Indian Commodity Exchange Limited Circular No.: ICEX/MEM/2018/136 Date: April 11, 2018 Dept.: Membership Subject: Members Indemnity Insurance Policy In terms of the provisions of the Rules, Bye-Laws and Regulations of the Exchange and in continuation to our earlier circular Ref. No: ICEX/MEM/2017/014 dated February 14, 2017 members of the Exchange are hereby notified as under: Members are requested to submit a valid proof of insurance policy taken from an IRDA approved Insurance Company within 30 days from the expiry of their insurance cover to the Exchange. Members may kindly ensure that their insurance policy is renewed on or before the expiry date. Any renewal of the Insurance policy after the expiry date and/or delayed/non submission of valid proof would attract penalty @ Rs.100/- per day. Also note that the Exchange has negotiated and finalized the terms for insurance with New India Assurance Co. Ltd. (NIA). The details of the same is attached herewith as Annexure-I. Member who wishes to take a new/renew the insurance policy through NIA is requested to contact the concerned officer of NIA as provided in the Annexure. Members may kindly note that providing NIA quotation along with this circular should not be construed as any form of canvassing business on behalf of NIA. Members are free to take similar policy offered by any other IRDA approved Insurance Company. Members are requested to kindly take note of the above. For any clarification, members may contact on 022-40381555/40381556 or fax no. 022-40381512 or send an email at membership@icexindia.com For and on behalf of Indian Commodity Exchange Limited Praveen Acharya Sr. Manager Membership Corporate Office: Reliable Tech Park, B-Wing, 403-A, 4th Floor, Thane-Belapur Road, Airoli, Navi Mumbai 400708, India. T: +91 022-40381500, F: +91 022-40381511 Web site: www.icexindia.com CIN: U67120GJ2008PLC099142
THE NEW INDIA ASSURANCE COMPANY LTD. LCBO II 990000, New India Centre, Gr. Floor, 17/A Cooperage Road, Mumbai-39 Tel.: 022-2202 0577, 2202 0308, Fax : 022-2202 0608 NIA/112700/ICEX/2018-19 20.02.2018 M/S... Annexure-I Dear Sir, Re: ICEX Broker Members Indemnity Insurance Policy-for the Trading Member (2018-19). We are Pleased to enclose herewith the Proposal cum Questionnaire Form, for the purpose of renewal/fresh policy to be effected. We have also attached the Premium Rating Chart for calculating Premium. For sake of clarity we have provided a table at the end of the Proposal Form. Please note, that premium is to be taken and calculated on Net Basis first for all Sections and Add-On Cover (if opted) and Service Tax will be calculated on the total of all the net Premium in the sequence provided in the table. In case of any change which is to be effected in the renewed policy we request you to forward us the dully complete the Proposal Cum Questionnaire Form. If you have any query, please feel free to contact us at the Following Telephone No.(022) 2202 0603, 2202 0308, 22020714, Mobile No.9654378439 to the undersigned or Mr. Harish Notani, Assistant Manager. You May also contact us on our e-mail address harish.notani@newindia.co.in Please send us the duly filled and signed Proposal Form along with the Draft at the following address THE NEW INDIA ASSURANCE COMPANY LTD. LCBO II - 990000, New India Centre, Gr. Floor, 17/A Cooperage Road, Mumbai 400 039. Terms and condition pertaining to this policy remains same as per expiring policy. For up-country premium cheques, the same payable at par (Mumbai) shall only be accepted. We are highly thankful to you for the continued patronage to us. Yours Faithfully Sushama Anupam Chief Regional Manager
1. Name of the Broker Member THE NEW INDIA ASSURANCE COMPANY LTD. LCBO II 990000. New India Centre, Gr. Floor, 17/A Cooperage Road Mumbai 400 039. Tel.: 022-2202 0577, 22020714, Fax :022-2202 0608 ICEX Broker Member s Indemnity Insurance Policy Proposal Cum Questionnaire Form POLICY PERIOD 2018-2019 2. Postal Address (Trading location to be covered under the policy) 3 PAN of Trading Member 4. Telephone No. and Fax No. 5. Contact person Name Direct Telephone/Mobile No. E-mail I.D. No. 6. ICEX Code 7. Basic Indemnity Limit (Basic Sum Insured) required for 2017-2018 Rs. 8. Branches Cover (All or none basis) Are you opting for this Cover Yes / No If yes, Number of Branches. (Address List is to be attached) No Branch will be covered if this extension is not opted. Please note that the Cover is optional and the additional Premium based upon the No. of Branches will be charged as per table given below. Please also note that minimum Basic Sum Insured to be opted under the Policy depends upon the No. of Branches (risk exposure) as under Slab as per No of Branches Additional Premium Minimum Sum Insured 1-10 10 % of the Basic Premium As per Insured s Option 11-25 15 % of the Basic Premium Minimum 50 Lac 26-50 20 % of the Basic Premium Minimum 1Crore 51-100 25 % of the Basic Premium Minimum 2 Crore 101-250 50 % of the Basic Premium Minimum 3 Crore 250-500 75 % of the Basic Premium Minimum 4 Crore 501 and above 100 % of the Basic Premium Minimum 5 Crore 9(a) 9(b) Add On Cover For Proprietary Trade (Error & Omission) (Optional at Extra Premium) Add On Cover For Intermediary Cover (Error & Omission) (For Authorised Users / Sub Brokers/Franchisee) Are you opting for this Cover Yes / No Premium for this cover is 25% of Basic Premium + 18% GST Are you Opting for this cover - If Yes, Please give details as under No. of Sub Brokers :.. No. of Franchisees :.. No. of Authorized Persons :.. Total No. :.. Yes / No PLEASE ATTACH A detailed List of all Sub Brokers/ Franchisees/ Authorized Persons as registered with ICEX along with their name and address. Premium for this cover is as given in the Rate Chart- + 18% GST 10. Previous Year Policy No. If of New India Assurance 112700/36/17/22/000 If previous Policy was with other Insurer, please give that policy No:
