1. Fire
2. Lightning
3. Explosion/Implosion
4. Aircraft damage
5. Riot, Strike and malicious damage
6. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
7. Impact Damage
8. Subsidence and landslide including rockslide
9. Bursting and/or overflowing of water tanks, Apparatus, and pipes
10. Missile testing operations
11. Leakage from automatic sprinkler installations
12. Bush fire

1. Earthquake
2. Terrorism
3. Storm Tempest Flood Inundation
4. Reinstatement Value Clause
5. Local Authority Clause
6. Good held in trust clause
7. Combustion
8. Forest Fire
9. Omission to insure, additions, alteration and exclusion clause
10. Leakage and contamination cover
11. Loss of rent
12. Start up expenses
13. Additional expenses of alternative rent or accommodation
14. Escalation clause
15. Enhanced amount of Removal of debris
16. Impact damage by external vehicle
17. Enhancement amount of Consultant, Chartered Account, Engineer, architect etc
18. There are many other Additional coverage under this insurance depending upon nature of industry & occupancy of location

Special types of Fire insurance are designed only for stocks of an insured since it is usually a common situation for any Insured where their stocks are placed at many location with different value.

Floater Policy: This policy is issued only for the stocks, stored in warehouses/godowns at various places but belonging to the policy holder. This policy issued to stocks in godowns where inter godown movement of stocks is very frequent and where it is not possible to record each and every inward and outward movement of stocks cannot be monitored. Policy holder can take the policy for one sum insured which is floated over all the godowns.

Declaration Policy: This type of policy is useful where there are frequent fluctuations in stocks / stock values and to avoid the under insurance (insurance of lower value) of the stock. Based on the pre-agreed terms the stock value to be declared periodically say monthly and the premium at the year-end (Policy year) is worked out on the average of the stock value declared and excess premium if any will be refunded to the policy holder.

Floater Declaration Policy: It is combination of the above-mentioned policies i.e. stock lying at various locations and the value of stock fluctuating.

Special types of Burglary insurance are designed only for stocks of an insured since it is usually a common situation for any Insured where their stocks are placed at many location with different value.

This policy is issued only for the stocks, stored in warehouses/godowns at various places but belonging to the policy holder. This policy issued to stocks in godowns where inter godown movement of stocks is very frequent and where it is not possible to record each and every inward and outward movement of stocks cannot be monitored. Policy holder can take the policy for one sum insured which is floated over all the godowns.

This type of policy is useful where there are frequent fluctuations in stocks / stock values and to avoid the under insurance (insurance of lower value) of the stock. Based on the pre-agreed terms the stock value to be declared periodically say monthly and the premium at the year-end (Policy year) is worked out on the average of the stock value declared and excess premium if any will be refunded to the policy holder.

It is combination of the above-mentioned policies i.e. stock lying at various locations and the value of stock fluctuating.

Equipment Breakdown Insurance basically covers repair & replacement cost under an event of accidental but electrical/electronical/mechanical breakdown of an equipment/machinery which could be due to internal or external causes. Equipment or machinery could be at work or rest or being dismantled while occurrence of such losses.

Such breakdown could occur due to :-

1. Short circuiting, excessive voltage & electrical arcing
2. Faulty design or material after warranty period
3. Falling, Impact or collision
4. Entry of foreign bodies
5. Bursting or disruption or turbines, compressors, cylinders, of steam engines, or other apparatus subject to centrifugal force, internal pressure

Although similar, Machinery Breakdown and Electronic Equipment policies have specific differences that set them apart. The main difference is what they cover the terms ‘Machinery’ and ‘Electronic Equipment’ refer to two different types of apparatus.

Categories of Equipment Breakdown is made which as follows, depending upon mode, nature of operation  & output of a machinery/equipment,

Machinery Breakdown Insurance is more largely applicable for electrical and mechanical related items Refrigerator, Printing press, lift etc. Coverage is same as being stated above in Equipment Breakdown Insurance.

This has more relevance to those equipment which has got semiconductor based Chips & software programs which may have all or partial result in output of machine such as  computer, server, Electronic Weighing machines, Electronic Medical Equipment etc. In addition to what is being stated in Equipment Breakdown insurance coverage, EEI Insurance also covers expenses against recovery of loss data due to admissible claim event.

