Business/ Factory Insurance

Fire
Life is full of unexpected events and not all of them are pleasant. Natural calamities such as an earthquake, avalanche, storm or fire can put human life and property at risk.This insurance policy safeguards you against the losses that can arise due to a fire and perils that are stated below.This is a basic fire insurance plans which indemnifies you against damage to your property caused by fire, lightning or explosion only.You can decide to extend your insurance to cover other perils:

  • Aircraft damage
  • Riot, strike, malicious damage
  • Earthquake
  • Storm, typhoon, hurricane, tornado, flood and inundation
  • Impact damage
  • Subsidence and landslide, including rockslide
  • Bursting and overflowing of water tanks, apparatus and pipes
  • Missile-testing operations
  • Leakage from automatic sprinkler installation
  • Bush fire
  • Fire
  • Lightning
  • Explosion/Implosion

What are the other related insurances available for my business?

The Standard Fire and Special Perils Policy can be availed with following variations to suit business requirements:

  • Floater Policy: This policy can be issued for Stocks at various locations
  • Declaration Policy: To take care of frequent fluctuations in stocks/ stock values, declaration policy can be availed subject to certain norms.
  • Floater Declaration Policy: This policy has the features of both floater and the declaration policies

 What additional covers does this policy offer?

The following additional coverage may be selected under Standard Fire and Special Perils policy by payment of additional premium amount:-

  • Architects, Surveyors & Consulting Engineers fees (in excess of the provisions of the standard policy)
  • Debris Removal (in excess of the provisions of the standard policy)
  • Forest Fire
  • Impact Damage by your own vehicles etc.
  • Spontaneous combustion
  • Omission to insure Additions, Alterations or Extensions
  • Earthquake (Fire & Shock)
  • Spoilage Material Damage Cover
  • Leakage & Contamination Cover
  • Loss of Rent
  • Alternative Accommodation
  • Start Up Expenses
  • Terrorism Cover
  • Deterioration of Stocks

This policy offers protection against the loss of gross profits that your business suffers as a result of a claim under your Fire Policy. This policy can be taken only in conjunction with a Standard Fire Insurance Policy.What is meant by Gross Profit and how is it calculated?

Your gross profit should represent the net trading profit plus insured standing charges (fixed charges). The standing charges which are to be insured have to be specified.

Gross profit can also be insured on one of the following basis

  • Turnover basis
  • Output basis
  • Difference basis
  • Revenue basis
  • For a more comprehensive cover, you have the option to select the following add-ons at an additional premium.
  • Accidental failure of public electricity/gas/water supply
  • Damage to customer’s premises due to perils covered under Fire Insurance Policy
  • Damage to supplier’s premises due to perils covered under Fire Insurance Policy.
LIABILITY INSURANCE
Provides cover for third party liabilities (bodily injury / property damage) arising out of the manufacturing / industrial premises occupied by the insured and legal costs incurred in connection therewith. The policy can be extended to cover legal expenses arising out of pollution, transportation of hazardous substances, carriage of treated effluents etc.This policy can be offered for manufacturing premises, Godowns / Warehouses and covers:Your legal liability towards damages to the third party in respect of accidental death, bodily injury or loss of or damage to property.

Legal costs and expenses incurred by you with prior consent.

For more comprehensive protection, you can extend it to cover legal exposures arising out of sudden and accidental pollution, Act of God perils, transportation of hazardous substances and more.

Bodily Injury & Property Damage

Personal & Advertising Injury

Medical Payments

The policy is designed to protect against legal claims for wrongful acts of Directors or officers in the performance of their corporate duties. Wrongful acts include omissions, errors, misstatements, misleading statements, neglect or breach of duty. Beneficiaries are the Directors, Officers or the Company (the body corporate) itself. This product is addressed to:

Indian companies need to purchase D&O insurance to protect their Directors and Officers from exposures arising out of compliance with various statutes. Directors have highly demanding legal obligations to uphold. They also have a fiduciary duty to exercise skill, care and diligence.

