Why Shop Owners' Insurance?
The assets and capital invested by shop owners in their business are always exposed to events that may cause accidental and unforeseen damage or loss. This product is designed to provide them with financial security in case of such unfortunate events.Shop Owners' insurance consists of fire, additional perils as a basic cover in addition to many optional covers. Many fires starts small and cause only limited damage provided they are quickly extinguished. However, fire can spread very rapidly creating devastation on a massive scale. The resulting heat will often damage and weaken floors and walls so that they either collapse or must be pulled down or demolished. Individual losses of tens and sometimes hundreds of millions of Yemeni Riyals are heard of in Yemen. Shop Owners insurance pays for the amount of loss in the events of such a disaster provided that there is an adequate sum insured.
What does the Shop Owners' Policy Cover?
The standard policy covers losses resulting from fire, lighting and additional perils such as explosions, aircraft, impact by road vehicles, earthquakes, riots, strikes, malicious damages, windstorms, floods, burst pipes and theft.
OTHER OPTIONAL COVERS
Glass
Covers breakage of fixed plate glass if it is broken from any cause not excluded in the policy.
Money
Covers loss of Money (or Cash) wether in Transit or a locked safe on the premises.
Public Liability
Indemnifies shop owners for any accidental bodily injury or damage to property of third parties caused in connection with the business, but excluding liability arising out of the supply of products.
Personal Accident
Covers named employees if they sustain accidental bodily injury that results in their death or permanent disablement.
Workmen Compensation
Covers liability under Workmen's Compensation Law named employees for any accidental injury or disease arising out of and in the course of their employment in your business.
Goods in Transit
Covers loss or damage to stock and materials in trade relating to the business whilst it is being conveyed in one of the insured's own motor vehicles from the time the property leaves the place of loading until arrival at the place of discharge and directly attributable to:
- fire, lightning or explosion
- overturning of the motor vehicles
- collision
Period of Insurance
The policy is issued for a period of twelve months.What is the Sum Insured?
The sum insured maybe either on the basis of the actual value or the new replacement value of the property insured. New replacement value is recommended, but whichever is selected, It is essential, for your full protection, that the sum insured is adequate to cover the total values at the time of loss.What Will it Cost?
The cost of the main cover (Fire and Perils) varies with the risk exposure and is calculated at a rate applied to the amount insured. Shops usually need to be surveyed to assess the existing hazards as well as to make necessary recommendations in order to reduce the risk of loss.For this purpose, Trust Yemen its own Risk Control Section managed by a professional team of specialists. At Trust Yemen, every insurance application gets full technical evaluation and alternative consideration. It follows, therefore, that rates quoted by Trust Yemen are fair and commensurate with the actual risks involved.