leading to disablement, either temporary or permanent, or death. There are also free benefits such as damage to clothing, dead body carriage cost, ambulance expenses, loss of employment, education fund for children, cost incurred by the injured person to adjust to injuries as well any expenses incurred on modification of house or vehicle post such injuries.
Business interruption (Section 9)
The section covers loss of gross trading profit, including increased cost of working due to the damage to the insured property caused by events covered under Section 1, that have led to an interruption in the business.
Baggage (Section 10)
The section covers loss or damage, caused by an accident or misfortune, to the baggage belonging either to you or your employees being carried in connection with business, anywhere in the world.
Liability (Section 11 A/B)
The section covers you against any liability arising towards general public due to accidental death, bodily injury or property damage. This will include liability arising as a resulting from accusations of shoplifting, theft, dishonesty resulting in wrongful detention or false imprisonment. It will also cover any liability towards your employees for any injury or death arising out of and in course of employment with you under the Workmen’s Compensation Act.
Goods in Transit (Section 12)
This section of Trade Protector Policy covers damage to goods due to fire, lightning, collision, derailment, collapsing of bridges, riot, theft and non-delivery of entire package, robbery, etc. while in transit in connection with your business or trade.
Trade Protector Policy – A Few Things to Remember
To get insurance cover under the Trade Protector Policy, one must opt for a minimum of 5 out of 12 sections. Here a few other things to remember:-
- If the insured opts for a cover for 6 or more sections, he/she shall be eligible for a more affordable premium
- For Sections 1, 2, 4, 5, 6, and 7, the insurance shall be on Reinstatement value basis i.e. new for old. For this purposes the sum insured should represent value of new property including freight, duties, etc. This provision shall not apply to only to the “Other Contents” of Section 1 and 2.
- Few sub limits on specific items aside, there are no maximum limits specified for sum insured under any of the section of the Trade Protector Policy.
- If it so happens that at the time of damage, the value of the property is greater than the sum insured opted then the claim would be paid in the same proportion. This shall be applicable to Sections 1,2,4,5,6 and 7
Trade Protector Policy Exclusions
Some of the important exclusions under the Trade Protector Policy are as follows:
- Any damage as a consequence of war, invasion, act of a foreign enemy, hostilities, civil war, rebellion, revolution, etc.
- Any damage suffered due to confiscation, requisition or destruction by order of any government or a lawfully constituted authority.
- A damage that arises directly or indirectly or is contributed from ionizing radiation or contamination by radioactivity.
- Depreciation and damage caused by wear and tear in the course of normal use.
- Damage to property and contents due to pollution, whatever the kind be.
Frequently Asked Questions
1.What do you mean by coverage amount?
Coverage amount is the maximum amount payable in case of claim. Coverage amount is also known as “sum insured” The premium for Trade Protector Policy will dependent on the coverage amount chosen.
2.Are there any additional benefits that I can avail for a specific section of the policy?
All the Sections of the Trade Protector Policy have additional benefits that can be availed by paying extra premium.
3.Will the policy cover all the liabilities that arise under the Workmen’s Compensation Act?
No, Insurer shall not be liable for the following
- Any interest and/or penalty imposed on you on account of failure to comply with requirements laid down under Workman’s Compensation Act, 1923 and subsequent amendments of the said Act.
- Liability to employees of your contractors.
- Any employee who is not a Workman within the meaning of the Workman’s Compensation Act
- Any liability of Yours which arises by virtue of an Agreement which would not have arisen in the absence of such agreement
4.What are the insured perils in case of goods in transit?
Following perils are covered under the Trade Protector Policy for goods in transit:-
- Breakage of bridges
- Collision with or by the carrying vehicle
- Overturning of the carrying vehicle
- Derailment or accidents of like nature to carrying railway wagon/vehicle
- Robbery and Dacoity
- Theft and/or non-delivery of complete package (coverage available for consignments sent under contract of affreightment only and not when being sent by your own Vehicle)
- Strike, riots and civil commotion, terrorist or malicious damage
5.Is there a lookup period for Trade Protector Policy?
Yes, the policy a free lookup period of 15 days from the date of the issue of policy. If you are not satisfied with the policy, it can be revoked within 15 days by stating the reasons for doing so.
6.What is the outstanding debts benefit under the policy?
Under the outstanding debts benefit, we shall pay up to Rs.25,000/- for any outstanding debts for work completed or goods supplied which were owed to the insured at the time of occurrence of damage and are now irrecoverable.
7.What is the claim procedure for the policy?
For filing a claim, you should report about the event that is the cause of claim at the earliest. A written statement will required for it. Following this a claim form will be provided, this shall be submitted with supporting documents and delivered to us within 15 days from the date of damage.
**To understand exactly about the policy coverage, exclusions etc, please read the Policy Wording carefully.**