Commercial Insurance

Exposure Analysis – Based upon client’s business operations we identify the risk exposures.

Cost & Coverage Analysis- Structuring an adequate Insurance program at an optimal cost.

Evaluating the effects of these exposures & identifying the insurable risks.

Placement and servicing – Selecting a suitable insurance carrier and settlement of claim

Standard fire and special perils policy

Highlights

The Standard Fire and Special Perils Policy cover all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils.Special Types of Policies are designed for Stocks (declaration and floater), Building, Plant & Machinery keeping in mind the nature of property, proposers' requirements and basis of indemnification.Long Term Policies available for Dwellings with suitable discounts in premium.Policy can be extended to cover certain additional perils and expenses at additional premium.Certain perils can be deleted with discount in premium rates.Discount in premium available for good claims experience for sum insured more than Rs. 50 crores in one location and for installation of fire extinguishing appliances.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss / damage immediately so that a Competent Surveyor may be deputed to minimise the loss. give an account of all properties damaged or destroyed with estimated amounts having regard to their values as on the date and place of loss.

Cooperate with surveyors by providing all the necessary documents for assessment of loss and establishing liability.

Cooperate with the insurer in all their activities of entering the premises, taking possession of properties, their examining, sorting, removing or selling to your account, without prejudice.

Inform particulars of all other insurances existing on the property at the time of loss.Documents required by insurer for processing the claim:

Common Documents for all claims under a Standard Fire and Special Perils Policy

Certified True copy of the policy along with schedule and Endorsements/clauses.
Claim Form.
Photographs.
Past claims experience.
Fire Claims (additional documents).
Report of the Internal Committee constituted for the purpose of investigating the cause of fire.
Fire Brigade Report.
First Information Report / Letter of intimation to the Police Station duly endorsed / Police Panchnama.
Forensic Laboratory Report on samples collected at affected site.
Drug Inspector's Report on destruction of Drugs/ Pharmaceutical items (for claim on pharma products only).
Final Investigation Report.
Action taken on the suggestion of TAC/ LPA on loss minimization of prevention.
Flood Claims (additional documents)
Meteorological Report
Explosion Claims (additional documents)
Factory Inspector's Report or Report of Director of Industrial Safety and Welfare.

Scope

Properties that are covered:

All moveable/ immoveable properties of the proposer on land (excluding those in transit) broadly categorized as follows:

Industrial All risk policy

Scope and Structure

The Industrial All Risks (IAR) Insurance policy was fundamentally designed to cover large manufacturing industrial risks that had wider and more complex exposures which traditional Fire and Allied Insurance policies could not easily cater to. The policy was designed as a multi-line product offer a client the option to chose amongst various sections.

Section I – Material Damage including

Fire & All special perils
Burglary
Machinery Breakdown
Boiler Explosion
Electronic Equipment Insurance

Section II - Business Interruption

Following Fire & All Special Perils – Compulsory
Following Machinery Breakdown / Boiler Explosion / Electronic Equipment - Optional

Salient Features of IAR policy

Comprehensive, convenient and cost effective policy.
Package policy of All Risk Nature.
Not a named peril policy.
All perils covered except certain specific exclusions.
Tariff policy in Indian market.
Single Document Policy.
Losses (MD as well as BI) due to Burglary covered.
Transit Risk inside industrial compound covered.
Considerable premium saving possible in MB cover due to lower rates.
No depreciation deducted from MB loss (Total or Partial) for Limited Life Equipments.
BI due to Fire & Allied perils - Compulsory.
BI due to Machinery Breakdown / Boiler Explosion / Electronic Equipment - Optional.
Insurance under IAR on Reinstatement value basis only except Stocks. Stocks on Market Value basis.
IAR policy not available for Petrochemical Risks.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Mega Risk policy

Large Risk Policies

The risks where the Sum Insured is more than Rs.2,500 crores at any one location (PD,BI combined) come out of purview of Tariff regulations and hence for such risks Package Policies are devised to suit the specific requirements of the client.

Project Insurance

For projects where the Sum Insured is more than 2500 crores at one location our department arranges policies as per requirements of the client to provide seamless coverage to project from the beginning till the end including Advance Loss of Profit/Delay in Startup cover.

Stand-Alone Terrorism Cover

In India Insurance companies provide Terrorism coverage only upto Rs.750 crores at any one location from the Market Terrorism Pool as per Terrorism Pool rules and terms. If a client wants coverage for terrorism risks above Rs.750 crores we can arrange the same and issue a Stand Alone Terrorism Coverage policy.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Contractor's all risk policy

This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.

Highlights

This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction. In case the policy period exceeds 12 months, the premium can be paid in quarterly instalments with the first instalment being more by 5% and the last instalment being paid 6 months before expiry of the policy.

Scope

The policy comprises of 2 Sections:

Section I – Material Damage including

covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.

The main exclusions under Section I for which no claim is payable, are loss or damage due to:

faulty design
rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect.

The exclusion of defective material / workmanship is limited to the parts of the structure immediately affected and does not apply to any consequential loss to correctly executed items, arising out of the accident due to defective material or workmanship.

loss or damage due to gradual deterioration, atmospheric condition, rusting etc.
loss discovered only at the time of taking inventory.
loss arising out of penalty for delay, non-fulfilment of terms of contract.

Add on covers

The policy can be extended to cover the following items:-

construction equipment like scaffolding, shuttering materials.
damage to surrounding property not forming part of the contract work.
maintenance visit / extended maintenance cover to cover accidental loss or damage whilst carrying out any rectification during maintenance period and / or any amount incurred for rectification of such original defects or faults during construction.

Who can take the policy?

The policy can be taken by the principal, contractor or sub contractor, jointly or separately.

How to select the sum insured?

The sum insured selected under section I should represent total contract value including the estimated cost of labour charges and cost of materials but excluding profit. The cost of materials supplied by the principal is to be declared separately. In case of long term contracts, there is bound to be escalation in prices. The basic policy will pay only as per the original cost and prices. However escalation clause can be opted for, under which escalation upto 50%, can be selected to take care of such increase in prices. The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured's site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.

Period of insurance

Unlike other policies where the period of insurance is one year, in this policy the period of insurance should be equivalent to the period of contract, commencing from the date of unloading of the first batch of material at the site of construction and expiring on the date of handing over of the contract work to the principal. Although it is possible to extend the policy period in case of delay in completion of contract, it is always advisable to choose a slightly longer period of insurance initially, to avoid paying the higher extension premium.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Erection all risk policy

This is a comprehensive policy covering all physical risks which a project is exposed to.

Highlights

This is a comprehensive policy covering all physical risks which a project is exposed to right from the warehouse of the supplier of equipments - whether imported or indigenous - to its erection, testing and commissioning at the site. In case the supplier has arranged transit insurance upto the site, a Storage cum erection policy can be issued limiting coverage to risks that the project is exposed to at the site only. In case the policy period exceeds 12 months, the premium can be paid in quarterly instalments with the first instalment being more by 5% and the last instalment being paid 6 months before expiry of the policy. For project value exceeding Rs.1500crs, specially designed policies are available.

Scope

The policy comprises of 2 Sections :

Section I – Material Damage

covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.

Section II - Third Party Liability

covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.

The policy covers all risk of physical loss or damage of insured property other than those specifically excluded , including :-

marine voyage for imports
offloading / storage at port
inland transit to site contractor as a result of bodily injury or property damage belonging to a third party.
storage, handling, erection at site
testing and commissioning at site

The main exclusions are :-

loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection. This exclusion is limited to the items immediately affected and does not apply to any consequential loss to correctly executed items.
cost necessary for rectification or correction of any error during erection unless resulting in physical loss or damage.
loss or damage due to gradual deterioration, atmospheric condition, rusting etc.
loss discovered only at the time of taking inventory.
loss arising out of penalty for delay, non-fulfillment of terms of contract.
loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection. This exclusion is limited to the items immediately affected and does not apply to any consequential loss to correctly executed items.

Add on covers

The policy can be extended to cover the following on payment of additional premium.

clearance and removal of debris
maintenance visit / extended maintenance cover
additional customs duty
civil works
express freight affected and does not apply to any consequential loss to correctly executed items.
air freight
deletion of duration clause under marine

Who can take the policy?

The policy can be taken by the principal, contractor or sub contractor, jointly or separately.

How to select the sum insured?

The sum insured selected under section I should not be less than the completely erected value of the property inclusive of estimated freights, customs duty, erection cost etc. In case of long term contracts, there is bound to be escalation in prices i.e.prime cost. The basic policy will pay only as per the original cost and prices. However escalation clause can be opted for, under which escalation upto 50%, can be selected to take care of such increase in prices during the policy period. The sum insured shall be adjustable on completion of the erection, on the basis of actual values incurred by the insured in respect of freights, handling charges, customs dues, cost of erection etc. and premium adjusted accordingly. The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insurer's site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.

Period of insurance

The period of insurance should not be less than the period of contract and should commence from the date of unloading of the first consignment at the site of the erection and shall continue upto the conclusion of the first test operation or test loading subject to a maximum of 4weeks from the date trial running is made and / or readiness for work is declared by the erectors. If a part of the plant or one or several machines are tested and put into the operation, the coverage under the policy for that particular part of the plant or machine will cease, whereas the coverage will continue for the remaining parts which are not yet ready. In case approval of the plant or any part thereof is not given by the concerned authorities even after expiry of 4weeks of trial running, the policy can be extended and the extra premium to be arranged beforehand.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Machinery breakdown policy

This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of accidental electrical and mechanical breakdown.

