The Standard Fire and Special Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils. Special Types of Policies 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 with discount in premium rates. Concept of “one risk one rate” for all properties in an Industrial or Manufacturing Complex, for administrative convenience of the proposer.

The Loss of Profits Policy is formulated to cover the likely monetary loss occurring frombreak in business activity that may arise due to physical loss of property by an eventcovered for insurance.

What is Fire Loss of Profit Insurance ?

Fire Standard & Special Perils Policy covers only the material damage, financial loss caused to your property covered under the Policy by Fire or by any of the Special Perils covered under the Policy like Flood, Storm or by Riot, Strike & Malicious Damage. But due to this, your Business enterprise, be it a shop or godown or industrial unit etc may have to suspend its normal business activities thus causing reduction in your turnover or you may have to incur certain additional expenditure for keeping normal operation of your business activity maintained. These Consequential losses are NOT covered under Fire Standard & Special Perils Policy.

Fire Loss of Profit Insurance addresses this important business requirements. It covers Loss of Gross Profit and /or increase in cost of working due to reduction in turnover/output due to operation of perils covered in the Standard Fire & Special Perils Policy. Only essential pre-requisite of this Insurance is that there must be in force a Standard Fire & Special Perils Policy covering the risk.

What is the benefit of this Insurance?

This insurance together with Standard Fire & Special Perils Insurance provides you total protection against operation of any of the perils covered; be it a Fire damage or a Flood/Inundation damage etc.Even if the Fire Material Damage coverage is adequate and the claim settled on reinstatement value basis the insured still has other losses which may ruin him. These losses are the loss of business and financial loss as the consequence of operation of the peril and it may be larger than the material damage loss.

Fire Loss of Profit Insurance covers the below mentioned losses

• • Loss of Net Trading Profit

Standing Charges

• Loss in Respect of Wages other than those covered by the Standing Charges
• Increased Cost of Working and Auditor’s Fees.

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The Loss of Profits Policy is formulated to cover the likely monetary loss occurring frombreak in business activity that may arise due to physical loss of property by an eventcovered for insurance.

What is Fire Loss of Profit Insurance ?

Fire Standard & Special Perils Policy covers only the material damage, financial loss caused to your property covered under the Policy by Fire or by any of the Special Perils covered under the Policy like Flood, Storm or by Riot, Strike & Malicious Damage. But due to this, your Business enterprise, be it a shop or godown or industrial unit etc may have to suspend its normal business activities thus causing reduction in your turnover or you may have to incur certain additional expenditure for keeping normal operation of your business activity maintained. These Consequential losses are NOT covered under Fire Standard & Special Perils Policy.

Fire Loss of Profit Insurance addresses this important business requirements. It covers Loss of Gross Profit and /or increase in cost of working due to reduction in turnover/output due to operation of perils covered in the Standard Fire & Special Perils Policy. Only essential pre-requisite of this Insurance is that there must be in force a Standard Fire & Special Perils Policy covering the risk.

What is the benefit of this Insurance?

This insurance together with Standard Fire & Special Perils Insurance provides you total protection against operation of any of the perils covered; be it a Fire damage or a Flood/Inundation damage etc.Even if the Fire Material Damage coverage is adequate and the claim settled on reinstatement value basis the insured still has other losses which may ruin him. These losses are the loss of business and financial loss as the consequence of operation of the peril and it may be larger than the material damage loss.

Fire Loss of Profit Insurance covers the below mentioned losses

• • Loss of Net Trading Profit

Standing Charges

• Loss in Respect of Wages other than those covered by the Standing Charges
• Increased Cost of Working and Auditor’s Fees.

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Industrial All Risks Insurance policy has wider cover than traditional “Standard Fire and Special Peril Insurance policy”. It is an all risk policy covering a wide range of perils such as fire and allied perils, burglary, accidental damage, breakdown as well as business interruption.
Coverage is defined into two Sections as follows. Section – I: Material Damage – It covers accidental physical loss or damage (including machinery breakdown) to the property insured (other than excluded property) due to any cause (other than excluded causes)

Section – II: Business Interruption – It covers loss due to business interruption following a Physical loss or damage to the property covered under material damage section of the policy. Loss of Profits arising out of machinery breakdown is optional.