I/We have noted and agreed that The Sum Insured under Branch Coverage per Branch will remain restricted to the 25% of the Basic Indemnity Limit Opted under the Policy. - 2 2 - The Sum Insured under Add-On Intermediaries Coverage per Intermediary will remain restricted to the 10% of the Basic Indemnity Limit Opted under the Policy. Not withstanding other restrictions mentioned hereinabove, The liability of the Insurer shall remain limited only up to the Basic Indemnity Limit (Basic Sum Insured) initially opted under the Policy and endorsed upon it later on, on payment of additional premium; for all payable claims including all sections/heads of the Policy and endorsements thereon; together. Declaration I/We will declare all new additions and/or alterations in the number of Branches and/or Intermediaries to the Insurer in writing as and when such changes occur, but not later than 7 days from such change and undertake to pay the requisite premium including any hike in slab occasioned by crossing the threshold number of Branches and/or Intermediaries with such Intimation. I/We hereby declare that the statements made/information furnished by me/us in the Proposal cum Questionnaire Form are true to the best of my/our knowledge and belief and I/We agree that this declaration shall form the basis of the Insurance Contract between me/us and The New India Assurance Co. Ltd. All further additions & alterations in the Risk proposed will be informed to the Insurance Co. immediately. Date : Place : Signature of the Broker Member (With Seal/Stamp) Insurance Broker : Detail Sum Insured Rs. Rate/Slab 1. Basic Premium 2. Less-5% Loyality & 5% No claim Discount 3. Branches No. % of Basic Prem. 4. Add On a). Proprietary Trade 25% of Basic Premium Add-On b) Intermediaries No...% As per Rate Chart Sub Total GST @ 18% Total Payable Net Premium Encl : 1. DD / Cheque No. Dated Amount Rs. Bank. 2...
THE NEW INDIA ASSURANCE COMPANY LTD. LCBO II 990000, New India Centre, Gr. Floor, 17/A Cooperage Road Mumbai 400 039. Tel.: 022-2202 0577, 22020714 Fax : 022-2202 0608 ICEX Broker Members Indemnity Insurance Policy (Premium Rating Chart (Policy Period 2017-2018) 1. Basic Premium Rates Basic Premium Rates depends upon Basic Indemnity Limit (Basic Sum Insured) opted by the Proposer / Insured. If Branch Cover is opted, Basic Sum Insured will be linked with the No. of Branches. Premium will be as per the following table - SN Basic Indemnity Limit (Basic Sum Insured) Basic Premium Rs. Excess 1 Rs. 5 Lac 7,125 2% of the Claim Amount Subject to Minimum of 2 Rs. 10 Lac 13,300 Rs. 25,000 3 Rs. 15 Lac 18,525 4 Rs. 20 Lac 22,800 5 Rs. 25 Lac 26,125 6 2% of the Claim Amount Subject to minimum of Rs. 50 Lac 47,500 Rs. 50,000 7 Rs. 100 Lac 95,000 8 Rs. 200 Lac 1,90,000 9 Rs.300 Lac 2,85,000 2% of the Claim Amount Subject to Minimum of Rs. 1,00,000 Note : 1. GST @ 18% is applicable Extra on Basic Premium. 2. Cover For Branches Please note that the Cover is optional and the additional Premium based upon the No. of Branches (as per increasing Risk Exposure) will be charged as per table given below - Slab as per No of Branches Additional Premium Minimum Sum Insured 1-10 10 % of the Basic Premium As per Insured s Option 11-25 15 % of the Basic Premium Minimum 50 Lac 26-50 20 % of the Basic Premium Minimum 1 Crore 51-100 25 % of the Basic Premium Minimum 2 Crore 101-250 50 % of the Basic Premium Minimum 3 Crore 251-500 75 % of the Basic Premium Minimum 4 Crore 501 and above 100 % of the Basic Premium Minimum 5 Crore Please also note that the Maximum Liability per Branch is limited to the 25% of the Basic Sum Insured under the Policy. 3. Add-On Covers (a) Add-On Cover for Proprietary Trade (Error & omission) Rates will be 25% of the payable basic Premium (related to No. of Branches if Branch Cover is opted) plus 18% GST. Maximum Liability is limited to 20% of the Basic Sum Insured under the Policy. This cover will be given in respect of error & omission for punching in rates only & not in the quantity. (b) Add-On Cover for Intermediaries (Error & omission) Maximum Liability per intermediary is limited to 10% of the Basic Sum Insured under the Policy. This cover will be given in respect of error & omission for punching in rates only & not in the quantity. Cover Provided will be on all or none basis. Premium rates will be as under
No. of Approved User Extra Premium @ % of Basic Premium paid for Basic Cover No. of Approved User Extra Premium @ % of Basic Premium paid for Basic Cover 1 to 10 10% 101 to 150 40% 11 to 25 15% 151 to 200 50% 26 to 50 20% 201 to 300 75% 51 to 75 25% 301 to 500 100% 76 to 100 30% 501 & More 150% 4. Discount on basic premium (on claim free renewal): a) 5% Loyality Discount b) 5% No-Claim Discount