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[Property Insurance]

Covering you from the ground to the top and everything in between

FIRE AND ALLIED PERILS INCLUDING BURGLARY

Fire and Allied Perils policy safeguards the insured against unforeseen contingency caused by accidental fire, lightning, explosion/implosion, natural calamities like storm, cyclone, flood etc, theft and loss or damage due to malicious acts.

PROPERTY ALL RISK

The Property All Risks Insurance Policy offers wider coverage than Fire and Allied Perils by covering accidental physical loss of or damage to the Property Insured whilst situated at the premises described in the policy, everything is covered other than the exclusions, defined in the wordings

BUSINESS INTERRUPTION / LOSS OF PROFITS INSURANCE

Business interruption insurance is a type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster.

[FIRE AND ALLIED PERILS INCLUDING BURGLARY]

Fire and Allied Perils policy safeguards the insured against unforeseen contingency caused by accidental fire, lightning, explosion/implosion, natural calamities like storm, cyclone, flood etc, theft and loss or damage due to malicious acts.

Fire Insurance is designed to cover wide range of properties including Buildings, Machineries, Stocks, Furniture, etc. 
​ 
The premium is determined by considering mainly the quality of construction of buildings, operational hazards, level of safety and protections. 
​ 
This Insurance is designed to cover your properties against loss or damage caused by specific perils, subject to exclusions mentioned in the Policy. 

The property to be insured may consist of the following physical assets:

1. Building
2. Furniture, fixtures and fittings
3. Plant and equipment
4. Office equipment
5. Stock in trade from raw materials to finished products.
The policy is issued on an Annual basis.

Fire and Allied Perils Policy covers various other risks in addition to the risk of Loss or Damage by Fire. The same are summarized below:​

  • Natural calamities like Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, Lightning and Ignition 
  • Bursting and overflowing of Water tanks, Apparatus and Pipes
  • Riots, Strikes and Malicious Damage 
  • Aircraft and other Devices 
  • Impact Damage 
  • Subsidence and Landslide including Rockslide 
  • Smoke Damage

The policies are extended to cover other risks such as damage caused by Explosion / Implosion, Electrical Appliances under the Alternative Electrical Clause, earthquake, shock & fire and also Burglary by forcible and violent entry or exit from the premises.

The following extensions are also available under the Policy: 

  • Accidental damage to Plate Glass / Sign Board
  • Loss by burglary or hold-up for cash in the premises or Cash in Safe
  • Debris removal expenses 
  • Loss of Rent

Main Exclusions:

The Policy cover excludes any loss or damage happening due to the following: 

  • War, Civil War and Civil Commotion Risks 
  • Political Risk Exclusion 
  • Nuclear Weapons or Nuclear Materials 
  • Sabotage and Terrorism 
  • Normal wear and tear depreciation

How do I purchase this policy?

For detailed information:

You can also fill out the Proposal Form below and send it to us. One of our agents will be in touch.

[PROPERTY ALL RISK]

The Property All Risks Insurance Policy offers wider coverage than Fire and Allied Perils by covering accidental physical loss of or damage to the Property Insured whilst situated at the premises described in the policy, everything is covered other than the exclusions, defined in the wordings.

(The Policy is Subject to Satisfactory Risk Inspection and compliance of Recommendations if any.​) 

Property Insurance is designed to cover wide range of properties including Buildings, Machineries, Stocks, Furniture, etc.

The premium is determined by considering mainly the quality of construction of buildings, Operational hazards, level of safety and protection.

​This Insurance is designed to cover your properties against loss or damage caused by any accident or misfortune unless specifically excluded in the Policy.

The property to be insured may consist of the following physical assets:

1. Building
2. Furniture, fixtures and fittings
3. Plant and equipment
4. Office equipment
5. Stock in trade from raw materials to finished products.
The policy is issued on an Annual basis.

Product Details:​

Property “All Risk” Insurance provides comprehensive protection including fire, lightning, storm, hurricane, earthquake, volcanic eruption, flood, impact damage, etc other than those few mentioned as ‘exclusions’ under the policy.

The sum insured may be either on the basis of the actual value or the new replacement value of the property.

Extensions are available for enhancing the covers in terms of additional exposures, costs and expenses consequent to a loss. Some of the important ones are listed below.​

  1. Architects fee
  2. Debris removal expenses
  3. Capital addition of assets
  4. Temporary removal of property
  5. Cover on reinstatement value (new for old) basis for property other than stock
  6. Periodical declaration facility of stock sum insured.

Some of the important exclusions are losses directly or indirectly resulting from:

  1. Electrical or mechanical breakdown 
  2. Deterioration of property due to change in temperature 
  3. Subsidence, ground heave, landslip 
  4. Consequential loss (unless specifically included) 
  5. Contamination, pollution, wear and tear 
  6. Property in course of manufacture, construction or erection.
  7. War, Civil  War and Civil Commotion Risks
  8. Political Risk Exclusion 
  9. Nuclear Weapons or Nuclear Materials 
  10. Sabotage and Terrorism

How do I purchase this policy?

For detailed information:

Please fill out the Proposal Form below and send it to us. One of our agents will be in touch with you shortly

[BUSINESS INTERRUPTION / LOSS OF PROFITS INSURANCE]

Business interruption insurance is a type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster.

Loss of Profits policy is intended to cover loss of “Gross Profit” following material damage as a result of fire, lightning, storm, hurricane, earthquake, volcanic eruption, flood, impact damage, etc (or other insured peril) at your premises.

This policy operates only when there is an admissible claim under the property material damage policy (Fire or PAR Policy )issued by us.

Subject to certain limitations, this includes additional expenditure which is incurred for the sole purpose of avoiding or reducing a reduction in turnover.

Product Details

In simplest terms the Business Interruption Policy is designed to restore the business to the same financial position as if the loss had not occurred.

To obtain Loss of Profits, it is always essential that you have a Material Damage policy in force, covering your premises for the same period.

The business must be interrupted due to happening of an insured peril, beyond the time excess applicable under the policy. The interruption period starts from the date of the loss and extends to when the business’s turnover and profit levels are back to where they would have been but for the loss. There is a limit set on this interruption period and termed as the ‘Indemnity Period’ which is chosen when the cover is taken out and is recorded in months.

Some important points to note:

  • You must maintain proper records of raw materials / stocks, production, sales and income for atleast 2-3 years to ascertain your turn-over, costs and profits made. Such records should be substantiated by a duly audited balance sheet for the previous year/s. 
  • You are required to insure the GROSS PROFITS (GP) on the basis of previous years or on the basis of PROJECTED profits for the year, if your business is newly established. The GP shall include the following components: 
    a) All standing charges –such as staff salaries and cost, rents, government and other departmental fees, interest on loans, bank charges etc. etc. 
    b) Net profit made after off-setting the standing charges. 
    c) Increased cost of working, if any. 
  • For assessing Loss of Profits and Actual Financial Loss, the following are taken into consideration : 
    a) Reduction in Turnover as compared to same period in the previous year. 
    b) Proportionate standing charges incurred during the period of interruption. 
    c) Increased cost of working. 
    d) Net Profits lost.

Some of the Exclusions are as below :

  1. Willful negligence of insured. 
  2. Spoilage of raw material by other causes. 
  3. Restrictions imposed by Legal Authorities. 
  4. War and Allied Perils including nuclear risks. 
  5. Intangible losses such as loss of goodwill, loss of contracts and customers etc.

How do I purchase this policy?

For detailed information:

You can also fill out the Proposal Form below and send it to us. One of our agents will be in touch.