SBI General Bharat Sookshma Udyam Suraksha UIN: IRDAN144RP0031V01202021
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SBI General Insurance Company Limited SBI General Bharat Sookshma Udyam Suraksha UIN: IRDAN144RP0031V01202021 PROSPECTUS S.No Contents Page No. 1 Introduction 2 2 Important Dos and Don’ts 2 3 The Insurance Cover 3 4 Which unexpected events are covered? 5 5 Standard Add-on cover 5 6 Which property can be covered under this Policy? 8 7 Who can purchase this Policy? 10 8 Sum Insured 11 9 Underinsurance 12 10 Exclusions, that is, what We do not pay 14 11 Premium 15 12 Changes and Cancellation 15 13 Details of additional covers (add-ons) offered with 16 the policy 14 Making a claim 16 15 This Prospectus 16 16 Grievances 17 17 About Our Company 18 SBI General Insurance Company Limited. Registered and Corporate Office: “Natraj” 301, Junction of Western Express Highway & Andheri Kurla – Road, Andheri (East), Mumbai – 400 069|CIN: U66000MH2009PLC190546 | Toll free: 18001021111 | [email protected] | www.sbigeneral.in | For more details on the risk factor, terms, and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale| SBI Logo displayed belongs to State Bank of India and used by SBI General Insurance Company Limited under license | IRDAI Reg No: 144 |UIN: IRDAN144RP0031V01202021 SBI General Bharat Sookshma Udyam Suraksha – Prospectus 1 SBI General Insurance Company Limited Introduction This prospectus gives basic information about the SBI General Bharat Sookshma Udyam Suraksha Policy that You can purchase from Us, i.e. the SBI General Insurance Company. The SBI General Bharat Sookshma Udyam Suraksha Policy provides insurance cover for physical loss or damage to, or destruction of, Insured Property relating to Your business. This policy is meant for enterprises where the total value at risk across all insurable asset classes at one location does not exceed ₹ 5 Crore (Rupees Five Crore) at the policy commencement date. Important Dos and Don’ts 1. When You • Read the instructions in the proposal form carefully fill up the before filling up the filling up the details. Proposal • Understand the basis for arriving at the Sum Insured Form for Building, Plant and Machinery, Furniture, Fixtures, Fittings, Stocks and other Contents before filling up the details. This is given below in this Prospectus under the heading ‘Sum Insured’. It is also explained in the Proposal Form. • Make sure You have opted for the correct policy based on the total Sum Insured. • Fill up the proposal form completely and answer all the questions truthfully. 2 During the • Make full disclosure in the proposal and related Policy documents about Yourself and all the Insurable Period Assets. • Remember, the information You give Us is the basis of Our contract with You. SBI General Insurance Company Limited. Registered and Corporate Office: “Natraj” 301, Junction of Western Express Highway & Andheri Kurla – Road, Andheri (East), Mumbai – 400 069|CIN: U66000MH2009PLC190546 | Toll free: 18001021111 | [email protected] | www.sbigeneral.in | For more details on the risk factor, terms, and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale| SBI Logo displayed belongs to State Bank of India and used by SBI General Insurance Company Limited under license | IRDAI Reg No: 144 |UIN: IRDAN144RP0031V01202021 SBI General Bharat Sookshma Udyam Suraksha – Prospectus 2 SBI General Insurance Company Limited • You must inform Us of any changes in the business premises or if it remains unoccupied for more than 30 days. • Do not allow unauthorised persons to occupy Your premises. • Ensure that all security procedures are in force. 3. When You • Give notice of loss to Us, as required. have a Claim • Inform the respective authorities, as required. • Make true and full disclosures in Your claim form. • Give all documents supporting the claim • Give full cooperation for inspection and investigation of claim The Insurance Cover In this Prospectus, You will find information about the following insurance covers: 1. Standard Cover: We cover physical loss or damage, or destruction caused to the building and structures, plant and machinery, stock and other assets relating to Your business. These are the Insured Properties. If any Insured Property is lost, damaged or destroyed, We provide cover as follows- Your loss Condition We pay, but not more than the Sum Insured Any Insured Property You have repaired such Cost of repairs is damaged (Partial Loss) property. If any Insured Stock Extent of the loss of such is damaged (Partial Loss) Partial Loss Any Building or Plant and You have rebuilt the Reinstatement /Replacement Machinery or Furniture, building or reinstated Value (i.e amount at which Fixture, Fittings