Fire Insurance

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Burglary Insurance

BURGLARY INSURANCE POLICY

Description of Burglary Insurance Business:

This form of insurance provides indemnity for loss or damage by burglary of house breaking in respect of property contained in the premises belonging to the insured or for which he is responsible including damage to premises caused by burglary house breaking or any attempt there-at. Cove is provided in respect of property such as goods in trust or on commission for which the insured is responsible stock in trade, business plant and appliances, trade fixtures, fittings and utensils belongings to the insured and cash in locked sate. Damage to the premises falling to be done by the insured is covered. Burglary insurance is divided into two distinct classes – private residences and business premise.

Premium of BG policy calculated on the basis of Location of premises & Type of Business and construction:

All Metropolitan Area.

All municipal Area

All other place other than A & B above

Premium Rate;

Business Premises

 

 

Private Premises

 

 

Location

1st class

2nd class

3rd class

1st class

2ndclass

3rd class

A

3.00

4.50

6.00

2.40

3.60

4.80

B

3.90

5.45

7.80

3.00

4.50

6.00

C

4.80

7.20

9.60

3.90

5.45

7.80

               

Policy exclusions:

1.Deed, Bonds, Bill of Exchange, Promissory Note, Securities for money, Stamps, Stamp collection, pattern, module, Plans, Drawing, designs, models, unless mentioned in the schedule.

2. Loss or damage caused, Brought about expedited directly or indirectly by member of insured family, domestic servant or employee or any person lawfully on the premises.

3. Loss or damage, which can be insured under fire or plate glass insurance

4. Loss or damage caused by earthquake, war invasion, Riot strike civil war

Marine Insurance

Marine Cargo Insurance

Marine Cargo Insurance: Cargo meaning the insurance or goods being conveyed. This refers to goods or merchandises that one being carried from one place to another or being imported or exported. Such goods or merchandise may be lost damaged or destroyed by perils of the seas whilst in course of transit and therefore, the owner of such goods can always insure against the possible losses.
For the purpose of Marine Insurance goods/cargo carried by the following three ways:

(a) By ship or steamer or powered vessel
(b) By land conveyance (Truck/ Lorry / Rail) 
(c) By Air.

GOODS CARRIED BY SHIP ONLY

Risk covered by ship or steamer or powered vessel against following three categories :-

Institute Cargo Clause ‘A’ ( ICC ‘A’)
The insurance covered all risks of loss of on damaged to the subject matter insured except as willful misconduct, ordinary leakage, ordinary loss in weight wear and tear, loss or damage caused by unsuitability of packing, inherent vice, delay, arising from insolvency or financial default of the owners of the vessel.

Institute Cargo Clause ‘B’ ( ICC ‘B’)
This insurance covered loss or damage caused by fire or explosion, stranded, grounded, sunk or capsized, overturning or derailment of land conveyance, collision or contact of vessel craft, discharge of cargo at a post of distress, earthquake, volcanic irruption of lightning. This policy also covered general average sacrifice, jettison or washing overbroad, entry of sea, lake or river water, total loss of any package lost overbroad or dropped whilst loading on to or unloading from vessel.

Additional risks covered on payment of additional premium 
TP, ND, Hooks, Holing, bursting, Tearing, leakage loss, RFWD, Extraneous, Substance, Heating, Breakage and Scratching, Splitting.

Institute Cargo Clause ‘C’( ICC ‘C’)
This insurance covered loss or damage caused by fire or explosion, stranded, grounded, sunk or capsized, overturning or derailment of land conveyance, collision or contact or vessel craft, discharge of cargo at a post of distress, earthquake, volcanic irruption on lighting. This policy also covered general average sacrifice, jettison.

Additional risks covered on payment of additional premium: 
Theft and Pilferage (TP) Non-Delivery (ND).

GOODS CARRIED BY RAIL/LORRY/TRUCK

Goods or cargo covered by above transports may be covered as under

1. By Rail/Lorry/Truck Risk only 
2. By Rail/Lorry/Truck All Risks.

GOODS CARRIED BY AIR

Goods or cargoes conveyed by above transport may be covered as under :

1. Air Risk Only
2. Air All Risk

Health Insurance

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All Risk Insurance

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Personal Accident Insurance

Description of Personal Accident Insurance Business:
Personal Accident Insurance: This is the basic type of policy providing cover in respect of accidental death or bodily injury to the insured and also providing benefit in respect of temporary total or temporary partial or permanent total or partial disablement of the insured arising out of accident.
Direct risk covered under personal accident insurance:
a) Death, permanent, total, partial & temporary disablement
b) Death, permanent, total & partial disablement
c) Death only.
Additional risks covered on payment of additional premium:
Medical expenses can be included under (a).
Remarks:
• Insured is required to pay the stamp duty.
• The age limit of personal accident insurance is 16-65 years.

