Property of any kind whether manufacturing units, warehouses, shops, offices, hotels, schools, hotels, hospitals, offices, residential or commercial complexes could be exposed to loss or damages due to innumerable unforeseeable risks such as natural catastrophes, fire, burglary, theft etc. Property Insurance is the process of securing the financial value of difficult to replace assets because the loss of such assets can be economically devastating for the owner. Hence, the need for protective cover for properties is gaining importance.
Various miscellaneous policies viz. Money Insurance, Burglary Insurance, Consequential Loss of Profit Insurance, Fidelity Insurance etc. also fall under the purview of 'Property Insurance'.
Standard Fire and Special Perils
Perils insured are 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. Other perils which can be insured as add-on covers are earthquake cover, terrorism cover, removal of debris, spontaneous combustion, etc.
To the insured's premises or contents caused by actual or attempted burglary/robbery (excluding valuables unless specifically insured).
Money in Transit - Loss of money in transit to the specified destinations against robbery, theft or any other unfortunate event. Transit for the purpose of this policy commences with the taking over of the money for the purpose of transit and ends as soon as the money reaches the place of delivery.
Money in Safe - Loss of money in kept in safe which has to be paid as salaries towards employees or petty cash kept in safe.
Consequential Loss of Profit
This policy covers loss of profits of a business due to reduction in the turnover caused by a loss or damage covered in the Standard Fire Policy. This insurance includes cover for Increased Cost of Working following the loss of Standing Charges.
Any direct financial loss caused by the act of fraud or dishonesty committed by any salaried person employed by the insured during the course of the business provided.
Such loss is committed by the employee with the primary intention to obtain personal financial gain and such loss is first discovered during the policy period.
All Risks (portable equipment)
This insurance covers the risk of accidental damage to portable equipments such as laptops and other electronic equipments, test & measuring instruments, etc. It also covers these equipments at any location and including whilst in transit in the personal custody of the employees of the business.
Breakdown of Electronic Appliances
This is an ALL RISK COVER and losses or damages due to any cause other than those specifically excluded are covered.
Damage to data media and cost of reproduction of lost data can also be covered. Items insured under this section need not to be insured under Fire & Burglary Sections.