Summary of Cover: Retail Policy

About Your Policy

This page provides a summary of the cover provided by the iprism Retail Policy. This summary is provided to you for information purposes only and does not form part of your insurance contract. It does not fully describe all of the terms and conditions of your policy. You will find the full terms and conditions of the contract in the policy document, a copy of which is available to download from our website.

The Retail policy has been designed to meet the demands and needs of retail businesses who wish to insure against some of the risks that may be encountered whilst running a retail business. There are core covers that include contents, liabilities, loss of income, glass breakage, equipment breakdown and legal expenses. You may also select optional covers that are relevant to your particular business.

You should read this Summary of Cover in conjunction with your Policy Schedule and Policy Wording.

Normally, you will have to pay a contribution towards the cost of any claim (this is known as the excess). These excesses will vary according to the covers you have selected and/or our assessment of your risk. Your Policy Schedule will show the specific excesses applicable to your cover.

Amongst other Exclusions as standard your policy excludes most Terrorism cover. You are able to purchase additional cover from us to include some aspects of this risk if required.

Correct values at risk must be advised to us. If the sums insured you request are not adequate this may result in the amount that your insurers pay to you in the event of a claim being reduced.

Your cover will be valid for 12 months and will be renewable annually.

Your policy will be issued on the basis that you confirm the minimum standards of security apply to your premises.

Cover will be granted on the understanding that you will cooperate with your insurers in any survey process and that you will comply with any requirement arising from any survey of your premises.

About Your Cover

Features and Benefits; Sections 1 & 2: The Buildings and Contents of the Premises

Your contents (and if selected buildings) are insured against loss or damage caused by a standard range of insured risks normally associated with your trade including Accidental Damage. In addition cover is automatically extended to include:

Damage to Underground Services

Trace and Access costs

Removal of Debris costs Architect and Surveyors Fees

Automatic Reinstatement of Sums Insured

Significant Exclusions or Limitations

Subsidence, ground heave or landslip (unless specifically extended)

Acts of Terrorism (unless specifically extended)

Damage to Property other than by Fire, Lightning, Explosion,

Aircraft or Earthquake in premises which have empty or disused for more than 30 days

Theft not involving forcible and violent entry or exit (Contents Section only)

Minimum Security Conditions apply

Stillage condition applies – all goods to be stored at least 150mm (6”) above floor level

Features and Benefits

Section 3: Money and Personal Accident (Assault)

Sub-Section 3A Business Money

Covers your business money

In transit, on premises during business hours, or in a bank night safe In the business premises when closed for business of Money

In the private dwelling £500

Significant Exclusions or Limitations

Damage resulting from theft, fraud or dishonesty of any employee unless discovered within 14 working days of the loss

Loss from any unattended vehicle

Sub-Section 3B Personal Accident (Assault)

Death, Loss of Limb(s), Loss of Eye(s), Permanent Total Disablement £10,000

Total uninterrupted Disablement (up to 104 weeks) £100 per week

Significant Exclusions or Limitations

Any person who at the time of the death or bodily injury is under 16 or over 70 years of age

Any death or bodily injury which is in any way brought about by drugs or intoxication

Section 4: Glass Breakage

Damage to fixed glass and fixed items of sanitaryware

Significant Exclusions or Limitations

Damage in any portion of the building which is empty or disused

Section 5: Goods In Transit (OPTIONAL)

If you have selected this option your needs are those of a retail business that delivers or collects goods and requires cover on those goods whilst in the course of transit

Damage to the trade contents whilst in transit by vehicles owned hired or leased by you

Significant Exclusions or Limitations

Theft from an unattended vehicle unless the vehicle is locked

Between the hours of 9.00pm and 6.00am, the vehicle is locked and garaged in a locked building

Section 6: Business Liability

The following will automatically be included

Employers Liability £10m

Public/Products Liability £2m

Legal costs and expenses

Significant Exclusions or Limitations

Liability incurred whilst working away from the insured premises other than for non manual commercial duties, collection and delivery

Liability for which compulsory motor insurance is required

In respect of Public and Products Liability only:

The cost of remedying defects in products supplied

Injury or Damage to property caused by or in connection with anything knowingly sold or supplied into USA or Canada

Any liability arising out of advice, instruction, consultancy, design, formula, specification, inspection, certification or testing

Section 7: Business Interruption

Loss of Gross Profit following loss or damage by an insured peril

Cover is extended to provide cover in respect of:

Prevention of Access Specified Diseases, Murder, Suicide, Poisoning, Vermin or Pests,

Defective Sanitation

Damage at Suppliers premises undertaking

Failure of Public Supply of Electricity Gas or Water

Failure of Telecommunications

Significant Exclusions or Limitations

The deliberate act of electricity gas or water or telecommunications services other than for the sole purpose of safeguarding life or protecting any part of the supply

Section 8:Accounts Receivable (OPTIONAL)

If you have selected this option your needs are those of a retail business that has outstanding amounts owed to it by customers and you require cover for those amounts should your books of account be lost or destroyed by an insured risk

Cover for any outstanding debit balances that you are unable to trace following damage caused by an insured peril

Section 9: Loss of Licence (OPTIONAL)

Features and Benefits

If you have selected this option your needs are those of a retail business that has a licence to sell alcohol and require cover should the licence be revoked by reason of an insured risk

