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Bharat Laghu Udyam Suraksha

Bharat Laghu Udyam Suraksha would be covering micro and small level businesses like Oces, Hotels, Shops, Industrial/Manufacturing risks, Utilities located outside the compound of Industrial/Manufacturing risks, Storage risks and Tank farms/Gas holders outside the compounds of Industrial/Manufacturing risks.

Key Features:

  • Policy Duration :Upto 12 Months
  • Sum Insured :Above Rs 5 crore and upto Rs 50 crore.
  • In Built Covers :The product covers additional Perils (over SFSP), Details as under.
  • Standard add-on's like :Floater for stocks, Declaration Policies
  • Basis of Sum Insured :If the property is damaged – Reinstatement value on "New for Old" basis. i.e. cost of rebuilding the building or replacing other property
  • Underinsurance Wavier up to 15%. It will not apply to Cover for Specific Contents like Money, Deeds, Manuscripts, Business Books etc

Excess – 5% of the claim amount subject to a minimum of Rs 10,000 for each and every claim

The following in-built covers are available under Bharat Laghu Udyam Suraksha respectively

In-built Covers Bharat Laghu Udyam Suraksha
Additions, alterations or extensions Included
Temporary removal of stocks Included
Cover for specic contents Included
Start-up expenses Included
Professional fees Included
Removal of debris Included
Costs compelled by Municipal Regulations Included
Floater Cover for Stocks Included
Earthquake Included
Terrorism Included
Spontaneous Combustion Included
Forest Fire Included
Theft / Burglary following an insured peril only,reported within 7 days of occurrence Included

How does the Bharat Laghu Udyam Suraksha Policy help me?

Your loss Condition We pay, but not more than the Your loss Sum Insured
Any Insured Property is damaged.(Partial Loss) You have repaired such property. Cost of repairs
If any Insured Stock is damaged (Partial Loss) The extent of the loss (Partial Loss)
Any Building or Plant and Machinery or Furniture,Fixture, Fittings are completely destroyed.(Total Loss) You have rebuilt the building or reinstated such property. Reinstatement Value

Bharat Laghu Udyam Suraksha FAQs

Q1. Is there any provision in the policy to exclude inbuilt perils Like STFI, Terrorism to arrive at a reduction in premium?

Answer. Inbuilt perils cannot be excluded.

Q2. Does the client/insured have the provision to increase/decrease the Sum Insured during the policy period?

Answer. The client can request for increase/decrease in the Sum Insured.

Q3. Does this policy allow under insurance?

Answer. Yes upto 15% only

Q4. Are there any options to increase the coverage under the policy?

Answer. Yes there is an option to increase the coverage by means of add-ons.

Q5. What shall be covered in actual cost against costs compelled by Municipal Regulations?

Answer. In event of a claim due to insured peril, additional costs incurred by insured (on actual basis) at the time of reinstatement of property due to change in Municipal Regulations.

Q6. What does Impact damage of any kind mean?

Answer. Impact damage of any kind means damage caused by impact or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.).

Q7. What shall be the impact on policy coverage due to change in Policy Sum Insured, once it falls in next SI Slab i.e. Policy Sum Insured changes from 05 Cr slab to 550 Cr slab or vice versa. In event of a claim due to

Answer. In the case of mid-term increase or decrease in Sum Insured, existing policy terms and condition shall remain applicable, but at the time of renewal, relevant policy type shall be applicable.

Q8.Is it possible to extend the short period policy?

Answer. The annual policy can be issued on or after completion of the short policy period. Extension of short period policy is not possible.

Q9. Is Partial Selection of Assets allowed?

Answer. Partial Selection of asset is not allowed. The policy allows cover for complete value of plant and machinery, Stocks and FFF at the risk premise.

Q10. What is the floater provision in the policies?

Answer. It is an optional cover under Bharat Laghu Udyog Suraksha policy.

Q11. What is the provision for theft coverage in the policy?

Answer. It will be covered if loss/damage due to theft within 7 days from the occurrence of an insured peril.

Q12. Is Forest Fire and Jungle same?

Answer. As per product wordings, both are same.

Q13 D oes the Insured/Client have the option to increase sum insured limits for in-built Covers?

Answer. Sum Insured limits of in-built covers are Fixed

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Registration Number: 150 | ARN:Advt/2018/March/26 | CIN: U66000MH2010PLC209656

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