Commercial Insurance

Commercial Insurance

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Definition

Contractor All Risk (CAR) is the type of commercial insurance policy that provides financial coverage to contractors and property owners against structural damages as well as third party liabilities arising on a construction site.

Basic Details

CAR policies are typically purchased jointly by the contractor and the employer. They cover the two primary financial risks on a construction site: damage to structure or property, and third party liabilities.

Benefits

CAR policies are extremely beneficial for consulting engineers and architects, as well as financiers since they contribute to minimizing the overall expenses of construction, and at the same time provide comprehensive financial protection to all concerned parties.

Claim process

The claim process for CAR involves the following steps:

  • Notify the insurance provider immediately
  • Minimize further loss
  • Inform the Police and other appropriate authority
  • Preserve affected property for the surveyor appointed
  • Cooperate with the surveyor
  • Submit claim form with all relevant documents

Definition

Erection All Risk (EAR) refers to the insurance policies which provide financial coverage to plants, machinery, and structures being erected, against losses caused due to unforeseen circumstances.

Basic Details

EAR policies provide extensive coverage against financial liabilities. Salient features of the insurance include:

  • Coverage of risks associated with storage, assembly, and testing of Plants and Machinery.
  • Coverage for all perils except those excluded specifically.
  • Insurance cover starts from the date the first consignment arrives at the site
  • Insurance cover terminates on policy expiry, or upon the completion of Erection and Trial run, whichever comes earlier.
  • If the project remains incomplete on expiration of policy, the time of coverage can be extended by additional premiums.

Benefits

EAR policies provide comprehensive coverage to both the contractor and the supplier against damages caused to materials and structures on site where a plant is being erected. They cover material losses incurred during storage, assembly, erection, and testing of machinery. These can also be extended to cover physical injury to third parties including workers.

Definition

Contractor Plant and Machinery (CPM) is a type of insurance policy that covers damages to the plant and essential mechanical equipment that the contractor deploys in a project.

Basic Details

CPM policies cover all mechanical equipment even outside the actual construction site. Salient features of these policies include:

  • Covers machinery and equipment for total or partial damage
  • Insurance offered on the current replacement value of the equipment
  • Covers all physical damage unless specifically excluded
  • Insured items are covered for damages during work, as well as during rest and maintenance

Benefits

The construction plant and machineries used by the contractor are costly, and represents a significant investment on their part, the returns of which would be available only after successful completion of the entire project. However, these equipments also represent a significant liability as well. Purchasing a CPM insurance policy provides financial protection against losses caused due to damages to the equipment during work, rest, or maintenance and overhaul.

Claim Process

The claim process for CPM involves the following steps:

  • Inform the insurance provider immediately regarding your policy and extent of damage
  • Take all the steps necessary to minimise or prevent further loss or damage
  • Once a surveyor is appointed by the policy provider, extend complete cooperation to them
  • Submit the claim form duly filled in, together with the relevant documents showing the financial losses you faced

Definition

IAR policies provide comprehensive coverage against damages that goes beyond the standard protection against perils. The policy cover is divided into two parts:

Basic Details

  • Section - I Material Damage: Covers accidental loss or physical damage to insured properties.
  • Section - II Business Interruption: Covers losses due to business interruption after loss or damage to the property covered under Section I of the policy. Loss of profits caused due to machinery breakdown comes as an add-on to the basic policy.

Benefits

Accidental damages faced by industries may incur significant financial losses, and may even cause stoppage of operations partially or completely. The greatest advantage of IAR policies is the extent of coverage they provide. Some of the key benefits of IAR policies include:

  • Complete protection against risks threatening an industrial unit
  • Coverage for an extensive list of perils under the policy section Material Damage
  • Add-on coverage for Machinery Loss of Profits
  • Covers losses caused due to interruption of business

Claim Process

The claim process for IAR involves the following steps

  • Inform the insurance provider regarding the damage and losses immediately after any incident
  • Take the steps necessary to minimize and prevent further damage
  • Cooperate in all regards with the surveyor appointed by the insurance provider
  • Submit the filled in claim form along with the relevant documents supporting your claim

Definition

Fire and Burglary Insurance is a type of insurance policy that provides financial protection against loss or damages caused due to burglary or theft, as well as fire and other natural perils

Basic Details

Since the actual damage caused due to fire or burglary can be ascertained only after the event has occurred, the insurance policy provides coverage upto a sum predetermined during the policy purchase. These policies commonly cover

  • Fires caused from fireplaces
  • Lightning strikes
  • Explosions and implosions
  • Damage caused due to arson and other malicious intent
  • Natural disasters like hurricanes, tornadoes, floods, etc.
  • Subsidence of land, landslides, and rockslides
  • Bursting or overflowing of water tanks, pipes, or other fire safety equipment
  • Sprinkler leakage
  • Goods damaged by water while extinguishing fire
  • Fire containing measures adopted like pulling down walls
  • Loss of case, jewelry, or other valuables from within a locker, cupboard, etc.
  • Damage to property during burglary or attempted burglary

Benefits

Commercial establishments from small shops to multi storey office blocks are huge investments on the part of the owners. Protecting these properties and valuables are thus of equally paramount importance. Unforeseen untoward incidents can cause massive losses, and may even cripple the business altogether. The fire and burglary insurance policy provides financial protection against losses and damages caused due to burglaries and attempted burglaries, as well as due to fire and natural perils.