Cash-In-Transit & Cash-In-Safe

CASH ON COUNTER INSURANCE

Cash on counter & cash in safe: Cash in safe and Cash on counter money or cash is always at the risk of robbery or theft. The policy aims at providing protection when the money is subjected to theft or robbery. These policies are very much helpful in such undesirable situations.

To grant this type of cover the following information must be obtained through proposal form :

(a) Nature of business transacted in the premises.
(b) Amount of cash required for insurance
(c) By whom the key are held & number of keys used to open the safe
(d) What precautionary measures have been taken to check & prevent any kind of burglary, 
theft & hold up.
(e) Full description of the safe.


In addition to money, cover may also be provided for stamps securities money orders, postal orders etc.

 

CASH IN TRANSIT INSURANCE POLICY

This form of cover which is essential to persons and organization where large amount of money is transported form offices to bank, office to office, bank to banks or other places of business. The cash in transit provides cove against loss of money by robbery, theft and or accident whilst in transit between the specified places. Dishonesty of messenger is specifically excluded. Coverage is restricted within Bangladesh.

It is essential that a fully completed proposal form to be obtained from the proposer. The premium for this type of insurance is to be calculated using the insured’s estimate of the amount of cash in transit (turn-over) annually. The turn-over is to be ascertained by multiplying approximately the numbers of carriages which the insured expects to make in the year with the agreed single carry which shall be maximum liability of the insurer in the event of any one loss at one time. It is, however, mentioned here that this types of policies should not be issued on declaration basis. Care should be taken that limit per single carry is not unduly excessive.

Cash and currency notes whilst in transit in between the Branches, Sub-Branches, Booths, collection and or/payment and/ or Purchasing centers should be in the custody of minimum one responsible officer and / or Cashier of the bank and escorted by minimum one Guard with Fire-arms, whilst carried by conventional mode of transport such as Car/Jeep/Pick-up/Auto Rickshaw/Micro-bus/Mini-bus/Staff-bus/Passenger-bus/Private-bus/Commercial Truck/Private Truck/Van (All sorts)/ Rail (Passenger)/Helicopter/Steamer/Speed Boat/Sea Truck and Launch (Other than passenger).

All other modes of transport are to be treated as non-conventional. In case of multiple modes of transport, the mode of transport which consumed the major part shall have to be considered for the concerned transit.

 

 

Cash on counter & cash in safe :

Cash on counter & cash in safe: Cash in safe and Cash on counter money or cash is always at the risk of robbery or theft. The policy aims at providing protection when the money is subjected to theft or robbery. These policies are very much helpful in such undesirable situations.

To grant this type of cover the following information must be obtained through proposal form :

(a) Nature of business transacted in the premises.
(b) Amount of cash required for insurance
(c) By whom the key are held & number of keys used to open the safe
(d) What precautionary measures have been taken to check & prevent any kind of burglary, 
theft & hold up.
(e) Full description of the safe.


In addition to money, cover may also be provided for stamps securities money orders, postal orders etc.

Overseas Medical Insurance / Travel Insurance

This page is under construction.

Loss of Profit Insurance

This page is under construction.

Erection All Risk Policy (EAR)

Erection All Risk Policy:

The basic concept of EAR insurance is to offer a comprehensive and adequate protection against all the site risks involved in the erection of machinery and plant as well as structure of any kind. An EAR policy may be affected by anybody who assumes a risk of the erection of project.

The Erection All Risks Policy provides a very wide coverage and indemnifies the Insured against accidental and unforeseen loss occurring to the property on the Erection Site during the period of insurance. Normally the following risks are covered under the Erection Policy: - 

-Fire including fire fighting operations, lightning, explosion, Aircraft damage. Flood and inundation, Cyclone, Earthquake, Subsidence, landslide/Rock slide, Theft, Burglary, Riot and Strike, Malicious damage ,Negligence, lack of skill, Collision, impact, dropping and similar accident on site.

EXCLUSION :

Deductable stated in the schedule, consequential loss of any kind damage due to faulty design ,cost of replacement so require for defective machinery, wear & tear, deterioration , oxidation, due to lack of use & normal atmospheric conditions, derangement or disorder of constructions plant loss or damage discover at the time of taking an inventory.