Highlights

This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown. It reimburses the insured for the cost of repairs or replacement of machinery of like nature.

Who can take this Insurance: This insurance can be taken by the individual owner of the machine or a person or company having financial interest in the machine.
What kind of machines can be covered: All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.
What is the sum insured or value for which policy is to be taken: It is a requirement of this policy that the sum insured or value for which the particular machine is insured should represent the present day purchase value of a similar new machine including all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc. In case the sum insured under the policy is less than as per the above requirement the claim will be paid only in such proportion as the sum insured bears to the current replacement cost of similar new machinery.

Scope

The policy covers all kinds of electrical and mechanical breakdown resulting from the following incidents:

Faulty material/workmanship of the machine.
Action of centrifugal forces contributing to disruption of the rotating parts.
Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown.
Malfunctioning or failure of safety devices.
Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions.
Abrupt and sudden stoppage of other connected machinery.
Entry of foreign bodies into running machine.
Inexperienced operations causing damage due to error of judgment or error in operation.

Add on covers

The policy can be extended to include the following risks on payment of additional premium.

Damage to foundation of machinery.
Damage to oil in electrical apparatus.
Express freight (excluding air freight), holiday rates, overtime charges.
Air freight.
Additional custom duty i.e the additional percentage of duty payable at the time of reimport for replacement over and above the percentage of duty included in the original sum insured.
Own surrounding property i.e. damage to the insured's own existing property or property in his custody or control (not included in the sum insured of the policy) due to any damage to the insured machines which is covered under the policy.
Third party liability i.e. liability falling on the insured for bodily injury to any other party other than those covered by the policy or for property damage belonging to such other party.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Boiler and Pressure plant policy

In this Industrial era manufacturing units are exposed to Boiler explosion risk within premises.

Boiler and Pressure Plant Insurance covers damage to boilers & pressure plant with damage to surrounding property and Third Party legal liability arising due to explosion and collapse of the boiler/ pressure plant during its normal course of working.

Policy Coverage

Policy covers physical loss or damage to boilers and/or other pressure plant against unforeseen and sudden physical loss of or damage due to explosion or collapse of the insured items.

Coverage includes:

Damage (other than Fire) to the boilers & pressure vessels.
Damage to surrounding property - Upto Limit agreed and Third party legal liability due to Explosion/ Collapse/ Implosion - Upto Limit agreed.

Extensions

Express freight (excluding airfreight), Overtime and Holiday rates of wages.
Airfreight.
Owner’s Surrounding Property.
Third Party Liability.
Additional Customs Duty.

Sum Insured

Sum Insured should represent their new replacement values.

Premium

Premium depends upon Type of Boiler and Age of Boiler.

Excess

The policy is subject to a compulsory excess.

Exclusions

Sum Insured should represent their new replacement values.
The policy does not cover any losses or damage due to Fire, smoke, soot, aggressive substance lightning, theft, collapse of buildings, subsidence, landslide, rockslide, water.
Accident loss damage and/or liability resulting from overload experiments or tests requiring the imposition of abnormal conditions.
Loss or damage for which the manufacturer or supplier or repairer of the property is responsible either by law or under contracts.
Political risks.
Nuclear reactions, Nuclear radiation or radioactive contamination.
Willful act or willful negligence.
Wear and tear.
Inherent defects.
Lack of maintenance.
Consequential loss.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Electronic equipment all risk policy

This is a specially designed policy which covers accidental loss or damage to electronic equipment.

Highlights

This is a specially designed policy which covers accidental loss or damage to electronic equipment.

The policy covers the following types of equipments:

Electronic data processing machine.
Telecommunication equipment.
Transmitting and receiving installations(including Radio, TV, Cinema Sound Reproduction and Studio Equipment)
Material testing and research equipment.
Electro-Medical Installations.
Signal and Transmitting units.
Office calculators, duplicating machines and Reproduction machines.
Control and supervisory units.

Note: The above items should not be portable and mobile

Who can take this policy: This policy can be taken by the owner, lessor or hirer of electronic equipment

Scope

The policy covers sudden and unforeseen physical damage including breakdown to the electronic equipment covered under the policy due to any reason not specifically excluded.

Thus it covers damage caused by the following perils:-

Smoke, soot, dust, corrosive gases etc.
Water and Humidity.
Short circuit and Electrical fire risk.
Faulty operations, lack of skill.
Falling object and entry of foreign bodies.
Fire, lightning, explosion.
Riot and strike and malicious damage and terrorism.
Theft and burglary.
Natural calamities - flood, inundation, storm, cyclone and earthquake.
Subsidence, landslide, rockslide.

Loss of damage caused by the following perils are specifically excluded from the scope of the policy.

Normal wear and tear and corrosion of parts arising from use and continuous operation (limited to parts immediately affected, subsequent damage to other parts of the unit covered).
War, wilful acts, gross negligence.
Faults for which third party is responsible by law or contract.
Failure due to interruption of gas, water or power supply.
Aesthetic defects.
Consequential loss of any kind.
Loss to consumables and operating media etc.

Who can take the policy?

The sum insured or value of the policy should be equivalent to the present day purchase price of a similar new electronic equipment including all incidental expenses like cost of installation, duty, freight, taxes etc. If the sum insured is less than required as stated above then the claim will only be paid in such proportion as the sum insured bears to the amount required to be insured.

Add on covers

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.

How to select the sum insured?

The policy can be extended to include the following risks on payment of additional premium.

Damage to external data media for example punch cards, tapes, discs etc. as also the cost of reconstruction of data on this external media caused by a peril covered under the policy.
The additional expenditure incurred due to use of a substitute computer system as a result of an accidental damage to the computer insured under the policy and which is covered by the policy.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Contractor Plant and Machinery

This policy covers all different types of machinery used for handing material or construction.

Highlights

This policy covers all different types of machinery used for handing material or construction.

Scope

The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy. The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.

The main exclusions of the policy are:-

loss or damage due to any internal electrical or mechanical break down, defective lubrication, lack of oil or coolant although any consequent external damage is payable.
loss or damage to replaceable parts or attachments such as bits, drills, knives, dies, moulds etc.
loss or damage whilst in transit from one location to another.
loss due to wear and tear, corrosion, rust, deterioration, atmospheric conditions.
loss or damage during testing operating or whilst being used for a purpose other than designed for.
loss or damage to machinery working under ground.
loss or damage for which the supplier or manufacturer is responsible either by law or under contract.

Add on covers

The policy can be extended to cover

third party liability - personal injury and property damage.
damage to owner's surrounding property.

Who can take the policy?

The policy can be taken by any one of the following parties, either individually or jointly :-

The owner of the machine
The contractor / user of the construction machinery
The financial institutes who have an interest in the construction machinery

How to select the sum insured?

The sum insured of each item of machinery should represent the current purchase cost of a similar new machine including all incidental expenses like freight, duty, taxes, cost of erection etc.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

To be announced soon

Portable equipment all risk policy

We help farmers/Land Owner to identify and mitigate the risks associated to Agriculture Insurance.

Scope

Covers Loss or damage caused by

Fire
Riot and Strike.
Theft
Accident.
From any fortuitous cause

Exclusion

The Company shall not be liable in respect of:-

Damage caused by any process of cleaning, dyeing or bleaching, restoring, repairing or renovation or deterioration arising from wear and tear, moth, vermin, insects or mildew or any other gradually operating clause.
Breakage, Cracking or Scratching of Crockery, Glass, Cameras, Binoculars, Lenses, Sculptures, Curios, Pictures, Musical Instruments, Sports Gear, and similar articles of brittle or fragile nature, unless caused by fire or accident to the means of conveyance.
Loss or damage caused by mechanical or electrical derangement/breakdown of any article unless caused by accidental external means.
Over-winding, denting or internal damage of watches and clocks.

Loss or damage to Money, Securities, Manuscripts, Deeds, Bonds, Bills of Exchange, Promissory Notes, Stocks or Share Certificates, Stamps and Travel Tickers or Travellers Cheques, Business books or documents.

Theft from any car except car of fully enclosed saloon type having at the time all the doors, windows and other openings securely locked and properly fastened.
Loss or damage whether direct or indirect arising from War, War-like operations, Act of Foreign Enemy, Hostilities (whether war be declared or not) Civil War, Rebellion, Insurrection, Civil Commotion, Military or Usurped Power, Seizure, Capture, Confiscation, Arrests, Restraint and Detainment by the order of any Government or any other authority.
Any loss or damage arising through delay, detention or confiscation by Customs or other authorities.
Any loss, destruction or damage to any property whatsoever or any loss or expense whatsoever, resulting or arising there from or any consequential loss and any legal liability of whatsoever nature, directly or indirectly caused by or contributed to by or arising from Ionising, radiation or contamination by radioactivity from any source whatsoever.
Any loss, destruction, damage or Legal Liability directly or indirectly caused by or contributed to by or arising from Nuclear Weapons material.
Consequential losses or legal liability of any kind.
Loss or damage due to or contributed to by the Insured having caused or suffered anything to be done whereby the risks hereby insured against were unnecessarily increased.
Loss or damage due to or contributed to by Terrorism and Sabotage activities.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Fire loss of profit policy

This is a specially designed policy which covers accidental loss or damage to electronic equipment

Highlights

Generally insurance policies cover only physical damage to property by insured perils. This, at best , covers the expenses incurred for repairing or replacing the damaged property . But what about the financial loss suffered due to interruption of business operations whilst the damaged property is being repaired or replaced ?

