Industrial insurance is a comprehensive policy covering a gamut of products. This is a specially designed policy covering any kind of loss or damage caused to the products it covers.
Calculation of Industrial Insurance Amount/Premium:
The sum insured is generally equal to the market value of the equipment/machinery being insured. The insured amount also includes cost of installation, duty, taxes, freight etc. If the amount insured is less than the market price, then the claims are paid proportionately.
Industrial Insurance Claim Process:
- - Insured should inform the insurer's office by phone, letter or fax
- - Necessary steps should be taken to minimise the loss
- - Obtain estimate of repair from repairer of your choice
- - The claim process takes anywhere between one to three weeks.
- - Submit this repair estimate and claim form to the surveyor deputed by the insurance company
- - After getting clearance from the surveyor, proceed for repairing machine or ordering for replacement as the case may be
- - Submit actual bills of repair/replacement with proof of payment to the surveyor The claim process
Documents Required for Industrial Insurance Claim Process:
- - Copy of FIR
- - List of loss/damage of stock/equipment
- - Claim Form
List of Some of Insurance Companies Offering Industrial Insurance:
ICICI Lombard - Industrial Plan
United India Insurance Co. - Industrial Plant & Machinery Policy
The New India Assurance Co. - Industrial Products
*Terms and conditions may vary in different insurance companies