BUSINESS
PROPERTY
ADDITIONAL COVERS
Fidelity Guarantee

This policy insures your business against any loss of money and/or stocks in-trade caused by any act of forgery, embezzlement, larceny or fraudulent conversion committed by an employee (or several) whilst employed in the capacity set by their designation.  


Defence costs, judgements and settlements can be accommodated at an additional premium according to terms of the contract.
 

Machinery Breakdown

In case you are involved in manufacturing or production activities, all your machineries can be covered against loss of/or damage to the machinery due to electrical as well as mechanical breakdown.  It should be noted the fire and burglary policies cover only fire, natural perils and burglary/theft risks respectively and exclude electrical and mechanical breakdown.  Hence, by opting for this cover, you ensure complete protection to your machinery which are extremely critical for your operations. It is to be noted this is not an all risk insurance policy.

Machinery breakdown loss of profit

Loss of income: In payment of additional premium, the Policy can be extended to cover the actual loss of Income sustained by the insured resulting directly from Business Interruption.


Due consideration shall be given to the continuation of such reasonable  changes and expenses, including payroll expenses, to the extent necessary to ensure the Operations with the same operational capability as existed immediately before the physical loss or damage occurred to Building and/or Contents.


Expenses to reduce loss: The Company shall also pay to the Insured the additional necessary and reasonable costs and expenses incurred by the Insured in order to minimise its losses under this Extension and continue its business.

Erection All risks

The ‘Erection All Risks’ Policy is a comprehensive insurance which provides complete protection against the different types of risks associated with the erection, testing and commissioning of machinery, plant and equipment during the construction stage.


It provides cover for projects being erected against accidental loss of or damage including fire, natural perils and theft.  The policy also provides cover against third party claims for injury/death and property damage.


The sum insured should be for the contract price, ie., it should not be less than the completely erected value of the property inclusive of freight, customs duty and erection cost.


Add-ons:

  • Third party liability
  • Surrounding property
  • Cross liability
  • Cost of removal of debris
  • Express freight, overtime charges/ air freight
  • Owner’s surrounding property
  • Extended maintenance

Length of contract:

Coverage begins from the commencement of work or after unloading of the first consignment at the project site, whichever is earlier. It terminates on the handing over of the works to the owner or on expiry of the policy, depending on which comes first.


Erection All Risks insurance covers testing, commissioning and maintenance periods as well.

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