Industrial Insurance

Armourr Insurance Broking Pvt. Ltd.

Industrial insurance provides cover against unforeseen circumstances including accidental damage to the property, which a large industry may face during its operation. Minor accidents and breakdowns (or theft) may lead to major shutdowns or huge expenses. At Armourr Insurance Broking Pvt Ltd, we provide a variety of industrial insurance policies to guarantee the security of your business, regardless of any challenges that may arise.

Fire Insurance
Engineering Insurance
Health
Liability
Marine Cargo
Miscellaneous Insurance
Specially Designed Insurance Products
Project Insurance

Learn More

1.FIRE INSURANE

Fire insurance covers the risk of accidental loss / damages to the property due to fire and allied perils. Property covered under the fire insurance includes building and contents, raw materials, finished products and stocks in process, plant and machinery, electrical installations, furniture and fixtures and other contents. We arrange the following fire insurance policies to protect your assets from the perils of fire and allied perils.

Standard Fire and Special Perils Insurance
Fire Floater Policy
Fire Floater Declaration Policy
Bharat Sookshma Udyam Suraksha Policy (BSUS Policy)
Bharat Laghu Udyam Suraksha Policy (BLUS Policy)
Industrial All Risk Insurance Policy (IAR)
Mega Fire Insurance
Fire Loss of Profit Insurance

1.Standard Fire and Special Perils Insurance (SFSP)

Standard Fire and Special Perils Insurance covers 12 named perils such as Fire, Lightning, Explosion/Implosion, Aircraft Damage, RSMD (Riot, Strike, Malicious Damages), STFI (Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation), Impact Damage, Subsidence and Landslide including Rock Slide, Busting and/or overflowing of water tanks, apparatus and pips, Missile Testing Operations, Leakage from Automatic Sprinkler Systems and Bush Fires. There are more than 10 Add-on covers are available under STSP Insurance. This is a basic fire policy suits for any premises.

2.Fire Floater Policy

This policy covers loss or accidental damage to the stocks /finished products kept in various locations under a single sum insured.

3.Fire Floater Declaration Policy

This policy covers loss or accidental damage to the stock /finished products kept in various locations under a single sum insured. The salient features of this policy is that there is refund clause unused sum insured up to certain limits.

4.Bharat Laghu Udyam Suraksha Policy (BLUS Policy)

This policy meant for medium size industries having insurable assets value from Rs.5 crores up to Rs.50 crores under fire insurance. This policy covers as Standard Fire and Special Perils insurance.

5.Industrial All Risk Insurance Policy (IAR)

This policy covers loss or accidental damage to the property such as building contents, stock, stock in process, furniture and fittings, plant and machinery, electrical installations, gen set etc. due to Fire and allied Perils. To avail this policy, the insurance assets value should be more than Rs.50 crores. This policy has additional optional Cover for Machinery Breakdown, Boiler Insurance, Fire loss of Profit Insurance, Machinery Loss of Profit Insurance. In addition, burglary cover offered at free of cost by some insurers. The salient features of this insurance is that up to 15% underinsurance is accepted at the time of claim.

6.Mega Fire Insurance

This policy is like a tailor made all risk insurance policy covering fire insurance, business interruption, liability etc. with varied terms and conditions. This Mega Insurance policy is a specialized insurance policy designed for large scale industries with complex risk profiles. The minimum sum insured should be Rs.2500 crores at one or more locations.

7.Fire Loss of Profit Insurance (FLOP)

This policy covers the loss/reduction of gross profit of the insured due to reduction in turn over due fire on their insured properties. The preconditions to obtain this policy is that, the proposer should have a at least standard basic fire insurance. Claim will be admitted subject to admission of claim under fire policy.

2.ENGINEERING INSURANCE POLICIES

1.Machinery Breakdown Insurance Policy (MBD)

This policy is essential for all types of industries that depend on machinery for their operations. Policy covers breakdown of the machinery due accident and / or unforeseen circumstances. Repair and Replacement – both are covered. Selection of machinery for insurance is permitted. Machinery should be insured on reinstatement value instead of market value for actual claim reimbursement.

2.Contractor’s Plant and Machinery (CPM)

This policy covers the Contractor’s Plant and Machinery such as Earthmovers, Cranes, Excavators, Bulldozers etc. used for construction. Fire, Machinery Breakdown, accidental damages even immersion in the water is covered under the policy.

