Page 385 - IC38 GENERAL INSURANCE

iv. Money Insurance: Provides coverage against loss of money due to an
accident while it is in:

 Transit from the business premises to bank and vice versa
 A safe at the business premises
 A till (box/drawer/ counter) at the business premises

v. Baggage: Compensates for loss of baggage while on travel for official
purposes

vi. Fixed Plate Glass and Sanitary Fittings covers accidental loss of
damage to:

 Fixed plate glass
 Sanitary fittings
 Neon Sign / Glow Sign / Hoarding

vii. Personal Accident

viii. Infidelity / Dishonesty of employees: Covers loss or damage caused by
dishonest acts of employees

ix. Legal Liability:

 Compensation for accidents arising out of and in the course of
employment

 Provides cover for legal liability to third parties

Fire / Burglary / Baggage / Plate Glass / Fidelity Guarantee / Workmen
Compensation and Public Liability Polices (dealt with next chapter) can be
taken separately also.

Terrorism cover may also be extended. The exclusions are generally the
same as in householder‟s insurance.

2. Sum Insured and Premium

Industrial units or offices will maintain books of accounts showing therein value
of assets, therefore, it may not be difficult to arrive at the sum insured. In the
case of shop and house this may not be always possible.

As already stated under householder‟s insurance, generally, there are two
methods of fixing the sum insured, viz. market value and reinstatement /
replacement value.

For additional coverage like money, baggage, personal accident the premium
would depend on the sum insured and the covers opted for.

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