Industrial All Risks Policy Exclusions

This Policy does not cover the loss or damage arising due to:

​Section I

• Faulty or defective design of materials, inherent vice, and wear and tear
• Collapse or cracking of buildings
• Corrosion rust, shrinkage, loss of weight, contamination, etc
• Larceny
• Dishonesty and inventory shortage
• Willful negligence, cessation of work, and loss of market
• War and war group of perils
• Nuclear group of perils
• Destruction of the property by order of public authority

​Section II

• Insureds lack of sufficient capital for timely restoration or replacement of the property lost or damaged
• Any restrictions imposed by any public authority
• Loss of business due to causes such as cancellation of a lease license or order
• Damage to boilers, economizers, machinery, electronic installations and data processing equipment (including any mechanical/electronic breakdown of machinery)

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Contractors All Risk (CAR) policy is a comprehensive insurance solution designed to covers a broad spectrum of risks to which a civil construction project is exposed to from arrival of construction material at site till the completion of project.

This policy is especially designed keeping in mind contractors, consulting engineers, architects and financiers and insurers against unforeseen accidents.

Scope of cover

RESIDENTIAL

• Houses/Apartments/Township, Cottages/Guest Houses

COMMERCIAL

Office Buildings, Multiplexes/Theaters, Hotels/Shopping centers/Malls, Sports Complexes

INSTITUTIONAL

• Educational Institutes, Hospitals/Health care facilities, Research Institutes, Religious Buildings

BASIC COVERS

• Fire/Explosion/Impact Damage/Collapse.
• Storm/Tempest/Flood Inundation/Subsidence and Landslide.
• Riot/Strike/Malicious Damage/Burglary/Theft.
• Electrical/Mechanical Breakdown

ADD ON COVERS

• • Owners’ Surrounding Property
  • Removal of Debris
  • Earthquake/Terrorism

Escalation

• Design Defect Cover
• Breakage of Glass
• Additional Customs Duty
• Air-Freight
• Express freight, Overtime charges, Holiday wages etc.
• Contractors’ Plant & Machinery (upto 5% of CAR SI or Rs 25 lakhs whichever is lower)
• Third Party Liability
• Free Issue of Materials issued by Principal.
• Construction equipment like scaffolding, shuttering materials
• Maintenance Visit or Extended Maintenance
• Cover for insured contract works taken over or put into service.

Please Note:

• Extension Rates available on per month basis.
• Installment Facility available for projects with period more than 12 months.
• Premium Refund Benefit for:
  • Abandonment
  • Double Insurance
  • Early Completion of Project.
  • Option to avail of policy even after the commencement of the project.

SIGNIFICANT EXCLUSIONS

• Cessation of work whether total or partial.
• Defective Material and/or Workmanship.
• Wear and Tear.
• Inventory Losses
• Faulty Design
• War and Related Perils
• Nuclear reaction, Nuclear radiation or radio active contamination.
• Willful act or willful Negligence of the Insured.
• Consequential Losses

Erection All risk policy

Erection All Risks (EAR) Insurance — written in connection with construction projects outside the United States, EAR policies are designed to cover the risk of loss arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery, and liability for third-party bodily injury (BI) or property damage (PD) arising out of these operations.

Scope of cover

This policy covers risks associated with storage, assembly/erection and testing of Plant and Machinery. EAR insurance provides comprehensive cover.
All perils are covered unless specifically excluded.
Cover commences from the date of arrival of first consignment at site
Cover terminates on the date of expiry as per policy or on completion of Erection and Trial run whichever is earlier.
In the event of non-completion of the project within the period as per policy, cover may be extended for such further tim as may be required at additional premium

ADD ON COVERS

Owners’ Surrounding Property
Removal of Debris
Additional Customs Duty

Air-Freight
Express freight, Overtime charges, Holiday wages etc.
Contractors’ Plant & Machinery (upto Rs.25 lacs)
Third Party Liability(with/without Cross liability)
Maintenance Visit or Extended Maintenance
Catalyst during Hot test (Petrochemical risks)
Holiday and Overtime rates and Wages.
Escalation.

It is possible to integrate transit insurance (inland/overseas) on project materials with EAR policy and opt for a combined Marine-cum-Erection policy.

SIGNIFICANT EXCLUSIONS

Excess in respect of each claim as stipulated
Inventory Losses, Normal wear & tear and gradual deterioration due to atmospheric condition or otherwise, rust, scratching of painted or polished surface or breakage of glass.
Loss or damage due to faulty design, defective material or casting
War and warlike operation
Nuclear reaction, nuclear radiation or radioactive contamination.
Willful act or negligence of Insured.
Consequential Losses of any kind or description such as losses due to penalty, delay, lack of performance, loss of contract.

