Property & Casualty Archives | Odin Insurance Broking

Property, both by way of immovable real estate, buildings and infrastructure, as well as movable assets such as inventory, machinery, furniture, computers, cash, etc. are the biggest risks that almost every individual and business should take insurance cover for.

Such property is liable for loss in so many ways: through fire, earthquake, flood, and other such natural calamities, as well as through man-made reasons such as theft, burglary, arson, etc.

Odin offers a wide range of insurance products from all major insurance providers that cover all such risks to property, causing casualty to both individual and business.

Products

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

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

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

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.

Bharat Griha Raksha Policy

Every home owner must consider covering his or her precious dwelling by a policy under Bharat Griha Raksha. The policy insures your home as well as its movable and immovable contents in case of any unfortunate occurrence, such as fires, explosions, lightning, earthquake, storm, bush fire, collisions, riots, terrorist acts, and even theft. The policy can be adapted to include precious personal belongings such as jewellery and works of art, as well as personal injury to you or your spouse.

Industrial All Risk Policy

The Industrial All Risk policy, or IAR as it is commonly referred to in the industry, is an all-encompassing policy that covers all risks that an industry may face, much more than a standard fire and special perils policy for instance. The IAR’s wider cover gives your industry protection against not just fire and allied perils, but also other possible losses such as burglary, accidental damage, and breakdown, besides the all-important ‘business interruption’ as well.

Mega Risk Policy

If you are a very large corporation with a value worth over Rs.2500 crores to be covered by insurance, then you need to look at a Mega Risk Policy. The stated value must be at a single premises and includes the amount you wish to insure for against business interruption. The Mega Risk Policy is one of the widest forms of insurance cover that you can get from any insurance company. It is also highly customizable with terms and conditions being adapted to suit different industries.

Aviation Hull Policy

If your corporation uses its own private plane or helicopter, the Aviation Hull Policy becomes an important policy to consider. General policies do not cover damage to the aircraft themselves. The Aviation Hull Policy covers the craft and damages to the same, both while in motion and while in the hangar, depending upon the policy taken. As with most policies for machines, the Aviation Hull Policy too has exclusions for wear and tear and overuse which must be read carefully before acceptance.

Cellular Network Policy

A niche policy, the Cellular Network Policy is tailored for the telecommunication industry which owns and manages an enormous amount of real estate, plant and machinery, and assets across large swathes of the country. The policy covers all assets, including spares and inventory, in any of the network’s premises, against all possible losses, including fire, explosion, storm, flood, theft, terrorism (by payment of additional premium), strikes, and even negligent or improper handling. Business interruption and third-party damages can also be covered, as can transit cover.

Householder’s Package Policy

As opposed to a ‘house owner’, a ‘householder’ is considered here the resident of a house, and not necessarily the owner. The Householders’ Package Policy, therefore, may be opted for by both owners as well as tenants residing in a premise to protect one’s belongings in the premises. Contents including jewellery may be insured against fire and allied perils such as earthquake, storm, riot, terrorism, burglary, breakdown of appliances, etc. Owners may additionally cover the property too.

Port Package Policy

The Port Package Policy is a bespoke collection of insurance products that are specifically tailored to protect the interests of port authorities and terminal operators. Risks faced by ports include damage to ships, equipment such as cranes, lifts and winches, business loss due to blockage of ingress/egress, environmental damage due to spills, etc. The Port Package Policy covers all such risks, and can include business interruption losses and clean-up costs as well. It can also cover third-party damages.

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.

Political Risk Policy

Virgin markets in new geographies across the world present great opportunities for business growth. However, they also present greater risks, due to possible political instability. Political turbulence can cause asset classes to deteriorate in value, sometimes quite severely. Assets could be destroyed in riots or be confiscated, even by the new ruling dispensation. A Political Risk Insurance Policy helps businesses operate freely in new markets without worry about the political milieu there.

Property & Casualty

Here’s a collection of must-have insurance policies for any business or house owner.

Products

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