Asset Insurance

Protection for your assets, engineering and construction related issues.

Fire And Allied Perils

Property All Risk

The most basic form of protection for your assets like Buildings, Stocks, Furniture and other contents is insurance against the contingencies of Fire Lightning etc. Starting from this cover it would be possible to 'add on" cover for various perils and contingencies to the point of virtually converting the cover into an "All Risk" category.

To ensure that your insurance policy would deliver when you need it most, it is important to select the right cover. Clauses amending the scope of cover for customizing and widening the basic cover need to be added.

Professional care taken at the beginning can be very beneficial at the time of a claim. For example, in the event of major damage due to fire would your current policy allow for the new replacement costs of your assets or does it only pay the depreciated written down value? If the policy is worded on a new replacement value basis are you aware of the obligations on your part to ensure that the policy will pay in full ? Are you paying additional premium unnecessarily by insuring stock at higher values than necessary to ensure full cover for fluctuating stock levels? Will your rights under the policy be prejudiced if contractors working in your premises cause a fire?

This and a number of other issues need to be understood along with implications when you take out a policy.

Electronic Equipment

Insurance

Other than conventional type of hazards, Computers and other electronic items are prone to various types of accidental damage. The Electronic Equipment insurance policy provides All Risk cover for this type of equipment. Both hardware and software can be considered for cover.

Cover is also available for increased cost of working following damage to the equipment and (clerical) costs incurred for reinstatement of lost data.

Varying considerations may be applicable while effecting cover for portable equipment like laptops, palmtops etc. In case these items are insured under a Fire policy, there could be possible duplication in certain areas of cover eliminating which could be economical.

Machinery Breakdown

Insurance

Often due to its very nature machinery is subject to accidental damage and breakdown. These specific perils may not be covered under your basic Fire policy. Cover can be purchased for expensive machinery items against sudden unforeseen breakdown and the policy shall pay costs for repairs/ replacements.

Among other things it is necessary that the valuation is done to obtain optimum benefits under the policy. A wide range of extensions are also available.