Scope of cover The insurance policy broadly covers loss due to all kinds of accidental, electrical and mechanical breakdowns due to internal and external causes. Cover is granted during the time the machinery is in operation or rest or in the process of dismantling, overhaul or during subsequent re-erection at the same premises.

Sum insured

Value proposed for insurance should be equal to new replacement cost including freight, erection cost and customs duty, if any.

Premium

Rate of premium depends upon the type of machinery. Discounts are offered in respect of stand-by facility, availability of spares and favourable claims experience, subject to rules laid down in the ​tariff.

Significant exclusions

The insurance policy does not cover loss and/or damage from fire and allied perils, theft, overloading experiments, wilful acts or gross negligence, gradually developing flaws and deterioration from normal use.

Excess

Policy is subject to a compulsory excess, which depends upon the value of machinery.

Main extension

Air freight
Express freight (excluding air freight) overtime and holiday wages
Insured’s own surrounding property
Third party liability

This policy is suitable for electronic equipment like computers, printers, scanners, industrial electronic machines and servers and data storage equipment’s. It is an All Risk Policy

The Insurance Policy broadly covers material damage to electronic equipment (which can include systems software) due to sudden and unforeseen events, cost of external data media, including cost of reconstruction of data, as also increased cost of working.

Sum Insured

Sum Insured for coverage can be based on following :

New Replacement cost of the insured property including Freight, Erection cost, Customs Duty, if any.

Cost of restoring the external data media by replacing lost or damaged data media by new material and lost information.

Sum Insured should represent the hiring charges per hour for substitute equipment for ensuring continued data processing for the period of indemnity specified, including personnel and transportation charges.

Add-On Covers

• Air Freight
• Express Freight
• Additional Customs Duty

Significant Exclusions

The Insurance Policy does not cover losses/ damages due to wear & tear, war, wilful act or wilful negligence, aesthetic defects and consequential loss.

Value of “System Software” which is integral to the built-in-software only could be included under Section-I. The “Application Software” being external is not covered.

the sudden and unforeseen physical loss or damage to your plant and machinery. ICPM insurance is an All Risk policy covering the plant and machinery of a contractor at specified work sites. The contractor’s machinery is generally used under rough conditions and so is more vulnerable to damage. Breakdown of such machinery can jeopardize the completion of a project and put many other things at stake. The CPM Policy is designed for all such situations and will assist in protecting you againstt covers all kinds of construction equipment like compressors, heavy duty cranes, boring machines, bulldozers, pipe jacking, and hauling equipment, excavators, loaders, road rollers etc.

Duration: Normally on annual basis and to be renewed periodically.

General Coverage:

Fire and Lightning

• • • Accidental damage like defective workmanship and material, lack of skill, Negligence, Malicious act or Human error.

  Water damage, Flood, Storm, Tempest, Inundation

  • Collapse, Collision, Impact.
  • Theft & Burglary
  • Subsidence, landslide, Rockslide.

General Exclusions:

Loss or damage due to War or Warlike operations, Civil Commotion etc.

Loss or damage due to Wilful act or Negligence of the Insured or of his representative

Loss or damage due to Nuclear reaction, Nuclear radiation or Radioactive contamination.

Loss discovered only at the time of taking an inventory.

Loss or damage due to normal wear and tear, Gradual deterioration due to atmospheric conditions or lack of use, Rust

Loss or damage due to faulty design

General Extensions:

Cover can be extended to includes up to a limit chosen by you on the following on payment of additional premium-

• • -Owner’s surrounding property
  • – Clearance and removal of debris
  • – Additional customs duty
  • – Express freight
  • – Air freight
  • – Third party liability
  • – Floater cover
  • – Dismantling
  • – Earthquake
  • – Escalation

Why Boiler and Pressure Plant Insurance?

Boiler and Pressure Plant Insurance covers damage other than by fire, to boilers & pressure plant, damage to surrounding property, Third Party legal liability arising due to explosion and collapse of the bolier/ pressure plant during its normal course of working.

What is Covered?

This Policy covers boiler & pressure vessels owned by you and located at your premises against explosion, implosion and collapse leading to:

• Damage to the boilers & pressure vessels
• Damage to surrounding property, up to fixed limits, arising due to explosion & collapse of the pressure plant during normal course of working and
• Third party legal liability, up to fixed limits, arising due to:
  • Death or bodily injury to third parties
  • Damage to property of third parties (not held in trust or on commission) caused by and solely due to explosion or collapse occurring in the course of ordinary working.

