Standard Fire & Special Perils Insurance: Standard Fire and Special Perils Insurance is a traditional and important cover that offers cover against fire and allied perils including perils under Act of God, details of which are named in the policy. The policy can cover building (including plinth and foundation), plant and machinery, stocks, furniture, fixtures and fittings and other contents.
- Explosion / Implosion
- Aircraft Damage
- Riot, Strike, Malicious Damages (RSMD)
- Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornado, flood, inundation (STFI)
- Impact damage by any rail/ road/ vehicle/ animal (other than own)
- Subsidence, Landslide and Rock slide
- Missile Testing operations
- Bush Fire
- Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
- Leakage from Automatic Sprinkler Installation
2. Add -on covers under Standard Fire and Special Perils policy - On payment of additional premium, the following add-on covers can be opted
- Architects, Surveyors and Consulting Engineers fees (in excess of 3% of claim amount)
- Debris Removal (in excess of 1% of claim amount)
- Deterioration of Stock in Cold Storage
- Forest Fire
- Impact Damage by insured's own vehicles etc
- Spontaneous combustion
- Omission to insure Additions, Alterations or Extensions
- Earthquake (Fire and Shock)
- Spoilage Material Damage Cover
- Leakage and Contamination Cover
- Loss of Rent
- Additional expenses on rent for Alternative Accommodation
- Start Up Expenses
- Terrorism Cover
3.Industrial All Risks Insurance
- Industrial All Risks Insurance is a wider cover than traditional “Standard Fire and Special Peril Insurance policy”. It is an all risk policy covering a wide range of perils such as fire and allied perils, burglary, accidental damage, breakdown as well as business interruption.
- Coverage is defined into two Sections as follows.
- Section - I: Material Damage - It covers accidental physical loss or damage (including machinery breakdown) to the property insured (other than excluded property) due to any cause (other than excluded causes).
- Section - II: Business Interruption - It covers loss due to business interruption following a Physical loss or damage to the property covered under material damage section of the policy. Loss of Profits arising out of machinery breakdown is optional.
4. Add -on covers under Industrial All Risk Insurance - On payment of additional premium, the following add-on covers can be opted
- Agreed Bank Clause
- Architects, Surveyors and consulting engineers fees clause
- Designation of Property Clause
- Escalation Clause
- Omission to insure additions, alterations & extensions clause
- Temporary removal of stocks clause
- Terrorism Cover
5.Burglary Insurance: Burglary insurance is an insurance policy that provides financial compensation for loss or damage caused to property and valuable items due to burglary, robbery or break-in. This will also cover damage caused to furniture, stock of goods and other property within the business premises.
6.Business Interruption Insurance: Business interruption insurance (also known as business income 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.
7. Mega Risk Insurance: Business interruption insurance (also known as business income 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.
8.Package Policies: A Package Policy is a type of insurance policy that usually includes more than one kind of insurance coverage. The most common Package Policy combines property coverage, such as for buildings or business contents, with liability coverage, such as premises liability or product liability, employee liability through group personal accident or workmen compensation..
Marine Insurance Policy reduces your exposure to risk in the event of loss or damage to your goods or assets while in transit. This covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination, inland or export. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead.
Liability insurance provides the insured party with protection against claims resulting from injuries and damage to people and/or property. Liability insurance policies cover both legal costs and any payouts for which the insured party would be responsible if found legally liable.
- Public Liability Insurance: It’s fair to say that if you interact with the public on a daily basis or your business activities are performed in a public area, you’ll need public liability cover. This means different things for different businesses. It could mean protecting your business against a potential claim from a client, a customer or another member of the public in the wrong place at the wrong time. We provide cover for a range of business types including: tradesmen, shops, mobile businesses, health and beauty professionals, those who work with animals, delivery and removals - and many more. Unfortunately, even we have our limits and there are some businesses we can’t cover
- Product Liability Insurance: Product liability insurance protects against claims of personal injury or property damage caused by products sold or supplied through your business. It is designed to help protect your business by ensuring that if this happens, you don't have to pay any legal or court costs.
- Workmen's Compensation Insurance: Workers' compensation is an act. This insurance provides for any wage loss and / or medical expenses which occur to the employees injured in the course of employment during working hours. In case the employee claims damages / loss from the employer this policy will cover legal and compensation cost as decided by the court of law.