PEEI is almost similar to above mentioned Electronic Equipment insurance but it covers portable electronic items only such as mobile, I pads, Laptops. This is an All risk based insurance which not only covers as what is stated in above mentioned Electronic equipment insurance but also covers losses on occurrence of burglary & theft outside insured location  as well.

1. Losses or damage which are coverage under fire insurance
2. Usual wear & tear conditions arising out or ordinary usage
3. Loss or damage for which manufacturer, supplier, repairer of equipment is responsible either by law or contract or warranty
4. Gradually developing flaws, cracks, de surfacing, fractures in any part not resulting in immediate stoppage or repair but will occur at some regular repair interval
5. Loss or damage resulting due to over load, experiment

Insurance receives compensation against financial loss of profit including standing charges during restoration period when a claim event is covered under Standard Fire & Special Allied Insurance Policy of insured.

Insurance receives compensation against financial loss of profit including standing charges during restoration period when a claim event is covered under machinery Breakdown Insurance or Electronic Equipment Insurance.

Coverage Under  Standard Fire & Special Perils Insurance(SFSP)

1. Fire
2. Lightning
3. Explosion/Implosion
4.  Aircraft damage
5.  Riot, Strike and malicious damage
6.  Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
7.  Impact Damage
8.  Subsidence and landslide including rockslide
9.  Bursting and/or overflowing of water tanks, Apparatus, and pipes
10.  Missile testing operations
11.  Leakage from automatic sprinkler installations
12.  Bush fire
13. Burglary including theft
    
    Equipment Breakdown
    What does Equipment Breakdown Insurance Cover?
    Equipment Breakdown Insurance basically covers repair & replacement cost under an event of accidental but electrical/electronical/mechanical breakdown of an equipment/machinery which could be due to internal or external causes. Equipment or machinery could be at work or rest or being dismantled while occurrence of such losses.Such breakdown could occur due to :-

1. 1. Short circuiting, excessive voltage & electrical arcing
   2. Faulty design or material after warranty period
   3. Falling, Impact or collision
   4. Entry of foreign bodies
   5. Bursting or disruption or turbines, compressors, cylinders, of steam engines, or other apparatus subject to centrifugal force, internal pressureWhat are types of Equipment Breakdown Insurance:-
      Although similar, Machinery Breakdown and Electronic Equipment policies have specific differences that set them apart. The main difference is what they cover the terms ‘Machinery’ and ‘Electronic Equipment’ refer to two different types of apparatus.Categories of Equipment Breakdown is made which as follows, depending upon mode, nature of operation  & output of a machinery/equipment,

Machinery Breakdown Insurance(MBD)

Machinery Breakdown Insurance is more largely applicable for electrical and mechanical related items Refrigerator, Printing press, lift etc. Coverage is same as being stated above in Equipment Breakdown Insurance.

Electronic Equipment Insurance((EEI)

This has more relevance to those equipment which has got semiconductor based Chips & software programs which may have all or partial result in output of machine such as  computer, server, Electronic Weighing machines, Electronic Medical Equipment etc. In addition to what is being stated in Equipment Breakdown insurance coverage, EEI Insurance also covers expenses against recovery of loss data due to admissible claim event.

Portable Electronic Equipment Insurance(PEEI)

PEEI is almost similar to above mentioned Electronic Equipment insurance but it covers portable electronic items only such as mobile, I pads, Laptops. This is an All risk based insurance which not only covers as what is stated in above mentioned Electronic equipment insurance but also covers losses on occurrence of burglary & theft outside insured location  as well.

It has been observed that, Restoration period has been significant larger during major claim event which results into total shutdown of Property. During these events, A business owner, not only goes through, deepened financial strain in restoring their property but also due to unavailability of revenue so thus profit during these restoration period. Additionally. Insured needs to bear all standing charges as well such as labour cost, maintenance cost etc during restoration period.

That’s is why necessity  of business interruption insurance arose which compensates Insured against financial loss of profit plus standing charges during restoration period if claim event is admissible under their usual material damage insurance such as Fire Insurance, Industrial all risk insurance, Machinery breakdown Insurance.

