Package Policy for Office, Factory and Warehouse, Shops, Housing Societies, Hotels and Restaurants, Jewelers and Bankers

What is a Package Policy

A package policy cover various risks that a business is exposed to such as fire and special perils, burglary and theft, employee dishonesty, loss of money in transit or in safe, burglary, electronic equipment, machinery breakdown etc under a single package product. Industry specific package policies to cover risks specific to a certain business.

Customized and Industry Specific Package Cover

Package insurance products exist to cover losses in: Factory and Warehouse
Office Establishments
Housing Societies
Jewelers Block (in retail or wholesale trade, not manufacturing)
Hotels and Restaurants
Bankers Indemnity
The risks to be covered under each product as well as exclusions differ based on the industry as well as the insurer chosen. Package policies offer ease of administration by covering several risks under a single policy.

Customize Cover Based on Your Project

Every package policy comes with several add ons which can be opted for depending upon the nature of risk and industry. Further, policy wordings, add ons for the same risk can differ across insurers. At Bluearmour, we can work with you to customize a cover that works for the risks that your business is exposed to.


What factors need to be kept in mind at the time of claim and taking a package policy?
The excess amount gets deducted from the claim amount during final claim settlement.A package policy can have several sections, each with its own sum insured and exclusions/excess clause (which may vary across industry specific products) such as:
Fidelity cover
Plate glass cover
Neon sign
Fire loss of profit
Rent for alternative accommodation
Public liability
Cash in safe and cash in transit
Machinery breakdown
Burglary insurance
Theft insurance.
Often, a combination of products is needed for effective risk mitigation, and coverage/exclusions for the same risk may vary across insurers. Blue Armour Insurance Brokers can advise you coverage terms as well as premium rates across the process.
How is premium determined under a package policy?
Typical factors affecting the premium rating are: sum insured under each section of coverage (a package policy can have around 12 sections for different types of risk), add ons opted for

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Direct Broker (General), IRDA License No 728 (Valid upto 25th August, 2023), Bluearmour Insurance Brokers Private Limited, CIN: U66000HR2019PTC084231