Property Insurance

We help in finalizing the Best of insurance covers for minimum premium.

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

The below given policies are of great use in industrial and commercial establishments.

1. Machinery Breakdown Insurance (MBD): This policy covers loss or damage due to breakdown of electrical or mechanical equipments due to instances such as entry of foreign particle, faulty material or design, vibration, maladjustment, defective lubrication, electrical pressure, self-heating etc. Furnace, D.G.Sets, Transformers, Compressors, Cooling Towers, Cutting machines, Conveyors etc can be insured under this.

2. Machinery loss of profit (MLOP): Reduction or Loss of profit following machinery breakdown referred above is covered under this policy. This is issued in conjunction with MBD policy.

3. Electronic Equipment Insurance (EEI): This is an All Risk policy which covers virtually all types of damages to electronic equipments (such as computers) and also auxiliary equipments (such as UPS, Printers ). This policy can be taken in respect of various types of electronic equipments used in office, Communication equipments, Medical equipments, etc. The coverage can be extended to include external data media and also cost of hiring alterative equipment in case of insured equipment suffering breakdown.

4. Contractor’s Plant and Machinery Insurance (CPM): This policy covers all types of accidental loss or damage (other than breakdown) to contractor’s equipments whilst these equipments are being used in the site specified. TP liability arising out of use of these equipments can also be covered separately. Cranes, Forklift trucks, Mixing Plants, Road rollers etc can be insured under this.

5. Boiler Explosion and Pressure Plant Insurance (BPP): Covers loss or damage to industrial boilers due to it’s own explosion or implosion. The damage to other property of same owner and also liability towards third parties for injury/death/damage can also be covered

Contractors All Risk (CAR) Policy: This is an All Risk Policy covering all types of losses for the risks associated with civil engineering projects such as construction of buildings, bridge, roads, flyovers, etc. The perils covered include Fire, lightning, explosion, impact damage, flood, storm, theft, burglary etc. Earthquake and Terrorism risks can also be covered. The policy has number of optional additional covers which allows virtual customization. The policy period coincides with the project period.

Erection All Risk (EAR) Policy: This is a similar policy like CAR policy but meant for Erection of individual machinery or entire factory

Advanced Loss of Profit (ALOP) Policy: This policy offers to compensate the loss of profit due to delay in starting of commercial operations owing to damage to project during it’s project phase. This is issued in conjunction with CAR or EAR Policy