This policy offers a solution by covering profit lost due to reduction in turnover arising from interruption of business following damage to the property insured. This policy can be taken only in conjunction with Fire Policy or Machinery Breakdown policy.This policy is also known as Business Interruption Policy or Loss of Profit Policy.

Scope

The policy covers:

Loss of gross profit.
Increased cost of working.

Add on covers

The Fire Consequential Loss Policy can be extended to cover loss of profit to the insured due to :

Accidental failure of public electricity/gas/water supply.
Damage to customer's premises due to perils covered under Fire Policy
Damage to Supplier's premises due to perils covered under Fire Policy

How to select the sum insured?

The sum insured under CL Policy (Consequential Loss) should represent the gross profit of the indemnity period selected.

The indemnity period is the maximum period required to put the business back into normal operation after damage to insured property by an insured peril. The indemnity period could vary from 6 months to 3 years.

Upto an indemnity period of one year , the annual gross profit should be selected as sum insured. Thereafter the GP should be in proportion to the indemnity period selected i.e. for 18 months - 1 1/2 times the annual gross profit for 24 months - 2 times the annual gross profit for 36 months - 3 times the annual gross profit.

The gross profit should represent the net trading profit plus insured standing charges (fixed charges). The standing charges which are to be insured have to be specified.Gross profit can be insured on one of the following basis :

Turnover basis.
Output basis.
Difference basis.
Revenue basis.

How to claim?

The policy operates once there is a valid claim under the Fire Policy or Machinery Breakdown Policy.

The loss of profit is measured by comparing the turnover/output /revenue during the indemnity period with the turnover during the corresponding period in the previous year (known as the standard turnover).

Hence loss of gross profit = Rate of gross profit X Reduction in turnover = (Gross Profit / Annual turnover) X Reduction in turnover The documents establishing reduction in turnover have to be submitted to the surveyor appointed by the insurance company.

In addition if any extra expenses have been incurred to minimize reduction in turnover the same are also payable subject to the overall sum insured.

Machinery breakdown Loss of profit policy

A Marine-cum-Erection or Contractor's All Risk policy covers only physical damage to property which, at best, covers the expenses incurred for repairing or replacing the damaged property. What if the project gets delay due to material damage which may result into anticipated loss of Gross profit.

ALOP /DSU Policy come into play in order to take care of these anticipated Loss of Gross profit.

Highlights

The Advance Loss of Profit is designed to cover

Loss of Gross Profit = Net Profit+Standing Charges

OR

Fixed Operation & Management Costs

OR

Debt Service Charges(Usually Interest Part)
Increased Cost of Working
Increased Cost of Working
Examples of soft costs are: land rents, Advertising, promotional, marketing, Legal & Accounting, etc

The policy pays for the actual loss of gross profit incurred during the period of delay, commencing from the scheduled date of commencement of commercial operation upto the actual date of commencement of commercial operation subject to a time excess and indemnity period selected. The delay, however should have occurred due to a claim payable under marine -cum- erection policy, storage-cum -erection policy or contractor's all risk policy.

The policy does not cover delay due to:

Inventory losses
Delay in shipment of supplies
Normal project schedule slippages
Non - availability of funds for repairs/replacement to damaged items
Cancellation of licence or Govt. restrictions etc

Scope

Advance Loss of Profits (ALOP) insurance covers loss of Gross Profit. Gross Profit means turnover (the amount of money paid or payable to the Insured for goods, products or services sold) minus the variable costs (dependent on turnover) of raw materials needed to produce the goods, products or services sold.

DSU/ALOP coverage only attaches in the event of an interruption or delay resulting from a Material Damage loss covered under the Material Damage section of the policy.

Who can take this policy?

The Owner/Principle.
The Finance Parties/Lenders as defined in the Loan Agreement.
Contractors/sub contractors cannot take this policy.

Period of Insurance:

Period of Insurance runs parallel to CAR/EAR /SCE policy i.e. period of Insurance of ALOP/DSU should be same as that of CAR/EAR/SCE policy.

Extension in the period of Insurance:

If material damage section of the project policy is required to be extended, because of the delay in construction due to whatsoever reason an extension on period of insurance of ALOP/DSU must be asked and agreed with Insurer.

Extension of ALOP cover should be subject to additional premium as per the balance exposure.

Excess/Deductible: Deductibles are express in terms of days and calculated as single delay at the end of project once the project is operational i.e. period between original anticipated start date/completion date and Actual Completion period.

Add ons Available:

Supplier & Customer Extension with options of
Flexa Perils only
Named suppliers and locations, this should be endorsed to the policy
Prevention of Access/ Denial of access.
Public utility extension

Claims:

The process of Claim settlement is quite complex and required detailed segregation of delay due to Insured perils and delay due to Uninsured subject such as financial constraint, legal & regulatory approvals, change in design, Delay resulting from suspension, lapse, termination and/or cancellation of or the failure to obtain or extend any lease, contract, license, permit or other commitments.

The entire process is quite complex since the final loss can be ascertained only at the end of project and segregation from delay due to insured peril and delay due to un-insured subjects and involves stake holder ranging from principle , contractor, sub contractor , supplier, financer almost whole gamut of project chain.

Mostly these being settled on mutually agreed value.

Advanced loss of profit policy

A Marine-cum-Erection or Contractor's All Risk policy covers only physical damage to property which, at best, covers the expenses incurred for repairing or replacing the damaged property. What if the project gets delay due to material damage which may result into anticipated loss of Gross profit.

ALOP /DSU Policy come into play in order to take care of these anticipated Loss of Gross profit.

Highlights

The Advance Loss of Profit is designed to cover

Loss of Gross Profit = Net Profit+Standing Charges

OR

Fixed Operation & Management Costs

OR

Debt Service Charges(Usually Interest Part)
Increased Cost of Working
Increased Cost of Working
Examples of soft costs are: land rents, Advertising, promotional, marketing, Legal & Accounting, etc

The policy pays for the actual loss of gross profit incurred during the period of delay, commencing from the scheduled date of commencement of commercial operation upto the actual date of commencement of commercial operation subject to a time excess and indemnity period selected. The delay, however should have occurred due to a claim payable under marine -cum- erection policy, storage-cum -erection policy or contractor's all risk policy.

The policy does not cover delay due to:

Inventory losses
Delay in shipment of supplies
Normal project schedule slippages
Non - availability of funds for repairs/replacement to damaged items
Cancellation of licence or Govt. restrictions etc

Scope

Advance Loss of Profits (ALOP) insurance covers loss of Gross Profit. Gross Profit means turnover (the amount of money paid or payable to the Insured for goods, products or services sold) minus the variable costs (dependent on turnover) of raw materials needed to produce the goods, products or services sold.

DSU/ALOP coverage only attaches in the event of an interruption or delay resulting from a Material Damage loss covered under the Material Damage section of the policy.

Who can take this policy?

The Owner/Principle.
The Finance Parties/Lenders as defined in the Loan Agreement.
Contractors/sub contractors cannot take this policy.

Period of Insurance:

Period of Insurance runs parallel to CAR/EAR /SCE policy i.e. period of Insurance of ALOP/DSU should be same as that of CAR/EAR/SCE policy.

Extension in the period of Insurance:

If material damage section of the project policy is required to be extended, because of the delay in construction due to whatsoever reason an extension on period of insurance of ALOP/DSU must be asked and agreed with Insurer.

Extension of ALOP cover should be subject to additional premium as per the balance exposure.

Excess/Deductible: Deductibles are express in terms of days and calculated as single delay at the end of project once the project is operational i.e. period between original anticipated start date/completion date and Actual Completion period.

Add ons Available:

Supplier & Customer Extension with options of
Flexa Perils only
Named suppliers and locations, this should be endorsed to the policy
Prevention of Access/ Denial of access.
Public utility extension

Claims:

The process of Claim settlement is quite complex and required detailed segregation of delay due to Insured perils and delay due to Uninsured subject such as financial constraint, legal & regulatory approvals, change in design, Delay resulting from suspension, lapse, termination and/or cancellation of or the failure to obtain or extend any lease, contract, license, permit or other commitments.

The entire process is quite complex since the final loss can be ascertained only at the end of project and segregation from delay due to insured peril and delay due to un-insured subjects and involves stake holder ranging from principle , contractor, sub contractor , supplier, financer almost whole gamut of project chain.

Mostly these being settled on mutually agreed value.

Burglary and Housebreaking policy

Policy is designed to cover business premises only like godown, factory, office etc.

Highlights

Policy is designed to cover business premises only like godown, factory, office etc. There are three types of policies available :-
Full Value Insurance: The policy must be effected for the full value of the property to be insured.
First Loss Insurance: In the event of improbability of total loss, proposer can opt for a percentage of total stocks to be insured.
Stock Declaration Policies: These policies are given where large stocks frequently fluctuate in quantity during the year. The sum insured is fixed at the maximum value of stocks which the insured anticipates he will hold at any one time. A deposit premium of 100% of the annual premium will be paid at the beginning of the insurance. Monthly declarations of value are to be sent to the company and the "deposit" premium will be adjusted at the end of the policy period based upon the average of the monthly declarations.

