TRADE PROTECTOR POLICY FAQs
What do you mean by coverage amount?
The coverage amount is the maximum amount payable in case of a claim. The coverage amount is also known as “sum insured” The premium for Trade Protector Policy will depend on the coverage amount chosen.
Any additional benefits that I can avail for a policy?
All the Sections of the Trade Protector Policy have additional benefits that can be availed by paying an extra premium.
Policy that cover the liabilities under the Workmen’s Compensation Act?
No, the 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.
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 the complete package (coverage available for consignments sent under a contract of affreightment only and not when being sent by your own Vehicle).
- Strike, riots and civil commotion, terrorist or malicious damage.
Is there a lookup period for Trade Protector Policy?
Yes, the policy of 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.
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.
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 be 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.
Why Opt for IFFCO-Tokio’s Trade Protector Policy?
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 the impact of falling trees/electric poles/lamp posts, breakage or collapse of television or radio aerial/satellite along with any damage caused by civic authorities in the 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 the 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 the 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 on 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 a 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 of 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, an 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, which 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 the 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.