Commercial Insurance
Fired & Allied Perils Insurance
This insurance covers the property against the risk of loss &/or damage due to Fire & Lightning, perils of chemical nature, social perils, natural perils and miscellaneous perils. This is the most standard Fire policy.
Businesses are prone to unforeseen losses. These losses can lead a flourishing business into disaster due to the loss of property, stocks, machinery, tools and facilities, ultimately wiping out the capital and causing consequential losses. Monetary relief is essential in re-building / restoring the damaged property. Fire insurance cover plays a vital role in safeguarding the financial interests of an enterprise.
Covers Under Insurance
The fire insurance policy covers immovable and movable property, buildings, plant and machinery, furniture, fixtures, fittings, contents, stocks/stock in process, raw material, goods held in trust or in commission, including stocks at supplier’s/customer’s premises, machinery temporarily removed from the premises for repairs due to loss or damage by fire or due to any of the perils mentioned hereunder
- Lightning.
- Explosion / implosion.
- Aircraft and articles dropped there from.
- Impact damage due to rail/road or animal.
- Riot strike, malicious damage.
- Subsidence and land slide.
- Storm, cyclone, flood and inundation.
- Sprinkler leakage.
- Overflow, leakage of water tanks, pipes, etc.
In the case of a partial loss, payments for repairs or replacement are made. In case of a policy with a reinstatement value clause, the cost of
reinstatement will be paid on completion of reinstatement, subject to an overall limit of the sum insured. The insurance company, at its discretion, may
repair or replace the affected property instead of paying for the cost of restoration.
Premiums are based on the type of occupancy, physical features, value at risk, a requirement of additional covers & information provided on a
completed proposal form. There are a number of exceptions and exclusions, which are part of the policy terms & conditions.
Our Technical team will always be ready to assist you, in case if you require any additional information or clarification.
Property All Risk Insurance
This insurance covers the property as per Fire & Allied Perils insurance and additionally covers accidental loss/damage to the covered property. This is All Risk Policy and is available only for the selected risks & currently this policy issued as per LM7 (London Market) wording.
This Policy indemnifies against the accidental physical loss or damage to the Property Insured described in the policy. It includes loss or damage due to fire, lightning, aircraft, explosion, earthquake, strike, riot, civil commotion, malicious damage, storm, tempest, flood, bursting and or overflowing of water tanks, pipes and apparatus (including sprinkler leakage), impact by own vehicles, theft or attempted theft (by violent and forcible entry to or exit from the premises) and accidental loss or damage.
The sum insured can either be on the basis of the actual value or the new replacement value of the property, but should be adequate to cover the total exposure. The insured can provide the sum insured, or may seek the assistance of our technical team to determine the adequacy.
Premiums are based on the type of occupancy, physical features, values at risk, a requirement of additional covers. There is a deductible for each and every loss under the policy and coverage is subject to exceptions and exclusions, which form part of the policy terms and conditions.
Our technical team will always be happy to assist you should you require additional information or further clarification.
Business Interruption Insurance
Once the fire and/or any of the perils occur it is likely that the business would be interrupted and the owner would suffer financial losses and ultimate loss in profit. Normally Gross Profit can be protected under this cover. This policy is operative only in conjunction with Fire & Allied Perils and/or Property All Risk Insurance policy.
As a result of loss due to a fire and the damage it may cause, besides the business coming to a halt, there are certain standing charges [fixed expenses] which will continue to be incurred irrespective of the situation. These expenses, such as bank interest, employee’s salaries, rent, electricity, and other standing charges will need to be addressed, in addition to the loss of revenue. The insured suffers financially due to the loss of his gross profits; reduced turn-over whilst incurring increasing costs while working during the period of interruption.
The premiums are calculated on the basis of estimated annual gross profit & period of indemnity, nature of risk, location and the housekeeping.
There are two types of deductibles (monetary and time) applicable under the Business Interruption Insurance for each and every loss. There are a number of exceptions and exclusions, which are part of the policy terms and conditions.
Our technical team will be happy to assist you should you require additional information or further clarification.