Property Insurance
Standard Fire & Special Peril Policy (SFSP)
The policy is Ideal for Individuals, SME's and Corporates to protect their business or property against
uncontrollable situations that can devastate their property and businesses.
Policy Coverage
Loss or damage due to Fire, Lightning, Explosion / Implosion; Riot, Strike & Malicious Damage; Storm,
Cyclone, Tempest, Hurricane, Tornado, Flood and Inundation; Impact Damage, Subsidence and Landslide
including Rockslide; Bursting and/or overflowing of Water Tanks, Apparatus and Pipes;Missile testing
operations; Leakage from Automatic Sprinkler Installations and Bush fire; Upto 3% of the claim amount to
cover the Architects, Surveyors and Consulting Engineer's Fees and upto 1% of the claim amount to cover
the Debris Removal.
Add-on Coverage
Terrorism; Fees for Architects, Surveyors and Consulting Engineers beyond 3% of the claim amount;
Expenses for removal of Debris beyond 1% of claim amount; Deterioration of Stocks in Cold Storage premises
due to power failure following damage due to an insured peril; Forest Fire; Impact Damage to the property
due to Insured's own vehicles; Spontaneous Combustion; Earthquake damage caused by Fire and Shock;
Temporary removal of stocks to any other premises for the purpose of production or processing or finishing
or similar purposes; Loss of Rent and / or additional expenses of rent for alternative accommodation.
Industrial All Risk Policy
This policy covers all industrial risks (other than risks relatable under the Petrochemical Tariff) which
has assets in excess of Rs. 50 Crores and above in one or more locations in India are covered under the
Industrial All Risk Policy.
Fire Loss of Profit Policy
Any person, firm, partnership and Joint Stock Company which undertakes a commercial activity and are at
risk of loss of Property insured due to occurrence of a covered Peril under Standard Fire & Special Perils
Policy are also at a risk of loss of revenue/ gross profit due to reduction in turnover of the Company.
For the purpose of indemnifying the loss in revenue due to Business Interruption in consequence of
occurrence of Fire, the firms can take coverage of Fire Loss of Profits.
Engineering Insurance
Contractors All Risk Insurance Policy
This Policy covers civil construction projects, such as residential / commercial buildings, theatres,
factory sheds, warehouses, roads, bridges, dams, reservoirs, tunnels, oil / gas pipelines, water / sewage
disposal works, airports, flyovers, etc.
Perils covered under Policy
Coverage begins from the commencement of work or after unloading of the first consignment at the project
site, whichever is earlier, and terminates on handing over of the works to the principal or on expiry of
the policy, whichever is earlier. This is “all risk” insurance, which covers accidental physical loss or
damage to contract works during the execution of a civil engineering project unless specifically excluded.
Erection All Risk Insurance Policy
The Policy covers All Risk except specifically excluded pertaining to Projects during Storage, Erection,
Testing and Commissioning. It covers Setting up a new project/individual machines; Expansion of an
existing project; Dismantling and re-erection of an existing facility.
Cover begins with commencement of work or after unloading of the first consignment at the project siteand
terminates on handing over of the works to the principal or on expiry of the policy. This is “all risk”
insurance, which covers accidental physical loss or damage to contract works during the execution of a
civil engineering project.
The sum insured is the completely erected value of the plant and machinery, inclusive of freight, customs
duty and cost of erection.
Machinery Breakdown Insurance Policy
Policy covers for physical loss or damage to Machinery and equipment against unforeseen and sudden
physical loss due to all kinds of accidental, electrical and mechanical breakdowns as a result of internal
and external cause, or damage to the insured items, necessitating their repair or replacement, other than
specified excluded perils. Covers remain in effect during the time the machinery is in operation or at
rest or in the process of being dismantled, overhauled or during subsequent re-erection at the same
premises.
Extensions
Air Freight; Express Freight (Excluding Air Freight), overtime and holiday wages; Insured’s own
surrounding property; Third Party Liability
Exclusions
Fire and related perils; Theft; Overloading experiments; Willful acts or gross negligence; Gradual flaws
/ defects not necessitating immediate stoppages; Normal wear and tear; Consequential losses; Pre-existing
defects; Terrorism
Sum Insured
The value is generally replacement cost
Engineering Insurance
Contractor's Plant & Machinery Insurance
Policy covers loss or damage to the contract's construction equipment such as bulldozers, cranes,
excavators, compressors etc., due to an accident arising out of external perils. This cover is operative
while the equipment are at work or at rest, or during dismantling for cleaning or overhauling, or
re-assembly.
Extensions
Express freight, overtime and holiday rates of wages; Air Freight; Owner's surrounding property;
Clearance and removal of debris.
Additional customs duty; Escalation; Third party liability; Earthquake;Act of terrorism
Exclusions
Transit risks from site to site; Electrical & mechanical breakdown; Freezing of coolant or other fluids,
defective lubrication, replaceable parts; Explosion due to steam pressure in I.C. engine; Wear and tear,
rusting, testing for other purposes; War and nuclear perils; Pre-existing defects at inception; Willful
act/negligence of insured; Consequential loss/liability, inventory loss; Cost of alteration, improvement,
overhauls, modifications, additions, material changes.
Sum Insured
Sum insured is generally replacement value
Boiler & Pressure Plant Insurance Policy
Any firm, company, factory etc. who are using any Boiler and Pressure Plant, can cover them under this
policy.
Policy covers boilers and other pressure vessels; Damage to both fired and unfired against losses due to
explosion or collapse;
Damage to surrounding property arising due to explosion or collapse of the Pressure Plant during its
normal course of working; Third Party Legal Liability arising due to explosion or collapse of the Pressure
Plant during its normal course of working.
