Malls & Multiplexes are huge edifices that house a lot of people, resources, equipments, machinery and the like. A nearby fire, accident or any natural calamities can cause loss or damage to property, injury to employees, or employee running away with cash which can put a fatal financial burden on the owner of the Mall. Hence, covering all these aspects and insuring your mall & multiplex can be vital for your business.
What does Malls & Multiplex insurance cover?
- Standard fire and special peril policy that covers damage caused due to fire and other perils caused due to fire
- Machinery breakdown covers any loss that occurred due to the accidental failure or breakdown of electrical or mechanical machinery in malls & multiplexes.
- Electronic equipment covers loss due to unforeseen perils like fire, accident, natural calamities, theft, burglary etc.
- All risks (concerning portable equipments) covering loss or damage by fire, riot, strike, theft, accident, terrorism etc arising unexpectedly
- Plate glass policy covers the property or premises against any loss or damage to glass panel due to accident or other external visible factors.
- Burglary Policy covers the property against any damage caused by burglary or house breaking.
- Fidelity Guarantee Policy covers loss obtained due to fraud or dishonesty with respect to duty or goods of the employer committed by the employees.
- Money policy covers loss of money while in transit by employees due to robbery or theft.
- Public liability policy covers the insured towards damages to third party due to accidental death, bodily injury or disease in an accident and also covers legal costs and expenses.
- Employers liability covers two types of risks:
- Table ‘A’ covers protection against legal liability under Workmen’s Compensation Act 1923 and subsequent amendments to the Act prior to the commencement of cover, the Fatal Accidents Act 1855 and Common Law.
- Table ‘B’ covers protection against legal liability under Fatal Accidents Act 1855 and Common Law.
- Group Personal Accident covers the insured in case of accidental death, loss of limbs, permanent total and partial disablement, also covers nine defined critical illnesses.
Benefits of Malls & Multiplex Insurance
The policy can be bought by shopping malls, multiplexes, cinema halls, lifestyle centers, mega marts, hyper malls etc. The policy covers all of its properties, assets, employees, cash, machinery, equipments etc. You may extend the policy to your needs and choose whatever covers to protect your property and manpower. The cars and other vehicles parked in the mall premises will not be covered under this policy. More than one property can be covered under one package policy.
Premium to be paid for Malls & Multiplex Insurance
Premium is calculated based on the number of sections/ coverage opted, property value, number of workers, amount covered for each worker as well as other policies like liability policy.
