Property Insurance

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Personal Belongings

Property insurance refers to a series of policies that offer not just property protection but also give liability coverage. It can include homeowners’ insurance, renters’ insurance, flood insurance among other policies related to property insurance.

There are different types of property insurance available out there that can protect your premises against natural calamities, accidents, and theft, or burglary. Depending upon the type of property that needs to be insured, one can buy insurance cover that helps in mitigating risks and liabilities.

If you are an entrepreneur or a small business owner, it is advisable for you to buy a package policy that includes all insurance needs. One can simply select the sum insured for different coverages.

There are many policies for property insurance that one can check out as required.

Package insurance

This type of policy provides a combination of covers under one single plan which can include householder policy, shopkeeper policy, and others.

Fire policy

A fire insurance policy takes care of any unforeseen destruction or damage that may be caused by a fire or related issue.

Burglary insurance

This insurance cover takes care of any instances of break-ins or burglary that may affect a homeowner or a shopkeeper. One can get cover for valuables, belongings, cash, and security for items stored in a locker.

Standard Fire & Special Perils

The Standard Fire and Special Perils Policy covers all moveable or immoveable properties on land (excluding the cost of land).

Highlights

The Standard Fire and Special Perils Policy cover all properties on land (excluding cost of land), moveable or immoveable, at various locations against several named perils. There are special types of policies that are designed for Stocks (declaration and floater), Building, Plant & Machinery keeping in mind the nature of property, proposers’ requirements and basis of indemnification.

Long Term Policies available for dwellings with suitable discounts in premium. Policy can be extended to cover certain additional perils and expenses at additional premium. Certain perils can be deleted from the policy cover with discount in premium rates. Discount in premium available for good claims experience for sum insured more than Rs. 50 crores in one location and for installation of fire extinguishing appliances.

How to claim?

To file a claim, please connect with us at insurance@surakshainsurance.com and provide all the required documents so that a Competent Surveyor may be deputed immediately.
Give an account of all the properties damaged or destroyed with estimated amounts having regard to their values as on the date and place of loss.
Cooperate with surveyors by providing all the necessary documents for assessment of loss and establishing liability.
Cooperate with the insurer in all their activities of entering the premises, taking possession of properties, examining, sorting, removing or selling to your account, without prejudice.
Inform particulars of all other insurances existing on the property at the time of loss.

Documents Needed to Process Claim

Certified True copy of the policy along with schedule and Endorsements/clauses
Claim Form
Photographs
Past claims experience
Fire Claims (additional documents)
Report of the Internal Committee constituted for the purpose of investigating the cause of fire
Fire Brigade Report
First Information Report / Letter of intimation to the Police Station duly endorsed / Police Panchnama
Forensic Laboratory Report on samples collected at affected site
Drug Inspector’s Report on destruction of Drugs/ Pharmaceutical items (for claim on pharma products only)
Final Investigation Report
Action taken on the suggestion of TAC/ LPA on loss minimization of prevention
Flood Claims (additional documents)
Meteorological Report
Explosion Claims (additional documents)
Factory Inspector’s Report or Report of Director of Industrial Safety and Welfare

Industrial All Risk Policy

The Industrial All Risk Policy (IAR) has been designed to provide coverage for large industrial risks that have a wide and complex exposure which conventional fire and risk policies generally do not cover. This policy was fundamentally designed to provide several options to the clients among the following sections.

Section I - Building & Contents

This section covers the following:

Fire & All special perils
Burglary
Machinery Breakdown
Boiler Explosion
Electronic Equipment Insurance

Section II - Business Interruption

Following Fire & All Special Perils – Compulsory
Following Machinery Breakdown / Boiler Explosion / Electronic Equipment – Optional

Features of IAR Policy

Comprehensive, convenient and cost-effective policy
Package policy of All Risk Nature
Not a named peril policy
All perils covered except certain specific exclusions
Tariff policy in Indian market
Single Document Policy
Losses (MD as well as BI) due to Burglary covered
Transit Risk inside industrial compound covered
Considerable premium saving possible in MB cover due to lower rates
No depreciation deducted from MB loss (Total or Partial) for Limited Life Equipment
BI due to Fire & Allied perils - Compulsory
BI due to Machinery Breakdown / Boiler Explosion / Electronic Equipment - Optional
Insurance under IAR on Reinstatement value basis only except Stocks. Stocks on Market Value basis

Exclusions

How to claim?

Mega Risk Policy

The Mega Risk Policies comprise of Large Risk Policies, Project Insurance, and includes Stand Alone Terrorism Cover.

Large Risk Policies

This policy covers risks where the Sum Insured is more than Rs. 2,500 crores at any one location (PD, BI combined) come out of purview of Tariff regulations and hence for such risks Package Policies are devised to suit the specific requirements of the client.

Project Insurance

For projects where the Sum Insured is more than 2500 crores at one location our department arranges policies as per requirements of the client to provide seamless coverage to project from the beginning till the end including Advance Loss of Profit/Delay in Startup cover.

Stand-Alone Terrorism Cover

In India Insurance companies provide Terrorism coverage only upto Rs.750 crores at any one location from the Market Terrorism Pool as per Terrorism Pool rules and terms. If a client wants coverage from terrorism risks for an amount above Rs.750 crores we can arrange the same and issue a Stand-Alone Terrorism Coverage policy.

How to Claim?

In order to file a claim, please connect with us at insurance@surakshainsurance.com and provide all the required documents so that a Competent Surveyor may be deputed immediately.