Fire/Property Insurance
FIRE INSURANCE
New India has well designed covers for insuring both private and commercial properties against Fire and Allied Perils or Property All Risks.
The policies cover Fire & Special Perils risks namely as under
- Fire & Lightning
- Sprinkler Leakage Extension
- Storm, Tempest, Flood and/or Water Damage Extension
- Impact, Earthquake & Falling Aircraft Extension
- Explosion Extension
- Riot, Strike & Malicious Damage Extension
- Theft
- Burglary & House-Breaking
- Hold Up
- Legal Liability to Landlord
- Legal Liability to Neighbors
- Legal Liability to Landlord/Neighbors
- Loss of Rent
- Removal of Debris
- Snowstorm and Hailstorm Extension
- Cold Storage Extension
- Change of Temperature Extension
The above covers can be given to the following types of risks
- Residential buildings /Villas
- Offices and shopping complexes
- Warehouses
- Malls
- Industrial complexes
- Factories.
Information required:
A proposal form has to be filled out. An Inspection of the site may be necessary before giving a final quote.
PROPERTY ALL RISK POLICY (PAR)
This Policy indemnifies against the accidental physical loss or damage to the Property Insured described in the policy. It includes loss or damage due to fire, lightning, aircraft, explosion, earthquake, strike, riot, civil commotion, malicious damage, storm, tempest, flood, bursting and or overflowing of water tanks, pipes and apparatus (including sprinkler leakage), impact by own vehicles, theft or attempted theft (by violent and forcible entry to or exit from the premises) and accidental loss or damage.
CONSEQUENTIAL LOSS POLICY (CLP)
Generally insurance policies cover only physical damage to property by insured perils. This, at best, covers the expenses incurred for repairing or replacing the damaged property. But what about the financial loss suffered due to interruption of business operations whilst the damaged property is being repaired or replaced
This policy offers a solution by covering profit lost due to reduction in turnover arising from interruption of business following damage to the property insured. This policy can be taken only in conjunction with Fire Policy or Machinery Breakdown policy. This policy is also known as Business Interruption Policy or Loss of Profit Policy.
Scope
The policy covers:
- Loss of gross profit
- Increased cost of working
Add on covers
The Fire Consequential Loss Policy can be extended to cover loss of profit to the insured due to :
- Accidental failure of public electricity/gas/water supply
- Damage to customer's premises due to perils covered under Fire Policy
- Damage to Supplier's premises due to perils covered under Fire Policy