The package policy covers both physical damage to the asset insured as well as consequential losses. It is an all risk product covering a wide range of perils such as fire and allied perils, accidental damage, burglary, breakdown as well as business interruption. The policy document has two sections- material damage and business interruption.
Limited exclusions specifically named such as war, nuclear perils, normal wear and tear, willful damage or negligence among others. All other risks are included to extend a wide coverage against unpredictable occurrences.
The policy comes with several add ons which can be opted for depending upon the nature of risk such as terrorism, omission to insure, escalations, fees paid to architects and surveyors, debris removal and so on. At Bluearmour, we can work with you to customize a cover that works for the risks that your project is exposed to.
The excess amount gets deducted from the claim amount during final claim settlement. The excess amount as well as sum insured under different sections of the policy (material damage, business interruption, add on covers), policy exclusions for the same risk can vary across insurers. Often, a combination of products is needed for effective risk mitigation. Blue Armour Insurance Brokers can advise you coverage terms as well as premium rates across the process.
Direct Broker (General), IRDA License No 728 (Valid upto 25th August, 2023), Bluearmour Insurance Brokers Private Limited, CIN: U66000HR2019PTC084231