Scope

The company shall not be liable in respect of :

Gold, watches, jewellery, precious stones, plans, designs, money, business books etc. unless specifically insured.
Loss or damage where any insured or member of the insured's household or of his business staff is concerned in the actual theft or damage.

The policy shall cease to attach:

If the premises are left uninhabited for 7 or more consecutive days and nights.
In the event of material alterations to the premises whereby the risk is increased.
If the insurable interests has passed from the insured otherwise by will or operation of law.

Who can take the policy?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Money insurance policy

Highlights

Money Insurance policy provides cover for loss of money in transit between the insured premises and bank or post office,or other specified places occasioned by robbery, theft or any other fortuitous cause. The policy also cover loss by burglary or housebreaking whilst money is retained at Insured premises in safe(s) or strong room.

Scope

Section I: Covers money in transit under the following heads: Cash, Bank Drafts, Currency Notes, Treasury Notes, Cheques, Postal Orders and current Postage Stamps.

Section II: Covers money in safe / on premises

Premium

Two amounts are specified in the policy:

Limits of liability for any one loss (i.e. maximum liability of the Company)
Estimated amount in transit during the year for the purpose of premium computation.

Extensions

This policy can be extended to include the risk of infidelity of the employees, terrorism and disbursement risk.

How to claim?

In case of any claim please contact M/S APRIL USA ASSISTANCE INC. at the following emergency centers worldwide.

Exclusions

Shortage due to error or omission
Losses due to the fraud/dishonesty of the employee of the insured.
Losses which are covered by other policies

Fidelity Guarantee Insurance policy

The policy covers the employer in respect of any direct financial loss which he may suffer as a result of employees dishonesty.

Scope

The Company agrees to indemnify the insured against a direct pecuniary loss sustained by reason of any act of fraud/dishonesty committed

On or after the date of commencement of this policy
During uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof
In the case of death, dismissal or retirement of the Employee with twelve calendar months of such death, dismissal or retirement whichever of these events shall first happen.

Conditions

The liability of the Company shall not exceed

in respect of any employee the sum insured stated against his name or as declared herein.
in respect of all claims under this policy, the total sum insured.
If this policy shall be continued in force for more than one period of indemnity or if any liability shall exist on the part of the Company under this Policy and also under any other Policy in respect of fraud or dishonesty of the employee, the liability of the Company hereunder shall not be accumulated or increased thereby but the aggregate liability of the Company during any number of periods of indemnity and for any number of acts of fraud or dishonesty committed by the employee shall not exceed the sum insured hereunder or the sum insured under any other such policy as aforesaid whichever is greater.
The Company shall not be liable to pay more than one claim in respect of the action of any one employee.

Exclusion

The Company shall not be liable in respect of losses arising elsewhere than in India

To be announced soon

Commercial General Liability policy

Commercial general liability insurance (CGL), protects your business from financial loss should you be sued because of property damage, injuries, or death caused by your services, business operations, or your employees. A typical example of commercial general liability insurance is slip, trip, and fall coverage, which protects your business against lawsuits because someone slipped, tripped, or fell in your workplace. A CGL insurance policy will usually cover the costs of your legal defence and will pay on your behalf all damages if you are found liable—up to the limits of your policy. CGL coverage is one of the most commonly sold insurance products, primarily because of the impact that a law suit can have on a business and because such liability suits happen so frequently.

Types of Commercial General Liability Insurance

Standard CGL coverage is divided into four primary groups:

Bodily Injury / Property Damage
Personal and Advertising Injury Liability
Medical Payments
Tenant Legal Liability

Bodily Injury / Property Damage Liability

Fundamentally, if your company, your product / service, your employees, or for that matter anything that is associated with your business cause physical harm to someone, or damages their property or belongings, the courts could find you legally liable. When a business is held legally liable, it is required to pay the injured party what is referred to as compensatory damages. Of course, there are limitations to this type of coverage. For example, CGL would not cover the following if the:

Courts apply against you or one of your employees a punitive damage claim, which is a judgement to pay money as a form of punishment
Injuries or damage caused to another person or their property resulted from intentional acts
Injuries or damage were caused by your commercial vehicle
Damages are to property that you own, rent or otherwise occupy

Personal Injury Liability

Personal injury liability coverage (under a commercial general liability policy), protects your business, yourself, and your employees:

Against lawsuits wherein it is claimed that what you or an employee said or did caused damage to the reputation and character of a third party In contrast to bodily injury claims, personal injury claims arise from alleged damages caused to a third party that do not necessarily result in visible, physical harm. The most common types of personal injury claims are for:

Libel (something printed about you that is untrue and damaging)
Slander (something said about you verbally that is untrue and damaging)
Malicious prosecution
False arrest, detention or imprisonment
Oral or written publication of material that violates a person’s right of privacy
False arrest, detention or imprisonment
Other actions that inflict emotional pain and suffering

As can be imagined, this type of claim can be caused by a wide range of incidents. The most common claimants are disgruntled former employees, dissatisfied customers and others who believe that they have been aggrieved by you, your company, or your employees. What is not protected under the personal injury coverage? The primary exclusions relate to situations where a person:

Publishes or says something about someone, or the product / service of their company, and which they know to be false.
Assume liability as outlined in a contract
Commits offences that are illegal, or are infractions of municipal ordinances or by-laws

Advertising Injury

The courts have commonly held that advertising injury relates to damages caused by slander, libel, privacy violations, copyright infringement, and disparagement of goods, products or services of other companies. As the title suggests, the injury arises you’re your company performs some form of advertising or marketing activity. For example, you may inadvertently use on your website a picture that is copywrite- protected, and the copywrite holder files a claim against you. Or, the content of one of your promotional ads or flyers is deemed to make disparaging remarks about a competitor’s product or service. Should such a situation arise, your advertising injury liability coverage would protect your business and your assets.

Medical Expenses

This type of coverage is sometimes referred to as “Goodwill Protection” and is designed to pay for a third party’s minor medical expenses that arise from an accident on your company's premises, or as a result of your company's operations. This coverage can be applied in some cases as a way to avoid a costly lawsuit. For example, someone slips on a wet showroom floor, and breaks their leg. The medical expense coverage could cover the costs of their medical bills and their lost time from work, without the expense of going to court to resolve the issue.

Tenant's Legal Liability

Accidents happen. And as a tenant if you cause property damage to the landlord’s property, you could be held legally responsible. For example, it could be a fire that results in smoke and water damage; or a flood caused by equipment you are using in your rented premises. When this occurs your Tenant's liability coverage will defend you against any action to cover the costs to repair the damages. This coverage only applies to “property damage” to premises owned by others rented to you or occupied by you. Also, although your landlord’s commercial general liability insurance will protect him/her, you still need insurance coverage to protect your business.

Public Liability policy

This policy covers the amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury, loss or damage to the property belonging to a third party.

Highlights

This policy covers the amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury, loss or damage to the property belonging to a third party. The legal cost and expenses incurred in defending the case with prior consent of the insurance company are also payable subject to certain terms and conditions. One can insure more than one unit situated in different locations under a single policy. The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.

Scope

We issue three types of Public Liability Policies.

Public Liability Non Industrial Risk - For offices,hotels, cinema houses,hospitals, schools etc.
Public Liability Industrial Risk - For godowns , warehouses and factories.
Public Liability Insurance Act 1991 - This is a mandatory policy to be taken by owners ,users or transporters of hazardous substance as defined under Environment (Protection) Act 1986 in excess of the minimum quantity specified under the Public Liability Insurance Act 1991.

Add on covers

The Public Liability Policy can be extended to cover the following risks on payment of an additional premium.

Natural calamities like flood, earthquake etc.
Pollution Risk subject to NOC from Pollution Control Board
Transportation Risk

How to select the sum insured?

In Public Liability Policy, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively. The ratio of AOA limit to AOY limit can be chosen from the following :

1:1

1:2

1:3

1:4

The AOA limit which is the maximum amount payable for each accident should be fixed taking into account the nature of activity of the insured and the maximum number of people who could be affected and maximum property damage that could occur, in the worst possible accident in the insured premises. In the case of Public Liability Insurance Act 1991, the AOA limit should represent the paid up capital of the company subject to maximum of Rs.5 crores. The AOY limit is fixed at 3 times the AOA limit (Max.Rs.15 Crores).

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (insurance@zoominsurancebrokers.com) so that a Competent Surveyor may be deputed to minimize the loss.

General Understanding of Claim under Public Liability Policy

Legal liability under the Law of Tort ,can arise under several circumstances in insured's premises such as

Collapse of building structure
Accidental falling of fixtures
Bad maintenance or poor housekeeping resulting in accident to visitors on the premises
Accidental leakage of toxic substance which pollutes the atmosphere and injures or kills people

The term "liability" means responsibility and "legal liability" means responsibilities which can be enforced by law. Legal Liability may be classified into Criminal Liability and Civil Liability. Only Civil Liability claims are payable. Civil Liability claims will arise if there is prima facie evidence of negligence by the insured resulting in injury or death to any third party or resulting in damage to property belonging to a person other than insured, or in insured's custody.

