We cannot predict the future, but certainly protect our assets against uncertainties. Shriram General Insurance offers protection for your assets with best services and fast claim settlement. It has three plans to offer:
1) Standard fire & special perils policy It covers assets such as plant & machinery, building, furniture, fixtures against loss or damage due to the following:
- Fire, Lightning, Explosion / Implosion.
- Aircraft Damage,
- Riot, Strike & Malicious Damage.
- Storm, Cyclone, Tempest, Hurricane, Tornado, Flood and Inundation.
- Impact Damage, Subsidence and Landslide including Rockslide.
- Bursting and/or overflowing of Water Tanks, Apparatus and Pipes.
- Missile testing operations.
- Leakage from Automatic Sprinkler Installations and Bush Fire
2) Industrial All Risk Policy This policy covers all industry risks (other than risks rateable under Petrochemical Tariff) and has an overall sum insured of Rs. 50 crores and above in one or more locations in India.
Section I: Material Damage It covers the following:
- a) Standard Fire & Special Perils
- b) Burglary
- c) Machinery Breakdown/ Boiler Explosion/Electronic Equipment Insurance
Section II: Business Interruption It covers the following:
- a) Fire Loss of Profit
- b) Optional Cover: Machinery Loss of Profit
3) Fire Loss of Profit Policy The Fire loss of Profit policy operates in the event of damage to the premises of an insured due to any peril insured under the Standard Fire & Special Perils Policy, causing an interruption to his/her business. It covers the following:
- Loss of Gross Profit due to a reduction in turnover
- Increased Cost of Working incurred in minimizing that loss of Gross Profit.
However, the above policy also has the below extensions:
- Loss of Wages
- Lay off & retrenchment
- Auditors/Accountants Fees
- Loss of Goods Lying at Suppliers Premises
- Loss due to accidental failure of public electricity/gas/water supply.
The Engineering policy from Shriram General Insurance offers the following covers:
1) Contractors all risk insurance policy This policy will cover civil construction projects, such as residential / commercial buildings, theatres, factory sheds, warehouses, roads, bridges, dams, reservoirs, tunnels, oil / gas pipelines, water / sewage disposal works, airports, flyovers, etc. However, this policy also covers: Section 1:- Material damage by accidental physical loss and Section 2:- Third party losses
2) Erection All Risk Insurance policy This policy covers all risk except specifically excluded pertaining to Projects during Storage, Erection, Testing and Commissioning. The sum insured will include the following:
- The sum insured is the completely erected value of the plant and machinery inclusive of freight, customs duty and cost of erection
- Add on cover/Extension
- Maintenance Visits and extended Maintenance cover
- Clearance & Removal of Debris
- Third Party Liability
- Owner's Surrounding Property
3) Electronic Equipment Insurance Policy This policy covers the entire range of electronic equipment such as personal computer, micro-processor, telecommunication equipment, audio / visual equipment and sophisticated gadgetry.
Scope of Cover
Section I: Any unforeseen and sudden physical loss or damage to electronic equipment from any cause, other than the exclusions. Section II: External data media and the expenses for reconstruction and re-recording of information. Section III: Increased cost of working.
4) Machinery Breakdown Insurance Policy
- The Machinery Breakdown Insurance policy covers physical loss or damage to machinery and equipment against unforeseen and sudden physical loss due to all kinds of accidental, electrical and mechanical breakdowns. This loss could be as a result of internal and external cause, or damage to the insured items, necessitating their repair or replacement, other than specifically excluded perils.
- This cover will remain in effect during the time the machinery is in operation or at rest or in the process of being dismantled, overhauled or during subsequent re-erection at the same premises.
Also, it has the following extensions like:
- Air Freight.
- Express Freight (Excluding Air Freight), overtime and holiday wages.
- Insured own surrounding property.
- Third Party Liability
5) Contractor’s Plant and Machinery Insurance This policy covers loss or damage to the contract construction equipment such as bulldozers, cranes, excavators, compressors etc. This could be due to an accident arising out of external perils. The cover remains active at the time of work or at rest, during dismantling for cleaning or overhauling, or re-assembly. It has the following extensions:
- Express freight (excluding air freight), overtime and holiday rates of wages.
- Air Freight
- Owners surrounding property
- Clearance and removal of debris
- Additional customs duty
- Third party liability
- Act of terrorism
6) Boiler & Pressure Plant Insurance Policy The Boiler & Pressure Plant Insurance Policy covers boilers and other pressure vessels. It covers the following:
- Damage to both fired and unfired against losses due to explosion or collapse.
