Policy is designed to cover loss or damage to the property insured by theft following actual, forcible and violent entry into the premises. It also covers cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard on specific request.
It is possible to extend the policy to include loss of the insured property to cover burglary as a result of riot & strike risks & theft and larceny not accompanied by violent ingress or exit. The extension does not cover losses detected during routine stock taking / checking.
There are three types of policies available:-
- Full Value Basis:
The policy must be effected for the full value of the property to be insured.
- First Loss Basis:
In the event of improbability of total loss, proposer can opt for a percentage of total stocks to be insured.
- Declaration Basis:
These policies are given where large stocks frequently fluctuate in quantity during the year. Monthly declarations of value are to be sent to the company and premium will be adjusted at the end of the policy period.
Contractors All Risk Policy
This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.
The policy comprises of 2 sections:
- Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
- Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.
Contractors Plant and Machinery Policy
This policy covers all different types of machinery used for handing material or construction & project site.
The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy.
The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.
Electronics Equipment Policy
This is a specially designed policy which covers accidental loss or damage to non portable & immobile electronic equipment.
This policy covers entire range of Electronic Equipment from a Computer to sophisticated gadgets like EPABX, EDP Machines, etc.
SECTION I: Covers any unforeseen and sudden physical loss or damage to Electronic Equipments from any cause, other than those excluded.
SECTION II: Covers External Data Media and the expenses for reconstruction and rerecording of information.
SECTION III: Covers Increased Cost of Working
The Policy covers the damage to the assets due to fire & other special perils like Fire, lightning, explosion / implosion, impact damage, aircraft impact, bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide (including rock slide), riots, strikes, malicious damage, missile testing operations. Additionally, there are options to insure Earthquake and Terrorism risks and a host of other add-on covers
Machinery Breakdown Policy
The policy covers sudden and unforeseen accidental damage to machinery.
The machinery can be at work or at rest.
Machinery being dismantled for cleaning / overhauling and in course of these operations being shifted within specified premises or being re-erected subsequently also covered.
Policy can also be extended to cover: Escalation, Express Freight (excluding Air Freight), Overtime and Holiday Rates of Wages, Air Freight, Owner's Surrounding Property, Third Party Liability, Additional Customs Duty.
Erection All Risk Policy
Marine Cum Erection / Storage-cum Erection Policy
Erection All Risks (EAR) policy is designed to cover Plant and Machinery under erection. Interest of Suppliers / Manufacturers, Contractors, Sub-Contractors can be recorded in the policy.
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, of the period chosen, whichever is earlier.
Policy can be extended on payment of additional premium to cover Maintenance Cover, Damage to Owner's Surrounding Property, Third Party Liability, Clearance and Removal of Debris, Additional Customs Duty, Express Freight, Holiday and Overtime rates and wages.
Boiler & Pressure Plant Insurance
The policy covers damage other than by fire, to boilers & pressure plant & damage to surrounding property.
The policy can be extended to cover third party legal liability arising due to explosion and collapse of the plant during its normal course of working.
Industrial All Risk Policy
All industrial risks (other than risks rateable under Petrochemical Tariff) having overall Sum Insured of Rs. 100 Crores and above in one or more locations in India are eligible.
This is a package policy with the following covers:
- Fire and Special Perils including Flood, Storm, Tempest.
- Earthquake, Fire & Shock.
- Consequential Loss (Fire).
- Machinery Breakdown, Boiler Explosion, Electronic Equipment.
- Machinery Breakdown - Optional.
Trade Credit Insurance
Credit Insurance offers one of efficient and cost effective ways of managing credit risk for any enterprise. The credit risk can exist on trade receivables internationally or even on account of domestic sales. Most trade whether domestic or exports are carried out on credit terms and one of the major risks that the enterprise may face is the overdue payments or protracted default against sales invoiced.
The Policy covers following risk.
Commercial Risk: these can be in the nature of Protracted default or delayed payments by debtors (the risk of non-payment even if he is NOT officially insolvent) / Insolvency of the buyer.
Political Risk: can be any activity - political or economic difficulty preventing or delaying payment of a transaction and can be in the nature of Natural disasters, cancellation of import license of the buyer, protracted default on state owned entities, measures taken by host country to prevent payment of transaction.
Consequential Loss Insurance
This policy operates in the event of damage to the premises of an insured due to any peril insured under the Standard Fire & Special Perils Policy, causing an interruption to his business. It enables the insured to recover :
- His Loss of Gross Profit due to a reduction in turnover
- Increased Cost of Working incurred in minimizing that loss of Gross Profit
The policy can be Extended to cover Wages, Lay-off and Retrenchment Compensation and Notice Wages Liability, Auditor's Fees, Supplier's Extension, Customer's Extension, Insured's Property stored at other locations, Public Utilities Extension