1. Fire loss of Profit Insurance(FLOP) : – Insurance receives compensation against financial loss of profit including standing charges during restoration period when a claim event is covered under Standard Fire & Special Allied Insurance Policy of insured.
2. Machinery Breakdown loss of Profit Insurance(MLOP) : – Insurance receives compensation against financial loss of profit including standing charges during restoration period when a claim event is covered under machinery Breakdown Insurance or Electronic Equipment Insurance.

Additional Coverage under IAR Policy

1. Reinstatement Value Clause
2. Local Authority Clause
3. Good held in trust clause
4. Combustion
5. Forest Fire
6. Omission to insure, additions, alteration and exclusion clause
7. Leakage and contamination cover
8. Loss of rent
9. Start up expenses
10. Additional expenses of alternative rent or accommodation
11. Escalation clause
12. Enhanced amount of Removal of debris
13. Impact damage by external vehicle
14. Enhancement amount of Consultant, Chartered Account, Engineer, architect etc
15. There are many other Additional coverage under this insurance depending upon nature of industry & occupancy of location

General Exclusion under IAR Policy

Section-1 (Material Damage)

IAR Policy doesn’t cover loss resulting from interruption of or interference with business directly or indirectly attributable to:

• Faulty or defective design material or workmanship
• Interruption of the water supply, gas, electricity or fuel system or failure of the effluent disposal system
• Collapse or cracking of building
• Act of fraud or dishonesty
• Larceny
• Coastal or river erosion
• Normal settlement or bedding down of new structures
• Any wilful act or wilful negligence on the part of the insured
• Cessation of work, delay
• War invasion or war like situation
• Nuclear weapons/ionising radiations or contamination by radioactivity.

IAR Policy doesn’t cover loss resulting from interruption of or interference with business directly or indirectly attributable to:

• Any restriction or reconstruction or operation imposed by any public authority
• The insured’s lack of sufficient capital for timely restoration or replacement of property lost destroyed or damaged
• Electronic installation computer and data processing equipment
• Deliberate erasure loss distortion or corruption of the information

This is most suitable insurance solution for project where majority of scope of work is towards civil construction such as Road, Bridges, Irrigation Canal, Building, Mall, Hydro project, Airport etc. This insurance covers material damage under scope of work during the execution phase of project until testing & commission of project.

This insurance starts covering all material right start from arrival of material at project site until completion/commission of project. Coverage may be extended to maintenance period as well after commission of project.

Some of the elements of risk which are covered under this insurance are perils cover under fire insurance, burglary, theft, collision or drop of heavy/large material from cranes, malicious damage, Act of God perils, short circuit, testing, explosion, insulation failures etc.

• Advance loss of profit  including higher inflated cost for completion, due to delay in project
• Delay in start up expenses
• Contractor plant & machinery
• Additional custom duty.
• Third party liability including cross liability.
• Offsite storage / Storage at fabricators’ premises / workshop.
• Owners’ surrounding  property.
• Clearance  &  removal  of  debris.
• Express  freight, over  time, holiday  wages.
• Air freight.
• Expediting costs including air freight, express freight.
• 50 / 50 clause.
• 72 hours clause.
• Debris removal – specific sum has to be opted.
• Professional fees  – specific sum has to be opted.
• Loss minimization expenses – specific sum has to be opted.
• Free automatic reinstatement up to full sum insured.
• Waiver of the contribution clause.
• Waiver of subrogation clause.
• Amendment in fire fighting endorsement.
• Construction plant & machinery (only for limited value & covers).
• Valuable documents – restricted to Rs 50.00 lacs.
• Design defect.
• Maintenance / Extended maintenance.
• Escalation in project value.
• Continuity in the cover during the operational phase for the unit / plant tested but awaiting integral testing.
• Cover for the contract works taken over and put to us.
• Earthquake.
• Terrorism.
• There could be many other additional coverage depending upon nature of project

1. Wilful act or negligence
2. Inventory loss
3. Consequential loss
4. Contractual Liabilities
5. War or alike circumstances
6. Loss of damage due to nuclear or radioactive reaction, contamination etc
7. Normal wear & tear
8. Gradual deterioration
9. Defective material or workman ship
10. Faulty design

This is most suitable insurance solution for project where majority of scope of work is towards erection & planting of heavy machineries, equipment, structures  such as Sea port, Refinery construction, Solar Plant construction, Wind mill Plant construction, .This insurance covers material damage under scope of work during the execution phase of project until testing & commission of project. This insurance starts covering all material right start from arrival of material at project site until completion/commission of project.

