Industrial Property Insurance
What is Industrial Property insurance?
Industrial Risks Insurance Policy covers industrial units against accidental loss or damage to the plant, machinery, stock and building as well against any loss that arises from consequential business interruption because of the said damage.
What you should consider?
Irrespective of whether a business owns the space or rents the premises for its operations, disasters can happen. Unforeseen damage can happen due to fire, floods Furthermore, a liability could arise due to accidental injuries to employees or customers in the premises.
We, at FG insurance, can provide customised covers to protect your business against a range of possible problems and the potential costs.
Did you know?
Manufacturing sales in New Zealand increased 1.5 percent year-on-year during the last quarter of 2019.
Food processing, textiles, machinery and transportation equipment, finance, tourism, mining are the main industries of New Zealand.
New Zealand’s Industrial Production Index data was reported at 106.622 2010=100 in 2017.
What are the types of covers available?
Material Damage
- It covers accidental physical loss or damage (including machinery breakdown) to the insured property, due to any cause other than those excluded.
Business Interruption
- It covers loss due to business interruption following a physical loss or damage to the property. The insured party can opt to include cover against loss of profits arising out of machinery breakdown.
Comprehensive Cover
- Suitable for large sized, diverse businesses.
What can it cover?
Some of the benefits an industrial risk insurance policy may include:
| Type of Cover | Potential benefits |
|---|---|
| Cover for loss or damage to physical business assets. | Protection for material items of the business, such as buildings, contents, stock, plant and machinery. |
| Optional cover for architects, surveyors and consulting engineers fee clause, designation of property, escalation, omission to insure additions, alterations or extensions, temporary removal of stocks etc. | Optional cover for suppliers' and customers premises extension. |
| Cover against damage from fire, floods, thefts or even accidents to employees or customers in the building. | Cover against loss from consequential business interruption. |
What usually is not covered?
CASE STUDY
Mr. Kumar lives in Cambridge and owns a business involving sale, distribution, installation and maintenance of refrigeration & air conditioning solutions.
One day, someone cut through the boundary fence to gain entrance to their industrial unit. Consequently, Mr. Kumar suffered losses due to breakage of containers, theft of items therein, theft of tools, damage to vehicles and theft of scrap metal.
Fortunately, since Mr. Kumar had adequate industrial insurance, he was able to recover the cost of total loss as well as all material damages and costs of repairs.
Why choose FG Insurance?
- Peace of Mind at Affordable Rates
- Flexible Plans
- 24/7 Roadside Assistance
- Fast and Simple Claim Service - online or by phone
- Modern Policy Wordings
- Competitive Pricing