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Property

PROPERTY INSURANCE

It mainly comprises of material value in the form of tangible assets. Since tangible property has a physical shape and consistency, it is subject to many risks ranging from fire & allied perils to theft and robbery. But if a person judiciously invests in insurance for his property prior to any unexpected contingency then he will be suitably compensated for his loss as soon as the extent of damage is ascertained.

 

TYPES OF PROPERTY INSURANCE POLICY

 

Marine Insurance

With the globalization of the economy, supplier linkages span oceans, but still require goods to be delivered to the concerned party in a pristine state, just-in-time.

1. Marine Cargo:

Marine Insurance is the oldest form of insurance in the world. Though the name indicates that the policy covers the transit of goods only by waterways, it is not so. It covers transportation of goods by rail, road, air as well as couriers. During this entire process of transportation, storage, loading and unloading, the goods are exposed to a large number of perils. Goods are often lost or damaged due to the operation of these hazards and there is a financial loss to the exporter/ importer. It is this loss that is taken care of by marine cargo insurance or what is more popularly known as transit insurance.

This policy covers all goods while in transit depending upon the needs of the insured. Three broad types of cover are available-Institute Cargo Clauses “A”, “B”, “C”. Institute Cargo Clause “A” is the widest cover that is available on an all risks basis

2. Marine Sales Turnover Policy:

Marine policies are generally either “specific-voyage” policies or “declaration” policies for either imports, exports, indigenous transits of raw material or finished goods, customs duty, transits from anywhere to anywhere in the world and to and from job works. While for a specific policy, the cover is issued from commencement to landing at the final destination, the other policies are generally continuous policies issued on an annual basis or for a specified period of time for an agreed value of transits based on the insured’s estimate of goods movement for the specified period. It is mandatory for all transits in the agreed period to be declared.

There have been operational lapses resulting in claims getting repudiated for declarations not made or insufficient balance of Sum insured at the time of claim and many a client has been caught unaware. Discovering that a particular damaged or lost consignment was unfortunately not covered, and hence the claim not payable, can be very frustrating for an otherwise diligent Insured.                            

In this context, a marine turnover policy has come in as a blessing for companies. It covers a company’s sales turnover unlike the other marine open policies which cover the value of goods which are offered for insurance. The company’s annual estimated turnover can be covered as a single amount and all a company needs to do is to provide sales turnover figures periodically to the insurance company (usually quarterly). All the requirements of a company’s Marine policies can be met by a single comprehensive policy

Please contact your insurance advisor before taking any policy"

Fire Insurance

1. Standard Fire and Special Perils:

The importance of having a fire insurance policy cannot be over emphasized. Let’s face it; no one can accurately predict when something tragic or unavoidable will happen to one’s property. A major fire is a disaster for a business and many companies never recover. Fire Insurance covers your office's structure and contents not only against the risk of fire but also other perils like lightning, flood, storm, earthquake, riots etc. Till recently, the fire insurance was governed by Tariff Advisory Committee which was responsible for fixing the rates for different types of risks. But from Jan 1, 2008, the fire business was detariffed and now the premium rates differ from insurer to insurer. It is one of the common policies taken by most business houses. An aspect to be reviewed here is the adequacy of sum insured proposed for insurance.

2. Consequential Loss

Insuring your property, buildings, fixtures and fittings, stock and equipment are obviously important but so too is the need for adequate cover for loss of profits following loss or damage at your premises. Business interruptions do happen Apart from the direct losses that arise from a fire, there are also losses that result from the interruption of a business. If damage to your business premises force you to close while repairs are made, you will still need to pay employees, mortgages, leases and other debts. These ongoing expenses can mount up quickly for a business that has reduced income or no income at all. This policy could act as a vital lifeline for businesses.

You shouldn't assume your policy includes business interruption coverage. Many business owners don't even think about it until such coverage is needed. But remember that the cover under this policy is available only when the cover under the basic fire policy is triggered. This insurance usually is sold in tandem with property coverage. Coverage is generally provided for the “period of restoration”, which is usually considered to be the period which would be required to rebuild, repair or replace the damaged property at the described premises with reasonable speed and similar quality. It usually commences with the date of such damage or destruction and it is not usually limited by the date of expiration of the policy

Please contact your insurance advisor before taking any policy"

Engineering

1. Machinery Break down

This policy covers for physical loss or damage to machinery and equipment against unforeseen and sudden physical loss of, or damage to the insured items, necessitating their repair or replacement, other than specified excluded perils.

2. Boiler and pressure Plant

The Boiler and Pressure Plant Insurance policy provides coverage for all types of boilers and / or other pressure plants. This policy covers sudden / accidental explosion and collapse risks to insured boilers / pressure plants. This policy provides additional coverage for insured's own surrounding property and third party liability , arising out of a sudden and unforeseen physical loss of, or damage due to explosion or collapse of the boiler and / or pressure plant

3. Electronic Equipment Insurance

The Electronic Equipment Insurance policy provides comprehensive coverage for electronic equipment. This policy can be extended to include additional costs the insured shall incur to ensure continued data processing on substitute equipment if such costs arise as an unavoidable consequence, of an indemnifiable loss or damage, during the period of insurance, to property insured under the material damage section of the policy.

4. Contractor All Risk

This Policy broadly covers the risk of accidental physical loss or damage in respect of the contract works, during the execution of a civil project. CAR insurance provides an ‘All risk cover’.


Cover incepts from the commencement of work or after unloading of first consignment at project site, whichever is earlier and terminates on handing over of works to the principal or expiry of policy, whichever is earlier.

5. Erection All Risk

This policy covers risks associated with storage, assembly/erection and testing of Plant and Machinery. EAR insurance provides comprehensive cover. All perils are covered unless specifically excluded. Cover incepts from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the Principal, or the period chosen, whichever is earlier.

6. Contractors Plant and Machinery

This Policy broadly covers loss or damage to the contractor’s property due to any cause that is accidental and external in nature. Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection.

Please contact your insurance advisor before taking any policy"

Motor Insurance


Under the provisions of Motor Vehicles Act, all the vehicles which are plying in public places in India should have an insurance policy at least to cover third party liability. Hence, it is obligatory to get the vehicle insured.

There are two types of policies available for motor vehicles; one is the “Package policy” and the other one is the “Liability Only” policy. “Liability only” policy covers only the inter-alia liability of the vehicle owner for loss or damage to life or property of the third parties whereas the package policy covers in addition to third party liability, loss or damage to the vehicle itself by way of accident, theft, etc and specified perils.

For the purpose of insurance, motor vehicles are divided into three classes: Private cars, Motor Cycles and Commercial Vehicles.

Please contact your insurance advisor before taking any policy"

Goods in Transit

Cover for loss of or damage to your property or goods when in transit by third party carriers. 

Please contact your insurance advisor before taking any policy"

All Risk Cover

Insures the risk of accidental damage to portable equipment such as laptops and other electronic devices, test and measuring instruments, etc. at any location and including whilst in transit in the personal custody of the employees of the business.

Please contact your insurance advisor before taking any policy"

Insurance is the subject matter of solicitation"
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