Corporate Insurance

The importance of having a fire insurance policy cannot be over emphasized. Let’s face it; no one can accurately predict when something tragic or unavoidable will happen to one’s property. A major fire is a disaster for a business and many companies never recover. Fire insurance covers your office's structure and contents not only against the risk of fire but also other perils like lightning, flood, storm, earthquake, riots etc. Till recently, the fire insurance was governed by Tariff Advisory Committee which was responsible for fixing the rates for different types of risks. But from Jan 1, 2008, the fire business was detariffed and now the premium rates differ from insurer to insurer. It is one of the common policies taken by most business houses. An aspect to be reviewed here is the adequacy of sum insured proposed for insurance.

It’s not something you want to think about, but what would happen if a burglar cleans out your inventory? that’s where the burglary insurance policy chips in. This policy covers property contained in business premises, stocks owned or held in trust against the risk of burglary. It also covers cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard on specific request.

Consider the unexpected occurrences that can damage machinery and cause expensive production delays or interrupt cash flow. This policy covers the breakdown of machinery due to various perils. This policy is indispensable for businesses that operate using a large number of machines. The breakdown of a single machine may bring the operations of the factory to a standstill. This policy covers monetary costs involved in restoration or replacement of machines.

We recognize that youontingencies. Opting for this will save you the hassle of arranging different policies for fire, burglary, machinery breakdown etc. It will also give you better control in managing your insurance portfolio.

Construction is a high-risk industry. Accidents, including personal injuries and property damage, happen all the time, and these accidents may wreck havoc on your plans, schedules and costs even to the point of making you insolvent. So, you need an umbrella cover that will protect you during such times to ensure that you complete your project on time. A CAR policy covers the physical damage to materials to be used for the project – whether in transit, in storage or forming part of the contract works. There is also an ancillary cover up to moderate limits for third party liabilities. It is a main feature of the car policy to cover those who have an immediate material interest in the project. That includes the owner, the contractor and usually all sub contractors. The length of the period of insurance must correspond to the contract works.

This is a comprehensive policy to cover damage to your assets from all unforeseen circumstances except for those specified “Exclusions”. There are two sections in the policy : Section I - Material damage and section II - Business interruption. The policy can be opted for by large as well as mid-size corporates.

Marine insurance is the oldest form of insurance in the world. Though the name indicates that the policy covers the transit of goods only by waterways, it is not so. It covers transportation of goods by rail, road, air as well as couriers. During this entire process of transportation, storage, loading and unloading, the goods are exposed to a large number of perils. Goods are often lost or damaged due to the operation of these hazards and there is a financial loss to the exporter/ importer. It is this loss that is taken care of by marine cargo insurance or what is more popularly known as transit insurance.

This policy covers all goods while in transit depending upon the needs of the insured. Three broad types of cover are available-Institute Cargo Clauses “A”, “B”, “C”. Institute Cargo Clause “A” is the widest cover that is available on an all risks basis.

Marine policies are generally either “Specific-Voyage” policies or “Declaration” policies for either imports, exports, indigenous transits of raw material or finished goods, customs duty, transits from anywhere to anywhere in the world and to and from job works. While for a specific policy, the cover is issued from commencement to landing at the final destination, the other policies are generally continuous policies issued on an annual basis or for a specified period of time for an agreed value of transits based on the insured’s estimate of goods movement for the specified period. It is mandatory for all transits in the agreed period to be declared.

Almost all businesses handle cash, cheques, and bankers’ drafts, making this form of insurance essential. Money Insurance.

• Covers money while in transit in the personal custody of the insured or employee
• Covers money in premises during business hours
• Covers money in a safe or strong room outside business hours.

Most of the corporates today depend on computers, laptops and other electronic devices for their day-to-day functioning. But have you ever thought about how quickly could you get back on your feet if something happened to the equipments you rely on to do business? The Electronic Equipments Insurance policy protects your equipment like computers, communication systems, testing devices and other electronic equipment from any risk while such equipment is at work, at rest or during maintenance operations. The policy also covers the additional expenditure that you will have to incur by way of hiring substitute systems.

This policy covers valuables like Jewellery, ornaments, paintings, work of art, and similar artifacts of sentimental values. The policy provides cover on a wide basis and covers loss or damage due to fire, riot & strike, burglary, house breaking, theft and accidental loss or damage. Cover is not freely granted on account of its vulnerability to losses and moral hazard.

This is an All Risk policy covering the plant and machinery of a contractor at specified work sites. The contractor’s machinery is generally used under rough conditions and so is more vulnerable to damage. Breakdown of such machinery can jeopardize the completion of a project and put many other things at stake. The CPM Policy is designed for all such situations and will assist in protecting you against the sudden and unforeseen physical loss or damage to your plant and machinery. It covers all kinds of construction equipment like compressors, heavy duty cranes, boring machines, bulldozers, pipe jacking, and hauling equipment, excavators, loaders, road rollers etc.

The basic concept of erection all risk insurance is to offer a comprehensive protection against ‘All Risks’ involved in erection. This is now an indispensable and integral part of any project – be it Greenfield or Expansion. Erection All Risk is a comprehensive insurance policy designed to cover all sorts of contingencies arising right from the moment the materials are unloaded at the project site. The cover continues during the entire period until the project is tested, commissioned and handed over. Erection all risks insurance is also known as storage cum erection insurance. The scope of cover is on all risk basis. The policy has two sections namely Section I – Material Damage and Section II – Third Party Liability. Cross liability between the various parties named as insured’s under the policy can also be insured.

Marine Hull insurance covers nearly everything that floats and moves, starting with rowing boat to huge ocean going tankers. It covers loss or damage to hull and machinery. The hull is the structure of the vessel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler and electricity generator. Just as a motor insurance policy is taken to cover the vehicles plying on the road, similarly a marine hull policy is taken to cover the vessels.