A Deeper Look At Baggage Cover In Bharat Sookshma Udyam Suraksha Office Package Policy

The Bharat Sookshma Udyam Suraksha Office Package policy is an insurance plan meant for MSMEs or Micro, Small and Medium Enterprises. More specifically, this plan can be purchased by entrepreneurs leading ‘Sookshma’ or Micro-level enterprises. Individuals leading these organisations may be handling a wide variety of things, including large amounts of finances and the safety of the organisation. However, an unfortunate event can strike at any time. If the organisation is impacted negatively due to such an event, it can affect the finances negatively, too. Hence, having an MSME insurance policy can be beneficial. * Claims are subject to terms and conditions set forth under commercial insurance policy. Among coverages such as building and contents cover, burglary and robbery cover, money insurance cover, plate glass cover, and so on, this general insurance plan also offers baggage cover. What is the baggage cover and how does it help the policyholder? Let’s find out.

Baggage Cover in Bharat Sookshma Udyam Suraksha Office Package Policy

Imagine a situation where you, as an entrepreneur, are travelling somewhere in the world as a part of your business initiative. To help with the business task at hand and make your professional journey easier, you carry your personal baggage. Your luggage accompanies you throughout your business travels and becomes a part of your professional identity. Now, imagine if an unfortunate event occurs, leading to the loss of, or destruction of, or damage to personal baggage accompanying you. This could lead to a considerable loss of money. Your time and energy may be wasted as well, in trying to recover the baggage, which may have been better used for the growth of your enterprise. This can be avoided with the help of the right commercial insurance policy such as the Bharat Sookshma Udyam Suraksha Office Package policy. With this plan, the insurance company will indemnify the insured and/ or the insured’s employee in case of accidental loss of, destruction of, or damage caused to personal baggage. This is applicable if the personal baggage is accompanying the insured and/ or the insured’s employee and for which they are responsible while travelling anywhere in the world for business purposes. * Claims are subject to terms and conditions set forth under commercial insurance policy.

Basis of Loss Settlement under the Baggage Cover

The following lines state how the settlement shall occur in different scenarios under this general insurance policy: *

1. If an insured item can be repaired or reinstated reasonably at a cost lesser than the replacement cost, the insurer shall pay up to the sum insured amount incurred to restore such items. This shall be limited to restoring such an item to its state immediately prior to the occurrence of the insured event.
2. In the case of a total loss, the insurer shall indemnify the insured person in respect of the restoration or replacement costs up to the sum insured amount only. *

Claims are subject to terms and conditions set forth under commercial insurance policy. Now that the coverage and settlement bases may be clear, let’s look at what shall not be covered under the plan.

Special Exclusions under Bharat Sookshma Udyam Suraksha Office Package policy

Under the policy, the insurer shall not be liable and no indemnity shall be provided for loss arising out of, caused by, occasioned by, attributable to or howsoever connected to the loss or damage due to

1. Cracking, scratching or breakage of lens or glass whether part of china, marble, gramophone records or otherwise and other articles of a brittle or fragile nature, unless it arises from an accident to a vessel, train, or other mechanised vehicle or aircraft by which such baggage is conveyed by the insured or their employee.
2. Cleaning, dyeing, repairing, or restoring of the baggage.
3. Moth, mildew, or vermin.
4. Electrical machines, apparatus, fixtures, or fittings arising from over-running, excessive pressure, short circuiting, arcing self-heating, or leakage of electricity from whatever cause.
5. Mechanical derangement or over-winding of watches and clocks.
6. Theft from cars except fully enclosed saloon cars having all the doors, windows and other openings locked and fastened securely along with other security aids.
7. Baggage being conveyed by any carrier under a contract of affreightment.
8. Leakage spilling or exploding of liquid, oil, or material of a like nature or articles of a dangerous or damaging nature.

The coverage shall exclude loss or damage to:

1. Jewellery or valuables.
2. Articles which were not a part of the contents of the baggage when the journey commenced unless specifically declared and accepted by the insurer.
3. Baggage of a consumable nature.
4. Loose articles carried about, such as sticks, straps, umbrellas, sunshades, deck chairs, and other items specified in the policy schedule.

Furthermore, any tour or travel undertaken within the municipal limits of the village, town or city where the insured or their employee works is excluded. The baggage cover under an MSME insurance policy such as the Bharat Sookshma Udyam Suraksha Office Package policy is also subject to policy’s general exclusions and terms and conditions.   * Standard T&C apply. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.