Coverage may be extended to maintenance period as well after commission of project. This insurance all risk associated with storage, assembly, erection , testing of plant & machineries. Some of the elements of risk which are covered under this insurance are perils cover under fire insurance, burglary, theft, collision or drop of heavy/large material from cranes, malicious damage, Act of God perils, short circuit, testing, explosion, insulation failures etc

• Advance loss of profit  including higher inflated cost for completion, due to delay in project
• Delay in start up expenses
• Contractor plant & machinery
• Additional custom duty.
• Third party liability including cross liability.
• Offsite storage / Storage at fabricators’ premises / workshop.
• Owners’ surrounding  property.
• Clearance  &  removal  of  debris.
• Express  freight, over  time, holiday  wages.
• Air freight.
• Expediting costs including air freight, express freight.
• 50 / 50 clause.
• 72 hours clause.
• Debris removal – specific sum has to be opted.
• Professional fees  – specific sum has to be opted.
• Loss minimization expenses – specific sum has to be opted.
• Free automatic reinstatement up to full sum insured.
• Waiver of the contribution clause.
• Waiver of subrogation clause.
• Amendment in fire fighting endorsement.
• Construction plant & machinery (only for limited value & covers).
• Valuable documents – restricted to Rs 50.00 lacs.
• Design defect.
• Maintenance / Extended maintenance.
• Escalation in project value.
• Continuity in the cover during the operational phase for the unit / plant tested but awaiting integral testing.
• Cover for the contract works taken over and put to us.
• Earthquake.
• Terrorism.
• There could be many other additional coverage depending upon nature of project

1. Wilful act or negligence
2. Inventory loss
3. Consequential loss
4. Contractual Liabilities
5. War or alike circumstances
6. Loss of damage due to nuclear or radioactive reaction, contamination etc
7. Normal wear & tear
8. Gradual deterioration
9. Defective material or workman ship
10. Faulty design

Loss or damage to insured plant & machineries due to an accident arising out of external perils, irrespective insured property is whilst at operation or rest or dismantled for the purpose of cleaning, over hauling, during subsequent re-erection.

Some of those covered elements of risks are Accident, Impact damages, rolling over, toppling, capsizing, fall from a height, landslide, rockslide, transit damages while carried over some other vehicle, explosion, implosion, submerged in water etc.

1. Escalation
2. Third party liability
3. Damage to owner surrounding party
4. Additional Customer duty
5. Air freight
6. Express fright
7. There could be many other add on cover depending upon nature of plant & equipment to be insured

1. War & Nuclear Perils
2. Electrical & Mechanical Breakdown
3. Vehicles designed & licensed for general road
4. Electrical & Mechanical breakdown
5. Consequential losses

This insurance covers below principal interest due to delay in completion of project due to loss or damage of project insured items subject to condition that cause of loss is covered under specific CAR/EAR/MCE/marine cargo insurance of same project to which conjunction this ALOP/DSU insurance is taken into.

1. Loss of anticipated gross profit
2. Increased cost of working
3. Lenders debt servicing
4. Other expense such as advertisement, media, campaign etc

1. Premises of customer
2. Public utilities
3. Prevention of access damage at supplier premises
4. Denial of Access

1. Loss or damage due to surrounding property, construction, plant & machinery
2. Loss of damage due to operating media or feed stock, shortage, destruction, deterioration, or any other material required for insured business
3. Restriction imposed by Public authority
4. Non Availability of funds
5. Alteration, addition, improvements, rectification or elimination of any defect, fault carried out after occurrence
6. Loss due to fines, penalties, for breach of contract, or non completion of orders or for any penalties
7. Loss of business due to causes such as suspension, lapse or cancellation of a lease, license or order, etc. which occurs after the date of actual commencement of the business
8. Any consequence of war, invasion, act of foreign enemy, hostilities Nuclear reactions, Nuclear radiation or radioactive contamination.