Bharat Sookshma Udyam Suraksha Insurance Policy

In-built covers in the Bharat Sookshma Udyam Suraksha Insurance Policy include additions/alterations, stocks on floater basis, temporary removal of stocks, specific contents, start-up expenses, professional fees, removal of debris, and costs compelled by municipal regulations.

Yes, additions, alterations, or extensions to property are covered up to 15% of the sum insured for that item (excluding stocks) under the Bharat Sookshma Udyam Suraksha Insurance Policy.

Yes, loss to stocks located at more than one named location is covered under the Bharat Sookshma Udyam Suraksha Insurance Policy.

Yes, loss to stocks temporarily removed to other premises for fabrication, processing, or finishing up to 10% of value is covered under the Bharat Sookshma Udyam Suraksha Insurance Policy.

The Bharat Sookshma Udyam Suraksha Insurance Policy covers money up to ₹50,000, documents up to ₹50,000, computer programs up to ₹5 lakh, and personal effects up to ₹15,000 per person for a maximum of 20 persons.

Yes, start-up expenses consequent upon a loss or damage due to insured events up to ₹1 lakh are covered under the Bharat Sookshma Udyam Suraksha Insurance Policy.

Yes, reasonable fees of architects, surveyors, and consulting engineers up to 5% of the claim amount are covered under the Bharat Sookshma Udyam Suraksha Insurance Policy.

Yes, reasonable expenses for removal of debris up to 2% of the claim amount are covered under the Bharat Sookshma Udyam Suraksha Insurance Policy.

Yes, additional cost of reconstruction of property incurred solely for complying with municipal regulations is covered under the Bharat Sookshma Udyam Suraksha Insurance Policy.

You can purchase a declaration policy for stocks and other add-ons as per the insurer’s offerings with the Bharat Sookshma Udyam Suraksha Insurance Policy.

The Bharat Sookshma Udyam Suraksha Insurance Policy provides insurance cover for losses due to unexpected events that cause physical loss, damage, or destruction of insured property.

The Bharat Sookshma Udyam Suraksha Insurance Policy pays your claim if it is admissible, after you bear ₹5000 per claim. For terrorism risk, different excess will apply.

The Bharat Sookshma Udyam Suraksha Insurance Policy covers loss or damage caused by fire, explosion, lightning, earthquake, storm, cyclone, flood, landslide, impact damage, riot, strikes, malicious damages, acts of terrorism, bursting of water tanks, leakage from sprinkler installations, and theft within 7 days of an insured event.

The Bharat Sookshma Udyam Suraksha Insurance Policy does not cover loss due to deliberate acts, war, ionizing radiation, pollution, missing property, indirect loss, unoccupied premises over 30 days, undeclared bullion or art, and electrical/electronic damage by internal issues.

The Bharat Sookshma Udyam Suraksha Insurance Policy covers buildings, plant, machinery, stock, and other business assets.

Curios and works of art can be covered under the Bharat Sookshma Udyam Suraksha Insurance Policy if specifically declared and recorded in the policy schedule.

Yes, machinery and equipment temporarily removed for repairs, cleaning, or similar purposes are covered for up to 60 days under the Bharat Sookshma Udyam Suraksha Insurance Policy.

Businesses with insurable assets up to ₹5 crore at any one location are eligible to purchase the Bharat Sookshma Udyam Suraksha Insurance Policy.

The Bharat Sookshma Udyam Suraksha Insurance Policy is applicable for offices, hotels, shops, industrial/manufacturing risks, utilities outside industrial compounds, storage risks outside industrial compounds, and tank farms/gas holders outside industrial compounds.

For partial loss, the cost of repairs is covered under the Bharat Sookshma Udyam Suraksha Insurance Policy. For total loss, the reinstatement value or manufacturing cost is covered.

For building, plant, machinery, and contents, the reinstatement value is used. For stocks, it is based on landed cost, input cost, or manufacturing cost in the Bharat Sookshma Udyam Suraksha Insurance Policy.

The amount required to reinstate or replace the insured property to its condition as new, without depreciation, is the reinstatement value in the Bharat Sookshma Udyam Suraksha Insurance Policy.

No, some events and losses are not covered, such as deliberate acts, war, ionizing radiation, pollution, missing property, indirect loss, and more in the Bharat Sookshma Udyam Suraksha Insurance Policy.

The premium for the Bharat Sookshma Udyam Suraksha Insurance Policy depends on the nature of insured property, sum insured, nature of business, and risk profile of the enterprise.

Under the Bharat Sookshma Udyam Suraksha Insurance Policy, you must provide true information, make full disclosure in claims, cooperate with the insurer, make a claim when necessary, and ensure the security of premises.

Notify the insurer immediately, report to authorities, take steps to prevent further damage, collect evidence, assist the insurer, and submit the claim form within 30 days under the Bharat Sookshma Udyam Suraksha Insurance Policy.

The Bharat Sookshma Udyam Suraksha Insurance Policy continues for the benefit of legal representatives until the end of the policy period.

If the value exceeds ₹5 crore during the policy period, the cover continues until expiry but must be replaced with an applicable policy upon renewal under the Bharat Sookshma Udyam Suraksha Insurance Policy.

Yes, you can request changes to the covers by making a proposal. Changes are effective only after the insurer accepts the proposal and you pay the additional premium under the Bharat Sookshma Udyam Suraksha Insurance Policy.

You need to provide information about yourself, your business, and your property. The policy is issued to cover insured property related to your business, where the total value at risk across all insurable asset classes at one location does not exceed ₹5 Crore at the policy commencement date.

The value of assets should be based on their reinstatement/replacement value, which is the cost to bring the property to a condition substantially the same as, but not superior, better, or more extensive than its condition if it were new on the date it is damaged or destroyed.

The insured must commence the repairs or reinstatement within a reasonable time after the date of the damage or destruction and complete the repairs within a reasonable time, not beyond 12 months from the date of damage or destruction.

The policy will pay up to the reinstatement/replacement value of the insured property, subject to the sum insured. Over-insuring does not necessarily result in a higher claim amount as the policy pays based on the actual loss incurred.

Items like bullion, unset precious stones, curios, or works of art can be covered on an agreed value basis, subject to a valuation certificate being submitted and found acceptable by the insurer.

If more than one person is insured under the policy, each is a joint policyholder. Any request, statement, representation, claim, or action by any one of the policyholders will bind all of them. The policy schedule will show an ‘Agreed Bank Clause’ if the property is mortgaged, pledged, or hypothecated with a bank.

Salvage refers to the recovery value of damaged property which can be deducted from the claim amount.

As an SME, you can purchase the Bharat Sookshma Udyam Suraksha Policy if the total value at risk across all insurable asset classes at one location does not exceed ₹5 Crore.