Property Insurance

Property Insurance

The key to successful business is proper risk management. It’s all about managing risk effectively. ICICI’s comprehensive commercial product line is aimed at businesses of all kinds and sizes. ICICI is one of the most active player in this specialised field.

Property & related business line products at a glance:

  • Fire Insurance
  • Office Package Policy
  • Marine Insurance
  • Educational Institution Package Policy
  • Industrial Insurance
  • Hotel Corporate Cover
  • Corporate Insurance
  • Group Health Insurance
  • Liability Insurance
  • Group Personal Accident Policy
  • Shop Insurance
  • Workmens Compensation Policy
  • Petrol Station Package Policy
  • Malls and Multiplex Policy

Below are a few examples:

1. Fire and Special Perils Policy (Material Damage)

Scope of cover
The Insurance Policy broadly covers losses due to:

  • Fire, lightning, explosion and implosion.
  • Aircraft damage, riot, strike, malicious damage and terrorism.
  • Storm, tempest, flood and inundation.
  • Impact damage, subsidence.
  • Landslide/rockslide.
  • Bursting and/or overflowing of water tanks, apparatus and pipes.
  • Missile testing, leakage from automatic sprinkler installations and bush.

2. Marine Export Tansit Insurance Policy

The coverage is generally defined by reference to clauses known as Institute Clauses. The ICC ( C ), ICC (B) and and ICC (A) Clauses define different levels of coverage against marine risks and the cargo may be covered subject to any one of these clauses.

Scope of cover
There are three three types of covers:
Institute Cargo Clause (C) : Named Peril basis
Institute Cargo Clause (B) : Named Peril basis
Institute Cargo Clause (A) : offers the widest form of cover under Marine.

Cargo Insurance in so far as it relates to the perils covered. ICC (A) is an unnamed perils clause.

The type of policy available is the S specific policy to cover single consignment or an open policy.
Sum Insured
This is an agreed value policy. Normally, insurance is taken for CIF+10%

3. Industrial Insurance

Every business has a specific set of requirements. ICICI’s range of business products is especially designed to meet your business needs across the commercial spectrum. It is pivotal to get adequate insurance cover for your business to mitigate risk.
Various industrial products

  • Boiler and Pressure Plant Insurance Policy
  • Electronic Equipment Insurance Policy
  • Machinery Breakdown Insurance Policy
  • Erection All Risks
  • Machinery Loss of Profits Insurance Policy
  • Contractors’ All Risk Policy
  • Contractors’ Plant & Machinery

4. Credit Insurance policy

Credit Insurance is designed for companies selling goods and or services on credit to overseas/Domestic buyers. The policy secures the trade receivables arising out of open account sales.
Scope of Cover
ICICI’s Credit Insurance policy insures Policy Holders against Commercial Risks where the buyer becomes insolvent or is simply unable to pay for goods/services received.

This cover can also be extended to include Political Risks in case of Export sales. Here, the policyholder is indemnified for perils such as political embargo, transfer delays, currency inconvertibility etc. caused by political instability in the buyer’s country.

One important asset that is vital but often overlooked is that of “Trade/Sundry Debtors”. Put in another perspective Debtors is cash to be received in the near future. Usually debtors account for about 15% to 60% of a company’s annual sales and a default by a few large debtors could at least put the organization through grave hardships of working capital crunch, cash flow problems, profitability issues, etc. and if not challenge its very existence. “Credit Insurance typically addresses and tries to mitigate risks to this class of assets.”

5. Shop Insurance

Shop Insurance is a comprehensive policy offered by ICICI Lombard General Insurance Company for your shop. It covers both the structure and its contents of your shop and protects you against financial loss in case of an unfortunate incident of fire, earthquake, fraud, burglary, etc. It also provides compensation of liability claims and accidental benefits.
Scope of Cover

  • Fire (Building and Contents) – Covers losses caused by fire, lightening, riot, strike, storm, cyclone, flood and terrorism.
  • Burglary – Protects contents of your shop against any loss or damage caused by burglary or attempted burglary.
  • Burglary of cash in safe – Provides for losses resulting from the burglary of cash kept in safe.
  • Cash in transit- Covers losses because of burglary of cash while it is being carried from the bank/ATM to your shop.
  • Glass breakage – Covers loss or damage to any fixed plain glass caused by any accident, external and visible means.
  • Damage to neon sign – Covers neon or glow signs displayed at your shop premises against damage caused by fire, accident, riot, and flood.
  • Cheque forgery – Covers loss caused by forgery or material alteration of cheques, drafts or any other negotiable instruments issued by you or in your favour.
  • Fidelity – Covers direct financial losses sustained due to fraud or any dishonest act by your salaried employees.
  • Tenant’s legal liability – This cover provides for legal liability imposed on you by the property owner on account of damage to property by fire, earthquake, flood and riots.
  • Employer’s liability – It provides for legal liability to your employees.

There are multiple choices from Reliance, Oriental general insurance as well depending on your business need. For tailor-made solution for any type/format of insurance please contact us at 9833295319.

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