Claim process

The claim process for fire and burglary insurance policy involves the following steps:

  • Inform the insurance provider regarding the damage and losses immediately after any incident
  • Report to the police and obtain a copy of the FIR
  • Take the steps necessary to minimize and prevent further damage
  • Cooperate in all regards with the surveyor appointed by the insurance provider
  • Submit the filled in claim form along with the relevant documents supporting your claim
  • If rights of restoration are involved, submit a letter of indemnity to the insurance provider

Definition

Professional Indemnity (PI) insurance refers to the type of insurance that provides coverage to working professionals and service providers against financial and legal claims by third parties that may arise during the course of their work.

Basic details

Working professionals from different fields such as lawyers, doctors, medical practitioners, chartered accountants, engineers, architects, and service providers such as medical establishments, law firms, etc. often face financial liabilities and legal claims for errors, omissions, or professional neglect for both the principles and their employees. At this juncture, business interests must be protected. Professional Indemnity Insurance Policy covers them comprehensively against all claims that may arise.

Benefits

Financial and legal losses faced by service providers and working professionals can cause great damage. Professional indemnity insurance helps to mitigate the losses caused. The key benefits of these policies include:

  • Policies designed specific to the needs of various professionals and service providers
  • Exhaustive coverage against a large variety of risks
  • Covers legals expenses and other costs involved
  • Hassle free documentation
  • Mid-term changes in the sum insured

claim process

The claim process for professional indemnity insurance includes the following steps:

  • Inform the insurance provider immediately after the occurrence of any untoward incident
  • If you have received a legal notice, convey the same to your insurance provider
  • Submit the duly filled in claim form along with other required documents
  • Cooperate with the surveyor appointed to assess your claim

Definition

Public Liability Insurance refers to the type of financial agreement which provides coverage to industrial and non industrial entities against legal claims by third parties for causing damage to person or property of the said parties.

Basic details

Industrial and non-industrial units may, in the course of their working, cause unforeseen harm or damage to the person or property of third parties. The legal claims and issues arising out of this puts great strain on the unit. The public liability insurance provides financial protection against such liabilities and legal expenses incurred by the insured.

Benefits

Liabilities and legal expenses borne out of operations of industrial units are mitigated by the public liability insurance. The key benefits of these policies are:

  • Can be availed by both industrial and non-industrial establishments for covering legal risks
  • Comprehensive protection against various types of third party risks
  • Can be extended to cover a wide variety of risks and liabilities
  • Notification Period and Claims Reporting Period can be extended
  • Optional voluntary excesses to enable discount in premiums

Claim process

The claim process for Public Liability Insurance involves the following steps:

  • Inform your insurance provider in writing immediately after the occurrence of any untoward event
  • Evaluate losses and damages
  • Acquire medical certificates in cases of injury or death
  • Cooperate with the surveyor appointed by your insurance provider
  • Submit duly filled in claim form along with relevant documents

Definition

Office Package Policy refers to a comprehensive insurance policy that provides coverage to office infrastructure and employees for various types of organisations against damages and losses.

Basic Details

The Office Package Policy is an insurance policy that provides coverage against almost every type of damage to the establishment infrastructure, including accidental damage, fire and other natural perils, robbery, break-ins, etc. It also covers losses incurred by the business due to dishonest acts of employees, repair of damaged goods, housekeeping and sanitary items, etc. Additionally, the same policy also provides coverage to employees against accidental injury or death while on the premises or during work.

Benefits

Office Package Policies can be purchased to provide insurance cover to various different kinds of workplaces including government offices, IT/ITES, commercial offices, as well as structures in the office premises. Key benefits of purchasing an office package policy are:

  • Provides protection against damage to property and infrastructure
  • Provides protection against accidental injury or death to employees
  • Provides coverage against third party legal liabilities
  • Provides coverage against a wide variety of perils and damages caused thereby

Claim Process

The claim process for Office Package policy involves the following steps:

  • Inform the insurance provider in details about the losses and extent of damages immediately
  • Report to appropriate public authorities and obtain copies of necessary documents
  • Cooperate with the surveyor appointed by the insurance company
  • Submit duly filled in claim form with relevant documents to the provider

Definition

Commercial Package Policy (CPP) refers to the type of insurance policy which provides financial protection against loss or damage risks and liabilities faced by business owners. These policies are typically purchased by smaller businesses to protect their interests and provides a comparatively smaller policy coverage

Basic details

Commercial Package Policies are usually insurance policies that combine multiple types of insurance products into a single package at lower rates of premium than what separate policies would have cost. They typically include protection against damages to person and property, as well as liabilities to third party, and often includes protection against criminal activities including theft, forgery, embezzlement, etc. An important character of these policies is that they are highly customizable in regards to the type and extent of coverage opted for. They are thus highly suited to smaller commercial ventures.