 

Contractors All Risk Policy

Contractor’s All Risk Insurance policy
Normally the contract in between the principal and the contractor may require the contractor to take out a policy of insurance to protect the contract work from unforeseen contingencies. The policy aims at covering the entire contract work including construction, materials. plants, equipment’s, machinery’s etc. at site during the contract period and maintenance period.
Direct risk covered under Contractor’s All Risk Insurance:
Fire, Burglary & Theft, Storm, Flood, Cyclone, Earthquake, subsidence collapse 
Accidental damage.

Industrial All Risk policy

INDUSTRIAL ALL RISKS INSURANCE POLICY

All industrial risks(other than ratable under petrochemical tariff) having overall sum insured of BDT 50 crores and above under one policy and in one location in Bangladesh shall be eligible for industrial All risks Policy.

This insurance providecoversof all risks of loss or damaged to the Insured propertyother than by an excluded causes.Provided that the liability of the Insurer in respect of any one loss or in the aggregate in any one period of insurance shall in no case exceed.

(i)             In respect of each item the sum expressed in the schedule to be insured thereon or in the whole the total sum insured hereby

 

(ii)           any limit of liability shown in the schedule

 

EXCLUSIONS

 

  1. Damage to the property insured caused byfaulty or defective design materials or work man ship, inherent vice normal wear and tear, interruption of the water supply, gas, electricity or fuel systems ,collapse or cracking of building, corrosion rust extremes or pollution contamination ,theft except from a building and then only if there is violent or forcible entry to or exit such building, acts of fraud or dishonesty, inventory shortage misfiling or misplacing of information shortage in supply or delivery of materials or shortage due to clerical or accounting error.explosion, cracking, fracturing, collapse or overheating of boilers economizers vessels tubes or pipes nipple leakage or the failure of welds of boilers, mechanical or electrical breakdown or derangement of machinery or equipmentbursting, overflowing, discharging or leaking of water tans apparatus or pipes when the premises are empty or disused ,coastal or river erosion, subsidence ground heave or landslip, normal settlement or bedding down of structure ,wind rain hail frost snow flood sand or dust to movable property in the open or in open sided buildings or to fences and gates ,the freezing solidification or inadvertent escape of molten material.

2.Damage caused by or arising fromAnywillful act or willful negligence on the part the insured or any person acting on his behalf, cessation of work delay or loss of market or any other consequential or indirect loss of any kind or description whatsoever

 

3.Damage occasioned directly or indirectly by or through or in consequence of any of the following occurrence, namely, war invasion act of foreign enemy hostilities or warlike operations (whether war be declared or not) civil warmutiny civil commotion assuming the proportions of or amounting to a popular rising military rising insurrection rebellion revolution to military or usurped power ,acts of terrorism committed by person or persons acting on behalf of or in connection with any organization. This Exclusion A3 (c) shall not apply to damage by fire, For the purpose of this Exclusion A3 (c) “terrorism” means the use of violence for political for ends and includes the use of violence for the purpose of putting the public or any section of the public in fear, permanent or temporary dispossession resulting from confiscation nationalisation commandeering or requisition by any lawfully constituted authority, permanent or temporary dispossession of any building resulting from the unlawful occupation of such building by any person, the destruction of property by order of any public authority.

4.Damage directly or indirectly caused by or arising or in consequence of or contributed to by, nuclear weapons material, ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear from the combustion of nuclear waste from the combustion of nuclear fuel.      

Professional Indemnity

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Contractors Plant & Machinery Policy (CPM)

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Machinery Insurance

NIBEDITA:COMPREHENSIVE INSURANCE SCHEME POLICY FOR WOMEN

This policy aims to provide affordable comprehensive insurance coverage to Urban and Rural women.

   Policy provides coverage as under: -

a) Death and permanent total disablement due to surgical operations such as sterilization, caesarean, death at the time of childbirth provided that such death occurs during the surgical operation in hospital/nursing home or whilst being in the hospital/nursing home after such surgery convalescence.

b) Death or disablement due to riot, strike & Civil Commotion.

c) Loss or damage to household goods/personal effects of the insured as declared along with proposal value not exceeding Tk 1,00,000.00 whilst inside the premises as mentioned   in the schedule due to fire, lightning, riot, storm, typhoon, flood, cyclone & earthquake will be payable as per schedule to indemnify i.e. market value of loss & insurance Law & practice and also terms conditions & exceptions contained hereinafter and so far as they may apply.

d) Death or disablement due to insect, snake or animal bite,

e) Trauma Allowance in case of Rape, Road Bully, Robbery, Acid Victim Maximum Tk.25,000/=

GD Health

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