Standard Fire and Special Perils Policy: SFSP is a traditional cover that offers cover against fire and allied perils which are named in the policy. The policy can cover building, plant and machinery, stocks, furniture, fixture and fittings and other contents. The policy provides reimbursement for damage to the insured assets because of fire and allied perils. A BSUS (Bharat Sookshma Udyam Suraksha Policy) is a fire policy that is designed to cover SMEs and Small Businesses whose total value of insurable assets is less than or equal to Rs. 5 crores. A BLUS (Bharat Laghu Udyam Suraksha Policy) is designed to cover medium businesses who have insurable interests up to 50 Crores. Business above 50 crores are covered in SFSP policy.
Contractor's All Risk (CAR) & Erection All Risk Insurance Policies: All physical assets are exposed to various risks during their construction/ erection. Any unfortunate loss or damage during construction/ erection can cause abandonment of the project itself unless protected against risks. CAR policy covers civil projects like building, commercial complexes, dams, bridges, roads, irrigation projects, etc. whereas, EAR policy covers engineering projects like erection of plants, factories, transmissions, distribution lines, etc. These policies also cover the public liability risk arising from the project activities. policies are given for the entire project period, all entrepreneurs, builders, contractors, sub-contractors, government dept & agencies, etc. need these policies.
Industrial All Risk Policy (IAR): This is a Comprehensive cover offering protection against physical loss or damage due to any fortuitous, accidental cause. This policy is suitable for large industries with assets over 100 crores. All properties situated in various locations under the same ownership can be covered under one single policy. Loss due to business interruption due to a insured peril is covered in this policy. All risks such as Fire, Natural Calamities, Machinery Breakdown, Burglary, Boiler Explosion, etc. are covered under a single policy.
FLOP (Fire Loss of Profit) Policy: When a factory insured under a Standard Fire Insurance Policy gets destroyed in an insured peril, it suffers from loss of production and sales. This leads to reduction in firm turnover which in turn adversely impacts profits. A FLOP also know as Business Interruption Insurance covers the Loss of Gross Profit on account of Reduction in Turnover due to Business Interruption that the Insured faces on account of the insured property getting destroyed/ damaged.
EEI (Electronic Equipment Insurance): With the advent of digital technology, there is a greater usage of electronic equipment. These equipment & gadgets have become an integral part of our life. This Policy is suitable for electronic equipment like computers, printers, scanners, industrial electronic machines and servers and data storage equipment's. The Policy broadly covers material damage to electronic equipment due to sudden and unforeseen events, cost of external data media, including cost of reconstruction of data and also increased cost of working.
CPM (Contractors' Plant and Machinery); All the construction equipment like excavators, bull dozers, pavers, trippers, cranes, crushers, batch mixing plants, etc. can be covered under this policy. Owners, builders, financiers, bankers, mortgagees, etc. who ever has a financial interest in the equipment can take this policy. Loss or damage to the equipment caused by any external and fortuitous events like fire, explosion, impact damage, fall from heights, etc. are covered under this policy. The equipment can be covered anywhere in India basis subject to all locations being intimated with full details.
Machinery Breakdown (MB) Insurance Policy: This policy covers all kinds of machinery and equipment in a particular location like a factory, an office, a workshop, etc. these machinery and equipment are generally fixed and non-movable. The machinery/ equipment is covered whilst working, or at rest or being dismantled and re-erected for the purpose of repairs or overhauling. property owners, pledgees, bailees, bankers, etc. can insure their interest in the property. Selected machinery/ equipment can be insured based on risk perception. The machinery equipment should be insured for the current value of a new machine of the same type and capacity.
Machinery Loss of Profit (MLOP) Policy: This policy is to protect the insured from loosing revenue and consequent gross profit resulting from the cessation of business due to accidental damage or loss of machinery/ equipment. This policy cannot be issued without there being a Machinery Policy. The amount payable as Indemnity is in respect of reduction in turnover/ output is the gross profits lost on account of the shortage in turnover or output during the indemnity period in consequence of the material damage under machinery breakdown policy.
Marine Insurance: All goods are exposed to various risks during transit from one place to another. This policy takes care of loss or damage to the goods in the transit. All modes of transit Viz. by road, rail, air, sea, courier and the like where goods are carried by a carrier under contract are covered under this policy. Goods carried by own vehicles can also be covered subject to certain conditions. The INCO terms will be basis for arranging the insurance. The duration of the cover is from the time the goods are ready for transit till the same are discharged at the destination.
Marine Hull Insurance Policy: This policy is for covering various water-borne carrying vessels like ocean going ships, barges, tugs, boats, fishing boats, dredging vessels, tankers, etc. Any loss or damage to the body of the vessel and machinery due to perils of the sea like collision, capsizing, stranding, grounding, fire, explosion, etc. are covered under this policy. All owners, charterers, operators, financiers whoever has financial stake in the vessel can insure. Marine Hull Policy can be given either on annual basis or for the particular voyage covering the entire period of the voyage. However, annual covers are mostly chosen by the clients.
