Business Insurance

 

Business Insurance

Business insurance, also known as commercial insurance, helps protect business owners from unexpected losses. We offer different types of insurance for businesses, including coverage for property damage, legal liability and employee-related risks. No matter what industry you are in, your company faces risks every day. That’s why ICICI Lombard offers a wide range of business insurance covers, designed to identify and reduce those risks. Effective risk management is the key to a successful business. Our comprehensive commercial solutions are aimed at addressing the diverse risks faced by businesses.

• ICICI Lombard has a remarkable claim settlement ratio in India and leverages Artificial intelligence (AI) and advanced analytics for automated processing of Insurance claims.
• It has pioneered the use of Artificial intelligence and Machine Learning in health claim processing, reducing cashless claim request approval time to few minutes.
• In segments such as frequency driven marine cargo insurance claims portfolio, the company has introduced robotics to handle large number of claims and to reduce claim settlement turnaround time

·         Product strength

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·         Fire

·         Fire insurance policy covers damage and losses caused by fire and helps to cover the cost of replacement, repair or reconstruction of property.

We offer 250+ occupancy types, value added services & can assess risk through remote video and provide a recommendation report.

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·         Marine

·         We offer variety of value-added services and customized solutions in our marine insurance.

Our loss control consulting services further enhance our value proposition. Our vast experience in logistics planning and execution of Over Dimensional Consignments (ODC) across India makes us a trusted insurance partner.

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·         Engineering

·         Our customized and unique solutions drafted by our technical experts for various industries put us at the forefront of risk management.

We continue to expand our footprint in this segment and provide value-added & risk management solutions to MSME, SME & corporate clients through our technology driven platforms.

Consequential Loss (Fire) Insurance Policy

·         General Insurance By ICICI Lombard ❯

 

·         Business Insurance ❯

 

·         Consequential Loss (Fire) Insurance Policy

Scope of Cover

Fire and Special Perils Insurance compensates only for material damage to the insured property. It specifically excludes any consequential loss.

In case of a major loss caused by fire, there could be an interruption in business operation leading to reduction in turnover finally resulting in possible loss of profits. However, standing or fixed charges continue to accrue regardless of whether there is any production or not. Such loss cannot be covered under fire policy.

Consequential Loss Insurance compensates for the revenue loss suffered by the enterprise. ​Hence, for complete protection to the business enterprise and its profitability, Consequential Loss Insurance is very essential in addition to Fire Insurance.

​Code: Fire 02

 

More Details

Scope of cover

The policy broadly covers loss of net profit on account of interruption of business, consequent upon material damage to property due to fire or any other insured peril under the Standard Fire and Special Perils Policy.
It also covers standing charges which continue to be incurred during the period of interruption and the increase in cost of working necessarily and reasonably incurred to maintain the business as far as possible at its normal level, so that loss under net profit and standing charges is avoided or at least minimised.

Sum insured

Sum to be insured under this policy is the estimated gross profit for the indemnity period selected.
Indemnity period is the maximum period beginning with the occurrence of the damage, for which cover of loss of gross profit is required and should reflect the maximum period anticipated for reinstatement of the damaged property. ​The maximum indemnity period permissible under the policy is 3 years.

Premium

Basis rate depends on Fire and Special Perils rate. Final rate is influenced by indemnity period chosen. ​At inception, gross profit is taken on estimated basis and is subject to declaration of the actual figures after expiry of policy based on final audited accounts.

Significant exclusions

The insurance policy does not cover:

·         Loss of gross profits, which is not consequent upon property damage due to an insured peril

·         Loss due to material damage to property, difference between value of stock at the time of fire and the value at the time of subsequent replacement, deterioration of undamaged stock after fire

·         Cost of preparing fire and loss of profits claim, third party claims and loss of goodwill

Excess

Claims are payable in full without any deduction

Main extension

Policy can be extended to suppliers' and customers' premises or public utilities, on which the business is dependent and cost of auditor's fees required to submit claim on insurer

 

Comprehensive Product Offering:

Standard fire and special perils policy:

Standard fire insurance policies provide coverage against financial loss or property damage caused by a fire or other covered perils.

What does it cover?

·         Fire

·         Lightning

·         Explosion/Implosion

·         Aircraft Damage

·         Riot, Strike, Malicious Damages & Terrorism

·         Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornado, Flood and inundation

·         Impact damage

·         Subsidence, Landslide and Rock slide

·         Missile Testing operations

·         Bursting and/or overflowing of Water Tanks, Apparatus and Pipes

·         Leakage from Automatic Sprinkler Installations

·         Bush Fire

General exclusions from the policy:

·         War and war like perils

·         High value items like gold , precious stones, unless specified

·         Loss of earning due to market uncertainties

·         Loss due to theft, in amidst occurrence of any peril

·         Property not in the premises

Useful add-ons offered by ICICI Lombard to cover specific needs:

You can also choose among following covers, upon payment of additional premium.

·         Architects, Surveyors & Consulting Engineers fees (in excess of the provisions of the standard policy)

·         Debris Removal (in excess of the provisions of the standard policy)

·         Forest Fire

·         Impact Damage by your own vehicles etc.

·         Spontaneous combustion

·         Omission to insure Additions, Alterations or Extensions

·         Earthquake (Fire & Shock)

·         Spoilage Material Damage Cover

·         Leakage & Contamination Cover

·         Loss of Rent

·         Alternative Accommodation

·         Start Up Expenses

·         Terrorism Cover

·         Deterioration of Stocks

WHY ICICI LOMBARD GENERAL INSURANCE COMPANY LTD.?

·         Expertise in risk minimization and mitigation

·         Special value added services team dedicated for risk advisory and safety installations

·         Best in the industry re-insurance mechanism

·         Speedy claims settlement with single documentation

·         Financial strength and supreme claims paying capacity