Standard Fire and  Special Allied Perils

Although called Fire Insurance, it is an umbrella insurance policy covering many risks. The policy is technically named as Standard Fire and Special Allied Perils. Under this insurance, the perils insured are fire, lightning, explosion / implosion, impact damage, aircraft impact, bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide (including rock slide), riots, strikes, malicious damage, missile testing operations. Additionally, there are options to insure Earthquake and Terrorism risks and a host of other add-on covers.  

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An insurance policy covering losses resulting from a burglary, which is the act of entering a building unlawfully with the intention of committing a crime, usually but not always theft. Burglary insurance for businesses is usually part of a larger policy.

 

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• Industrial All Risk

This policy is a Comprehensive Package Policy which covers almost all risks and perils, which a large industry may face during its operation. This policy covers Buildings, Machinery, Furniture, Fixtures, Fitting & electrical installations on Reinstatement value, while the stock is covered on market value basis. Policy also covers equipments and machinery sent for repairs outside the premises for a period of 60 days. Transit risk inside the compound of an industry is also covered.

• Contractors All Risk

Wherever there is the construction of buildings or civil works, there is a risk of loss or damage. The contract governing the works will place the responsibility for this loss or damage with either the Contractor or Employer. Contractors All Risks (CAR)  provides annual cover for contractors, or protection for individual constructions contracts. It provides protection against physical loss, destruction or damage to construction works during the course of a construction contract. 

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• Marine Open Policy

Marine cargo insurance that provides blanket cover against loss or damage to all goods transported by sea, road, rail or air or by a specific shipper, during a stated period. Under its terms, the insured is required to periodically provide the insurer with the description, quantity, and value of goods shipped during that period. Also called open cover.

• Marine Specific policy  

Marine specific is a single voyage or transit policy. The policy will be issued before the voyage starts. The coverage will cease immediately on completion of the voyage. The specific voyage policy must show complete details of the risk. It should contain particulars of conveyance/Vessel name/ Bill of Lading or Way bill and date sum insured terms and conditions of cover voyage cargo description etc like all other marine policies.

• Marine Hull policy 

Marine Hull covers any loss or damage to ships tankers bulk carriers smaller vessels fishing boats and sailing vessels.

 

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• Directors & Officers Liability

Directors and officers liability Insurance (often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage can extend to defense costs arising out of criminal and regulatory investigations/trials as well; in fact, often civil and criminal actions are brought against directors/officers simultaneously. Intentional illegal acts, however, are typically not covered under D&O policies. It has become closely associated with broader management liability insurance, which covers liabilities of the corporation itself as well as the personal liabilities for the directors and officers of the corporation.

• Professional Indemnity

Professional indemnity (PI) is an insurance product that will protect you in the event that your business is sued by a client. This could happen if a client is unhappy with the work you’ve produced or professional advice you’ve provided. Even if you haven’t made a mistake you may still have to fight a claim.  If you’re a professional business that provides advice and services to your clients, PI cover should be seen as an essential consideration for your business insurance package.

• Commercial General Liability

A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability. The CGL policy was introduced in 1986 and replaced the "comprehensive" general liability policy. CGL policies typically are written on standard policy forms developed by nationwide insurance industry organizations.  Because CGL policies are products of insurance industry draftsmanship, courts in most jurisdictions construe any ambiguities in favor of the policyholder.

 

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• Group Medical Policy

Group health insurance coverage (GMC) is a policy that is purchased by an employer and is offered to eligible employees of the company (and often to the employees' family members) as a benefit of working for that company. A group health insurance plan is a key component of many employee benefits packages that employers provide for employees. One of the advantages for employees in a group health plan is the contribution most employers make toward the cost of the health coverage premium. These plans are generally uniform in nature, offering the same benefits to all employees or members of the group.

• Group Personal Accident

Unforeseen circumstances often interrupt the efficiency of employees and thus directly affecting business operations. To cushion against this disturbances, an employer may opt to take the Group Accident Cover so as to try and ensure that employees remain able to contribute the success of the business. This is generally a Personal Accident Cover for each employee. It differs from an Individual Personal Cover because the company itself pays premiums for each employee. The benefits payable under this policy may be fixed as multiples of employee’s earnings or as fixed sum per person.

 

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