FIRE AND ACCIDENTS INSURANCE

There are two categories of covers offered under this product:

• Basic Policy Cover - Losses and/or damages due to fire and lightning only.
• Additional Cover - Losses and/or damages due to fire, lightning, and allied perils.

Both categories have similar terms applied to them. But for the additional cover of "Allied Perils", each peril differs from the other in terms of ratings. In addition to the above, you can also extend the standard fire and allied perils policy to cover against losses and/or damages due to burglary.

The sum insured is determined based on either the actual value or the new replacement value of the property and should be sufficient to cover a total loss.

The insured is responsible for calculating and declaring the sum insured, with support available from Sukoon’s underwriters if required.

An accurate sum insured is essential to avoid the application of averages during a claim, which could result in the insured bearing a proportion of the loss.

The rate charged is calculated on a “per mille” basis, meaning for every thousand units of the total sum insured.

The premium usually depends on the nature of the risk, location, and standard of housekeeping.

A deductible applies to each claim, along with other policy conditions.

Under our Property All Risks Insurance, we cover you for accidental physical loss of or damage to the property insured whilst situated at the premises described in the policy.

The coverage is usually provided for a period of one year. You are covered for any loss or damage by:

• Fire
• Lightning
• Aircrafts
• Explosion
• Earthquake
• Strike
• Riot
• Malicious Damage
• Storm
• Tempest
• Flood
• Bursting or Overflowing of Water Apparatus (including Sprinkler Leakage)
• Impact by Own Vehicles
• Theft or Attempted Theft (by violent and forcible entry to or exit from the premises)
• Other Accidental Loss or Damage

The sum insured is determined based on either the actual value or the new replacement value of the property and should be sufficient to cover a total loss.

The insured is responsible for calculating and declaring the sum insured, with support available from Sukoon’s underwriters if required.

An accurate sum insured is essential to avoid the application of averages during a claim, which could result in the insured bearing a proportion of the loss.

The rate charged is calculated on a “per mille” basis, meaning for every thousand units of the total sum insured.

The premium usually depends on the nature of the risk, location, and standard of housekeeping.

A deductible applies to each claim, along with other policy conditions.

Sukoon Business Interruption Insurance helps protect your business from financial losses following events such as fire or lightning damage. When operations are disrupted, the policy supports continuity by addressing income loss and ongoing fixed expenses that continue despite reduced or suspended activity. The cover is designed to compensate for lost revenue and standing charges, including salaries, rent, utilities, and financing costs, during the recovery period. This ensures your business remains financially stable while normal operations are restored.

Business Interruption is an add-on cover available as an extension to Property All Risks or Fire Insurance policies.

An underlying Property All Risks or Fire policy must be in place to access Business Interruption protection.

The amount by which "the sum of the value of the turnover and the value of the closing stock" exceeds "the sum of the value of the opening stock and the amount of the specified working expenses". The values of the opening and closing stocks should be calculated in accordance with the insured's normal accountancy methods, with due provision made for depreciation.

This is the net trading profit (exclusive of all capital receipts and accretions and all outlay properly chargeable to capital) from the insured business at the premises after due provision has been made for all standing and other charges, including depreciation.

All continuing regular payments like Interest, Rent, Bank Charges, Insurance Premium, Advertising, Printing, Stationery, Electricity, Traveling Expenses, Maintenance of Plant and Machinery, Depreciation of Building, Plant and Motor Vehicles etc.

Turnover is the total money earned by an insured business or service in one year.

The period of indemnity is the length of time for which benefits are payable under an insurance policy.

This is different from the period of insurance, which will usually be 12 months. The indemnity period will depend on the time that the insured feels is necessary to prepare to come back to the position they were in before the incident that led to losses in property and trading.

Reasonably, this period would be anything between 6 to 18 months. But it is usually worked out based on the indemnity amount payable, which is determined by factors like:

• Reduction in turnover
• Increase in the cost of working

Sukoon Livestock Insurance provides protection for farmers and agricultural entrepreneurs against the loss of valuable livestock. The policy covers the death of animals caused by accidents, illness, or disease, helping safeguard your business from unexpected financial losses. Coverage is based on the actual value of the animals at the time the peril occurs, ensuring you receive fair compensation for losses and can continue operations with confidence.

The rate charged is based on the total sum insured, which depends on factors such as:

• Type of animals
• Farm security measures
• Periodic veterinary check-ups
• Exposure to calamities, arrangements, and seasons

Various conditions apply to this policy; refer to the policy document for specific exclusions.

Sukoon Jeweller’s Block Insurance provides specialized protection for gold, jewellery, and precious metals, which face higher risks compared to other traded commodities. The policy addresses the added security and insurance needs associated with these valuable assets, covering a wide range of perils that may affect your inventory. With Sukoon, you gain a robust insurance solution that safeguards your business against financial losses due to theft, damage, or other insured risks, ensuring peace of mind for your operations.

This insurance provides coverage against loss and/or damage to stock, furniture, fittings, fixtures, etc.

Under this policy, the word "stock" refers to goods consisting of gold, jewellery, platinum goods, bullion, precious stones, and pearls.

The rate charged is based on the Total Sum Insured, which depends on factors such as:

Scope and extent of coverage selected

Security measures are in place

Other relevant considerations

*A deductible applies, and various conditions are applicable; please refer to the policy document for terms and exclusions.