“Financial Lines” stands for insurance products covering financial loss and costs thereof. Financial Loss means loss which is neither personal nor property damage nor derived from such damages. Comprehensive advice with regard to financial loss requires a combination of different financial loss and cost insurance products.
- Directors and Officers Insurance (D&O): The D&O policy provides cover for the personal liability of Directors and Officers arising due to wrongful acts in their managerial capacity. Defence costs are also covered and are payable in advance of final judgment. This policy provides protection for claims brought against directors, officers and employees for actual or alleged breach of duty, neglect, misstatements or errors in their managerial capacity.
- Commercial professional indemnity: Professional Indemnity Insurance (and/or Errors and Omissions) protects professionals in your business against claims arising from the professional services that you perform.
Engineering Insurance is an insurance policy that covers a wide range of engineering related risks. It is a comprehensive insurance that provides complete protection against risks associated with erection, resting and working of any machinery, plant or equipment.
- Erection All Risks (EAR) insurance: EAR policies are designed to cover the risk of loss arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery, and liability for third-party bodily injury or property damage arising out of these operations. Coverage for delay in start-up costs is typically an optional coverage. Covered parties include the general contractor, subcontractors, and in some cases suppliers and manufacturers of equipment. Examples of the types of projects for which EAR coverage is typically purchased include power plants, manufacturing and fabrication facilities, water and wastewater treatment facilities, and telecommunications centres (particularly where the erection of signal towers is involved).
- Business Interruption and Advance Loss of Profits: Principal’s advance loss of profits insurance, also known as advance loss of profits or delay in start-up insurance, indemnifies the actual loss of gross profit sustained as a result of delayed commencement of business operation caused by an accident covered under the contractors’ all risks policy or the erection all risks policy.
- Construction All Risks (CAR) insurance: Contractors' all risks (CAR) insurance is a non-standard insurance policy that provides coverage for property damage and third-party injury or damage claims, the two primary types of risks on construction projects. Third parties including subcontractors may also become injured while working at the construction site. Third parties including subcontractors may also become injured while working at the construction site. CAR insurance not only covers those associated risks but also bridges these two types of risks into a common policy designed to cover the gap between exclusions that would otherwise exist if using separate policies. CAR insurance coverage is common for such construction projects as buildings, water tanks, sewage treatment plans, flyovers, and airports.
- Contractor's Plant and Equipment: Contractor's Plant And Machinery (CPM) This is an insurance of contractors' plant and machinery that is done on an annual basis. It covers unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement.
- Electronic Equipment Insurance: Key Benefits - covers loss or damage to electronic equipment. The policy provides comprehensive coverage against unforeseen and sudden physical loss or damage to your electronic equipment and data media. ... Material damage (equipment, e,g, computers, microprocessors, systems software)
- Machinery Breakdown Insurance: Machinery Breakdown policy is an ideal cover for all kinds of plant and machinery, to cover cost of repairs or replacement of damaged parts as a result of unforeseen and sudden physical damages apart from regular wear and tear due to usage.
This insurance takes care of your employee needs and is a good retention tool of the employees
- Employee Benefits Liability insurance provides coverage to an employer for errors or omissions in the employer's administration of its employee benefit program. The Employee Benefits Liability coverage would pay for the benefits that would have been payable under the health insurance plan but for the employer's error
- Group Mediclaim Policy: Group Mediclaim is offered by companies or societies for their employees or fellow men. These policies benefit all in a group and can be customized to suit the group interests. This Policy just doesn't end by providing Coverage against health issues but it can be designed to cover pre-existing conditions also.
- Group Personal Accident Policy: Accidents create financial problems for the insured and dependents alike. A Group Personal Accident Insurance is suitable for organizations/employers, who wish to ensure their employees against accidental death, permanent total disablement, permanent partial disability and temporary total disability. This policy can additionally cover hospitalization resulting due to the accident and medical expenses.
- Group Gratuity: This is an act policy, it is mandatory for any organization with more than 10 employees as per Payment of Gratuity Act 1972 to provide for one days income to the employee for every 15 days he/ she has worked for. On completion of 5 years service the employee is entitled to claim the gratuity amount. We offer the options and service to set up a gratuity fund along with risk cover covering the gratuity liability of the employee.
- Group Term Insurance: Death of an employee can be devastating on the family, as a good retention tool the employer can opt for a Group term life insurance plan for their employees covering their risk. This insurance is relatively inexpensive compared to individual life insurance.