Property Insurance

We help in finalizing the Best of insurance covers for minimum premium. We also help Insurers for better understanding of risks and negotiate for better terms. Below given are some of the most commonly sought after policies in respect of Property insurances.

Standard Fire and Special Perils Policy (SFSP Policy):This policy covers not only the losses caused by Fire perils but also host of other perils such as Lightning, Explosion, Implosion, Flood, Storm, Riot, Strike, Malicious Damage, Aircraft Damage, Impact Damage, Subsidence, Landslide etc. Earthquake, Terrorism risks etc can also be covered additionally. Consequential Loss (Fire) or FLOP (Fire Loss of Profit) Policy: This policy is issued in conjunction with SFSP policy. This policy covers loss of profit following damage to physical assets covered under SFSP policy. Industrial All Risk Policy (IAR) Policy: It is a combination of SFSP policy and FLOP policy. Apart from the same, it also covers physical loss due to machinery breakdown. Loss of profit following machinery breakdown (MLOP) can also covered if required. Further, it is an All Risk cover policy and hence the scope of cover is very wide as compared to SFSP policy. It is possible to issue a policy called Mega Policy by customizing the requirements in case of large risks. The above are traditionally said to be policies coming under Fire Department

Property Insurance

We help you choose the best insurance coverage for the lowest rate. We also assist insurers in assessing risks and negotiating better rates. Listed below are some of the most popular property insurance plans.

Standard Fire and Special Perils Policy (SFSP Policy): Hazards covered under this policy include but are not limited to: Lightning; Flood; Storm; Riot; Strike; Malicious Damage; Impact Damage; Subsidence; Landslide; and Lightning. Risks such as earthquakes and terrorism may be included additionally.

Consequential Loss (Fire) or FLOP (Fire Loss of Profit) Policy: This policy is accompanied by the SFSP policy. This insurance covers loss of profit due to damage to SFSP-covered physical assets.

Industrial All Risk Policy (IAR) Policy: A hybrid of SFSP and FLOP. It also covers physical loss due to mechanical failure. MLOP (machine breakdown profit loss) may also be covered. Also, it is an All Risk insurance, therefore the coverage is far broader than SFSP. For enormous risks, it is feasible to issue a Mega Policy by tailoring the criteria.

Traditionally, the above are Fire Department policies.

The policies listed below are very useful in industrial and commercial settings.

Machinery Breakdown Insurance (MBD): This policy protects against loss or damage caused by the failure of electrical or mechanical devices owing to a variety of factors such as the introduction of foreign particles, the use of faulty materials or design, vibration, maladjustment, poor lubrication, electrical pressure or self-heating, among others. DG sets, compressors, cooling towers, cutting machines, conveyors, and so on. may be covered.

Machinery loss of profit (MLOP): This insurance covers loss of profit due to machinery failure. This is following MBD policy.

Electronic Equipment Insurance (EEI): This is an All Risk insurance that covers almost all electronic and auxiliary equipment damages (such as UPS, Printers). This policy can be applied to office, communication, medical and other electronic devices. Coverage can be extended to external data media and the expense of renting replacement equipment if the covered equipment fails.

Contractor’s Plant and Machinery Insurance (CPM): Covers accidental loss or damage (other than breakdown) to the contractor’s equipment while on the designated location. Use of these items can also be insured individually for TP liability. Cranes, forklifts, mixing plants, and road rollers can all be insured.

Boiler Explosion and Pressure Plant Insurance (BPP): Covers loss or damage to industrial boilers due to explosion or implosion. Liability for injury/death/damage to third parties can also be protected.

Contractors All Risk (CAR) Policy: This policy covers all risks related to civil engineering projects such as building, bridge, road, and flyover construction. Fire, lightning, explosion, impact damage, flood, storm, theft, burglary, etc. are covered. A terrorism risk can also be insured. The policy enables virtual customization by adding optional extra coverage. The policy and project periods are the same.

Erection All Risk (EAR) Policy: Like CAR Policy, but for the erection of individual machines or complete factories.

Advanced Loss of Profit (ALOP) Policy: This policy compensates for the loss of profit due to delays in commercial activities due to project damage. This is supplied with CAR or EAR Policy.