Further, even independent and nominee directors are held to be equally accountable to stakeholders.

Also, as Indian companies foray into the global marketplace to sell their products and services or to mobilize capital, they need to purchase D&O insurance to secure protection from overseas exposures.

Director & Officers LIABILITY
The policy is designed to protect against legal claims for wrongful acts of Directors or officers in the performance of their corporate duties. Wrongful acts include omissions, errors, misstatements, misleading statements, neglect or breach of duty. Beneficiaries are the Directors, Officers or the Company (the body corporate) itself. This product is addressed to:Indian companies need to purchase D&O insurance to protect their Directors and Officers from exposures arising out of compliance with various statutes. Directors have highly demanding legal obligations to uphold. They also have a fiduciary duty to exercise skill, care and diligence.

Further, even independent and nominee directors are held to be equally accountable to stakeholders.

Also, as Indian companies foray into the global marketplace to sell their products and services or to mobilize capital, they need to purchase D&O insurance to secure protection from overseas exposures

Machinary & Breakdown Insurance
The policy provides financial protection in the event of an unforeseen and sudden physical damage of the insured machinery that occurs owing to any cause other than those excluded in the policy, and which makes immediate repair or replacement necessary breakdowns.Add-ons are available to extend your cover to:

  • Express freight (air freight excluded), holiday and overtime rates of wages
  • Air freight
  • Owner’s surrounding property
  • Third-party liability
  • Additional Customs Duty
  • Escalation
  • Machinery Breakdown Loss of Profit.
PROPERTY AGAINST BURGLARY
This policy provides cover for property contained in business premises, stocks owned by you or held in trust and/or commission. It can be further extended to cover cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard.The policy provides cover for the following occurrences:

Loss or damage to insured property due to burglary and/or housebreaking

Damage to premises caused by burglars during burglary or attempts at burglary The policy pays actual loss / damage to the insured property caused by burglary / house breaking subject to the limit of sum insured.

If the sum insured is not adequate, the policy pays only proportionate loss. There is also a provision in the policy to cover bulk items on “first loss” basis, wherein a percentage of total stock stored can be taken as that exposed to the risk of burglary and housebreaking. The premium is charged on this percentage selected only. A nominal premium is charged on the balance stock.

The policy can be extended to cover riot, strike, malicious damage and theft. Further, policies can be issued on declaration basis and on floater basis for stocks.

Individual personal Accident
There is no doubt that life is full of ups and down, just ,like two sides of the same coin. A life has an intimate relation with uncertainty. One can see a big change in life in just few seconds. A lottery win can bring a favourable time while at the same time; any mishap can be the cause of misfortunes. Everybody of us desire for favourable time that could bring fortunes, but one shall not forget that it is a matter of luck and fate.One should not forget that an unforeseen event, like an accident or any major illness can turn life into a whirlpool of problems.  These events bring along with them several problems for both an individual and his or her family.  When a person encounters a serious accident, there are lots of problems faced by the family. The difficulties faced by a victim are unfathomable. Besides suffering from physical injuries, there are lot many problems that one has to face at such times of life. In many cases, when an accident results in death or disablement, it seems like a torrent of problems for the family.

On the other hand, hefty bills generated are easy to settle and thus, quality medical care becomes a matter of concern.

Hence, it is better to be prepared for these incidents of life, both financially and emotionally, so that when they turn up, they might not affect deeply and can be tackled without much hassle, at least from financial aspect. An easiest way to deal with these high rising medical expenses is to buy accident insurance plan that can provide due coverage and can act as a friend in need

IPA, Individual Personal Accident Insurance Plan is also one of the best-in-class plans.  The most common reason for its popularity among the Indian masses is that it offers wide cover at cost-effective price, which can be easily afforded by the common man.

Accidental Death: In case of a death due to an accident, the insured’s beneficiary, as nominated at the time of policy issuance, is entitled to the sum insured amount, which can be used as compensation amount for the loss of income due to an insured’s accident. There is no doubt that a loss of a loved one is incomparable, but financial assistance is must to survive and make both ends meet.

