A comprehensive insurance package for privately owned or rented shops.
Every businessman may continue his/her business operations without caring too much if an accidental or unexpected event totally or partially destroys his/her property.
Laiki Insurance has prepared the shop Insurance (package) which gives the opportunity to the insured as an owner or tenant of the shop to enjoy a series of insurance covers such as building insurance and/or contents insurance as well as many other risks such as employer`s liability, public liability and many others, satisfying in the manner his/her insurance needs.
Laiki Insurance is perhaps the only insurance company in Cyprus offering such a wide insurance package.
What does the Shop Insurance cover?
The Policy covers:
- Loss of or damage to the Building and its contents (stock, business furniture, fixtures, fittings, plant appliances, books, documents, personal effects and personal clothing of the Insured or his employees contained in the Building) caused by any of the insured perils, as described in paragraph "Building and Contents Insurance - Basic Covers".
- The legal liability of the Insured for the payment of damages to other persons in respect of accidental Injury (including death, disease or illness) and accidental loss of or damage to material property caused within or outside the shop in connection with the Business (excluding the legal liability of the Insured in connection with supplied goods)
- The legal liability of the Insured for the payment of damages to his/her employees in respect of bodily injury (including death, disease or illness) arising out of and in the course of such employment.
- Loss of or damage to money from the shop (from a safe or elsewhere) and during their transfer (from and to the bank or elsewhere) and loss of or damage to a safe, clothing and personal effects as a result of robbery, hold-up or attempt thereat.
The following optional covers are also offered:
- Loss of Gross Profit as a result of the total or partial interruption of the shop’s operation due to loss of or damage to the Contents and/or the Building caused by an insured peril, payment of additional expenses for the purpose of limiting this interruption such as use of temporary premises, rental of furniture, spare parts or telephones and payment of audit fees for the preparation of the necessary documents following a claim
- Accidental Bodily injury resulting in death, loss of limb(s) or loss of eye(s) and permanent or temporary total disablement of the Insured or his/her employees while engaged in their occupation in the Business
- Accidental breakage of glass or sanitary earthenware
- Accidental loss of or damage to business machines (photocopiers, computers etc) happening while in the shop
- Loss of or damage to refrigerated stock caused by changes in the temperature due to accidental damage to any refrigerating plant or caused by accidental leakage of refrigerant liquid or fumes.
- Loss of or damage to stock and materials in trade during their transport by land within Cyprus in the Insured’s vehicles
What does the Shop Insurance exclude?
The Policy is subject to certain exclusions, some of which are:
- War, acts of terrorism, loss, damage or liability arising from nuclear weapons material and radioactive contamination.
- Subsidence and landslide.
- Short circuiting of electrical plant, securities, computer system records property in the open
- Robbery or theft of money by employees or from unattended vehicles.
- Liability of the Insured arising out of his negligent acts or omissions carried out by the Insured in his professional capacity.
- Liability for defective products supplied by the Insured.
Who can Benefit from the Shop insurance?
- Owners (who use the insured shop) or tenants of commercial shops (e.g. retail shops – without laboratory or large warehouses, kiosks, restaurants, etc.)
Some Advantages of the Shop Insurance
- Replacement of destroyed property by a new one (excluding merchandise, computers purchased over two years earlier, documents, archives, books, clothing and personal effects)
- Automatic increase of the Sum Insured each year.
- A fixed increase of the Sum Insured of Stock and Materials in Trade during the high stock period.
- Reduced premium for long-term agreement to renew the Policy
Building and Contents Insurance – Basic Covers
The Policy covers loss or damage caused by:
- Fire, lightning
- Earthquake or volcanic eruption
- Storm, hurricane
- Bursting of water pipes or overflowing of water tanks
- Riot, strike
- Malicious damage
- Theft consequent upon burglary
- Impact by vehicles or aircraft
- Fall of television and radio antennae, masts, towers
- Automatic increase of the Sum Insured each year
- Fixed increase of the Sum Insured of stock during periods of large stock reserves
- Accidental damage to underground electricity cable, water, gas, oil, sewer and drain pipes serving the Shop.
- Architects’, legal and Surveyors’ fees necessarily incurred in the reinstatement of the buildings.
- Expenses for the removal of debris and demolition following loss or damage caused by any of the insured perils
Building and Contents Insurance – Optional Covers