Spaza Cover Detail

What is Business cover?

Business Cover is a unique insurance product designed to cover small emerging market businesses.

The product covers you against Fire, Explosion, Floods, Storm, Wind, lightning, hail, Limited Theft, malicious damage, coverage for damage to property caused by special risks such as politically motivated acts, riots, strikes, terrorism and public disorders, limited business all risk and personal accident.

What can I cover?

STOCK – Stock refers to stock in trade used for your Stated Business Activity, including raw materials, finished goods, and goods being manufactured

CONTENTS – Contents refers to any movable items that are used at your place of business such as desks, chairs and other Contents.

LIMITED THEFT – The amount that can be paid out for any one claim is limited to the Sum Insured as noted in your Policy Schedule, minus any Excess (First Amount Payable). Theft is limited to 10 % of the Sum Insured.

BUSINESS ALL RISKS – Items that only insured if they are named and specified on your Policy Schedule.

PERSONAL ACCIDENT – This cover pays out a set amount should a person named under this section of the policy suffer death or permanent disability as a result of an accident.

SASRIA – Coverage for damage to property caused by special risks such as politically motivated acts, riots, strikes, terrorism and public disorders

What is NOT covered?

War or war-like acts
Public disorder, civil commotion or labour disturbances
Military uprisings, usurped power, rebellion or revolution
Any act of terrorism
Confiscated property
Pollution, contamination, radioactive material, nuclear material or nuclear waste
Damage or loss is due to construction, alteration or repairs, defective workmanship, defective materials or lack of maintenance
Wear-and-tear and breakdown
Any cause which is not sudden and unforeseen
Gradual deterioration, including rising damp, wear-and-tear, rust, mildew or fading
Rot, rising damp, a rise in the water table except as a result of a storm
Fungus, mould, infestation, insects, rodents or vermin
Mechanical, electrical or electronic breakdown, defect or failure
Damage to consumable parts or parts with a limited lifespan
Damage recoverable under any maintenance or lease agreement
Servicing, maintenance, cleaning, repairing, restoring, dyeing, bleaching or alteration
Breach of contract
Fraudulent transactions resulting from selling your possessions
Pawned items
Consequential loss, unless directly caused by an insured peril
Illegal activities, including any incident relating to obtaining, using or soliciting narcotics
There is no cover if the loss occurs outside the period of insurance as stated in your Policy Schedule
Theft and malicious damage caused by you, any members, partners, directors or employees
Stock and Contents Exclusions
Malicious Damage caused by you, someone associated with your business or one of your family members
Accidental Damage
Theft if there is no physical, forced or visible entry into and/or exit from such building
Geyser bursts or leakages, as well as the damage caused by this
Damage caused by gradual deterioration, wear and tear, vermin or other rodents
Damage while performing maintenance whether by you or a contractor
Money or other negotiable instruments
Livestock
Electronic Equipment and Machinery
Theft of or Damage to any Stock or Contents left outside of a building
Theft of or Damage to any Stock or Contents while being transported
Theft of or Damage to any Stock or Contents that are not consistent with your Stated Business Activity
Matching materials - Any additional costs resulting from the unavailability of matching or paired up Contents
Buildings unoccupied for more than 60 consecutive days Business All Risks Exclusions
Theft from a vehicle unless the items are concealed and locked away in the enclosed storage areas such as the cubby hole and boot, or within a securely locked canopy.
Theft of items left in a vehicle overnight, unless the vehicle is housed in a securely locked building and there are visible signs that the building or vehicle was broken into
Damage to any insured item caused by animals, insects or pests
Deliberate Theft and Malicious Damage done to the specified Item whether it is done by you the insured, or any other person associated with your business, including family members.
Loss or damage arising from normal usage, consumption, gradual deterioration, wear and tear and rusting
Loss of or damage to property that is being cleaned, repaired, restored or altered in some other way Personal Accident Exclusions
There is no cover for people under the age of 14, or over the age of 70
There is no cover for medical expenses that arise as a result of an accident

Death or disability caused by:

War and war like conditions
Suicide, attempted suicide or any self-inflicted injury - Insanity
Any disease passing from one person to another
Any existing physical defect or infirmity
Pregnancy or childbirth
Provoking assault, breaking the law or disturbing the peace
Participation in riots and civil commotion
Participation in any defence, correctional or security services
Mining or using explosives
An accident which occurs while you are travelling in, getting on or off any aircraft unless it is licensed to carry passengers, owned by a registered Transport Company and you are a fare-paying passenger
An accident which occurs while you are taking part in off-road motorcycling, any kind of speed contest other than on foot, aeronautics, hang-gliding, skydiving, parachuting, mountaineering where the aid of guide ropes is required, rock climbing, game hunting, hurdling, steeple chasing, polo, professional sports, snow or ice sports, racing on horseback, power-driven vehicles, watercraft or aircraft, martial arts, bungee jumping, scuba or deep-sea diving

What you need to know about this Cover :

STOCK – Stock refers to stock in trade used for your Stated Business Activity, including raw materials, finished goods, and goods being manufactured

CONTENTS – Contents refers to any movable items that are used at your place of business such as desks, chairs and cupboards.

LIMIT – The amount that can be paid out for any one claim is limited to the Sum Insured as noted in your Policy Schedule, minus any Excess (First Amount Payable). Theft is limited to 10 % of the Sum Insured.

LOCATION – The Stock or Contents that are insured are only insured at the address that has been noted as your business address on your Policy Schedule. If you take any Stock or Contents away from the business address, they will not be insured until it they returned to the business address.

COVER – This Cover insures you for loss or damage that is the result of :

Fire and or explosions
Acts of nature such as floods, storms, wind, lightning or hail
An act of any malicious person. This is known as Malicious Damage Cover
Impact, for example from a vehicle, tree or aircraft.
Theft, up to a limit of 10% of the Sum Insured.

What is NOT covered under STOCK AND CONTENTS :

Malicious Damage caused by you, someone associated with your business or one of your family members
Accidental Damage
Theft if there is no physical, forced or visible entry into and/or exit from such building
Geyser bursts or leakages, as well as the damage caused by this
Damage caused by gradual deterioration, wear and tear, vermin or other rodents
Damage while performing maintenance whether by you or a contractor
Damage to the building, fittings and fixtures
Money or other negotiable instruments
Livestock
Electronic Equipment and Machinery such as computers, appliances, fridges, generators and till points.
Theft of or Damage to any Stock or Contents left outside of a building
Theft of or Damage to any Stock or Contents while being transported
Theft of or Damage to any Stock or Contents that are not consistent with your Stated Business Activity
Matching materials - Any additional costs resulting from the unavailability of matching or paired up Contents
When the building is unoccupied for more than 60 consecutive days