One of the oldest forms of insurance is property insurance that covers the loss, damage, or destruction to buildings and assets under the ownership of organisation and individuals therein.
Property insurance is applicable for all risks falling under residences, shops, colleges, educational institutions, manufacturing & industrial establishments, and stand-alone storage risks like warehouses and go-downs.
Since most of these industrial risks have loan arrangements from financial institutions which require proper and adequate insurance coverage for protecting their interest in the properties, it is also imperative that organisations insure their assets as a part of their Risk Management Philosophy.
Property Insurance can be broadly classified into
- Fire Insurance
- Burglary Insurance
- Breakdown Insurance
For larger risks i.e. having asset valued at more than INR 50 Crores besides standard fire policy, Industrial All Risks insurance is available where the property is covered for loss or damage due to all risks other than those specially excluded under the policy. This policy also has Business Interruption following Fire as a standard part of the cover.
Engineering insurance is essential to cover loss, damage, or destruction due to breakdowns in mechanical or electrical or electronic plant/machinery/equipment for operational items.
For the civil or industrial/manufacturing or infra projects, the project insurance is necessary to cover any loss during transportation of the items including plant/machinery required for the project, storage, handling, erection, and testing/commissioning risks. The coverage needs to match the expectations of the Principals/Financiers as stated in their agreements entered with.
The J.B.Boda Group is experienced in providing advisory services to the clients executing such major projects to have proper and adequate insurance.
Our qualified and technically expert team at the J.B.Boda Group, that served for decades in public sector insurance companies/private insurance companies, are capable to avail suitable insurance cover for the clients at competitive premium outgo. The team also helps understand the document requirements in case of any claims arising under the policies.
In case of bigger risks, the J.B.Boda Group would introduce reinsurance help to the insurers to underwrite the risks. Our team also helps the clients to devise the benefit of availing local market capacity by providing suggestions for co-insurance arrangements wherever feasible.
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