Every manufacturer invests huge capital in building up their businesses and sees it flourish. Since the future is uncertain a short circuit can reduce your assets to ashes, a burst pipe can flood your premises, an explosion at a furnace or boiler can wipe away years of effort. Natural calamities such as earthquake, storm and flooding can also put your property at risk. Insuring a factory requires experience of understanding the specific nature of the manufacturing and unique location risks associated with it. As per Industrial Policy professional advice on Factory Insurance in deciding on the type of cover, the extensions and add ons which are most relevant requires you to work with the right consultants. With years of hands-on expertise on Factory Insurance India, you can count on Edify to deliver cost-efficient, tailored property insurance solutions.
Fire and Burglary
The most commonly purchased covers is the Fire and Burglary insurance. A Fire cover without an own vehicle damage or start-up expenses or debris removal excess is at best a partial cover. Buildings and plants insured at Cost of construction may be underinsured. You need to buy such covers right.
Industrial All Risk
All risk denotes a comprehensive all damage cover excluding some specific risks. It is a wider cover and recommended for high value risks in complex manufacturing processes. Apart from regular cover, Machinery damage and related Business interruption can also be covered.
Electronics and Office Equipment
IT assets like servers, EPABX’s, laptops, A/Cs require specialised insurance. These assets can be insured for short circuit, voltage fluctuations and breakdowns. A laptop can be covered for theft outside of office or an accidental screen damage. Use specialised insurance to cover your asset.
Plant and Machinery
Production can grind to a halt because of breakdown in critical machinery. The resulting downtime, production delay penalties and loss of reputation can be overwhelming. You need to have a robust breakdown insurance to cover your critical Plant and Machinery.
Stocks are a significant risk element and mostly insured inappropriately. You need to insure stocks right depending on where they are held, i.e. warehouse, in open, basements or with a C&F. Optimising cost of stock cover requires a sound advice on type of cover.
Fidelity and Money Insurance
When an insider commits a fraud, be it a fraudulent wire transfers, wrong bill payments or forgery the fidelity cover helps recover losses. Money insurance insures recovery of losses of stolen cash from office or robbery of monies from employees outside office.
All production effort can come to naught if the trade credit is not recovered or delayed. You may supply to buyers with poor credit record or be exposed to an insolvent buyer. Credit insurance can de-risk you from undisputed Credit losses.
Boiler and Pressure Plate Cover
The Fire and perils cover does not cover boilers and pressure plates which requires a special cover. This would also cover damage to surrounding property and third Party legal liability arising due to explosion and collapse during its normal course of working.