Covers loss or damage to accompanied personal baggage of insured or baggage in connection with his trade, whilst anywhere in India, by accident or misfortune.
Section VIII - Personal Accident
Covers insured and spouse and / or his children, named in the schedule and aged between 5&70 years, against bodily injury caused solely and directly by accident and resulting in death or permanent total or partial disablement or temporary total disablement within 12 calendar months of such injury.
Section IX - Fidelity Guarantee
Covers direct pecuniary loss suffered by the insured due to fraud or dishonesty committed by any of insured's salaried employees.
Section X - Public Liability
Legal liability in respect of accidental death or bodily injury to a third party or accidental damage to their property during performance of any act in connection with insured's business.
Compensation to insured's employees under Workmen's Compensation Act or Common Law.
Section XI - Loss of Profit
Covers loss of profit due to interruption of business consequent upon loss or damage sustained by property insured under Section I of the policy due to insured perils.
It is necessary to opt for a minimum of 4 sections for this policy to be issued of which Sections I & II are compulsory.
How To Select Sum Insured
The shop building should be insured on market value basis i.e. depreciated value basis. The contents should be insured on cost price basis. The sum insured for contents under Section I&II should be identical. The sum insured under Sections III, V, VI, VII, IX, X & XI is limited to specified percentage of the sum insured for contents.