SUMO
A comprehensive and flexible package for small and medium-sized businesses. Suitable for Office, Service, Retail and Food & Beverage businesses.
Features & benefits
All Risks Cover up to $5m
Protect your assets against accidental damage, fire and theft, including loss of rent payable and inland transit cover. Plus, automatic increase of Stock in Trade sum insured two weeks prior to festive period.
High Public Liability
Up to $5m including F&B poisoning at premises and treatment risks for beauty salons and hairdressers
Personal Accident including Terrorism Cover
Compensate your insured employees for accidental death or injury, including medical expenses and up to $1 million in terrorism cover.
Business Interruption Cover
Covers the additional increased cost of working up to 100 days and cost of recompiling records due to Insured Perils under Section 1 and electronic equipment interruption.
Money
Covers loss of money on the premises and whilst in transit anywhere in Singapore including personal accident benefits following robbery or hold up.
No-Claim and Multi-Location Discounts
Get 10% no-claim discount and/or 10% multi-location discount for 5th outlet onwards.
Optional Covers
Customise according to your needs and add optional fidelity guarantee, deterioration of stocks, goods in transits and fire & extraneous perils for building cover.
Fire & Extraneous Perils for Building
Get 50% discount on All Risks rate when you opt for this cover and insure your building against damage by fire, lightning, domestic explosion and other insured perils.
| COVERAGE | Sum Insured | |
|---|---|---|
| Basic Plan | Maximum | |
1) ALL RISKS |
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All contents and renovation including fixtures, fittings and property for which the Insured
is legally responsible (Excluding Building)
|
$100,000.00 | $2,000,000.00 |
ii. Building (optional) |
- | $5,000,000.00 |
2) BUSINESS INTERRUPTION |
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| i. Additional increased cost of working | $250 per day | $750 per day |
| ii. Cost of recompiling records | $1,500.00 | $2,000.00 |
3) MONEY |
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| i. Money (in premises or in transit) | $5,000.00 | $30,000.00 |
| ii. Money in locked drawers/cabinets/cash registers after business hours | $5,000.00 | $5,000.00 |
| iii. Money in proprietor’s/partner’s/director’s residence kept in locked drawers/safes overnight | $5,000.00 | $5,000.00 |
4) WORK INJURY COMPENSATION |
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| i. Non-manual (example: admin staff/manager/director/others) | Up to 5 employees | No. of employees: 20 |
| ii. Manual (example: outdoor/kitchen staff/others) | ||
5) PUBLIC LIABILITY |
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| i. Any one occurrence | $1,000,000.00 | $5,000,000.00 |
| ii. Any one period | Unlimited | Unlimited |
6) PERSONAL ACCIDENT |
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i. Death/Total permanent disablement (Overall compensation limit: $5,000,000) |
1 employee | No. of employees: 20 |
| $50,000 per employee | $500,000 per employee | |
| ii. Medical expenses | $1,000.00 | $1,000.00 |
| COVERAGE | Sum Insured | |
|---|---|---|
| Basic Plan | Maximum | |
7) FIDELITY GUARANTEE |
||
| Any one employee and in aggregate | - | $20,000.00 |
8) DETERIORATION OF STOCK |
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| Service & Retail/F&B/Light industry (Excess: $100 each & every claim; Time excess: 12 Hours) | - | $25,000.00 |
9) GOODS IN TRANSIT |
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| Any one conveyance/location (Excess: $150 each & every loss) | - | $50,000.00 |
10) FIRE & EXTRANEOUS PERILS |
||
| Building | - | $5,000,000.00 |
| No. | Questions & Answers | |
|---|---|---|
1 |
What is the earliest effective date? The online submission/application must be at least three days before the effective date (T+3).As we need to transmit Work Injury Compensation information to Ministry Of Manpower before policy inception Example (T+3 days):
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2 |
What happens if the insured sum for the property is inadequate? If any property insured shall at the time of the occurrence be collectively of greater value than the sum insured, the amount payable by the Company in respect of the loss or damage shall be proportionately reduced. SUMO pays $100,000/$125,000 x $90,000 = $72,000 |
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3 |
How does Automatic Increase for Sum Insured on Stock-In-Trade apply? The Sum Insured for stock-in-trade declared in the proposal shall automatically increase by 20% for fourteen (14) days immediately prior to Chinese New Year, Hari Raya Puasa, Deepavali and Christmas Day. |
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4 |
Why do we need to declare Annual Earnings since the cover is on a headcount basis under Work Injury Compensation Section? The Ministry of Manpower requires all headcount and annual earnings to be transmitted to their portal before policy inception. If the Estimated Annual Earnings declared by the Insured are less than Actual Annual Earnings, the Insured will be deemed to be his own insurer to the extent of the shortfall in the amount declared and bear a rateable proportion of the liability accordingly. |
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5 |
What is the difference between Money Section - Personal Accident Benefits extension and the Personal Accident Section? Money Section – Personal Accident Benefit extension covers up to two (2) employees who sustain bodily injury caused by armed robbery, hold-up or any attempt threat whilst carrying money to and from the bank and Insured premises and vice versa. Compensation is in accordance with the Extension’s Table of Benefits up to a maximum sum insured of $5,000 per employee and this is in addition to the compensation that is payable under the Personal Accident Section. Personal Accident Section covers Insured Person named in this Section, who sustain bodily injury caused by accidental violent external and visible means. Compensation is in accordance with the Section’s Table of Benefits. |
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6 |
What is an Overall Compensation Limit in Personal Accident Section? Overall Compensation Limit refers to the total limit for all Insured persons travelling in one aircraft or surface transport vehicle or vessel which is limited to $5,000,000. If the total amount of all claims for Insured persons exceeds $5,000,000, we will pay each person a rateable proportion of the benefits due for that person. However, if it is due to Terrorism, the total limit payable shall be $1,000,000 per period of insurance. |
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7 |
Can we insure pre-war premises? Yes, we can cover pre-war buildings that had been fully restored. |
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8 |
Can we insure multi-tenanted, shared premises? Yes, individual tenant/business owner (an entity) can buy this package for their business even if the premises are shared. |
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9 |
Can we insure property kept in the open/without perimeter, fence, and security? Yes, we can cover such property provided you have taken all reasonable precautions for the safety of the property including protection against weather conditions and theft. |
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10 |
Can we insure Risks outside Singapore? The plan is for risks located in Singapore only. |
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11 |
We are unsure whether our business is an excluded trade? Please approach us should you need clarification |
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This page is for general information only. Full details of the terms, conditions and exclusions of this insurance are provided in the policy and will be sent to you upon acceptance of your application by MSIG Insurance (Singapore) Pte. Ltd.
This policy is protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage of your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact MSIG or visit GIA/LIA or SDIC.
