Why is this insurance important and specific?
Insurance Package for Trade is intended for small and medium enterprises and entrepreneurs dealing in trade, with the value of operating assets (building, equipment and inventory) not exceeding one million Eur.
This is the first product on the market tailored exclusively for trade.
What is insured?
1) The subject of insurance under the Standard Package includes:
- glass surfaces and advertising signs
- permanent and temporary employees
2) The subject of insurance under the Optional Covers includes, in addition:
- equipment susceptible to machinery breakdown and allied perils
- business profit and salaries
- third party liability
- goods in domestic transportation
Which risks are covered?
Standard Package, depending on the subject of insurance, provides coverage against: fire and lightning, explosion, storm, hail, impact of own and unknown motor vehicle and own working machine into the insured object, falling aircraft, manifestations and demonstrations, flood, torrent and high water, water damage, spontaneous combustion of stocks, leakage from the stationary vessels/tanks, burglary and robbery and glass breakage.
Optional Covers, as an extension of the standard insurance coverage, protect property and persons against: breakdown and allied perils, partial or total business interruption due to fire and allied perils, civil liability for losses to third parties and their belongings arising from business or ownership of property and transport risks for goods in domestic transportation.
BONUS COVERS, as our way to thank you for your trust, provide for:
- increased sum insured for stocks (by 20% of the standard sum insured for stocks) for each and every account in the selected one-month period
- damage to objects due to falling tree, antenna and the like – 100 EUR any one occurrence and/or 200 EUR in the annual aggregate
- expenses incurred in preventive lock replacement upon key missing – 200 EUR any one occurrence and in the annual aggregate
- damage to the employees’ property due to burglary and robbery – 50 EUR per employee and any one occurrence, and 200 EUR in the annual aggregate.
What is the agreed insured value?
Basic sum insured is determined according to the value of your operating assets (building structures, equipment and inventory) plus the assets which might be rented, hired or leased.
In case of insurance against fire and allied perils, the limit of cover equals the basic sum insured. In case of other risks, the limit of cover is defined by a pre-determined percentage of the basic sum insured or selected from the offered options of cover to the absolute amount.
What does the premium amount depend on?
The amount of insurance premium depends on the amount of basic sum insured, selected cover options and preventive measures; In the case of workmen’s compensation insurance, general liability insurance and insurance of goods in domestic transport, however, it exclusively depends on the selected amount of sum insured and on the agreed premium payment method.
What is indemnified in case of loss?
In case of destruction, removal or missing objects, the indemnity covers the value of insured object at the time of insured occurrence reduced by the salvage value. In the event of damage, the indemnity covers the costs of repair reduced by the amount of estimated wear and tear and salvage value. In case of Insurance against Burglary and Robbery deductible is mandatory. The same applies to optional cover Insurance against Machinery Breakdown and Allied Perils. In case of Glass Breakage, the indemnity is not decreased by estimated wear and tear.
In case of indemnity for damages sustained by an employee as a consequence of an accident, the Insurer’s liability is limited by the selected combination of the sums insured:
- 2,000 EUR for 100% disability, 1,000 EUR for accidental death
- 5,000 EUR for 100% disability, 2,500 EUR for accidental death
- 10,000 EUR for 100% disability, 5,000 EUR for accidental death
In the event of permanent disability, the indemnity is calculated as a defined percentage of the selected, agreed sum insured, whereas in case of death, the Insurer’s liability equals the sum insured agreed for death.
In case of Business Interruption due to Fire and Allied Perils, as an optional cover, the indemnity covers the actual amount of the lost business profit during the business interruption (up to 12.5% of the basic sum insured) and/or the actual amount of salaries (up to 6% of the basic sum insured). The Insured’s deductible is mandatory.
For General Liability Insurance, as an optional cover, the indemnity for damage sustained by a third party is limited by the sums insured:
- 5,000 EUR; 10,000 EUR or 15,000 EUR.
For Insurance of Goods in Domestic Transport, as an optional cover, in case of total or partial loss of/damage to the consignment, the value of consignment is indemnified to the amount not exceeding 2,000 EUR per any one vehicle/insured occurrence i.e. not exceeding 4,000 EUR for the entire insurance period. The Insured’s deductible is mandatory.
What premium discounts can you expect?
Discount for preventive measures for increased protection of your property against fire and burglary.
By concluding an optional cover, you can benefit from special discounts: 5% for two or three optional covers and 10% for all four optional covers endorsed to the standard package.
If you incurred no losses in the current underwriting year, we grant an additional 5% discount on insurance renewal.
What is the agreed insurance period?
The insurance is effected exclusively to the period of one year.
If you wish to find out more about this insurance package or individual products of property, liability or transport insurance, you may contact any of our branch offices, business offices or points of sale.