Corporate Insurance
Types of Corporate Insurance
Fire Insurance
Key Highlights
Covers Property Damage
A fire insurance policy covers the repair and replacement costs of movable and immovable property in case of a fire. Property types covered under a fire insurance plan include furniture, buildings, plant and machinery, fixtures, fittings, and stock.
Business Interruption
For commercial policies, it can include coverage for lost income and operating expenses during repair or rebuilding.
Coverage for Natural Calamity or Other Perils
Fire insurance policies cover other perils like Flood, Earthquake, Storm, Flood, Inundation, Cyclon and other natural perils, malicious damage, land subsidence, impact damages, natural disasters.
Human Hazards
Troubled times can affect your business and your peace of mind. But we make sure you protect your commercial property against:Riots, Strikes, Terrorism, Malicious damage.
Exclusion
Arson
Fire caused due to ill intentions
Electrical Malfunctions
Fires caused by electrical issues where the insured is proven negligent in maintenance.
War and Nuclear Risks
Damage from war, invasion, acts of foreign enemies, and nuclear hazards.
Natural Disasters
Consequential loss or indirect loss resulting from fire incident are typically excluded.
Types of Fire Insurance
Standard Fire and Special Perils Policy
It covers your society, home, property against any loss, damage and destruction. Above sum insured 50 crores product have benefit of free add on coverages as well as chageable add ons above specific sum insured to get the maximum benefit at the time of claim.
Fire Floater Policy
Covers property at different locations under one policy, suitable for businesses with multiple warehouses or storage facilities.
Industrial All Risk Policy
(other than risks ratable under Petrochemical Tariff) having an overall Sum Insured of Rs. 100 crores and above in one or more locations in India shall be eligible for an Industrial All Risk Policy. This policy provides cover against all risks/ perils other than those which are excluded in the Policy.
Loss of Profit
Business Interruption reimburses a business owner for lost profits and continuing fixed expenses during the time that the business must stay closed while the premises are being repaired, replace or reinstate.