- Damage to surrounding property arising due to explosion or collapse of the Pressure Plant during its normal course of working.
- Third Party Legal Liability arising due to explosion or collapse of the Pressure Plant during its normal course of working.
This is a Cargo Insurance Policy which covers loss or damage to cargo during transit (Inland /Import/Export) from one place to another by any one or more mode of transport. Marine policy can be taken if you are a buyer, buying agent, contractor, or if you are engaged in the business of movement of goods. It consists of two types of cover:
- Export/Import Cargo Insurance
- Inland Cargo Insurance
The Liability Insurance by Shriram General Insurance consists of the following insurance covers:
- Professional Indemnity – for doctors and other than doctors
- Commercial General Liability
- Error & Omissions – for medical establishments
- Product liability
- Public liability
- Public Liability – non industrial
- Public liability - Act
- Workman compensation insurance
Shri Suraksha Insurance
This policy is crafted to provide insurance cover to vehicle owners/person(s) engaged in operation and maintenance of vehicle. This policy also covers their family members/parents against personal accident cover and fire and allied risk cover against residential building (if owned by the insured)/contents.
Also, this policy can be taken by all vehicle owners, person(s) engaged in operation of vehicle and allied services up to age of 70 years.
Householder’s Umbrella Package Insurance
This policy covers the insurance requirements of a householder by combining under a single policy, a number of insurance covers usually taken by householders. It is a pre- packaged product specially designed to cater to the need of householders with flexibility of choosing plans as per their need.
Shopkeeper Umbrella Insurance Policy
This insurance policy will serve the requirements of small shops by combining under a single policy a number of contingencies which are otherwise covered separately. Here, the sum insured is fixed and the premium according to sum insured selected is also fixed. Also, the rates are inclusive of applicable taxes.
This policy will only cover the content of the shop. The person insured can include the value of fixtures, fittings and furniture.
Personal Accident Insurance
The Personal Accident Insurance covers individual or group of people against death and disablement (total/permanent/partial) from accidental bodily injury both.
The following are covered under this policy:
- Death only (equivalent to sum insured). The sum insured will get double if death results from accident while traveling in commercial aircraft/cruise (ship) as a fare paying passenger.
- Loss of two limbs / two eyes or one limb and one eye (equivalent to S.I).
- Loss of one limb or one eye (equivalent to 50% of S.I).
- Permanent Total Disablement from Injuries other than those named above (Equivalent to S.I).
- Permanent Partial Disablement (PPD) - % of CSI. (Equivalent to % of sum insured as per table)
- Medical Expenses Rs. 5,000 per amputation.
Fidelity Guarantee Policy
The Fidelity Guarantee Policy from Shriram General Insurance is designed for corporate, individuals, and firms who carry on commercial activities and are exposed to pecuniary/financial losses occasioned by any act of fraud and/or dishonesty committed by the employees of insured.
It covers the following:
- The Insured will indemnify the company against any direct pecuniary loss sustained by any reason of any act of fraud/ dishonesty committed by any Employee of the Insured on or after the date of commencement of this policy and during continuous service with the Insured and discovered during the continuance of this Policy and in the case of death, dismissal or retirement of the Employee within the period the afore stated events shall first happen.
- This policy may be extended to cover exigencies to corporate as a special benefit. Burglary Insurance This policy will cover the following:
- Any loss of or damage to property or any part thereof whilst contained in the premises described in the schedule hereto due to burglary and/ or house breaking.
- Damage caused to the premises/locks to be made good by the insured resulting from burglary and / or house-breaking or any attempt there at any time during the period of insurance.
All Risk Insurance
- The All Risk Insurance policy is designed to cover the damage or loss to the insured’s property by accident, theft, riot, fire, any of which arising from any fortuitous cause to portable equipment while being carried around whilst in storage, use.
- This policy is also applicable to any company, shop, firm or an individual who are engaged in commercial activity and who provide the portable equipment’s to its employees for official purposes and/ or individuals.
- Portable Equipment’s like the cameras, mobiles, laptops etc. will be covered for an individual who is exposed to losses due to Accident from any fortuitous cause can be covered under this policy.
Business Protector Policy
This comprehensive policy is specifically designed for SME &/ or office establishments, restaurants, IT & ITES sector. This cover provides you flexibility to design the policy as per your needs in which you can choose a cover as required to protect your property and manpower. Following are the features of this policy:
- 12 Sections to choose from
- Numerous Add-on Covers
- Detailed Policy Wordings available on request.
- Minimum three sections required for this policy