The National Bharat Sookshma Udyam Suraksha Policy gives insurance cover to Your property relating to Your business. Under this policy, Insurer agree to pay You for the loss You suffer when unexpected events cause physical loss, damage or destruction of building and structures, plant and machinery, stock and other assets relating to Your business.
This Policy gives three types of covers:
1. Standard Cover for the building and structures, plant and machinery, stock and other assets relating to Your business.
2. In Built Covers: Under the Standard Cover if We agree to pay Your claim for loss or damage to Insured Property, We will also pay for the following loss or damage and expenses.
i. Additions, alterations or extensions: Property that You erect, acquire or add during the Policy Period is covered upto 15% of the sum insured for that item (excluding stocks).
ii. Stocks on floater basis: Loss to stocks located at more than one named location.
iii. Temporary removal of stocks: Loss to stocks temporarily removed to other premises for fabrication, processing or finishing upto 10% of value.
iv. Cover for Specific Contents: Cover for money upto ₹50,000 (Rupees Fifty Thousand) during the policy period, cover for documents such as deeds, manuscripts, business books, plans, drawings, securities etc., upto ₹50,000 (Rupees Fifty Thousand) during the policy period, cover for computer programmes, information and data upto ₹ 5 Lakh (Rupees Five Lakh) during the policy period and cover for personal effects of employees, Directors and visitors upto ₹15,000 ( Rupees Fifteen Thousand ) per person for a maximum of 20 (twenty) persons during the policy period.
v. Start Up Expenses: Start-up cost incurred by You, consequent upon a loss or damage due to insured events upto ₹ 1 lakh ( Rupees One Lakh) during the policy period.
vi. Professional fees: Reasonable fees of architects, surveyors and consulting engineers upto 5% of the claim amount
vii. Cost of Removal of debris: Reasonable expenses for removal of debris upto 2 % of the claim amount.
viii. Costs compelled by Municipal Regulations: Additional cost of reconstruction of property incurred solely for complying with municipal regulations.
Declaration Policy for Stocks: Cover for frequent fluctuations in stock/stock values on declaration basis.
How the National Bharat Sookshma Udyam Suraksha Policy will help me in unfortunate event?
If the building and structures, plant and machinery, stock and other assets relating to Your business are lost, damaged or destroyed because of unexpected events that occur during the period of this policy, insurer will provide insurance cover as follows:
Insurer pay, but
not more than
the Sum Insured
Any Insured Property is
damaged (Partial Loss)
You have repaired
|Cost of repairs|
If any Insured Stock is
damaged (Partial Loss)
Extent of the loss of such
Any Building or Plant and
Machinery or Furniture,
Fixture, Fittings is
You have rebuilt
the building or
Stock is completely
destroyed (Total Loss)
a) For raw material: Landed Cost
at Your Premises.
b) For stock in process: Input Cost
of the stock at the time of damage
c) For finished stock: the
Manufacturing Cost of the Finished
Stock or the Contract Price of
goods sold but not delivered
Any Building, Plant and
Machinery, Furniture, Fixture
and Fittings is completely
destroyed (Total Loss)
You have not
rebuilt the building
or reinstated other
Which unfortunate events does it cover?
Insurer pays for physical loss or damage, or destruction caused to Insured Property by the following unforeseen events. The events covered are given in the Column A and those not covered in respect of these events are given in Column B
Insurer covers physical loss
or damage, or destruction
caused to the Insured
Insurer do not cover loss or
damage, or destruction caused
to the Insured Property by
Fire, including due to its own
fermentation, or natural heating
or spontaneous combustion.
a. its undergoing any heating or
drying process, or
b. burning of Insured Property by
order of any Public Authority
|2.||Explosion or Implosion||
a. caused to boilers, economizers or
other vessels, machinery or
apparatus in which steam is
or their contents, resulting from their
own explosion or implosion, or
b. caused by centrifugal forces.
Earthquake, volcanic eruption,
or other convulsions of nature
Storm, Cyclone, Typhoon,
Tempest, Hurricane, Tornado,
Tsunami, Flood and Inundation,
Subsidence of the land on which
Your Premises stand, Landslide,
a. normal cracking, settlement or
bedding down of new structures,
b. the settlement or movement of
made up ground,
c. coastal or river erosion,
d. defective design or workmanship
or use of defective materials, or
e. demolition, construction,
structural alterations or repair of
any property, or ground works or
Bush Fire, Forest Fire, Jungle
Impact damage of any kind, i.e.,
damage caused by impact of, or
collision caused by, any external
physical object (e.g. vehicle,
falling trees, aircraft, wall etc.)
a. caused by pressure waves
caused by aircraft or other aerial or
space devices travelling at sonic or
b.caused by vehicle, animal or
aircraft belonging to or owned by
Insured or their employee while
acting in course of employment.
|9.||Missile testing operations||-|
Riot, Strikes, Malicious
a. total or partial cessation of work
or the retardation or interruption or
cessation of any process or
operations or omissions of any kind,
b. temporary or permanent
commandeering, requisition or
destruction by order of the
government or any lawful
c. temporary or permanent
dispossession of any Building by
unlawful occupation by any person.
Acts of terrorism (Coverage as
per Terrorism Clause attached.)
Exclusions as per Terrorism Clause
Bursting or overflowing of water
tanks, apparatus and pipes,
Leakage from automatic
a. repairs or alterations in the
Building in which Your Business is
b. repairs, removal or extension of
any sprinkler installation, or
c. defects in the construction known
Theft within 7 days from the
occurrence of, and proximately
caused by, any of the above
if it is
a. of any article or thing outside
Your Premises, or
b. of any article or thing attached
from the outside of the outer walls
or the roof of Your Premises, unless