Factory Insurance
Factory insurance holds ample importance in terms of offering great benefit in an industrial set up that is used for manufacturing and storage of goods. Factory and warehouse insurance policy in India provides coverage against any monetary loss resulting from any damage of goods, machinery or building in and outside of the premises. Factory and warehouse insurance policy in India is particularly designed to cover all your contents and stocks against a choice of risks like fire, implosion, explosion, natural calamities like storm, flood, earthquake etc. There are also additional factory & warehouse insurance coverage like theft & burglary, electronic & mechanical breakdown, money insurance and all risk laptop insurance which can also be covered under factory insurance policies.
Benefits of Factory and Warehouse Insurance
Wider Array of Risks
nsurance covers damage due to fire, lightning, burglary, theft and natural catastrophes such as flood, and earthquake Cover could be enhanced by opting for add-ons such as impact damage due to the insured's own vehicles, and terrorism Portable electronic equipment could be covered for specific losses such as short-circuit, breakdown and theft while travelling abroad.
Comfort to Lenders
Bank clause can be added to stock insurance policy; in case of damage to mortgage assets, lenders are indemnified Business interruption loss or Fire Loss of Profit insurance will reimburse the standing expenses and net profits for the period of disruption; this ensures debt is serviced regularly FLOP insurance could be extended to cover disruption in a supplier's premises.
Indemnification for Increased Expenses
Factory and warehouse insurance can provide replacement cost of damaged property instead of the book value. This can be done through the escalation and reinstatement value clauses Standard fire and special perils policy can pay rent for alternate accommodation in case the factory is damaged Air freight add-on can help expedite the arrival of replacement materials.