Negligence will be proved only when following conditions are satisfied:

Existence of duty of care
Breach of this duty
Injury suffered by a person or property damaged as a result of that breach.

In case of any event likely to give rise to a liability claim as described above, insurance company should be informed immediately. In case any legal notice or summons is received, it should be sent to the insurance company. The company has the option of arranging the defence of the case. The event giving rise to the claim should have occurred during the period of insurance or retroactive period and the claim first made in writing against the insured during the policy period. The maximum amount payable including defence cost will be the AOA limit selected. The any one year limit will get reduced by the amount of claim or indemnity paid for any one accident. Any number of such claims made during the policy period will be covered subject to the total indemnity not exceeding the Any One Year limit. In case of Public Liability Insurance Act 1991 Policy, any award which exceeds the AOA limit will be paid by the government through Environment Relief Fund to which the insured has to contribute an amount equivalent to the premium paid under the Public Liability Insurance Act Policy. The policy will not pay for claims arising out of contractual liability, intentional non-compliance of any statutory provision, loss of goodwill, slander, fines, penalties, libel, false arrest, defamation, mental injury etc.

To be announced soon

Product Liability

This policy covers all sums (inclusive of defence costs) which the insured becomes legally liable to pay as damages as a consequence.

Highlights

This policy covers all sums (inclusive of defence costs) which the insured becomes legally liable to pay as damages as a consequence of:

accidental death/ bodily injury or disease to any third party.
accidental damage to property belonging to a third party.

arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the insured's premises.

The policy offers the benefit of retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of policy, also become payable.

Scope

The defect in the product may be a manufacturing defect or may even be due to faulty packaging, delivery specifications or instructions as to use of the product. The policy covers the sales turnover of the company- both domestic and/or exports. The policy is on a claims made basis i.e. the claims must arise and be made in writing on the insurance company during the policy period. The policy does not cover any liability for product recall, product guarantee, pure financial loss such as loss of goodwill or loss of market. The policy also does not pay for the cost incurred for repairing or reconditioning or modifying the defective part of the product.

Add on covers

The policy can be extended to cover liability arising out of judgments or settlements made in countries which operate under the laws of U.S.A or Canada (which is an exclusion under the policy) by opting for the North American Jurisdiction Clause. The policy can also be extended to cover Limited Vendors Liability for named or unnamed vendors. Limited vendors liability means liability arising out of the sale and distribution of named insured products by vendors with original warranties and instructions of use of the product specified by the manufacturers.

Who can take the policy?

The policy can be taken by the manufacturer of any product whether it be the final product or part of the final product.

How to select the sum insured?

In Product Liability Policy, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively. The ratio of AOA limit to AOY limit can be chosen from the following:

1:1

1:2

1:3

1:4

The AOA limit which is the maximum amount payable for each accident should be fixed taking into account the nature of product covered and the maximum number of people who could be affected and maximum property damage that could occur, in the worst possible accident after sale of the product.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com) so that a Competent Surveyor may be deputed to minimize the loss.

General Understanding of Claim under Public Liability Policy

In case of any event likely to give rise to a liability claim as described above, insurance company should be informed immediately. In case any legal notice or summons is received, it should be sent to the insurance company. The company has the option of arranging the defence of the case. The event giving rise to the claim should have occurred during the period of insurance or retroactive period and the claim first made in writing against the insured during the policy period. The maximum amount payable including defence cost will be the AOA limit selected. The Any One Year limit will get reduced by the amount of claim or indemnity paid for any one accident. Any number of such claims made during the policy period will be covered subject to the total indemnity not exceeding the Any One Year limit.

Cyber Liability Insurance

Internet and networked technologies have changed many aspects of how business operates. The ability to readily store and share data across interconnected networks has created new efficiencies in sales and marketing, data access and retrieval, and vendor relations and interaction.

Benefits

While the benefits of using Internet-based and other technologies are numerous, so are the inherent risks, creating exposures that were virtually unheard of two decades ago. These include:

the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof.
computer viruses that can destroy data, damage hardware, cripple systems and disrupt a business' operations; and
Computer fraud.

Unfortunately, Internet and network exposures are increasingly subject to exclusion from "traditional" insurance policies since commercial general liability and property policies were originally designed to respond to liabilities and natural perils that damage physical assets. With Internet-based technologies, "i-exposures" are largely intangible, the result of human error, or deliberate malicious attacks and crimes.

To protect against these and similar exposures, ZoomF offers risk management and insurance solutions to address these complex risks, including:

detailed insurance gap analysis;
network security survey to assess vulnerability;
security policy review and development;
network vulnerability scans; and
Assessment of internet connectivity vulnerability.

Zoom works with leading cyber risk insurers to develop cyber risk insurance protection for Internet and network exposures, including:

liability: privacy and confidentiality;
copyright, trademark, defamation;
malicious code and viruses;
business interruption: network outages, computer failure;
attacks, unauthorized access, theft, Web site defacement and cyber extortion;
technology errors & omissions; and
intellectual property infringement.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

To be announced soon

Employee Compensation policy

Highlights

The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by the workmen arising out of and in course of employment.

Who can be Insured?

Any employer whether as a Principal or contractor engaging "workmen" as defined in WC Act to cover his liability to them under statute and at common law. Employer can cover Employees who do not qualify as "Workmen" under separate table

Scope

To pay all sums which the insured is legally liable to pay the employees in respect of personal injury by accident or diseases 'arising out of and in the course of the employment'
Insured's liability arising either under common law or the laws set out in the schedule Workmen's Compensation Act 1923.
Costs or expenses incurred by the insured with the consent of the company, to defend any claims are paid in addition.

Exclusion

Any injury by accident or disease directly attributable to war and nuclear risk
Insured's liability to employees of contactors to the insured
Any liability of the insured which attaches by virtue of an agreement.
Any compensation for diseases mentioned in Part 'C' of Workmen's Compensation Act-1923

Premium

Premium rating is governed tariff. It depends on the nature of work carried on by the insured. Tariff prescribes 2 forms of insurance

Table-A: Indemnity against legal liability for accident to employees under
Workmen's Compensation Act 1993
Fatal Accident Act 1855
Common Law
Table-B: Indemnity against legal liability
Fatal Accident Act 1855
Common Law

Table A policies may be extended to cover insured's liability for contractor's workmen.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com) so that a Competent Surveyor may be deputed to minimize the loss.

Directors' and Officers' Liability policy

Highlights

This cover is suitable for those Directors & key officers who are in a decision -making position.These directors and officers in pursuance of their duties may take some actions which may be in violation of certain statutes or Indian Laws

Scope

Provides cover

Against any loss that the Organization may incur, on account of mistaken actions taken in their individual capacity as Directors & Officers in pursuance of their duties under Memorandum and Articles of Association.
Against loss arising from claims made against them by reason of any wrongful Act in their Official capacity.
Legal costs & expenses incurred with the written consent of the insurers arising out of prosecution (criminal or otherwise) of any Director / officer and attendance at any investigation, examination, inquiry or other proceedings by the authority empowered to do so.
Expenses incurred by any shareholder of the Company in pursuance of a claim against any Director / Officer, which the Company is legally obliged to pay, pursuant to an order of a Court.
Provide indemnity to the estate of, legal heirs or legal representatives of the Director / officer in the event of the Director / officer becoming insolvent.

Exclusion

Any bodily injury ,sickness, disease or death of any person or any damage to tangible property.
Dishonest, fraudulent, criminal or malicious act.
Personal guarantee.
Libel and slander.
Personal injury and damage to property.
Pollution damage.
Directly resulting from goods or products manufacture or sold by the company.
Fines, penalties, punitive or exemplary damages.
Any circumstances existing prior to inception date of policy.

Premium

Premium depends on profile of the client, the Sum Insured selected, present and past functioning of the company, information in the balance sheet and annual report, degree of exposure etc.

Special Conditions

Directors and the Company shall give to underwriters immediate notice in writing of any claim
Directors and the Company shall not disclose to anyone the existence of the policy without underwrites' consent
Directors of the Company shall not be required to contest any legal proceedings Counsel shall advise that such proceedings should be contested.
Underwriters shall not settle any claim without the consents of the Directors or the Company

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Professional Indemnity policy ( Errors and Omissions policy)

This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service.

How to select the sum insured?

In Professional Indemnity Policy, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively. The ratio of AOA limit to AOY limit can be chosen from the following:

1:1

1:2

1:3

The AOA limit, which is the maximum amount payable for each accident, should be fixed taking into account the nature of activity of the insured and the maximum number of people who could be affected and maximum property damage that could occur, in the worst possible accident. In the case of Professional Indemnity policy issued to engineers, architects, interior decorators, lawyers, advocates, solicitors, counsels, chartered accountants, financial accountants and management consultants, the Any One Accident (AOA) limit is restricted to 25% of the Any One Year (AOY) limit.

Scope

The policy covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected. Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law or ordinance is not covered.

Who can take the policy?

The policy is meant for professionals. We issue 'Professional Indemnity' policies to the following group of professionals:-

Doctors and medical practitioners - which covers registered medical practitioners like physicians, surgeons, cardiologists, pathologists etc.
Medical establishments - which covers legal liability falling on the medical establishment such as hospitals and nursing homes, as a result of error or omission committed by any named professional or qualified assistants engaged by the medical establishment.
Engineers, architects and interior decorators.
Lawyers, advocates, solicitors and counsels.
Chartered accountants, financial accountants, management consultants.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers so that a Competent Surveyor may be deputed to minimize the loss.

