Your office/plant is your showcase to the world. You manage and maintain your office/plant with lot of detail, passion and money. A major fire can result in a disaster for a business to the extent that many companies never recover. The importance of having a fire insurance policy cannot be over emphasized.
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, terrorism etc.
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.
Machinery Breakdown (MBD) Insurance:
The unexpected occurrences of Machinery Breakdown 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.
Businesses handle cash, and bankers' drafts, making this form of insurance essential.
The Insurance Covers:
- Money while in transit in the personal custody of the insured or his employee.
- Money in premises during business hours
- Money in a safe or strong room outside business hours.
All Risks Insurance:
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.
Contractor's All Risk Insurance:
Construction being a risk prone industry, accidents, including personal injuries and property damage are very frequent,and these accidents may bust your plans, schedules and costs. 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.