The Shipping industry faces a set of unique risks to its craft both while under construction or complete, and at the port or at sea. Accidents can occur as well, and there are public liability risks due to pollution, etc. Various niche products are available to cover all these risks along with standard covers.

Presented here are some of the insurance products that will cover all the risks faced by this sector.

Products

Standard Fire and Special Perils Policy

Standard Fire and Special Perils Policy

The Standard Fire and Special Perils Policy is designed to insure your property and articles within it from damage due to accidental fire also from the perils brought about not only by fire but by other disasters as well, such as lightning, explosion, riot, terrorism (by payment of additional premium), storm, flood, bush fire, etc.

Fire loss of profit / Business Interruption

Fire loss of profit / Business Interruption

A major fire, flood or similar disaster can bring a factory to a standstill for several months. During such periods, while sales and profits suffer, fixed costs like salaries and rent need to be serviced without default. It is at such times that a Business Interruption Policy (or Fire Loss of Profit Policy) helps. This policy covers loss of gross profit due to reduction in turnover/output because of the occurrence of any peril covered under the Fire and Allied perils policy.
Bharat Laghu Udyam Suraksha Policy

Bharat Laghu Udyam Suraksha Policy

This policy is meant for small-scale businesses to cover the unexpected physical loss, damage, or destruction of property and/or movable or immovable assets within the property, and offers cover for a sum insured of between Rs.5 crores and Rs.50 crores. It covers the cost of repairs in case of damage to property or reinstatement of property in case of a complete rebuild; cost of inventory in case of loss of stocks; loss of cash at insured premises up to a fixed value; etc. Risks covered include fire, explosion, lightning, earthquake, storm, bush fire, Terrorism ,collision caused by any external physical object and not belonging to or owned by the insured or their employee while acting in course of employment, riots, etc.
Bharat Sookshma Udyam Suraksha Policy

Bharat Sookshma Udyam Suraksha Policy

Tailored for micro businesses, this policy covers the unexpected physical loss, damage, or destruction of property and/or movable or immovable assets within the property, for a sum insured of up to Rs.5 crores. It covers the cost of repairs in case of damage to property or reinstatement of property in case of a complete rebuild; cost of inventory in case of loss of stocks; loss of cash at hand up to a fixed value; etc. Risks covered include fire, explosion, lightning, earthquake, storm, bush fire, Terrorism, collisions caused by any external physical object and not belonging to or owned by the insured or their employee while acting in course of employment, riots, etc.
Office/Business Package Policy

Office/Business Package Policy

The Office/Business Package Policy is specifically tailored towards the needs of typical businesses. While the policy offers standard risk cover against fire and allied perils such as earthquake and flood, it also covers typical problems that an office faces such as breakdown of equipment, accidents and burglary. Loss due to fraud, damage to signages like neon lights, expenses towards death of staff on duty, and loss of office material while executives are on tour, are also covered by some insurers.
Burglary Policy

Burglary Policy

A Burglary Insurance Policy broadly covers the loss and/or damage through and due to burglary and housebreaking instances (theft following actual, forcible and violent entry of and/or exit from the premises). The policy could also include cover against hold-up risks and damages caused to your premises.
Money Policy

Money Policy

If while running your business, you are dealing in cash or cash equivalents, you will do well to buy yourself a Money Policy for the amount of cash you may have in hand at any point of time. This applies to both small round-the-corner mom-and-pop stores or larger cash handlers like jewellery showrooms and banks. Under the policy, all money in the form of currency notes and coins, cheques, money orders, postal orders, postage stamps, etc, can be covered against loss either from the premises or during transit.
Fidelity Policy

Fidelity Policy

One of the risks of running a business is possible fraud and underhand dealings involving employees. Such actions could result in embezzlement or even the redirection of company business to their own channels, leading to losses. A Fidelity Policy insures businesses against loss of income caused by such fraudulent actions, once proven. A police report is usually mandated to support such claims.
Special Contingency Policy

Special Contingency Policy

A niche policy that helps cover property, assets or goods against losses arising out of contingencies that are unique and not covered by standard policies is a Special Contingency Policy. Such a policy caters to special requirements of each business or high networth individual, and requires schedules to be written up to list all the contingencies to be covered in each case, and specific compensations to be insured for. Such a policy is better drawn up in the presence of a knowledgeable insurance consultant.
Open Marine Policy

Open Marine Policy

An Open Marine Policy is a policy that covers several shipments or despatches over a period of 12 months, based on the Estimated Sum Insured to be adjusted against the value of each shipment, using a reducing balance method. The policy provides automatic and continuous insurance cover to a regular exporter, importer, domestic trader, or manufacturer. The Insured party is bound to declare each and every shipment without any exceptions. Refund of premium on unadjusted Sum Insured is allowed to the insured after expiry of the policy.
Marine Hull Policy

Marine Hull Policy

The Marine Hull Policy has been created specifically to attend to the special requirements of owners of seafaring vessels such as luxury ships, cruise liners, cargo ships, and even yachts and boats. Such craft are not normally covered under other policies for loss or damage, but they are expensive equipment and need special cover. Under the Marine Hull Policy, such craft are covered for damage and theft, while at port or at sea. Other aspects such as third-party damage can be covered too.
Construction All Risk Policy

Construction All Risk Policy

Built specifically for construction companies, the Construction All Risk Policy (or CAR) covers all losses that may occur at a construction site, including damage to buildings under construction, machinery damage, loss of tools at site, malfunction of any plants at site such as cement mixers or power plants. Third-party liability is not covered by the policy though. It can however be taken as an add-on policy.
Erection All Risk Policy