General Understanding of Claim under Public Liability Policy

The term "liability" means responsibility and "legal liability" means responsibilities which can be enforced by law. Legal Liability may be classified into Criminal Liability and Civil Liability. Only Civil Liability claims are payable. Civil Liability claims will arise if there is prima facie evidence of negligence by the insured resulting in injury or death to any third party or resulting in damage to property belonging to a person other than insured. Negligence will be proved only when following conditions are satisfied:

Existence of duty of care
Breach of this duty
Injury suffered by a person or property damaged as a result of that breach.

In case of any event likely to give rise to a liability claim as described above, insurance company should be informed immediately. In case any legal notice or summons is received, it should be sent to the insurance company. The company has the option of arranging the defence of the case. The event giving rise to the claim should have occurred during the period of insurance or retroactive period and the claim first made in writing against the insured during the policy period. The maximum amount payable including defence cost will be the AOA limit selected. The Any One Year limit will get reduced by the amount of claim or indemnity paid for any one accident. Any number of such claims made during the policy period will be covered subject to the total indemnity not exceeding the Any One Year limit. The policy will not pay for claims arising out of contractual liability, intentional non-compliance of any statutory provision, loss of goodwill, slander, fines, penalties, libel, false arrest, defamation, mental injury etc.

To be announced soon

Marine Cargo open policy

This policy covers goods,freight and other interests against loss or damage to goods whilst being transported by rail,road,sea and/or air.

Highlights

This policy covers goods,freight and other interests against loss or damage to goods whilst being transported by rail,road,sea and/or air.
Different policies are available depending on the type of coverage required ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover.
This policy is freely assignable and is basically an agreed value policy.

Scope

Transportation of goods can be broadly classified into three categories:

Inland Transport
Import
Export

The types of policies issued to cover these transits are:

1. Annual Turn Over Policy: ATOP by agreement covers transit of raw material, semi finished & finished products pertains to insured's trade i.e. Export, Import, Inter Depot movement incidental storage from originating point to destination point on seamless basis. Key features of ATOP are:-

Sizeable saving in premium, which is charged only on your sales turnover.
Seamless cover with all movement of goods automatically covered.
No hassles of submitting periodical declaration of movements to the insurer. Only monthly/Quarterly sales figures needs to be submitted.
Facility for payment of premium on half-yearly / quarterly basis.

2. Specific Voyage: In Marine Insurance specific policies are issued to cover a specific single transit. Cover ends as soon as arrival of cargo at destination.

3. Open Policy: It is an Annual Cargo Insurance Contract expressed in general terms and effected for a round sum sufficient to cover a number of dispatches until the sum insured is exhausted by declarations. The Open Policy, also known as the Floating Policy, saves the assured the inconvenience of affecting individually the insurance of goods dispatched within the country. The policy may cover both incoming and outgoing consignments from anywhere in India to anywhere in India. The sum insured under the policy should ordinarily represent the assureds estimated annual turnover of the goods.

4. Annual Policy: Annual policy is granted in respect of goods belonging to the Assured and or held in trust by the assured and not under contract of sale and or purchase which are in transit by road or rail from specified depots /processing units to other specified depots /processing units. Important features of Annual Policy are-

Insurable interest to remain with insured
Policy not assignable or transferable
Issue of Annual policy to transport operators/contractors, clearing and forwarding agents
Prohibited Policy is subject to the condition of average

5. Open Cover: An open cover is an agreement (not a policy) whereby the insurer will accept insurance of all shipments made by the assured, within the terms of the cover for a fixed period, usually for 12 months. Being an agreement, it is not stamped. However, stamped policies or certificates of insurance are issued against the declaration made by the assured. The open cover is of great convenience to the clients engaged in regular import/export trade.

Who can take the policy?

The contract of sale would determine who buys the policy. The most common contracts are:

FOB (Free on Board)
C & F (Cost & Freight)
CIF (Cost, Insurance & Freight)

In FOB AND C&F contracts, the buyer is responsible for insurance. Whereas in CIF contracts the seller is responsible for insurance from his own premises to that of the purchaser.

How to select the sum insured?

The sum insured or value of the policy would depend upon the type of contract. Usually, in addition to the contract value 10/15% is added to take care of incidental cost.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

To be announced soon

Marine Hull Policy

Who can take the policy?

Shipowners, charterers, Shipbuilders, bankers, financiers of Ships or vessels who have Insurable interest.

Highlights

Covers any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing boats and sailing vessels.

What is covered?

All types of Oceangoing vessels
All type of Coastal/Inland vessels
Yard and pleasure Crafts
Port Crafts
Shipbuilding- construction of vessel
Ship Repairers' Liabilities
Charterers Liabilities
Breaches of warranties / voyage cover
Freight- at -Risks insurance for voyages
Dredgers
Fishing vessels / Trawlers
Sailing Vessels
Jetties ( with or without cranes ), fixed pontoons/Pontoons Jetties, wharves etc.
Shipbreaking

Scope of insurance cover

All risks relating to Vessels, Floating Dry Docks, Jetties and Shipowners' Interests including Hull & Machinery (H&M), Freight, Disbursements, Increased Value, Premium Reducing, Excess Liabilities, Protection and Indemnity (P&I) Liabilities, Charterers' Liabilities, Charterers' Freight, Charterers' Hire and/or Disbursments, General Average Disbursments, Ship Repairers' Liabilities, Shipbuilding Risks, Shipbreaking Risks and other allied interests of whatsoever nature required to be insured in India.

Perils/Risks

(A) The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by:

Fire, explosion.
Stranding, sinking etc.
Overturning, derailment ( of land conveyance )
Violent theft by persons outside the vessel.
Collision
General average sacrifice, sacrifice, salvage charges
Piracy
Breakdown of or accident to nuclear installations or reactors
Contact with aircraft or similar objects, or objects falling therefrom, land conveyance , dock or harbour equipment or installation.
Earthquake volcanic eruption or lightning.
Crew Negligence.

Exclusions

The policy does not cover loss/ damage due to :

Deliberate damage/destruction of the vessel by wrongful act of any person
Use of any weapon of war employing atomic / nuclear fission and or fusion.
Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons.
Insolvency or financial default of the vessel owner /operators /charterers
War / civil war, Strike, Riot or Civil Commotion
Any terrorist or person/s acting with political motive

(B) COMPREHENSIVE PORT PACKAGE POLICIES:

Cover can be purchased by :-

Port Authorities
Port / Terminal operators
Private Jetty Owners

Scope of Comprehensive covers :-

Physical Damage
Third Party Liability
Business Interruption
Terrorism
Wreck Removal
H & M Cover for Vessels

Exclusions :-

Confiscation, requisition, detention
Blocking of sewers, drains
Wear & Tear, deterioration
Error in design, workmanship
Mechanical / Electrical Breakdown

(C) Oil & Energy Risk Insurnace Policies:

Cover can be purchased by :-

Oil and Energy Industries.

Documents Essential:

Certified copy of note of protest by master
Marine casualty form issued by M.M.D.
Insured's report on occurrence.
Survey Report
Original Repair Bill, cash memo, Invoices
Weather Report by Meteorological Dept.
Affidavits filed by rescue vessels
Certificate of survey for inland vessels
Registry certificate
Free board certificate
Loadline certificate (where applicable)
Status / copies of Mandatory certificates
Notarized statements of master and chief engineer of the vessel.
Log Book extracts (Engine & Deck)
Crew list with details of competency certificates.
Copy of Claim bill with supporting documents.

Scope of comprehensive covers

Offshore / Onshore constructions / Erections ( Builders Risks )
Production / Operation Cover - Well head platform/ process platform.
Exploratory Drilling (Offshore - Jack Up Rigs, Drilling Rigs, Semi Submersibles etc. Onshore- Fixed Land rigs, Mobile Land Rigs, Work-over Land rigs)
Seismic Survey
Single Buoy Mooring ( SBM )
Under water pipeline / Cable Insurance

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Carriers legal Liability policy

Highlights

Pay all sums for which the insured shall become legally liable as compensationfor physical loss or destruction of or damage to goods or merchandise ... while in transit ... including during loading or unloading and while temporarily housed on or off vehicles in the ordinary course of transit.

Scope

Policy covers

Damage to cargo directly caused by fire, explosion or accident to the carrying vehicle
Carrier's liability for cargo

Cargo salvage, transhipment, emergency storage costs.
Financial loss due to the lost freight in respect of the damaged part of the cargo
Legal and other costs, incurred in the litigation against the claimants
Costs of average adjusters
Breakage due to improper handling
Flood or water damage or damage by other cargo

Commencement of Policy

The cover will commence with the loading of cargo on the vehicle and will be in force until unloading of the cargo at the discharging point or expiry of 7 days after the first arrival of the vehicle at the destination town whichever may first occur.

Exclusions

Policy covers

Liability under any other contract not under Carriers Act 1865
Liability in respect of damage to property belonging to insured or his employees or in his control
Inherent defect or vice, wear and tear, deterioration, spontaneous combustion or decay of perishable goods.
Consequential loss arising from loss or damage to goods
Any consequence of riots, strikes, war, ionising radiations.
Goods which may be illicit or illegal or smuggled.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com) so that a Competent Surveyor may be deputed to minimize the loss.