Disablement: In an event of permanent disablement due to an accident, an insured is entitled to sum insured amount, as promised in the plan. One also gets coverage for temporary disablement, but the amount of compensation may depend upon the extent of injuries incurred. There is a clause in policy wording of the plan that explains the amount of injuries incurred and the amount of payment to be made.

Along with those mentioned above, there is coverage for emergency ambulance charges, maximum of Rs.2000, paid for the ambulance at the time of medical emergency. There is also coverage for transportation expense of one immediate family member. It is 1 % of sum assured (maximum up to Rs. 1 lakh), when an insured meets a serious accident at different location.

In addition to it, there is coverage of 10 % of sum assured for education funds (maximum up to Rs.20,000) for up to 2 dependent kids, 2% of sum assured in case of transportation of mortal remains (maximum up to Rs.10, 000), and 100% of sum assured in case of temporary total disablement.

Apex Ipa include many more benefits, such as

20% of sum assured (maximum up to Rs.1, 00,00) in case of broken bones

5% of sum assured (maximum up to Rs.10,000) in case of purchase of blood

10% of sum assured(maximum up to Rs.1,00,000)in case of modification of vehicle/residence

5% of sum assured (maximum up to Rs.20,000) in case of transportation of imported medicine

Rs.1,00,000 in case of accident hospitalization

This plan is well thought and designed to offer cover to all health needs of a person at the time of an accident. The policy ensures to make medical treatment easy for a victim and financial assistance to the family in times of need. It takes away the financial burden that family members would otherwise have to face due to rising medical expenses

Sum Insured Offers: 5 Lacs. 25 Lacs, 50 Lacs, 1 Crore, 2 Crore.

Key Benefits

 

  • Accidental Death [AD] – A lump sum payment would be made in the event of the Death due to an accident.
  • Permanent Total Disablement [PTD] – A lump sum payment would be made, as per the scale provided in the policy, in the event of Permanent Total Disability due to an accident.
  • Permanent Partial Disablement [PPD] – A lump sum payment would be made, as per the scale provided in the policy, in the event of Permanent Partial Disability due to an accident.
  • Emergency Ambulance Cover – Expenses incurred on an ambulance used to transfer the insured person to the nearest hospital by the shortest route following an emergency caused due to an accident.
  • Transportation of Mortal Remains – Expenses incurred on transporting the mortal remains of the insured person from the place of the accident or the hospital to his residence or hospital or to a cremation or burial ground.
  • Education Fund – If a claim under AD or PTD is accepted for an insured person, we will pay 50% of sum insured per dependent child (up to maximum of two children), provided that such dependent child is pursuing an educational course as a full time student in an educational institution.
  • Family Transportation – If a claim under AD or PTD is accepted, we will reimburse expenses incurred in transporting one immediate family member to the hospital, provided that such Hospital is located at least 200 km from the insured person’s residence.
  • Temporary Total Disablement – A weekly allowance would be paid to the insured to compensate loss of income because of Temporary Total Disability caused by an accident.
  • Transportation of Imported Medicine – If we have accepted a valid claim under AD, PTD, PPD or TTD, we will reimburse expenses incurred as freight charges for importing medicines.
  • Broken bones – A lump sum payment would be made as per scale provided in the policy, in the event of fracture of bone due to an accident.
  • Purchase of blood – If we have accepted a valid claim under AD, PTD, PPD or TTD, we will reimburse expenses incurred as freight charges for importing medicines to india, provided that such medicines are not available in india and are medically necessary.
  • Modification of residence / vehicle – If we have accepted a claim under PTD, reasonable expenses incurred to modify the insured person residential accommodation or the insured person vehicle will be covered.
  • Accident hospitalisation (in-patient) – If any insured person suffers an accident during the policy period that required hospitalisation, we will reimburse the medical expenses incurred for inpatient treatment in the hospital