Office Umbrella Policy

Introduction

The Office Umbrella policy is comprehensive insurance policy, specially designed by "Insurance Co." that seeks to provide protection to offices against different kinds of risks and perils. By opting for this single policy, the office - owner covers the risks his business is likely to encounter, while concentrating on his business activity.

This policy is suitable for large offices owned by big companies as well as small and medium sized offices like Travel Agencies, Professionals like Chartered Accountants, Consultants, Architects, Interior Decorators, Engineers or any other service provider. These offices could be Corporate Office or Zonal Offices or Area Offices or any other operating office.

In addition the policy has special provisions for covering Medical Establishments, including Doctor's clinics.

1. General Guidelines:

a.Compulsory Sections:

• Section 1 and 2A are compulsory for the insured who is owner of the building.
• Section 2A is compulsory for the insured who is tenant of the building.

b.Minimum Sections:

• Minimum number of sections to be insured by the owner of the building five.
• Minimum number of sections to be insured by the tenant of the building - four.

6) Special Condition of average Building and Office Contents (Section 1 and 2A)

If at the time of reinstatement of the sum representing 85% (Eighty five percent) of the cost which would have been incurred in reinstatement if the whole of the property covered had been destroyed exceeds the sum insured thereon at the commencement of any destruction on damage to the property by any specified peril, the insured shall be considered as being his own insurer for the differences between the sum insured and the sum representing the cost of reinstatement of the whole of the property i.e. collective value of the total property and shall bear a rateable proportion of the loss accordingly.

7) Reinstatement of the sum insured:

The sum insured by section 1 building, section 2A contents, section 3 money insurance, 4 Fixed class and sanitary fitting, section-5 fidelity guarantee, section-6 damage to electronic equipments, section-9 breakdown of office appliance, section-10 baggage, section-12 business interruption shall not be reduced by the amount of any damage, but prorata premium on he amount of damage from date of occurrence of damage to expiry of period of insurance shall be payable by insured. The additional premium referred herein above shall be deducted from the net claim amount payable under the policy.

8) Geographical Scope:

The Geographical scope of this policy will be India except for section 6C (Portable computers and mobile phone) Section-8 (Personal accident and Section-10 (Baggage).

9)Warranted that the building(s)

containing the offices are occupied by the insured for office and residential purposes and do not form part of premises having manufacturing units, shops dealing in hazardous goods, godowns containing hazardous goods.

10) Warranted that whenever the offices are

closed to business or left unattended all doors and windows shall be properly secured and all keys for main doors of offices shall be removed from the office. Further, the keys of the safes would be safely placed in a place other than whee safe is located. It is provided that breach of this warranty shall not be a bar to any claim for loss or damage caused other than by theft.