Loss of Gross Profit, or depreciation in the value of the business, following forfeiture of the licence or refusal of its renewal

Costs and expenses for any appeal against forfeiture of the licence or refusal of its renewal

Significant Exclusions or Limitations  

Any cause within the control of the insured business

Any loss where you are entitled to obtain compensation under any legislation

Any surrender, reduction or redistribution of licences due to licence or refusal of its renewal Town and County planning improvement

Section 10; All Risks on Specified Equipment (OPTIONAL)

If you have selected this option your needs are those of a retail business that takes business equipment away from the premises and require cover against loss or damage to that equipment caused by an insured risk

“All Risks” cover on specified items anywhere in Great Britain, Northern Ireland, The Channel Islands and the Isle of Man and up to 21 consecutive days during the Period of Insurance worldwide

Significant Exclusions or Limitations  

Theft of property from an unattended motor vehicle unless securely locked

Section 11; Equipment Breakdown

The policy covers damage and any subsequent loss of income caused by Breakdown to equipment or machinery (including computers and refrigeration equipment) up to the limits shown in the policy:

Includes damage to perishable goods caused by failure of the insured equipment

Significant Exclusions or Limitations

Damage involving refrigeration equipment over 5 years old unless subject to a maintenance agreement

Damage caused by deterioration, corrosion, erosion, wear and tear, or other gradually developing conditions

Damage recoverable under a maintenance agreement or any warranty or guarantee

Damage caused by the delay in resuming operations due to the need to reconstruct or re-input data.

Section 12; Commercial Legal Protection including:  

Employment Disputes & Employment Compensation

Awards

Legal Defence

Contract Disputes

Property Protection

Bodily Injury

Debt Recovery

Tax Protection

Significant Exclusions or Limitations

Personal Injury claims are excluded

Loss or damage to property is excluded

Total awards payable shall not exceed £1,000,000 in any one period of insurance

Motoring prosecutions are excluded

The amount in dispute must be more than £250.

Further Optional Policy Extensions

Treatment Risks

Extends Section 6 Liability to include treatment risks such as ear piercing and solaria & sunbeds

Work Away

Extends Section 6 – Liability to include work away from the premises such as in respect of installation

Subsidence, Ground Heave & Landslip (Sections 1 & 2only)

Theft by Employees

Loss of money or goods caused by fraud or dishonesty of an employee £5,000

Terrorism Extension (Sections 1, 2, 4, 7, 8 &10)

Significant Exclusions or Limitations

Treatment Risks: Materials produced, mixed or treated by You or on Your behalf

Limit of indemnity limited to £1,000,000 any one period of insurance

Policy Excesses

For details of the excesses and endorsements applicable to your policy, please refer to the written quotation confirmation where we have provided you with a quotation or to your policy schedule if you have a live policy with iprism Underwriting Agency Ltd.

Your Insurers

Your insurers will be specified on your quotation schedule and your policy schedule.

Cancellation Procedures

This policy may be cancelled:

By the insurer sending 21 days written notice to your last known address

By the insured giving written instruction to your insurance adviser or to us

If the policy is cancelled you may be entitled to a return of premium provided that there have been no claims or incidents likely to give rise to a claim. If you cancel the policy within the first 14 days, and there have been no claims or incidents likely to give rise to a claim, we will refund the premium in full. If your premium is paid by the iprism instalment plan please refer to the Cancellation condition in the General Conditions section of the policy document. If you cancel your policy you will be required to return to us any effective Certificates of Employers Liability insurance. A full explanation of your cancellation rights can be found in your policy booklet within the General Conditions section.

Complaints Procedure

We hope that you are extremely happy with your Retail policy but we do recognise that on occasions things can go wrong. If this is the case, we want to know about it as soon as possible so that we can put things right and make sure it doesn't happen again. Initially, contact your usual insurance adviser in writing to outline your concerns and ask them to review the situation. If you are not satisfied with their response, then contact

Customer Services Manager

iprism Underwriting Agency Limited

100 Fenchurch Street

London EC3M 5JD

What To Do If You Are Still Not Satisfied

If you are still not satisfied then you can ask for your case to be reviewed by the Financial Ombudsmen Service.

Financial Ombudsman Service (FOS)

South Quay Plaza

183 Marsh Wall

LONDON E14 9SR

Telephone: 0845 0801800

E-mail: enquires@financial-ombudsman.org.uk

Web: www.financial.ombudsman.org.uk

Referral to the Financial Ombudsman Service will not affect your right to take legal action against us.

Financial Services Compensation Scheme

iprism and Your Insurers are covered by the Financial Services Compensation Scheme (FSCS) This means that You may be entitled to compensation from the scheme if We cannot meet Our obligations This depends upon the type of business and the circumstances of the claim. Further information about the scheme is available from the FSCS website www.fscs.org.uk, or write to Financial Services Compensation Scheme, 7th floor Lloyds Chambers, Portsoken Street, London E1 8BN

Making A Claim

A full explanation of our claims procedures can be found in your policy booklet within the Claims Conditions section.

Law Applicable To Contract

This contract shall be subject to English law (or Scottish law when the address shown on the Schedule is in Scotland) and the Courts of England (or Scotland when this contract is subject to Scottish law) will have exclusive jurisdiction in all disputes connected with this policy. If there is any dispute as to which law and jurisdiction apply it will be English law and the Courts of England.