3.Electronic Equipment Insurance Policy (EEI)

This policy covers all types of electronic equipment such as Computers, communications system, data processing units and lab equipment used in the premises - office, factory, laborites and R&R stations etc. This policy covers loss / accidental damages to the equipment due to fire and allied risks, cost of data retrieval and additional cost for overtime.

4.Boiler Insurance Policy (BI)

This policy covers the explosion / implosion of Industrial Boilers and Pressure Vessels used in the Factory / Industrial premises. This policy covers third party liability also.

5.Machinery / Boiler Loss of Profit Insurance Policy

This policy loss / reduction of gross profit of the insured due to reduction in turn over after the breakdown of the Machinery by an insured peril. To avail benefit under the policy, the affected machinery must be covered under MBD / BI policy and the base claim is admitted under the BI/ MBD policy.

3.HEALTH INSURANCE

Today Health insurance is an important insurance for Individuals, Family and Employees of an organization. Health insurance is a major portfolio of insurance companies. Government started giving free health insurance cover for BPL families and the companies are offering group health insurance cover for their employees. The cost of health treatments increasing day by day irrespective of locations. A sudden and unforeseen health conditions will make you to visit the health centers, health treatment cost is highly expensive and unaffordable. Under such circumstances, health insurance protects the individuals for availing better treatments without financial constraints. All the medical insurances mostly offer cash less treatment and some cases reimburse the claims cost.

There are various types of health insurance policies are available in the market. Details of few policies are given below.

INDEMNITY BASED HEALTH INSURANCE POLICIES

Standard Group Health Insurance Policy

This policy is issued to a group size of more than 6 members. The sum insured on individual basis. Standard health policy conditions will apply.

Tailor-made Group Health Insurance Policy

This policy is issued to group size of more than 50 members. To avail this policy, the insured should comply the minimum conditions of employee-employer relationship. Policy will not be issued other than employee-employer relationship. This is not a conventional health insurance policy. Since it is a tailor made policy, the coverage, terms and conditions, premium will be decided based on the risk factors and add on covers and exclusions.

BENEFIT BASED HEALTH INSURANCE POLICIES

These type of policies are specialized policies. This policy can be issued on individual basis or group basis. There is no need to submit medical expenses documents for this claim. The policy should be taken before the onset of the disease or ailment and the insured has to survive for certain period after onset of such disease / ailment as conditioned in the policy. Only to prove, is that the person is suffering from such insured disease by a qualified doctor. The full sum insured will be paid and policy will be cancelled after payment.

CRITICAL ILLNESS INSURANCE POLICY

This policy issued to the proposer at the of 18 50 65 years. Good health declaration is must. The sum insured in ranging from Rs.1 lakh to Rs.10 lakhs. The policy covers following diseases viz. (a) Cancer of Specified Severity (b) First Heart Attack of specified severity (c) Heart valve replacement (d) Coronary Artery Surgery / Open Heart Surgery (e) Como of specified severity (f) Multiple sclerosis (g) Major organ / bone marrow transplant (h) Kidney failure (i)Motor Neuron disease (j) Permanent paralysis of both limbs.

4. LIABILITY INSURANCE

Liability insurance is crucial for businesses in India because it protects against financial losses resulting from legal claims made by third parties. These claims can arise from accidents, errors, or unforeseen incidents that occur during business operations. At Armourr Insurance Broking Pvt. Ltd, we offer a variety of liability insurance policies designed to protect your business from these risks.

Public Liability Act Policy

As per the Public Liability Act, 1991 the industries defined as hazardous industry by the Factories Act,1948 should compulsorily take Public Liability Act Policy for the liabilities arising out of using hazardous chemicals. This policy covers only public liability outside the factory premises and employees or contractors are not covered under this policy.

Public Liability Policy

A public liability policy covers the legal costs and compensation claims made by third parties who suffer injury or property damage due to insured business operations. This policy covers the risk of personal injury and property damage to a third party who is using your facilities at your premises such as Cinema Halls, Exhibitions, Auditoriums, Amusement Park, Parking Lots etc. This policy is essential for businesses that interact with the public, ensuring that they are protected from costly lawsuits.

Products Liability Policy

The Products Liability Policy protects manufacturers, distributors, and retailers against claims that result from the use of their products. If a product causes harm or damage, this policy covers the legal costs and compensation claims, ensuring that your business is shielded from potential liabilities.

Professional Indemnity Policy

The Professional Indemnity Policy is tailored for professionals such as doctors, architects, lawyers, and consultants. It offers coverage against claims made by clients for errors, omissions, or negligence in the services provided. This policy is essential for safeguarding your professional reputation and finances.

