Property insurance policies protect your property like buildings, plant and machinery, stocks, office equipment against losses caused by fire, floods, storms, earthquake, terrorism, theft, accidental damage and breakdown. These policies cover the cost to replace or repair the property. In case the property cannot be replaced or repaired, the policy can provide monetary compensation.
Standard Fire and Special Perils
- Comprehensive policy which covers both man made and Act of God perils
Includes exposure of risk towards fire, lighting, explosion/implosion, aircraft damage, riots, storms, cyclones and floods, landslides, earthquake and terrorism
Industrial All Risks
- An ‘all risk’ cover which is suitable for industrial units and large locational risks since it has the widest coverage and overcomes limitations of standard fire policies.
- It is a combination of Standard Fire and Special Perils Policy + Machinery Breakdown. It covers material damage and business interruption.
Electronic Equipment Policy
This is an ‘all risk’ policy designed to cover electronic equipment used in industrial units, offices and commercial establishments.
It protects against theft and accidental damage due to various reasons such asbroken equipment due to accident, damage due to short circuits, power fluctuation surges etc. It compensates the policyholder on repair or reinstatements costs (less depreciation).
- It can be extended to cover external data media and increased cost of working.
Office Umbrella Policy
- This is a consolidated ‘package’ policy that is a combination of multiple policies which ensure that the office is completely covered.
- The covers that can be taken under this policy are fire and allied perils, burglary including theft cover, electronic equipment insurance, ‘all risk’ cover, money Insurance, group personal accident etc.
- Covers loss of money in transit by the Insured or the Insured's authorized employee(s), occasioned by robbery and theft.
- Protects against loss of money in a safe, loss by burglary, housebreaking, robbery or hold-up
- This type of insurance is known as consequential loss or loss of profit insurance. It is taken as supplementary cover to fire insurance policies to protect against the total or partial interruption of the insured’s business. For example, due to damage from a fire or earthquake, if there production loss and therefore loss of income, this loss is covered.