PaywithRing – ICICI Lombard: Merchant Insurance

Coverage Provided:

Fire – ContentsUPTO 2,00,000
EQ & STFI - ContentsUPTO 2,00,000
BurglaryUPTO 2,00,000

Policy period: 1 month

Terms and conditions

General Condition

  • Structure to be made up of RCC construction
  • The shop is not located in the basement and goods are also not stored in the basement
  • Shop is neither scrap shop as well as jewelry shop.
  • Warranted that no hazardous goods are stores within risk location premises
  • Goods kept in open area will not be covered under the policy
  • No incidence should have been reported in past 3 years which might lead to claims with respect to the coverage provided under the policy
  • Any loss or damage within 7 days from policy start date will not be covered under the policy
  • Following items will not be protected:

    • Items stored in cold storage due to malfunction of cold storage machine
    • Machinery breakdown of electrical, electric and mechanical equipment
    • Portable assets like laptops, mobiles, iPads, Camera etc or Valuables like curios, art, jewellery, bonds etc kept in the shop,

FIRE (Content)

  • Excess: 5% of claim amount subject to a minimum of Rs 10,000/- in case of each and every claims
  • Excess for Earthquake:5% of each and every claim subject to a minimum of Rs.25,000 in respect of each and every loss
  • Terrorism is excluded under the policy


  • Excess: 5% of the claim amount subject to minimum of INR 5,000 in case of each and every loss
  • Theft is excluded under the Policy. This includes any theft where the Insured’s family is involved
  • Policy investigation report will required for burglary cases above INR 50 K


Merchant insurance can only be provided to Immovable shops whose structure is made of RCC/Pucca construction and

Immovable Property : An asset that does not have the capability to move from one place to the other is considered immovable property. In the real estate market, immovable property includes residential properties, warehouses, manufacturing units, and factories.