Assets & Property Insurance
Assets & Property Insurance secure the insured’s premises and its contents, whether own or rented, against loss or damage and theft. Property insurance includes Standard Fire and Special Perils, Industrial All Risk Insurance, Erection All Risk Insurance (EAR), Contractors All Risk Insurance (CAR), Machinery Breakdown Insurance, Burglary etc.
Standard Fire and Special Perils Insurance
It offers cover against fire and allied perils named in the policy. The policy can cover a building (including plinth and foundation), plant and machinery, stocks, furniture, fixtures and fittings and other contents. Properties which can be covered under Standard Fire and Special Perils includes industrial and manufacturing risks, dwellings, hotels, offices, shops, utilities and the like.
- Loss, destruction or damage caused by war, invasion, act of foreign enemy hostilities
- Nuclear risks
- Damage due to radioactive materials
- Damage to boilers from explosion
- Loss or damage due to its own fermentation, natural heating, and undergoing any heating or drying process
- Loss or damage to electrical machinery or equipment from electrical fire
Erection All Risk Insurance
Provides cover for storage, assembly/erection, and testing and commissioning for the following activities, unless specifically excluded:
- Setting up of a new project or individual machines
- Expansion of an existing project
- Dismantling and re-erection of an existing facility
The interests of suppliers, manufacturers, contractors as well as subcontractors can be included in the policy. The cover begins from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the principal, or the period chosen, whichever is earlier.
- Policy does not cover loss or damage due to faulty design, defective material, bad workmanship
- Wilful act or wilful negligence
- War and nuclear risks
Contractors All Risk Insurance
Covers civil engineering projects such as building, roads, airports, flyovers, water tanks, sewage treatment plants etc. Unless specifically excluded, this all risk insurance covers accidental physical loss or damage to contract works during the execution of a civil engineering project.
Coverage begins from the commencement of work or after unloading of the first consignment at the project site, whichever is earlier, and terminates on handing over of the works to the principal or on expiry of the policy, whichever is earlier.
- War and nuclear risk
- Contractual liabilities
- Rectification of defective material and/or bad workmanship
- Inventory losses
- Normal wear and tear
- Consequential losses
- Loss or damage due to faulty design
Please refer to the policy document for detailed scope of cover and list of exclusions and other terms and conditions under the policy.
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