What Can be Covered on Payment of Additional Premium?

You may extend your policy by paying additional premium. Major optional extensions available are:

• Express freight
• Air freight
• Owners surrounding property
• Third party liability
• Additional custom duty

What is Not Covered?

Your policy does not provide coverage for loss or damage resulting from:

• Fire, lightning, inundation, flood, storm , earthquake, subsidence, landslide, chemical explosion, burglary and theft, impact by land borne/water borne craft
• Wear and tear, faults or defects existing at the time of commencement of insurance which ought to have been or were known to you, faults or defect for which the supplier is responsible either by law or under contract
• War or warlike operations, nuclear reaction, radiation or radioactive contamination
• Loss, damage and/or liability resulting from overload experiments or tests
• The failure of individual tubes in boilers of the water tube locomotive or other multitubular types, in super heaters or in economizers
• Wilful acts or gross negligence on the part of you or your representatives
• Loss of use of the Insured’s plant or property or any other consequential loss incurred by the Insured
• Loss or damage for which the manufacturer or supplier or repairer of the property is responsible either by law or under contracts.

Jeweller’s block policy Offers comprehensive cover that includes property in transit,property in custody of authorities, building and other contents, costly ornaments,precious stones, cash and currency. Customise your policy for your specific risks.

Policy coverage

The policy comprises four sections which are optional except for section I which is compulsory.

• Section I : Covers loss or damage to jewellery , gold and silver ornaments or plates ,pearls, precious stones, cash and currency notes whilst contained in the premisesinsured, by fire,explosion, lightning,burglary,house breaking, theft, hold up, robbery,riot, strike and malicious damage and terrorism.
• Section II : Covers loss or damage to jewellery, gold etc. as described in Section I whilst it is in the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths.
• Section III : Covers loss or damage to property described in Section I whilst in transit by registered parcel post, air freight or through angadia.
• Section IV : Covers loss or damage to trade and office furniture and fixtures in insured premises due to fire,explosion, lightning,burglary,house breaking, theft, hold up,robbery, riot, strike and malicious damage and terrorism.Highlights

  This is a package policy specially designed for jewellers & diamontaires i.e. those establishments dealing solely in diamonds.Jewellers premises are categorised into Class I, II or III depending upon the type of security provided for the premises.Discount in premium is available in case the premises have special protection devices like built-in vaults, strong rooms, closed circuit T.V. or armed guards.

  Who can take the policy?

  The policy can be taken by jewellers who are wholesalers or retailers. The policy cannot be given to establishments whose work is predominantly manufacturing like cutters and goldsmiths. The policy also cannot be given to angadias , brokers or pawn brokers etc.

  How to select the sum insured?

  The sum insured under Section I and II should represent the cost price of the jewellery items. The sum insured under Section III should represent the maximum loss likely,arising out of any one incident. The sum insured under Section IV should represent the market value of the property..

  How to claim?

  In case of any incident giving rise to a claim under the policy , the following steps should be taken :

  • 1. Inform insurance company within 24 hrs.
  • 2. In case of burglary,theft etc. inform police immediately and obtain FIR
  • 3. Submit claim form and relevant documents to surveyor appointed by Insurance Co. to substantiate loss test.

    Exclusions

    • Inventory loss
    • Damage to property at public exhibition
    • Theft or disappearance of property
    • Depreciation, gradual, detoriation , wear and tear, moth, vermin, mildew
    • Damage by theft or attempted theft committed by family members employee,custodians
    • Damage following the use of key to safe or any duplicate key
    • Damage to property insured whilst in window display
    • Damage to property whilst worn or used
    • Damage to property while it is being worked upon.

About Insurance Package Policies

These are some factors (not all) that Heritage Insurance Agents will assess in determining which of our companies fits your risk management needs. We will then shop the price to ensure the best fit within those companies.

Business Owner Policy Defined (BOP):

A Business Owner’s Policy (BOP) is a policy designed for small and midsized businesses. A BOP Insurance Policy combines business property and business liability insurance into one convenient policy. This type of policy is designed for you on your business premises only.

Coverage:

BOP policies combine protection from all major property and liability risks into one package. Business Owner policies are designed to fit most mercantile (retail), service, and office risks. Coverage can include:

• Property – Coverage for your building and contents.
• Business interruption – Coverage for the loss of income resulting from a catastrophe that disrupts the operation of the business.
• Liability protection – Coverage on an occurrence basis for all operations and premises owned and operated or leased by the insured.