Aviation Hull All risk policy

Insurance co. participated in the Aviation Insurance of Air India way back in 1946. Issurance Company provides professional aviation insurance advice and solutions to the needs of small aircraft operators as well as scheduled airlines.

Coverage

The aviation portfolio encompasses following type of covers.

Hull All Risk Insurance Policy:

This policy is suitable for small aircraft operators belonging to flying clubs, companies engaged in agricultural spraying operations, aircrafts especially designed for VVIPs, business executives and for those engaged in industrial aids. The policy scope includes all physical loss or damage sustained by the insured aircraft including total loss, disappearance. All losses are paid subject to deductibles.

Spares All Risk Insurance Policy:

Covers loss or damage to spares, tools, equipments and supplies owned by the insured or the property for which the insured is responsible whilst on ground or in transit by land, sea, air including in own aircraft or whilst on the premises of others for storage only.

Hull/Spares War Risk Insurance:

Indemnity is provided to the aircraft as well as spares caused by war, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, resurrection, martial law, strikes, riots, civil commotion, malicious acts, sabotage.

Hull Deductible Insurance:

Airlines at times have to bear a proportion of loss due to application of a deductible under All Risk Policy, which may impose considerable financial difficulty on the insured. Therefore the operators insure part of their deductibles under this kind of insurance

Aviation Personal Accident (crew member) Insurance:

This cover is designed to cover insured person against injury, disablement or death arising as result of an accident that is generally granted on annual basis. The cover operates while mounting or dismounting from and whilst traveling an aircraft while the aircraft is being used within the geographical scope as per its permitted usage. This cover can also be on 24 hours basis. The capital sum insured varies according to the status of the insured or earning capacity and fixed by the insurers.

Loss of License Insurance:

Operating crews of the aircraft are required to have valid license. License is liable to be suspended either temporarily or permanently on medical grounds. Consequential financial loss is covered by the loss of license policy. Cover provided is in respect of incapacity causing permanent total disablement or temporary total disablement due to bodily injury or illness.

Besides the aforesaid general aviation policies Insurance Company also provides various other tailor-made insurance as per specific requirements of the insured.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Aviation War risk policy

Insurance co. participated in the Aviation Insurance of Air India way back in 1946. Issurance Company provides professional aviation insurance advice and solutions to the needs of small aircraft operators as well as scheduled airlines.

Coverage

The aviation portfolio encompasses following type of covers.

Hull All Risk Insurance Policy:

This policy is suitable for small aircraft operators belonging to flying clubs, companies engaged in agricultural spraying operations, aircrafts especially designed for VVIPs, business executives and for those engaged in industrial aids. The policy scope includes all physical loss or damage sustained by the insured aircraft including total loss, disappearance. All losses are paid subject to deductibles.

Spares All Risk Insurance Policy:

Covers loss or damage to spares, tools, equipments and supplies owned by the insured or the property for which the insured is responsible whilst on ground or in transit by land, sea, air including in own aircraft or whilst on the premises of others for storage only.

Hull/Spares War Risk Insurance:

Indemnity is provided to the aircraft as well as spares caused by war, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, resurrection, martial law, strikes, riots, civil commotion, malicious acts, sabotage.

Hull Deductible Insurance:

Airlines at times have to bear a proportion of loss due to application of a deductible under All Risk Policy, which may impose considerable financial difficulty on the insured. Therefore the operators insure part of their deductibles under this kind of insurance

Aviation Personal Accident (crew member) Insurance:

This cover is designed to cover insured person against injury, disablement or death arising as result of an accident that is generally granted on annual basis. The cover operates while mounting or dismounting from and whilst traveling an aircraft while the aircraft is being used within the geographical scope as per its permitted usage. This cover can also be on 24 hours basis. The capital sum insured varies according to the status of the insured or earning capacity and fixed by the insurers.

Loss of License Insurance:

Operating crews of the aircraft are required to have valid license. License is liable to be suspended either temporarily or permanently on medical grounds. Consequential financial loss is covered by the loss of license policy. Cover provided is in respect of incapacity causing permanent total disablement or temporary total disablement due to bodily injury or illness.

Besides the aforesaid general aviation policies Insurance Company also provides various other tailor-made insurance as per specific requirements of the insured.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Passengers legal liability policy

Insurance co. participated in the Aviation Insurance of Air India way back in 1946. Issurance Company provides professional aviation insurance advice and solutions to the needs of small aircraft operators as well as scheduled airlines.

Coverage

The aviation portfolio encompasses following type of covers.

Hull All Risk Insurance Policy:

This policy is suitable for small aircraft operators belonging to flying clubs, companies engaged in agricultural spraying operations, aircrafts especially designed for VVIPs, business executives and for those engaged in industrial aids. The policy scope includes all physical loss or damage sustained by the insured aircraft including total loss, disappearance. All losses are paid subject to deductibles.

Spares All Risk Insurance Policy:

Covers loss or damage to spares, tools, equipments and supplies owned by the insured or the property for which the insured is responsible whilst on ground or in transit by land, sea, air including in own aircraft or whilst on the premises of others for storage only.

Hull/Spares War Risk Insurance:

Indemnity is provided to the aircraft as well as spares caused by war, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, resurrection, martial law, strikes, riots, civil commotion, malicious acts, sabotage.

Hull Deductible Insurance:

Airlines at times have to bear a proportion of loss due to application of a deductible under All Risk Policy, which may impose considerable financial difficulty on the insured. Therefore the operators insure part of their deductibles under this kind of insurance

Aviation Personal Accident (crew member) Insurance:

This cover is designed to cover insured person against injury, disablement or death arising as result of an accident that is generally granted on annual basis. The cover operates while mounting or dismounting from and whilst traveling an aircraft while the aircraft is being used within the geographical scope as per its permitted usage. This cover can also be on 24 hours basis. The capital sum insured varies according to the status of the insured or earning capacity and fixed by the insurers.

Loss of License Insurance:

Operating crews of the aircraft are required to have valid license. License is liable to be suspended either temporarily or permanently on medical grounds. Consequential financial loss is covered by the loss of license policy. Cover provided is in respect of incapacity causing permanent total disablement or temporary total disablement due to bodily injury or illness.

Besides the aforesaid general aviation policies Insurance Company also provides various other tailor-made insurance as per specific requirements of the insured.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Personal Accident policy ( Air crew)

Insurance co. participated in the Aviation Insurance of Air India way back in 1946. Issurance Company provides professional aviation insurance advice and solutions to the needs of small aircraft operators as well as scheduled airlines.

Coverage

The aviation portfolio encompasses following type of covers.

Hull All Risk Insurance Policy:

This policy is suitable for small aircraft operators belonging to flying clubs, companies engaged in agricultural spraying operations, aircrafts especially designed for VVIPs, business executives and for those engaged in industrial aids. The policy scope includes all physical loss or damage sustained by the insured aircraft including total loss, disappearance. All losses are paid subject to deductibles.

Spares All Risk Insurance Policy:

Covers loss or damage to spares, tools, equipments and supplies owned by the insured or the property for which the insured is responsible whilst on ground or in transit by land, sea, air including in own aircraft or whilst on the premises of others for storage only.

Hull/Spares War Risk Insurance:

Indemnity is provided to the aircraft as well as spares caused by war, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, resurrection, martial law, strikes, riots, civil commotion, malicious acts, sabotage.

Hull Deductible Insurance:

Airlines at times have to bear a proportion of loss due to application of a deductible under All Risk Policy, which may impose considerable financial difficulty on the insured. Therefore the operators insure part of their deductibles under this kind of insurance

Aviation Personal Accident (crew member) Insurance:

This cover is designed to cover insured person against injury, disablement or death arising as result of an accident that is generally granted on annual basis. The cover operates while mounting or dismounting from and whilst traveling an aircraft while the aircraft is being used within the geographical scope as per its permitted usage. This cover can also be on 24 hours basis. The capital sum insured varies according to the status of the insured or earning capacity and fixed by the insurers.

Loss of License Insurance:

Operating crews of the aircraft are required to have valid license. License is liable to be suspended either temporarily or permanently on medical grounds. Consequential financial loss is covered by the loss of license policy. Cover provided is in respect of incapacity causing permanent total disablement or temporary total disablement due to bodily injury or illness.

Besides the aforesaid general aviation policies Insurance Company also provides various other tailor-made insurance as per specific requirements of the insured.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Loss of License policy

Insurance co. participated in the Aviation Insurance of Air India way back in 1946. Issurance Company provides professional aviation insurance advice and solutions to the needs of small aircraft operators as well as scheduled airlines.

Coverage

The aviation portfolio encompasses following type of covers.

Hull All Risk Insurance Policy:

This policy is suitable for small aircraft operators belonging to flying clubs, companies engaged in agricultural spraying operations, aircrafts especially designed for VVIPs, business executives and for those engaged in industrial aids. The policy scope includes all physical loss or damage sustained by the insured aircraft including total loss, disappearance. All losses are paid subject to deductibles.

Spares All Risk Insurance Policy:

Covers loss or damage to spares, tools, equipments and supplies owned by the insured or the property for which the insured is responsible whilst on ground or in transit by land, sea, air including in own aircraft or whilst on the premises of others for storage only.

