Fire Insurance
offers protection of your property against fire-related damages
Who Needs it?
- Shops
- Offices
- Manufacturing
- Processing Units
- Homes
- Co-operative Housing Societies
- Hospitals/ Clinics
- Educational Institutes/ Schools/ Colleges/ Tuition centres
- Godowns/ Warehouses
Scope of Cover
- Fire, Forest Fire, Jungle Fire
- Lightning
- Riot, Strike, Malicious Damage:
- Storm, Cyclone, Typhoon and Flood
- Earthquake
- Impact Damage
- Explosion/ Implosion
- Terrorism
- Subsidence and Landslide including Rock Slide
- Bursting and/or overflowing of Water Tanks
- Leakage from Automatic Sprinkler Installations
- Bush Fire
Benefits
1.Covers the business owner from loss due to Fire, Allied perils and Natural calamities like Earthquake, Flood, Cyclones etc.
2.Provides cover for all the tangible properties like:
- Buildings
- Furniture, fixtures and fittings
- Electrical installation in buildings
- Machinery, plant and equipment, accessories, etc.
- Stocks (RM/WIP/Finished goods, packing materials etc.)
Fire Insurance Mantra
12 Perils
- Fire
- Lightening
- Explosion/Implosion
- Riot, strike and malicious damage
- Impact Damage
- Aircraft Damage
- Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation
- ursting and/or overflowing of water tanks, apparatus and pipes
- Missile Testing Operations
- Leakage from automatic sprinkler installations
- Bush Fire
13 Exclusions
- Compulsory Deductibles
- War
- Nuclear Risks
- Pollution Damages
- xcluded Property unless specified
- Cold Storage Premises: Change in Temp.
- Electrical Risks
- Debris Removal= 1% of Claim (in excess of 1%)
- Architect Fees = 3% of Claim (in excess of 3%)
- Consequential Losses
- Loss by Theft
- Earthquake, Volcanic Eruptions
- Displacement of Machinery for more than 60 days
14 Add-Ons
- Earthquake (Fire & Stock)
- Omission to Insure additions, alterations or Extensions
- rchitect’s etc. fees (in excess of 3%)
- Terrorism
- Debris Removal Expenses (in excess of 1%)
- Deterioration of Stocks in Cold Storage (2 types)
- Spontaneous Combustion
- Forest Fire
- Impact Damage
- Loss of Rent
- Temporary Removal
- Spoilage Material Damage
- Startup Expenses
- Escalation Clause
15 Policy Conditions
- Violation of Utmost Good Faith
- 30 Day Clause (72 hrs. fall or displacement clause)
- Alteration, Desertion & Transfer
- Marine Policy Cover
- Cancellation of Contract
- Duties of Insured on Loss
- Rights of Insurers on Loss
- Fraudulent Claims
- Reinstate or Replace
- Condition of Average
- Condition of Contribution
- Condition of Subrogation
- Arbitration Act
- Written Communication
- Pro-rata Premium
Claims Process
Claims process to be followed in case of a Claim is as followed:
- Intimation of Accident to Factory Inspector if the accident happens in a manufacturing plant.
- Give immediate written notice to the insurance company about the death or disablement of the employer.
- To collect the relevant data with the objective to quantify reasonable and just compensation, a trained
investigator is appointed by the insurance company. - Furnish all information and documentary evidence as the insurance company may require.
- If any notice is received from W.C. Commissioner, send the same to Insurance Company.
   At the same time you should be submit claim form along with relevant documents.
Marine Insurance
Who Needs it?
- Whole sellers
- Importers
- Exporters
- Transporters
- Logistics Partners
- Individuals shifting homes
Types of Policies
- Import
- Export
- Inland
Coverages
Benefits
- Comprehensive all-risk coverage
- Worldwide claims survey and settlement
- Customized Cover
- Extensions for riots, strikes and other perils
Plan Types
- Open
- Specific/ Single Transit
Engineering Insurance
Who Need it?
- Principal Contractors
- Contractors
- Sub Contractors
- Builders/ Construction companies
- Civil Contractors
- Electrical Contractors
Scope of Cover
- Fire Group of Perils
- Act of God Perils
- Social Group of Perils
- Structural Perils
- Third party damages*
- Contractors’ Plant and Machinery*
- Cover for Damages during Testing is granted only under Erection All Risk Insurance
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Benefits
1.Covers any loss to material during the construction or installation phase.
2.Can also cover loss to owner surrounding property and third party.
3.Protects the financial interest of the Principal, Contractor and Sub Contractors.
Commercial / Comprehensive General Liability(CGL)
Who Needs it?
- Companies
- Hotels
- Malls
- Hospitals
- Schools/ Colleges
- Super markets
- Departmental Stores
- Restaurants
- Food Processing units
- Food Delivery Apps
- Travel Planners/ Agents
- Valet operators
Coverages
Benefits
- Covers the company against legal liabilities coming upon them due to Bodily injury or Property damage caused to Third Party due to the Business operation or Product use or within the premises.
- Hotels, Restaurants and Malls can suffer huge losses due to accidents caused to guests within their premises or due to Valet operators.
Directors & Officers Liability
Who Needs it?
- Companies
- Manufacturers
- Hospitals
- Schools/ Colleges
- Media Houses
- Food Processing units
- Food Delivery Apps
- Chartered Accountants
- Financial Advisors
Coverages
- Defense Cost
- Investigation Costs
- Civil fines and Penalties
- Pre and Post Judgment Interest
- Damages
- Multiple portion of multiple Damages
Benefits
- Past, Present and Future Directors are covered on an unnamed basis.
- D&Os can be held personally and financially liable.
- Claims can be made on D&Os even after they retire.
- An allegation may require engaging a lawyer to defend the claim and incur huge defense cost. These are covered in the Policy.
Errors & Omissions Policy (Professional Indemnity)
Who Needs it?
- IT Companies
- Service Providers
- Hospitals/ Doctors/ Pathology Labs
- Schools/ Colleges
- Media Houses
- Law Firms/ Lawyers
- CA Firms/ Chartered Accountants
- Financial Advisors
- Management Consultants
- Insurance Brokers/ Aggregators/ Advisors
Coverages
- Legal Liability arising of Wrongful Act committed in the course of rendering services by Insured.
- Defense Cost
- Compensatory Damages
- Awards passed by the Court of Law
Benefits
- Prevents losses to Professionals due to Legal liability coming upon them due to negligence while providing services.
- Can also cover Defamation claims, Liability due to Intellectual Property claims, Loss of Computer records, Loss of Records etc.