102 First FLoor, C&B Square, Sangam Complex, Chakala Andheri (E), 400059
102 First FLoor, C&B Square, Sangam Complex, Chakala Andheri (E), 400059
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.
Properties that are covered:
All moveable/ immoveable properties of the proposer on land (excluding those in transit) broadly categorized as follows :
Building (including plinth and foundations, if required):
Whether completed or in course of construction (excluding the value of land).
Interiors, Partitions and Electricals.
Plant & Machinery, Equipments & Accessories (including foundations, if required)
Bought Second hand.
Bought New
Obsolete Machinery
Stocks:
Raw Material
Finished Goods
In process
In trade belonging to Wholesaler, Manufacturer and Retailer.
Other Contents such as
Furniture, Fixtures and Fittings
Cables, Pipings
Spares, Tools and Stores
Household goods etc.
Specific Items such as bullion, unset precious stones, curios, work of arts, manuscripts, plans, drawings, securities, obligations or documents, stamps, coins or paper money, cheques, books of accounts, computer system records, explosives.
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.
Section I - Material Damage
Architects', Surveyors and Consulting Engineers' Fee clause
Designation of Property Clause
Escalation Clause
Omission to insure additions, alterations or extensions clause
Temporary Removal of Stocks clause
Section II - Business Interruption
Suppliers' and Customers' Premises extension
Failure of Utility services at the terminal ends
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.
The policy comprises of 2 Sections :
Section I-Material Damage- It provides coverage for the property lost, damaged or destroyed by any cause, other than those specifically excluded in the Policy, necessitating replacement or repair. The Policy will pay or make good all such loss or damage up to an amount not exceeding the sum specified in respect of each of the items and not exceeding in the whole the Total Sum Insured.
Section II-Third Party Liability- provides coverage towards: a)legal liability for accidental loss or damage caused to property of other persons b) legal liability for fatal or non-fatal injury to any persons other than the Insured's own employees or workmen or employees of the owner of the works or premises due to construction of any property.
Machinery Breakdown Insurance, is designed to provide cover against unforeseen and sudden physical loss or damage to the machinery by any cause subject to excepted risks. The policy covers sudden and unforeseen damages arising from mechanical and electrical breakdowns and accidental external means to insured’s plant and machinery. This insurance policy is extremely useful to protect manufacturing industry against heavy expenses necessitated in repairing of the machinery under breakdown, thus ensuring business continuity.
This policy covers the unforeseen and sudden accidental physical damage to insured machinery, plant and equipment
while at work / rest
whilst being dismantled or removed or re-erected, within the same premises
It also covers loss or damage due to faulty operation, adjustment, casting, vibration, entry of foreign objects, loosening of parts, self-heating, and centrifugal force
Basis of Compensation
Partial Loss (where repairing is feasible) - In cases where damage to an insured item can be repaired, the company will pay expenses towards restoring the damaged machine to its former state of serviceability plus the cost of dismantling and re-erection as well as ordinary freight to and from a repair shop, customs duties and dues.
Total Loss - In cases where an insured item is destroyed with repairs not being feasible, the company will pay the actual value of the item (by deducting proper depreciation from the replacement value of the item) including costs for ordinary freight, erection, customs duties and charges for dismantling after adjusting the salvage value, if any.
Every Project under erection needs complete protection against potential loss. Projects under erection are exposed to host of risks which can put a break in implementation, cause financial burden and leave you feeling you have no control. This Policy offers comprehensive insurance for erection projects and provides cover during Storage, Erection and Testing of property at the insured site. The Policy is provided for the entire period of the project rather than on an annual basis
There are 2 Sections in the Policy.
Section I - provides coverage for the property lost, damaged or destroyed by any cause, other than those specifically excluded in the Policy, necessitating replacement or repair. The Company will pay or make good all such loss or damage up to an amount not exceeding the sum specified in respect of each of the items and not exceeding in the whole the total Sum Insured specified.
Section II - provides coverage towards: a) legal liability for accidental loss or damage caused to property of other persons b) legal liability for fatal or non-fatal injury to any persons other than the Insured's own employees or workmen or employees of the owner of the works or premises due to construction of any property.