Directors & Officers Liability Policy

The Directors & Officers (D&O) Liability Policy protects company directors and officers against claims from shareholders, employees, or third parties for wrongful acts in their managerial roles. This policy ensures that the personal assets of directors and officers are protected when making critical business decisions.

Cyber Insurance

Cyber insurance offers protection against risks related to cyberattacks, data breaches, and other online threats. As businesses rely more on digital platforms, this policy helps cover the expenses associated with managing and recovering from cyber incidents. This coverage includes legal expenses, data recovery, and notification costs.

Commercial General Liability (CGL)

The Commercial General Liability (CGL) policy provides extensive protection against a variety of liability risks, such as bodily injury, property damage, and personal injury claims. This policy is suitable for businesses of all sizes and offers broad coverage against various liabilities that may arise during daily operations.

Workman’s Compensation Insurance

Workers' Compensation Insurance is compulsory for certain businesses in India. It is wider liability cover for the employees than insurance cover and benefits under Employees State Insurance Act. It provides coverage for accidental injury and death during the course of employment and/or arising out of employment. The benefits include loss of wages / earnings and compensation for injury. Medical benefits cover on additional premium. This policy ensures that employees are taken care of while also protecting the business from legal claims related to workplace injuries.

Compulsory Lift Insurance – Public Liability Insurance Policy

This policy covers the third party public liability arising out of lifts used in public places and premises. This policy covers third party death and bodily injury while using / travelling in the lift.

5.MARINE CARGO INSURANCE

Marine Cargo Insurance protects the property while in transit on various modes of transport such as sea water, inland water, rail, road against the perils consequential or accidental to thereof. As per the marine insurance act, who is having insurable interest on the property can take the marine insurance policy. The marine insurance policy covers transit by water, rail, road, air, courier and by post of or any combination of mode of transport.

MARINE CARGO POLICIES

1.Marine Specific Voyage Policy

The Marine Specific Voyage Policy provides coverage for individual shipments from warehouse to warehouse basis or particular destination basis. This type of policy is well-suited for businesses involved in high-value or occasional shipments, offering protection against risk such as loss or damage to the cargo, short landing, theft, piracy, jettison, missing cargo etc.

2.Marine Open Policy

Marine Open policy issued to manufacturers or traders having huge value of business and frequent sending through air / sea / inland water / rail / road / courier / speed post. Declaring every shipment is not so easy and cumbersome and also chances to miss some of the consignment for insurance. To overcome such issues, the correct way is to take marine open policy. This is annual policy with a considerable sum insured. Every shipment should be declared at an interval as agreed by the insurer and insured. Sum insured can be enhanced during the policy period.

3.Marine Open Cover

This types of policies issued commonly to the establishment having international trade with high volume of business. This is one-year policy. Since considering the value of consignment on higher side and sophisticated, it is difficult to finalize the terms and conditions for every shipment. In such cases, the marine open cover is best suit for international sending. The policy can be issued combinations of various modes like warehouse to warehouse basis or on a particular destination.

4.Sales Turnover Policy

The Sales Turnover Policy offers extensive coverage for businesses that regularly ship goods for manufacturing, sales, stocks and internal transfers. This is an annual policy. Sum insured will be decided based on the last year Turn over. The premium is collected on last year turn over or as declared by the insured. Additional or refund of premium is available at the end of the policy. There is no need for declaration for each sending, a quarterly financial reports will be sufficient to decide the turnover for that quarter. It's a convenient choice for businesses with high sales volumes, streamlining the insurance process and guaranteeing protection for every shipment against risks such as loss, damage, or theft.

6.MISCELLANEOUS INSURANCE

Burglary Insurance Policy

The Burglary Insurance Policy provides financial and physical protection for businesses from theft. It covers the loss of stock, goods, machinery, and other valuable assets on the premises. This insurance offers peace of mind for industrial units with high-value inventory or equipment, safeguarding against potential theft from internal or external sources.

Plate Glass Insurance

Plate Glass Insurance covers damage to large glass installations, such as storefront windows, display cases, and other glass fixtures commonly found in upmarket commercial buildings. This policy ensures that businesses are financially protected against the cost of replacing or repairing glass that may be broken due to accidents, vandalism, or other covered causes.

Personal Accident Insurance

Personal Accident Insurance offers financial protection to Individuals in the event of an accident resulting in injury, disability, or death. This policy covers medical expenses, loss of income, and provides compensation in case of injury and accidental death. It is essential insurance for individuals who want to safeguard their financial stability in case of unforeseen accidents.

