Risks Gen­er­ally Ex­cluded

Consumer Voice - - Bfsi -

o War and nu­clear war o Wear and tear (nor­mal degra­da­tion in the qual­ity of the prod­uct) Wil­ful act or neg­li­gence Loss dis­cov­ered at the time of tak­ing the in­ven­tory o o

Cap­ping/Up­per Sub-Lim­its

Apart from the ex­clu­sions, the pol­icy buyer should be wary of some poli­cies where the ex­tent of in­sur­ance cover (sum as­sured) is capped (for ex­am­ple, pol­icy is is­sued for up to Rs 200 lakhs as sum as­sured). Also, a few in­sur­ance poli­cies have sub-lim­its (with max­i­mum amount of cover) for in­di­vid­ual risks.

Pol­icy Pe­riod

As a gen­eral prac­tice, in­sur­ance com­pa­nies of­fer an­nual pre­mium for a one-year pol­icy pe­riod. For shop­keep­ers who pre­fer a long-term pol­icy, some in­sur­ance com­pa­nies of­fer pre­mium for up to four years – in such cases, shop­keep­ers can ne­go­ti­ate for a dis­count on the pre­mium.

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