Hull/Spares War Risk Insurance:

Indemnity is provided to the aircraft as well as spares caused by war, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, resurrection, martial law, strikes, riots, civil commotion, malicious acts, sabotage.

Hull Deductible Insurance:

Airlines at times have to bear a proportion of loss due to application of a deductible under All Risk Policy, which may impose considerable financial difficulty on the insured. Therefore the operators insure part of their deductibles under this kind of insurance

Aviation Personal Accident (crew member) Insurance:

This cover is designed to cover insured person against injury, disablement or death arising as result of an accident that is generally granted on annual basis. The cover operates while mounting or dismounting from and whilst traveling an aircraft while the aircraft is being used within the geographical scope as per its permitted usage. This cover can also be on 24 hours basis. The capital sum insured varies according to the status of the insured or earning capacity and fixed by the insurers.

Loss of License Insurance:

Operating crews of the aircraft are required to have valid license. License is liable to be suspended either temporarily or permanently on medical grounds. Consequential financial loss is covered by the loss of license policy. Cover provided is in respect of incapacity causing permanent total disablement or temporary total disablement due to bodily injury or illness.

Besides the aforesaid general aviation policies Insurance Company also provides various other tailor-made insurance as per specific requirements of the insured.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Group Health Policy

In our day to day lives, we are exposed to many risks associated either with Accidents or Illnesses. And with the ever increasing costs associated with Hospitalization, it can mean a drain on your precious savings. Not any more. With the Group Mediclaim Policy, you can provide your employees/members the optimum cover they require.

A group health insurance plan provides cover to all the members in a single policy.There are several advantages over Buying an individual policy, which are:-

Lower Premium Costs.
Customized Policy.
Cover for all members.
Cashless Claims across Network Hospitals.
Provides Incentive for having affiliation with the group.
Cover From day One of member joining the group.

It is no secret that members do value health insurance benefits. Whether you are an organization or a small group, you could attract and retain the best talent in the industry by providing comprehensive health insurance benefits.

Plan Coverage

Your policy can be tailor made to suit the requirement of your group. Listed below are the various covers that are generally available:-

In hospitalization expenses due to Sickness or Accidentsy.
Including Room, boarding Expenses as provided by the Hospital / Nursing Home.
Nursing Expenses.
Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist Fees.
Anesthesia, blood, Oxygen, Operation theatre Charges, Surgical Appliances, Medicines and drugs, diagnostic Materials and X-Ray, dialysis, Chemotherapy.
Pre Hospitalization Expenses.
Post Hospitalization Expenses.
Domiciliary Hospitalization Expenses.
Day Care Treatments.

Additional Benefits

Maternity benefit.
Inclusion of Pre Existing disease.
Reimbursement of Cost of Health Check Up.
Family Floater to covers member’s immediate family viz. Spouse, dependent Children, dependent Parents etc.
Dental Treatment.
Cost of Spectacles, contact lenses.
Waiver of waiting period.
Waiver of First Year Exclusions.
Reimbursement of ambulance Costs.

Premium

The premium for the policy would depend on the following parameters:-

Size of the Group.
Profile of Members e.g. Occupation, Age, Annual Income etc.
Benefits opted.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

To be announced soon

Fine arts insurance policy

Fine art, Antique Furniture, Musical Instruments, Statues and sculptures and other important collectibles are increasingly viewed as an asset. Our insurance cover is designed to meet the needs of Corporate Collector, Individual Collector, Fine Art Dealers, Museums, Antique Dealers and Art Exhibitions. Policy provides comprehensive protection to the insured property including insured property while in transit within India.

Coverage

Includes any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded This Policy also covers all Insured property whilst in transit on “wall to wall” basis whilst on premises on display including storage within the territorial limits mentioned in the schedule for the purpose of business or profession. Art Insurance Policy is subject to below inbuilt coverage's:

New Acquisitions Clause - Up to 25% subject to maximum of Rs 50 lakhs
Sue and labour Clause - Upto 10% claim amount.

Debris Removal Clause - Upto 10% claim amount.

Extension

For additional premium, the policy can be extended to cover.

Defective Title.
Automatic reinstatement.
Replacement of Keys and Locks.
Temporary Storage Costs.
Exhibitions Coverage.

Sum Insured

Fair Market Value to be agreed by Insured and us; duly supported with a valuation certificate from a professional values.

Premium

Premium will depend upon :

Sum Insured.
Type of Fine art, Antique Furniture, Musical Instruments, Statues and sculptures
Security measures available at the premises
Coverage
Geographical Limit
Type of collector

Exclusion

This Policy does not cover:

Loss from unattended vehicles
Inventory losses
Loss or damage at any Exhibition, unless specifically notified to and agreed by the company in advance
Wear and tear, gradual deterioration, inherent vice/ defect, rust or oxidation, moth or vermin, warping or shrinkage
Mechanical or electrical faults or breakdown
Damage during repairing, restoring, retouching, or any similar process
Aridity, humidity, exposure to light or extremes of temperature, unless such loss or damage is caused by storm, frost or fire
Wilful act of insured and its representative working in collusion with the insured
Consequential loss of any kind
Mysterious disappearance or unexplained loss
Biological or chemical contamination caused by or resulting from an act of terrorism
Nuclear reaction, nuclear radiation or radioactive contamination.
War, invasion and allied peril
Damages following government action

Jewellers block insurance policy

This is a package policy specially designed for jewellers & diamontaires i.e. those establishments dealing solely in diamonds.

Highlights

This is a package policy specially designed for jewellers & diamontaires i.e. those establishments dealing solely in diamonds. Jewellers premises are categorised into Class I, II or III depending upon the type of security provided for the premises. Discount in premium is available in case the premises have special protection devices like built-in vaults, strong rooms, closed circuit T.V. or armed guards.

Scope

The policy comprises four sections which are optional except for section I which is compulsory.

Section I :

Covers loss or damage to jewellery , gold and silver ornaments or plates , pearls, precious stones, cash and currency notes whilst contained in the premises insured, by fire,explosion, lightning,burglary,house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.

Section II :

Covers loss or damage to jewellery, gold etc. as described in Section I whilst it is in the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths.

Section III :

Covers loss or damage to property described in Section I whilst in transit by registered parcel post, air freight or through angadia.

Section IV :

Covers loss or damage to trade and office furniture and fixtures in insured premises due to fire,explosion, lightning,burglary,house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.

Who can take the policy?

The policy can be taken by jewellers who are wholesalers or retailers. The policy cannot be given to establishments whose work is predominantly manufacturing like cutters and goldsmiths. The policy also cannot be given to angadias , brokers or pawn brokers etc.

How to select the sum insured?

The sum insured under Section I and II should represent the cost price of the jewellery items. The sum insured under Section III should represent the maximum loss likely, arising out of any one incident. The sum insured under Section IV should represent the market value of the property

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

Bankers Blanket policy

Package policy designed specially to cover the risks related to banking sector. A single policy covering all branches in India of the particular bank.

Highlights

A package policy designed specially to cover the risks related to banking sector. A single policy covering all branches in India of the particular bank. Retroactive period facility available whereby losses discovered during policy period due to an incident occurring in earlier period but after inception of first policy, also become payable, provided the policy has been continuously renewed with us without break. Discount in premium available for banks having less than 500 branches.

Scope

The policy comprises of following 7 sections :

On Premises : Covers money and/or securities belonging to, or in the custody of bank, whilst on their own premises or on the premises of their bankers, against loss or destruction by Fire, Riot & Strike, Malicious damage, terrorist act, burglary ,theft ,robbery or hold-up.

In Transit : Covers money and/or securities if they are lost ,stolen, mislaid, misappropriated or made away with, whilst in transit in the hands of its employees whether by negligence or fraud of the employees.

Forgery or Alteration : Covers losses suffered as a result of payment of bogus, fictious, forged cheques or drafts as also forged endorsements on genuine cheques or drafts or FDRs.

Dishonesty : Covers loss of money and/or securities suffered due to dishonest or criminal act of its employees.

Hypothecated Goods : Covers losses suffered due to fraudulent or dishonest act of employees in respect of goods or commodities pledged or hypothecated to the insured bank and under its control.

Registered Postal Service : Covers loss of registered postal sending by robbery,theft or any other cause not specifically excluded, provided that each post parcel shall be insured with the post office.

Appraisers : Covers loss due to infidelity or criminal act on the part of appraisers, provided that such appraisers are on the bank's approved list.

Janata Agents : Covers loss due to infidelity of criminal acts on the part of Janata Agents, Chhoti Bachat Yojana Agents/Pygmie Collectors.

Addon covers

The following additional perils can be covered on payment of an additional premium :

Losses due to flood, inundation, hurricane, typhoon, storm, tempest, tornado and cyclone.
Losses due to earthquake - Fire & Shock
Additional sum insured can be opted for under Section A & B.

Who can take the policy?

Any banking company as defined under various Banking Acts like Banking Regulation Act 1945, State Bank of India Act 1955 etc.

How to claim?

If a misfortune befalls, leave the worry to us but please intimate such loss/damage immediately to Zoom Insurance Brokers (info@zoominsurancebrokers.com)so that a Competent Surveyor may be deputed to minimize the loss.

To be announced soon

To be announced soon