Group Personal Accident Insurance

Group Personal Accident Insurance offers financial protection to Individual members of the group in the event of an accident resulting in injury, disability, or death. The minimum group size is 6 members. This policy covers medical expenses, loss of income, and provides compensation in case of injury and accidental death. Group policies are taken by employer for their employees or any organization / social organization for their members. The insured based on the annual income of the individual member and maximum is 60 to 72 months.

All Risk Insurance

This insurance covers for high value items such as jewelry, camera, mobile, laptop cooling glass etc. on all risk basis and worldwide cover basis. All risks are covered unless otherwise specifically excluded in the policy.

7.SPECIALLY DESIGNED INSURANCE PRODUCTS

Drone Insurance

As per the DGCA, Drone Insurance is mandatory in India. This insurance provides coverage for businesses that use drones for commercial purposes, such as aerial photography, surveying or delivery services. This policy covers physical damage to the drone, third-party liability for any injury or property damage caused by the drone, and even losses due to theft or equipment malfunction. This is especially important for commercial drone operators who fly in populated areas where the risk of injury or property damage is comparatively higher. Whether you're a small business or a large enterprise, Drone Insurance ensures that your operations remain protected from unexpected risks and liabilities.

Comprehensive Crime Insurance

A commercial crime insurance policy in India typically comes with several different types of coverage against commercial crimes such as forgery or alteration. Crime insurance coverage includes employee dishonesty, fraudulent fund transfer, computer based frauds - hardware and software manipulation - and more This insurance is tailored for businesses dealing with significant amounts of cash, sensitive data, or valuable assets. It ensures coverage against both internal and external threats to maximize security and stability.

Corporate Cyber Security Insurance

Cyber liability insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cybersecurity issues. This policy helps cover the costs of data recovery, legal fees, notification expenses, and even business interruption losses due to a cyber-incident. It’s an essential safeguard for companies that rely on technology and digital platforms to conduct their business.

Insurance Package for Product Promotion

The Insurance Package for Product Promotion is designed for businesses that run promotional campaigns, contests, or giveaways. This policy covers the costs associated with fulfilling prizes, managing claims, and handling legal liabilities that may arise during the promotion. It’s an ideal solution for companies looking to protect themselves while boosting their brand through dynamic marketing activities.

8.PROJECT INSURANCE POLICIES

Project Insurance is essential for businesses involved in construction and engineering projects. It provides comprehensive protection against various risks such as physical damage, theft, natural disasters, third-party liabilities, human errors, project delays, erection, installation and maintenance risks, transit losses/damages, and unforeseen events that could disrupt construction and engineering projects. At Armourr Insurance Broking Pvt. Ltd, we offer a variety of project insurance policies customized to protect your investments and ensure the smooth completion of your projects. These policies issued to the insured before commencement of the construction / erection or during the initial stage of Civil Construction / Erection of Machinery.

1.Construction All Risk Policy (CAR)

This policy issued to Principal or Contractor for any Civil Constructions work such as construction of buildings, dams, road, tunnels, airports, seaports etc. The Civil Construction must be 50% of total construction to avail this policy. The name itself says it is all risk policy, all risks are covered including third party liability unless otherwise specially excluded under the policy. Few add on covers are available with premium. Furthermore, the coverage can be extended to include the interest of suppliers, manufacturers, contractors and subcontractors.

2.Erection All Risk Insurance Policy (EAR)

This policy issued for Erection of all types of Machinery. The Erection-All Risk (EAR) Policy is specifically tailored for businesses engaged in erecting and installing machinery, plants, and steel structures. The total erection work must be 50% of total construction to avail this policy. Whether you are establishing a new factory or installing intricate machinery, an EAR policy guarantees that your project remains safeguarded from unforeseen challenges. The name itself says it is all risk policy, all types of risks are covered including third party liability unless otherwise specially excluded under the policy. Few add on covers are available with premium such as extended maintenance period etc. Furthermore, the coverage can be extended to include the interest of suppliers, manufacturers, contractors and subcontractors.

3.Marine-cum-Erection All Risk Insurance Policy (EAR)

This policy covers including the Marine transit risk from warehouse to warehouse basis along with EAR /CAR risk.

4.Advance Loss of Profit Insurance Policy (ALOP)

This policy covers the Loss of profit due to delay in completing the project insured under CAR / EAR policy due to accident to such property by insured peril covered under EAR / CAR policy. To avail claim under this policy, claim first admitted in the EAR/CAR policy.