is /replaced such property. the Insured Property can be completely destroyed reinstated or replaced by a (Total Loss) similar property, without deducting depreciation) SBI General Insurance Company Limited. Registered and Corporate Office: “Natraj” 301, Junction of Western Express Highway & Andheri Kurla – Road, Andheri (East), Mumbai – 400 069|CIN: U66000MH2009PLC190546 | Toll free: 18001021111 | [email protected] | www.sbigeneral.in | For more details on the risk factor, terms, and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale| SBI Logo displayed belongs to State Bank of India and used by SBI General Insurance Company Limited under license | IRDAI Reg No: 144 |UIN: IRDAN144RP0031V01202021 SBI General Bharat Sookshma Udyam Suraksha – Prospectus 3 SBI General Insurance Company Limited Stock is completely destroyed a) For raw material: Landed (Total Loss) Cost at Your Premises, b) For stock in process: Input Cost of the stock at the time of damage, c) For finished stock: the Manufacturing Cost of the finished stock or the Contract Price of goods sold but not delivered. Any Building, Plant and You have not rebuilt the Market Value (Reinstatement Machinery, Furniture, Fixture building or reinstated Value less Depreciation) and Fittings is completely other property. destroyed (Total Loss) i. You must commence the repairs, reinstatement or reconstruction within a reasonable time after the date of damage or destruction. You must complete the repairs or reinstatement within 12 months from the date of damage or destruction or within such time as We may allow. ii. In all cases, We will not pay more than the relevant Sum Insured. iii. We will pay only to the extent required to bring the Property to a condition substantially the same as, but not superior, better or more extensive than its condition if it were new on the date it is damaged or destroyed. iv. You can reconstruct the new building on the same site, or another site. If You reconstruct the new building on another site, We will not pay You more than what We would pay to reconstruct on the same site. 1. In-built Covers: Under the Standard Cover, We also pay the following: In-built Cover Details 1. Additions, Property that You erect, acquire or add during the Policy Period alterations or is covered upto 15% of the Sum Insured for that item (excluding extensions stocks). SBI General Insurance Company Limited. Registered and Corporate Office: “Natraj” 301, Junction of Western Express Highway & Andheri Kurla – Road, Andheri (East), Mumbai – 400 069|CIN: U66000MH2009PLC190546 | Toll free: 18001021111 | [email protected] | www.sbigeneral.in | For more details on the risk factor, terms, and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale| SBI Logo displayed belongs to State Bank of India and used by SBI General Insurance Company Limited under license | IRDAI Reg No: 144 |UIN: IRDAN144RP0031V01202021 SBI General Bharat Sookshma Udyam Suraksha – Prospectus 4 SBI General Insurance Company Limited 2. Stocks on Loss to stocks located at more than one named location. floater basis 3. Temporary Loss to stock temporarily removed to other premises for removal of fabrication, processing or finishing upto 10% of value. stocks 4. Cover for Cover for Money upto ₹50,000 ( Rupees Fifty Thousand) Specific during the policy period, cover for documents such as deeds, Contents manuscripts, business books, plans, drawings, securities etc. upto ₹50,000 (Rupees Fifty Thousand) during the policy period, cover for computer programmes, information and data upto ₹5 Lakh (Rupees Five Lakh) during the policy period and cover for personal effects of employees, Directors and visitors upto ₹15,000 (Rupees Fifteen Thousand) per person for a maximum of 20 persons during the policy period. 5. Start-Up Start-up cost incurred by You in respect of insured risk Expenses consequent upon a loss or damage due to insured events upto ₹ 1 Lakh (Rupees One Lakh). 6. Professional Reasonable fees of architects, surveyors and consulting fees engineers upto 5 % of the claim amount. 7. Cost for Removal Reasonable expenses for removal of debris upto 2 % of the of debris claim amount. 8. Costs Additional cost of reconstruction of property incurred solely for compelled by complying with municipal regulations. The total amount Municipal recoverable under any item of the policy shall not exceed the Regulations sum insured thereby Which unexpected events are covered? We pay for the physical loss, damage or destruction caused to Insured Property by the following unforeseen events occurring during the Policy Period. The events covered are given in the Column A and those not covered in respect of these events are given in Column B. SBI General Insurance Company