Industry Protector Insurance

Our Industry Protector Policy gives complete protection to your industrial unit against a wide range of risks and perils. By opting for this single package Policy, your unit will be covered against almost all risks that you may normally encounter while carrying out your business.

This Policy has 10 Sections which provide comprehensive protection for your industrial assets, interests, liability as well as for your personal self, your directors, partners and employees. The Sections are as under: 
 

• Fire and Allied Perils (Section 1) : In this Section, your building, plant and machinery, stock, furniture, fixtures, fittings, interiors and other contents are covered against fire,explosion, bursting,/overflowing of water tanks, riots, strikes, malicious damage, lightning, flood, cyclone, landslide etc. At no extra charge, we also cover
  • Costs to comply with building norms Professional fees of architects, surveyors regulations following a damage etc. for superintendence of building during reinstatement following a loss
  • Temporary removal of machineries
  • Debris removal cost
  • Temporary removal of stocks
  • Escalation

The following can be covered on payment of extra premium:

• • Terrorism
  • Earthquake (Fire and Shock)

• Burglary and other Perils (Section 2) :This Section covers the contents as in Section 1 against housebreaking, burglary, robbery or dacoity along with accompanying damage to premises.
• Machinery Breakdown (Section 3A) : This Section covers sudden and unforeseen electrical or mechanical breakdown of plant and machinery of your unit installed in your premises.
• Boiler and Pressure Plant (Section 3B) : This Section covers damage (other than by fire) to your Boiler and Pressure Plant caused by explosion or collapse. On payment of additional premium, damage to surrounding property and third party liability from the same causes can also be covered. 
• Electronic Equipment (Section 4) : This Section covers loss or damage to electronic equipments like computers, fax machines, accessories etc. including data carrying material which are installed in your premises.
•  Portable Computer and Mobile Equipments (Section 5) : This Section covers loss or damage to your portable computers and other mobile equipments whilst carried anywhere in the world. 
• Money (Section 6) : This Section covers loss of money in premises due to hold up, housebreaking, robbery, dacoity or in transit due to accident or misfortune. At no extra cost, we also cover loss or damage to safe, strong room, steel almirah as well as cash, bag etc. used for carriage of money arising from the same causes.
• Fidelity Guarantee (Section7) : This Section covers direct pecuniary losses caused to you by any act of fraud or dishonesty committed by your salaried employees.
• Personal Accident (Section 8) : This Section covers you and other named persons connected with your business against accidental bodily injury leading to disablement (either permanent or temporary) or death along with free additional benefits such as damage of clothing, cost of carriage of dead body, ambulance charges, loss of employment benefit,education fund for children, cost of insured person to adjust to injuries (rehabilitation) as well as cost of modification of house or vehicle following such injuries. 
• Business Interruption (Section 9) : This Section covers you for loss of your gross profit including increased cost of working and auditors fees incurred due to damage to insured property caused by perils covered under Section 1 which result in an interruption to your business.
• Liability (Section 10 A/B) : This Section covers you against liability to general public for death, bodily injury or property damage arising from accidents caused in connection with your business as well as liability to your employees for any injury or death arising out of and in course of employment with you under the Workmen's compensation Act etc.

On payment of nominal extra premium, our Personal Accident Insurance Policy can also be extended to provide a whole range of additional coverages. 

• A minimum of 4 out of the 10 sections have to be covered.
• There is a provision for premium discount if 5 or more Sections are covered by you.
• In respect of sections 1,2,3,4 and 5 the insurance is on Reinstatement Value basis(i.e. new for old) for which the Sum Insured should represent value of new property including freight, duties, etc. This does not apply to "Stock" and "Any other items" of Section 1 and 2 which should be covered at Market value.
• The maximum limit of Sum Insured for the various Section under this Policy will be as under:
  • Section 1 Rs. 50 crores *
  • Section 2 Rs. 50 crores
  • Section 3A Rs. 20 crores
  • Section 3 B Rs. 20 crores
  • Section 4 Rs.20 crores
  • Section 5 Rs. 1 crores
  • Section 6 Rs.5 crores (Safe) and Rs. 1 crores (Transit) Section 7 Rs. 1 crores
  • Section 8 Rs. 25 lacs (per person)
  • Section 9 Rs. 50 crores *
  • Section 10 A Rs. 2 crores

* The maximum limit for the combined / total Sum Insured for Section 1 and 9 will be Rs. 50 crores

Some of the important Exclusions under the Policy are as follows:

• Damage as a consequence of war, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution etc.
• Any damage due to confiscation, commandeering, requisition or destruction by order of any government or lawfully constituted authority.
• Any damage directly or indirectly caused by or contributed to or arising from ionizing radiation or contamination by radioactivity.
• Damage to property and contents due to pollution of any kind.
• Besides these, there are some other Exclusions that are specific to particular Sections of the Policy.

This Policy is suitable for industrial, manufacturing and storage units in the SME sector who wish to take comprehensive insurance protection under one package Policy.