Business Solutions - Property & Casuality
 
 
 

Loosing valuable assets can be devastating for an individual or to an organization. It is critical to keep evaluating assets from time to time and ensure their protection. For organizations Assets can be in the form of Buildings, Contents, Stock in trade, Plant & Machinery or in the form of investment on material employed in contracts or trade.

Immovable property such as Buildings, Contents, Machinery, Stock etc can be insured against loss of or damage due to fire under a Fire Insurance policy limiting cover against fire only or fire and lightning or extended to include named perils such as Explosion, Air Craft damage, Riots, Strikes, Civil commotion, Malicious damage, Earthquake, Storm, Tempest, Flood, Bursting of pipes, Apparatus or tanks, Impact by vehicles and Theft.

Property can also be insured against Accidental loss of or damage in addition to the above under Property All Risks Policy.    

These policies can be extended to include ancillary covers such as capital additions, temporary removal, reinstatement of value, professional fees etc., 

 

Business Interruption or Consequential loss or Loss of Profit

Additional cost of working or reduction in turnover or loss of profit following loss of or damage to business premises or other property can be devastating to any business. Besides additional cost of working you are exposed to usual obligations of ongoing standing costs such as rents, salaries, business mortgage, maintenance costs etc., Interruption period can vary depending on the type and the magnitude of the damage and rebuilding process can also vary from business to business.   

These risks can be insured under suitably designed Consequential loss or Business Interruption Policy. Generally this Policy covers loss of anticipated Gross Profit due to reduction in Turnover, additional expenses reasonably incurred for avoiding or diminishing the reduction in Turnover, loss of standing costs, additional Cost of Working towards reproduction of Plans & Documents and restoration of Computer data, Accountant’s fees etc.,
This Policy can be extended to include consequential loss due to denial of access to the insured premises or the supplier’s premises affected by an insured peril etc.,
It is critical for every business to have this protection and it is advisable to utilize the services of consultants to ascertain the risks exposed and design suitable coverage.  

 

Fidelity Guarantee

Despite all the precautionary measures in place you may be exposed to the financial risks or dishonesty or fraudulent acts of your employees assigned to handle cash, sign cheques or important documents or handle stock.

Fidelity Guarantee Policy on named employees or un-named employees on occupations can be arranged to suit your needs. Systems check or controls will determine the risks exposed.

 

House Contents

Buildings owned or occupied for the purpose of Staff accommodations are generally exposed to perils such as Fire, Lightning, Explosion, Earthquake, Storm and Flood, Riot and Strike, Malicious Damage or Vandalism, Impact by Aircraft or Vehicles or Animals, Escape of water or leakage of oil, Theft or attempted theft, Falling of trees or radio and television receiving aerials and other accidental damage.

Owner or Occupier can also be liable for the personal injuries to domestic servants or to public or damage to third party property or damage to the building occupied.

Householder’s comprehensive policies are available to provide protection against physical loss of or damage to the Contents or Personal effects or Valuables or Residential building and normal liabilities arising from them. 

 

Loss of Money

You may be exposed to the loss of money whilst in transit or kept in safe or held out of safe or strong room or in the custody of authorized employees during or outside business hours.

Apart from the loss of money you may be exposed to the loss of or damage to cash carrying cases or safes etc or personal assault of cash carrying employees.  

Money Insurance Policy with suitable extensions will cover these risks. Loss of money due to fraudulent acts of employees if discovered within seven days can also be provided under this Policy although a specific Fidelity Guarantee Policy will be ideal. 

 

Package or Multi-risks Policies

Certain businesses or offices can opt to insure against most of their exposure under specific package or Multi-risks policies for easy administration. Properly worded package or Multi-risks policies are often cost effective and also provide wider scope of coverage. Due to their cost effectiveness and wider coverage these getting more and more popular among smaller to medium business enterprises.
We at Millennium with our expertise and experience in local and international markets are able to evaluate risks and provide suitable solutions on need basis.

 

 

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