Erection All Risk Policy

When factories require erection, installation, and commissioning of large equipment, especially when such erection involves a fair amount of civil work, it is advisable to cover the process under an Erection All Risk Policy (or EAR). Companies or contractors can take this policy to protect the premises from any damage that may arise during and because of the erection process, either to the existing building or machinery, or to the new equipment.
Delay in Startup (DSU) Policy

Delay in Startup (DSU) Policy

Also sometimes known as the Advanced Loss of Profit (ALOP) Policy, the Delay in Startup (or DSU) Policy helps indemnify the insured company from losses occurring due to delays in completion of a project beyond committed date, when the delay is because of one or more of a set of possible causes for the delay set out in the policy. Causes that are listed could be disasters such as fire, earthquake, and flood, or even man-made reasons such as terrorist acts, theft, riots, and wilful damage.
Group Mediclaim Policy

Group Mediclaim Policy

A Mediclaim Policy helps individuals cover the costs of hospitalization. A Group Mediclaim Policy serves to provide a similar cover but for a group of employees of an organization. A godsend to companies in these days of high medical costs, the Group Mediclaim Policy offers financial support to its employees in case of sudden hospitalization, either due to an accident or illness, by paying most of the hospital’s bills. Premiums too can be lower based upon the number of employees covered. Dependents of employees can be covered too under this policy.
Group Term Life Policy

Group Term Life Policy

A Term Life Policy is taken by an individual to insure his or her life for a fixed amount based on which the premium is worked out, which will serve survivors well in case of loss of life during the term of the policy. A Group Term Life Policy is the same policy but taken out by a company for its employees as a group. Many companies use this policy as an incentive for their employees and cover those who are in a certain defined bracket within the company. Since it is a group policy, premiums are generally lower.
Group Gratuity Policy

Group Gratuity Policy

Gratuity is a lumpsum paid on closure of account of any employee who has resigned/retired after serving at least five continuous years at an organization, at the rate of roughly half the latest Basic salary multiplied by the number of years of service put in. Gratuity can therefore be a sizable cash outflow. However, resignations cannot always be anticipated. The Group Gratuity Policy helps cover gratuity payouts across the board, thus avoiding unexpected cashflow problems for the company.
Director & Officer Liability Policy

Director & Officer Liability Policy

Running an organization is filled with risks that go beyond the regular running of the business! Wrongful acts by staff, misleading advertising, fraud, sexual harassment, etc, result in lawsuits from employees, vendors, customers, and other stakeholders, that are usually targeted at the directors and senior executives of the company, who are personally held responsible for such wrongdoings, whether alleged or real. The Director & Officer Liability Policy provides defence costs and protects the assets of such sued individuals, thus shielding them from personal loss.
Commercial General Liability Policy

Commercial General Liability Policy

While running a business, owners come across instances where their products or services, or their employees in the course of delivering those products or services, cause some kind of property damage or even injury or fatality to a customer or onlooker. Such loss is directly recoverable from the owners of the business and may even result in legal proceedings. The Commercial General Liability Policy covers business owners from financial losses due to such litigation that may arise out of such events.
Commercial Crime Policy

Commercial Crime Policy

A Commercial Crime Policy insures a company from losses arising out of criminal acts such as fraud, burglary, computer data theft, forgery, embezzlement, and even misrepresentation, by its employees as well as employees of vendors, contractors and sub contractors. All assets of the insured company are covered under this policy, including property, cash, merchandise and bank accounts. Most policies allow up to a 60-day discovery period by which time the losses must be identified and reported, so as to make a valid insurance claim.
Cyber Liability Policy

Cyber Liability Policy

In today’s world wide web-driven world, cyber attacks are becoming increasingly common. A cyber attack paralyzes your company’s computer and online systems, and since most data and financial operations are online these days, this is effectively a halt on your business till any demands of the hackers are met. A Cyber Liability Policy covers losses caused by any cyber attack on your facility, including expenses towards legal fees and other related expenses.
Kidnap & Ransom Policy

Kidnap & Ransom Policy

Amongst the increasing threats to medium and large businesses these days is the kidnapping of owners or senior executives for ransom or business-related quid pro quos. The Kidnap & Ransom Policy is specifically created to deal with this risk, and covers all costs that are likely to be incurred in such an event: the ransom itself, investigation costs, costs of negotiators, legal fees thereafter, interest on monies taken on loans to pay the ransom, consequent personal financial losses, medical expenses, et al.
Employee Compensation Policy

Employee Compensation Policy

The Employee Compensation Act, 1923, provides for the payment of compensation by the employer to employees (or dependents in case of fatal accidents) if they are injured by accidents that occur during the course of their work. The Employee Compensation Policy is designed for companies to insure themselves against unexpected costs arising out of such sudden events that result in injuries or fatalities at the workplace. All companies, contractors and agencies that employ workmen exposed to possible hazards will benefit by this policy.
Corporate Overseas Travel Policy

Corporate Overseas Travel Policy

Most corporates have many of their executives traveling abroad on a regular basis. While most travel is event-free, there are many things that can go seriously wrong in foreign trips. Starting from simple issues such as lost baggage and missed flights, travelers can experience theft abroad of their cash and credit cards, have an accident that may require hospitalization, overstay their visa by accident and require legal assistance to return to India, etc. A Corporate Overseas Travel Policy covers such losses and ensures safe and secure travel.

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