Benefits

CPP policies are built primarily for relatively small business ventures and only specific coverages can be selected according to requirements. The key benefits of such policies are:

  • Multiple policies in one package at lower premiums than if purchased separately
  • Customizable package allows you to select only those covers that you actually need
  • Includes employee insurance against injury in a single package
  • Large variety of coverage options available lets you insure a wide aspect of your business operations

Claim Process

The claim process for CPP includes the following steps:

  • Inform your insurance provider immediately after occurrence of any damage or losses
  • Report to the police or other appropriate authorities as necessary and obtain copies of relevant documents
  • Cooperate with the surveyor appointed by the insurance company
  • Submit the claim form duly filled in along with the relevant documents

Definition

The Shopkeeper Package Policy is a type of commercial insurance policy specifically designed for small and medium sized shop owners. These policies provide financial protection against losses due to damage, theft, and liabilities faced by shop owners to ensure smooth operations of the business and peace of mind for the owner.

Basic details

Shopkeeper Package Policies are customizable package policies designed specifically to provide financial protection against damage, losses, and liabilities faced by small and medium shop owners. These policies typically cover:

  • Theft, fraud, and embezzlement
  • Fire and allied natural perils
  • Mechanical and electrical appliances and equipment
  • Money and other valuables
  • Third party liabilities

Benefits

The Shopkeeper Package Policy protects small and medium sized shop owners against liabilities and risks. Key benefits of these policies include:

  • Multiple coverage under a single policy at affordable rates of premium
  • Customizable package allowing you to select only the covers you need
  • Comprehensive protection covering all aspects of operating a small or medium scale shop
  • Coverage can be extended to include employees of the shop, protection against employee dishonesty, and third party liabilities within the shop premises

Claim process

The claim process for Shopkeeper Package Policy includes the following steps:

  • Inform the insurance provider immediately after the occurrence of an event regarding the extent of losses or damage
  • Report to the appropriate authorities and obtain copies of necessary documents
  • Cooperate with the surveyor appointed by the insurance provider
  • Submit duly filled in claim form together with the relevant documents

Definition

Workmen's Compensation Policy refers to the type of insurance policy that covers legal liabilities for compensation to your employees and workers for injury or death caused due to accidents or occupational hazards during the course of employment. It is a legal compulsion imposed by the Workmen's Compensation Act of India.

Basic Details

The Workmen's Compensation Policy is the primary method by which employers can satisfy the legal obligation for compensation payable to workers under the Workmen's Compensation Act of India. These policies are purchased by manufacturing units and business owners to fulfill their legal liabilities towards workers and employees, and cover the liabilities under Tables A and B of the Workmen's Compensation Insurance Act, 1923.

Benefits

Purchasing an insurance policy by employers for employees is legally mandated in the country, and the Workmen's Compensation Policy is primarily the type of policy that satisfies all the necessary criteria. It provides protection against the following:

  • Bodily injury caused during the course of employment
  • Injuries caused by occupational diseases or diseases aggravated by that specific occupation
  • Temporary or permanent disablement
  • Death
  • Legal expenses incurred due to liabilities

Claim process

The claim process for Workmen's Compensation Policy includes the following steps:

  • The employer must be informed immediately about any incident causing death or disablement of an employee
  • If the accident occurs in the manufacturing plant inform the factory inspector immediately
  • All the necessary information and documents are to be collected by the employer
  • These documents are to be submitted to the insurance provider along with claim forms by the employer

Definition

Marine Insurance refers to the type of insurance policy which provides financial protection against losses or damages to the ships and terminals, as well as any transport or cargo through which goods are acquired, transferred, and held at various points between the origin and final destination of goods.

Basic Details

Marine insurance protects business owners, ship owners, and transporters from the financial impact of damaged or loss of goods or transport. The policy covers various unforeseen eventualities that may occur during maritime transport, including natural disasters, as well as man-made factors like piracy and cross-border incidents. The policy is often applicable for inland marine transport, but is primarily applicable for ocean marine transport.

Benefits

Marine Insurance policies are essential financial protection for business owners and shipping corporations since shipment of goods is costly, and associated losses due to damage are also significant. The main features of Marine Insurance policies are as follows:

  • Insurance cover is purchased for a fixed time duration, usually yearly. Since corporations undergo a large number of trips, all of them are insured
  • Provides comprehensive protection against almost all types of damages and losses incurred
  • Policies are highly customizable and buyers can opt for only specific types of covers as required
  • These policies allow a portion of the profits to be added to the sum insured. This is commonly referred to as the mark-up value in marine insurance

Claim Process

The claim process for Marine Insurance involves the following steps:

  • Inform the insurance provider immediately detailing the losses incurred and the events causing the damage and loss
  • Inform the shipping company as well and obtain written acknowledgement
  • In case of loss due to theft and non-delivery, register an FIR and obtain copies
  • When the insurance provider appoints a surveyor to assess your claim, cooperate completely with them
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