Property Insurance

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What is Property Insurance?

Property insurance covers your property against damages caused by natural or man-made disasters. This insurance protects physical goods and equipment of your business or home against loss from theft, fire, and other perils. It helps cover the cost of replacement, repair, or reconstruction of the property. Property insurance provides coverage for loss from unexpected events that cause physical loss, damage, or destruction of buildings and structures, plant and machinery, stock, and other assets related to your business. All micro-level enterprises, including hotels, restaurants, offices, and others, are eligible for this policy.

Types of Property Insurance coverages in India

ICICI Bharat Sookshma Udyam Suraksha policy

The policy covers the insured property related to the business against insured perils at one location with the total value at risk up to ₹ 5 Crores. This shall
include buildings, plant & fixtures, machinery, stocks RM, and finished goods & stock in process. Read more..

Recommended for: Offices, hotels & restaurants, educational institutions / schools / colleges, shops / retail outlets, malls, industrial / manufacturing units, utilities located outside the compound of industrial / manufacturing units, warehouse / godowns.

Bharat Griha Raksha Policy

This policy coves for your dwelling (housing societies), against Property and natural calamities such as storm, floods, earth quake, etc. This policy acts as a safety net, covering your housing societies.

Recommended for: Housing societies.

Bharat Laghu Udyam Suraksha Policy

This policy covers the insured property related to the business against insured perils at one location with the total value at risk above ₹ 5 Crore and up to ₹ 50 Crore. This include buildings, plant & fixtures,
machinery, stocks RM, and finished goods & stock in process. Read more..

Recommended for: Small business owners, medium business owners or large business owners.

Who Needs Property Insurance?

An organization, firm, institution, or individual looking to protect their property and business from unforeseen events should consider property insurance. This includes:

Shopkeepers, retailers, or godown/storage keepers

Homeowners with valuable household contents such as furniture and other valuables

Banks, financial institutions, research institutions, educational institutes, and similar entities

Both manufacturing and non-manufacturing firms

Why do you need Property Insurance?

In today's unpredictable world, safeguarding your business or personal property against unforeseen events is paramount. Property insurance offers proactive protection, ensuring financial security and peace of mind in the face of potential risks. The built-in covers include alterations or extensions, stocks on a floater basis, temporary removal of stock, cover for specific contents, start-up expenses, professional fees, costs for removal of debris, and costs compelled by municipal regulations.

Other Types of Fire Insurance Policies

Insurance Companies offer the following types of Fire Insurance Plans:

1	Standard Fire and Special Perils The policy covers the insured property related to the business against insured peril at one location with the total value at risk above ₹ 50 Crores. This include Buildings, Plant & Fixtures, Machinery, Stocks RM, and Finished Goods & Stock in process.

Risk Management

There is an increased realization across the spectrum for individuals and businesses on how unlikeliest scenarios can play out causing unprecedented disruption. These risks stem from a variety of sources including nature of operations, technology issues, strategic management errors, accidents and natural disasters. Risk management is a systematic approach to identify, assess and mitigate these risks.

What is covered in Property Insurance

Below are the detailed inclusions and exclusions of Property Insurance:

Inclusions
Exclusions

Fire, including due to its own fermentation, or natural heating or spontaneous combustion
Explosion or Implosion - This policy protects against the loss caused due to explosion and implosion. A vessel can explode when it’s inside pressure reaches to or is more than the atmospheric pressure outside. Whereas an implosion occurs when the external pressure is more than the internal pressure
Lightning - Fire or any other damage caused to the property due to a peril like lightning is covered by the fire insurance policy
Earthquake, volcanic eruption, or other convulsions of nature
Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation - These violent destructions are also covered under fire insurance
Acts of terrorism - An act of terrorism means an act or series of acts, including but not limited to the use of force or violence and/or the threat thereof
Bursting or overflowing of water tanks, apparatus and pipes: This policy also covers loss and damage caused to the property by water due to the Bursting or overflowing of water tanks, apparatus and pipes
Leakage from automatic sprinkler installations
Theft within 7 (seven) days from the occurrence of and proximately caused by any of the above Insured Events

Update Property Insurance Exclusions as per following,
Burning of Insured Property by any order of public authority
Deliberate, wilful or intentional act or omission
Loss, destruction or damage to stocks in cold storage due to change in temperature
Loss, destruction or damage to insured property by undergoing any heating, drying process or centrifugal Forces
War, invasion, war-like operations
Ionizing radiation
Pollution or contamination
Property is missing or has been mislaid
Consequential or indirect loss or damage
Costs , fees or expenses for preparing any claim
Insured premised or building remains unoccupied for more than 30 days
Basement is not covered under the policy
Kutcha Construction is not covered under the policy

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Property Insurance