property insurance inner
Property Insurance

Standard Fire and Special Perils Cover

The Standard Fire & Special Perils (SFSP) Insurance, designed to cover loss or damage to Buildings, Plant & Machinery, Tools, Instruments and accessories, Furniture, Fixtures and Fittings, Electrical Installations, Stocks in trade including work in progress, etc due to Fire and Act of God perils. This policy is vital for all types of industry and trade groups, offices, service occupancies, households and assets belonging to all sections of society.

The policy specifically covers the following:

  • Fire
  • Lightning
  • Explosion / implosion
  • Aircraft damage
  • Riot, strike and malicious damage (RSMD)
  • Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation (STFI)
  • 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
  • Bush fire
  • Architects’, surveyors’ and consulting engineers’ fees
  • Removal of debris

Burglary Cover

Burglary and Housebreaking Insurance policy provides financial compensation against loss or damage to property contained in your premises by acts of Burglary and or Housebreaking.

It specifically covers property contained in your premises, stocks/goods owned by you or held in trust and/or commission. It also covers cash, valuables, securities kept in a locked safe or cash box in a locked steel cupboard on a specific request.

The Policy can be extended to cover Riot, Strike, Malicious Damage and Theft. Further, policies can be issued on declaration basis and on floater basis for stocks.

Machinery Breakdown Cover

Machinery Breakdown policy is an ideal cover for all kinds of plant and machinery, to cover the cost of repairs or replacement of damaged parts as a result of unforeseen and sudden physical damages.

The cover offers protection to the insured machinery whilst at work or at rest. Also, it provides coverage when they are being dismantled for the purpose of cleaning, inspection and overhauling or removal to another position or in the course of their operations or subsequent re-erection, provided these are performed in the same premises.

The following major electrical and mechanical breakdowns risks, faced by plant and machinery, are covered by this policy:

  • Short-circuiting, excess voltage & electrical arcing
  • Faulty design, faulty material and faulty casting (manifesting after the warranty period)
  • Abnormal operating conditions
  • Carelessness and lack of skill in the operation and maintenance of machinery
  • Entry of foreign bodies
  • Falling, Impact, Collision etc
  • Bursting or disruption of turbines, compressors, cylinders of steam engines, hydraulic cylinders or flywheels or other apparatus subject to centrifugal force, internal pressure.

Plate Glass Cover

This policy covers accidental breakage of plate glass, fixed to display windows or showcases of commercial establishments.

The policy provides you with the following benefits:

  • It covers the cost of making good accidental breakage of insured glass for any reason whatever, except those that are specifically excluded.
  • It also provides protection for loss or damage to ornamental, embossed, lettered or stained plate or sheet glass

Money Insurance

Money Insurance policy provides cover for loss of money in transit between the insured’s premises and bank or post office, or other specified places occasioned by robbery, theft or any other fortuitous cause.

The policy also covers loss by burglary or housebreaking whilst money is retained at Insured’s premises in safe(s) or strong room.

The cover is provided under 2 sections:

Section I: Covers money in transit under the following heads: Cash, Bank Drafts, Currency Notes, Treasury Notes, Cheques, Postal Orders and current Postage Stamps.

Section II: Covers money in safe / on-premises

Jeweller’s Block Cover

This is a package policy specially designed for jewellers & diamantaires i.e. those establishments dealing solely in diamonds. Jewellers premises are categorised into Class I, II or III depending upon the type of security provided for the premises.

The policy comprises four sections which are optional except for section I which is compulsory.

Section 1:

Covers loss or damage to jewellery , gold and silver ornaments or plates , pearls, precious stones, cash and currency notes whilst contained in the premises insured, by fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.

Section 2:

Covers loss or damage to jewellery, gold etc. as described in Section I whilst it is in the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths.

Section 3:

Covers loss or damage to property described in Section I whilst in transit by registered parcel post, air freight or through angadia.

Section 4:

Covers loss or damage to trade and office furniture and fixtures in insured premises due to fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.