Business Package Insurance Policy

Key Feature

SBI General fully understands growing businesses like yours need the flexibility. Hence we allow the customers to select the combination of Sections under which they would like to cover the risks. We also provide the flexibility for you to choose the basis of indemnity depending on the sections selected

Package policy containing seven sections
Insured have the option to choose any of these 7 sections - only Section I (Fire and Allied Perils ) is compulsory
Time spent in Procedural requirements and easy for administration

Coverage

This Policy, being a Package Policy contains seven covers packaged in a single policy form.

Section I - Fire and Allied Perils (Compulsory Section) - It covers building/s, plant and machinery, furniture, fixtures and fittings, electrical installations and stock and stock-in-trade against fire and allied perils.

Section II - Business Interruption (Optional Section) - It covers loss due to interruption or interference with the business carried on by the insured at the premises specified and covered under Section I, in consequence of loss, destruction or damage indemnifiable under Section I.

Section III - Machinery Breakdown (Optional Section) - It indemnifies the Insured against unforeseen and sudden physical damage caused by and/or solely due to electrical and/or mechanical breakdown of electrical and mechanical appliances, apparatus or gadgets specified in the Schedule

Section IV- Electronic equipment's / appliances (Optional Section) - It covers loss or damage to:
IV (A): All Electronic equipment's like Computers, Medical, Biomedical, Micro- processors; Audio/Visual equipment's including the value of Systems Software
IV (B): External Data Media
IV(C): Increased Cost of Working

SECTION V - Burglary and Housebreaking (Optional Section) - It covers any loss or damage to the insured property by Burglary, Housebreaking or hold up and damage caused to the premises resulting from Burglary and/or Housebreaking.

Section VI - Money Insurance (Optional Section) - indemnifies the amount of loss of Money belonging to the Insured against theft or loss, destruction or damage caused by any accident, not otherwise excluded

Section VII - Plate Glass Insurance (Optional Section): - indemnifies the Insured in respect of any accidental loss of or damage caused to Plate Glass at the Insured Premises

Exclusion

Each Section of the Policy is subject to a specific set of Exclusions details of which can be obtained from any of Branch Office
General Exclusions applicable to all Sections of the Policy.
Loss, destruction or damage caused by war, invasion, act of foreign enemy, hostilities or war like operations (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power
Loss, destruction or damage, directly or indirectly, caused to the property insured by a) Ionizing, radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel b) Radioactive toxic, explosives or other hazardous properties of any explosive nuclear assembly or nuclear component thereof
Loss or damage as a direct consequence of the continual influence of operation (e.g. wear and tear, cavitation's, erosion, corrosion, incrustation) or of gradual deterioration due to atmospheric conditions
Loss, damage and/or liability caused by or arising out of the willful act to willful neglect or gross negligence of the insured or his responsible representatives