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Asset Insurance

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Industries and Organizations run with the assistance of many tangible and intangible assets that helps them in generating revenues. These assets carry a varied risk element based mostly upon their property and sophistication. Asset Insurance compensates the insured owner against any mishap lined within the policy. Our company is the leading firm in terms of Asset Insurance Broker in Jaipur as we embrace fire insurance, Burglary Insurance, Marine Insurance, All Risk Insurance, Consequential Loss Insurance, Machinery Break Down, Electronic Equipment Insurance, Project Insurances etc. There could be a high industrial demand of that merchandise and generally having them is a compulsion.

Fire & Special Perils Policy - Fire insurance is property insurance covering damage and losses caused by fire. The purchase of fire insurance additionally to home owner's or property insurance helps to cover the price of replacement, repair, or reconstruction of property, above the limit set by the property insurance policy. It covers risks like Fire, Lightning, Explosion / Implosion, Riot, Strike, Malicious Damage, Storm, Typhoon, Hurricane, Tornado, Flood and Inundation etc. Fire insurance policies generally contain general exclusions, such as war, nuclear risks, and similar perils.

Burglary Insurance - This policy provides cover for Loss or damage to insured property due to burglary and/or housebreaking contained in business premises, stocks owned by you or held in trust and/or commission. It can be additional extended to cover money, valuables, securities kept in a locked safe or cash box in locked steel cupboard.

Marine Inland / Export Policy - Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which the property is transferred, acquired, or held between the points of origin and the final destination. The term may also apply to inland marine but it is usually used in the context of ocean marine insurance. Marine insurance is a haven for transporters and shipping corporations because it helps to lower the aspect of financial loss due to cargo loss.

All Risk Insurance - This is a Comprehensive Package Policy which provides cover against unforeseen circumstances including accidental damage to the property, which a large industry may face during its operation. Minor accidents and breakdowns (or theft) could result in major closing or vast expenses. Electronic equipment and machineries are valuable and infrequently involve massive sums endowed in and across huge areas. Any major shutdown may lead to potential loss of Market Share anld this would have long term percussions. It consists of several sections and extensions like:

  • Section 1 - Material Damage : Includes Fire & Special Perils Policy, Burglary, Machinery Breakdown, Boiler Explosion, Electronic Equipment’s cover etc.
  • Section 2 - Business Interruption : Includes Fire Loss of Profit Policy which covers Business interruption due to fire and all special perils, and Machinery Loss of Profit Policy which covers Business interruption due to machinery breakdown.
  • Extensions: Architects’, surveyors’ and consulting engineers' fees, Omissions to insure additions/alterations, Temporary removal of stock Clause, Debris Removal Clause, Escalation Clause, Earthquake, Act of terrorism etc.

Machinery Break Down Policy - The policy broadly covers loss due to all kinds of Accidental, electrical and mechanical breakdowns as a result of internal and external causes. You are lined throughout the time the machinery is operating or at rest or within the method of being destroyed, overhauled or during Subsequent re-erection at the same premises.

If specifically requested, you can also cover the machinery foundations, masonry, brickwork as well as oil in transformers from unforeseen and sudden physical loss or damage, other than specified excluded perils and forms of damage.

Contactor's All Risk Insurance - A construction site is susceptible to all sorts of Accidents. Losses will mount from stealing, theft, damage, legal claims and more. As a contractor we have a tendency to perceive the necessity to confirm completion inside the deadlines. This policy covers the risks during construction, comprehensively. It includes physical loss or injury to property, plant, machinery and tools, works brought on to the site and temporary works erected on-site, as well as third party Liability related to work conducted on the site. The coverage scope includes:

  • > The policy is meant to cover civil engineering projects such as buildings, roads, airports, flyovers, water tanks, sewage treatment plants, etc.
  • > Unless specifically excluded, this “all risk” insurance covers Accidental physical loss or harm to contract works throughout the execution of a civil engineering project. Coverage begins from the commencement of labor or once unloading of the primary consignment at the project site, whichever is earlier, and terminates on handing over of the works to the principal or on expiration of the policy, whichever is earlier.
  • > Coverage can be extended to include the interest of suppliers / manufacturers, contractors and Subcontractors.

Erection All Risk - All projects involving storage of equipment, moving or expanding a facility, or dismantling and re-constructing it, leave your organisation open to significant risk.This policy is typical “all risk” insurance for storage, assembly/erection, testing and commissioning of the following types of activities. Unless specifically excluded, it provides comprehensive cover for:

  • > fitting a replacement project/individual machines
  • > growth of an existing project
  • > disassembly and re-erection of an existing facility

Click here to know more about asset insurances.