Boiler and Pressure Plant Insurance covers damage other than by fire, to boilers & pressure plant, damage to surrounding property, Third Party legal liability arising due to explosion and collapse of the boiler/ pressure plant during its normal course of working.
The Policy covers the insured Boiler and other Pressure Plants against the following risks:
Damage to the Boiler and/or Pressure Plant described in the Policy Schedule due to accident (other than by fire)
Damage to surrounding property of the Insured described in the schedule or property held in trust or on commission for which the Insured is responsible due to accident to the insured property (other than by fire)
Liability towards death of or bodily injury to any person or damage to property not belonging to the Insured in the event of explosion or collapse of the Insured Boiler/Pressure Plant.
Every successful business be it a large Corporation or a SME, needs complete protection against potential loss. Modern businesses use lot of Electronic Equipments like Computers, Servers, Audio/Video and security equipments and Industry specific Electronic Equipments that are exposed to various risks. Any damage or breakdown to them can put a break in your growth plan by putting a financial burden and stress.
The Policy is divided into three sections - Material Damage (Equipment), External Data Media and Increased cost of working.
Section I - Material Damage: The policy pays for physical loss or damage caused to the equipments covered under the policy, necessitating repair or replacement, due to any cause, other than those specifically excluded under the Policy.
Section II - External Data Media: If the external data media and the information stored in such media, which can be directly processed in EDP systems suffers any material damage due to the peril covered under Section 1 of this Policy, the Company will indemnify the Insured for such loss or damage. This cover is applicable while the insured data media are kept on the Premises. Coverage against restoration of data under this Section will be granted only if backup system is available.
Section III - Increased Cost of Working: The Company will indemnify the Insured for all additional costs which the Insured incurs to ensure continued data processing on substitute equipment if such costs arise as an unavoidable consequence of an indemnifiable loss or damage to property insured under the Section I of this Policy.
The Policy covers damage caused by the following perils:-
Smoke, soot, dust, corrosive gases etc.
Water and Humidity.
Short circuit and Electrical fire risk.
Faulty operations, lack of skill.
Falling object and entry of foreign bodies
Fire, lightning, explosion.
Riot and strike and malicious damage and terrorism.
Theft and burglary.
Natural calamities - flood, inundation, storm, cyclone and earthquake
Subsidence, landslide, rockslide.
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.
Transportation of goods can be broadly classified into three categories:
Inland Transport
Import
Export
Add on covers
Inland transit policies can be extended to cover the following perils on payment of additional premium :
SRCC - Strike, riot and civil commotion (including terrorist act)
FOB - Where the inland transit is required to be extended to cover the goods till they are loaded on board the vessel , this extension can be taken.
Export /Import policies can be extended to cover War and /or SRCC perils on payment of an additional premium.
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. The policy covers loss/damage to the property insured due to:
Fire or explosion; stranding sinking etc.
Overturning derailment (of land conveyance).
Collision.
General average sacrifices salvage charges.
All risks relating to Vessels, Floating Dry Docks, Jetties and Shipowners' Interests including Hull & Machinery (H&M), Freight, Disbursements, Increased Value, Premium Reducing, Excess Liabilities, Protection and Indemnity (P&I) Liabilities, Charterers' Liabilities, Charterers' Freight, Charterers' Hire and/or Disbursements, General Average Disbursements, Ship Repairers' Liabilities, Shipbuilding Risks, Shipbreaking Risks and other allied interests of whatsoever nature required to be insured in India.
Types of Marine Hull Insurance Policies
Ocean Going Vessels
Coastal Vessels
Inland Vessels
Port Crafts
Ship Building
Sailing Vessels
Charter’s Liability Fishing Trawlers, etc.
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.
Common D&O risk scenarios
Employment practices & HR issues
Shareholder actions
Reporting errors
Inaccurate or inadequate disclosure (e.g. in company accounts)
Misrepresentation in a prospectus
Decisions exceeding the authority granted to a company officer
Failure to comply with regulations or laws
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.
Regardless of how many years experience your firm may have, there is always the possibility you (or one of your team) could make a mistake. Professional indemnity insurance covers against a wide range of scenarios, including:
Professional negligence (i.e. making a mistake in a piece of work for a client)
Loss of documents or data
Unintentional breach of copyright and/or confidentiality
Defamation and libel
Loss of goods or money (your own or for which you are responsible)