Extensions
Damage to the Owner's existing surrounding property; Legal liability for Third Party bodily injury and
property damage; Express Freight (Excluding Air Freight), overtime and holiday rates for wages; Air
Freight; Additional Customs Duty;
Exclusions
Fire and allied perils; War and Nuclear perils; Overload experiments / tests imposing abnormal
conditions; Gradually developing defects not necessitating stoppage; Normal wear and tear; Failure of
individual tubes not leading to explosion / collapse; Loss / Damage during application of test by
inspecting authority or otherwise; Willful act / negligence; Pre-existing defects and faults and
Consequential losses.
Sum Insured
Sum insured is generally reinstatement cost of the Boiler.
Liability Insurance
Liability insurance is an insurance which protects the insured from the risks of liabilities imposed by
lawsuits and similar claims. Liability insurance is designed to offer specific protection against third
party insurance claims, i.e., payment is not typically made to the insured, but rather to someone
suffering loss who is not a party to the insurance contract.
In India, General Insurance Companies provide variety of Liability Insurance Produces some of which are
as under:
☑ Worker's Compensation
☑ Public Liability Insurance
☑ Professional Indemnity
☑ Product Liability
☑ Commercial General Liability Insurance
☑ Director's & Officers Liability Insurance (D&O)
☑ Employment Practices Liability Insurance (EPLI)
☑ Clinical Trials Liability Insurance
☑ Crime Insurance
Worker's Compensation
The insurance covers all employees of a company in case they are injured, killed or contract a disease
during the course of their work. Liability to employees under the Workmen's Compensation Act 1923, Fatal
Accidents Act 1855 and at Common Law is covered under this policy. Workers compensation insurance assures
that injured workers get medical care and compensation for a portion of the income they lose while they
are unable to return to work.
Public Liability Insurance
Public liability insurance protects a business against the financial risk of being found liable to a
third party for death or injury, loss or damage of property or "pure economic" loss resulting from its
negligence. The legal cost and expenses incurred in defending the case are also payable.
This is a mandatory policy to be taken by owners, users or transporters of hazardous substance as defined
under Environment (Protection) Act 1986 in excess of the minimum quantity specified under the Public
Liability Insurance Act 1991
Professional Indemnity
The policy protects a business from financially crippling and often reputation-damaging claims by unhappy
clients. Professional indemnity insurance, also known as Errors and Omissions (E&O) insurance, is the
insurance that covers a company, or individual, in the event that a client holds the company or individual
responsible for a service provided to client, or failed to provide, that did not have the expected or
promised results. The policy protects the company or individual from legal action taken for losses
incurred as a result of its advisory services. Risks covered are negligence; Intellectual property; Loss
of documents/data.
This policy is suitable for doctors, lawyers, accountants, architects, engine
Marine Insurance
Marine Insurance covers Marine Hull and Marine Cargo polices. Marine Cargo insurance ensures safety of
movement of goods traded by all modes of conveyance i.e. by road, rail, sea, air including couriers. The
insurance covers transits both domestic as well as international i.e. imports and exports.
In fact, this is the most ancient forms of insurance policy facilitating the existence and growth of
trade and commerce in the international trade. The international insurance market has also standardised
set of clauses to be incorporated in the marine policies covering transit between two countries. In India,
the Marine Insurance Act, 1963 spells out the law relating to the various aspect of Marine Insurance
business.
Miscellaneous Insurance
Householder's Package Insurance
Householder Insurance is a package policy specially designed to meet the insurance requirements of a
householder by combining under a single policy, a number of standard policies usually taken by
householders. The covers are available at reasonably priced premiums with insurers.
Policy indemnifies the Insured in respect of loss of or damage to the Contents/ furniture, fixture &
fittings, T.V/Video Equipment; Electronic equip/ MBD for other domestic Appliances contained in the
insured premises by Fire & Allied Perils; Burglary and/or Housebreaking.
Miscellaneous Insurance
Baggage Insurance
This policy covers loss of or damage to accompanying baggage due to fortuitous accident, burglary,
housebreaking, theft, terrorism whilst on journey. Any firm, company, shops whose executives or individual
&/or their family are frequently in travel and are exposed to such losses can take this policy cover.
All Risk Insurance
The policy covers damage to portable equipment while being carried around whilst in storage, use
including accidental damage and fire and allied perils. Any firm, company, shops or individual who are
engaged in commercial activity and who provide the portable equipment to its employees for official
purposes and/ or individuals whose Portable Equipments such as Laptops, Mobile Handsets, Jewellery,
Cameras and items of similar nature etc. are exposed to losses due to Accident from any fortuitous cause
can be covered under this policy.
Miscellaneous Insurance
Fidelity Guarantee Policy
This Policy is especially designed for firms, corporate and individuals who carry on commercial
activities and are exposed to pecuniary/financial losses occasioned by any act of fraud and/or dishonesty
committed by the employees of insured.
Neon Sign/Glow Sign/ Hoardings Insurance Policy
This policy covers Neon Sign/Glow Sign/Hoardings against loss or damage due to fire, theft or any
fortuitous events. Any firm, company, shops or individual who are engaged in commercial activity and whose
Neon Sign/ Glow Sign/ Hoardings are exposed to such losses by breakage due to Accident can be covered
under this policy.
Plate Glass and/or Sanitary Fittings Insurance Policy
This insurance is deemed to cover the Insured against loss by Breakage of any of the Glasses and/or
Sanitary Fittings due to any fortuitous causes including terrorism.