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Bharat Sookshma Udyam Suraksha

Bharat Sookshma Udyam Suraksha will be covering micro and small level businesses like offices, Hotels,Shops, Industrial/Manufacturing risks, Utilities located outside the compound of Industrial/Manufacturing risks, Storage risks and Tank farms/Gasholders outside the compounds of Industrial/Manufacturing risks.

Key Features:

  • Policy Duration :Shall not exceed 12 Months
  • Sum Insured :Up to Rs-5 crore.
  • In Built Covers :The product covers additional Perils (over SFSP) Details as under.
  • Standard add-on's like :Declaration Policies for Stocks
  • 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 on covers for specic contents such as Money, Deeds, Manuscripts, Business Books etc

Excess - Rs-5,000 (Rupees Five Thousand) for each claim

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

In-built Covers In-built Covers Bharat Sookshm 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 Sookshma 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) Upto 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
Stock is completely destroyed.(Total Loss)
  • For raw material: Landed Cost at Your Premises.
  • For stock in process: Input Cost of the stock at the time of damage,
  • For the nished stock: the Manufacturing Cost of the Finished Stock or the Contract Price of goods sold but not Delivered

Bharat Sookshma 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. These are inbuilt perils and cannot be excluded.

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

Answer. Yes, client can request for increase / decrease

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 the 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.

Answer. In 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 plant and machinery, Stocks and Furniture, Fixture and Fittings at the risk premise.

Q10. What is the floater provision in the policies?

Answer. Floater is an in-built cover in Bharat Sooksham Udyog Suraksha Policy.

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

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

Q12. I s Forest Fire and Jungle same?

Answer. As per product wordings, both are same.

Q13 Does the Insured/Client have the option to increase the sum insured limits for Inbuilt Covers?

Answer. As per IRDA, guidelines, presently, the Sum Insured limits of in-built covers are fixed.

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