Why ICICI Lombard?

We are one of the leading General Insurance Company with expertise in risk minimization and mitigation. Our special value added services team is dedicated for risk advisory and safety installation. Our claim settlement is fast with single documentation.

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Products

ICICI Bharat Sookshma Udyam Suraksha Policy provides insurance cover for physical loss or damage to, or destruction of, insured property relating to your business. This policy is for enterprises where the total value at risk across all insurable asset classes at one location does not exceed ₹ 5 Crore (Rupees Five Crore) at the policy commencement date.

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Coverage

Our standard cover includes physical loss or damage, or destruction caused to the building and structures, plant and machinery, stock and other assets relating to your business.

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Risk Mitigation

We have a specialized team which is dedicated for risk minimization and mitigation.

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Expertise

We carry industry's expertise to assess your business risk and provide better solution. We have a deep understanding of your business to provide the right coverage.

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Claims

You'll have access to round the clock claim assistance to ensure you experience hassle-free claim settlement.

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Technology Edge

One of the leading brand to issue the fastest Bharat Sookshma Udyam Suraksha policy in one go. To issue the same, please click here

What is Property Insurance?

This policy covers the property related to your business, if total assets value at one location does not exceed 5 crore at policy commencement date. Insurance coverage is for loss from unexpected events which causes physicals loss, damage or destruction of building and structures, plant and machinery, stock and other assets relating to your business. All micro level enterprises like hotels, restaurants, offices and others are eligible for this policy.

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Who needs it?

  • Property owners or renters
  • Small Business owners
  • Medium Business owners
  • Large Business owners

Why do you need it?

Our business are always prone to risks and fire eruption and property insurance provides a comprehensive protection against damages caused due to fire explosion and other risks. Besides fire related perils, it also protect damages caused due to any natural calamity, bursting of water tanks, theft etc.
The built in covers include coverage to Additional, alterations or extensions, stocks on floater basis, temporary removal of stock. Cover for Specific Contents, Start-Up Expenses, Professional fees, Costs for Removal of debris and Costs compelled by Municipal Regulations.

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Get answers to common questions about property insurance policy

Upon Occurrence of an Insured peril, these are the costs incurred by insured (on actual basis) at the time of Reinstatement of property due to change in Municipal Regulations.

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.).It is similar to the traditional accidental damage.

Yes, both are same as per product wordings.

It is New Replacement Value where the idea is to put the insured in the same position as he was just before happening of the incident/claim.

ICICI Sookshma Udyam Suraksha can be taken for all properties except Individual dwellings and housing societies. Assets that cab covered under the policy are Building including plinth, Basement and additional structures, Plant & Machinery , Stocks – Raw Material, Finished goods and stocks in process, Other contents.

Policy period upto 12 months as opted and mentioned in the policy document.

You can cancel this policy at any time during the policy period. Premium will be returned on the pro-rate basis.

Basic cover includes

  • Additions, alterations or extensions - Property that You erect, acquire or add during the Policy Period is covered upto 15% of the Sum Insured for that item (excluding stocks).
  • Stocks on floater basis: Loss to stocks located at more than one named location.
  • Temporary removal of stocks - Loss to stocks temporarily removed to other premises for fabrication, processing or finishing upto 10% of value.
  • Cover for Specific Contents - Cover for Money upto ₹ 50,000 during the policy period, cover for documents such as deeds, manuscripts, business books, plans, drawings, securities etc. upto ₹ 50,000 during the policy period, cover for computer programmes, information and data upto ₹ 5 Lakh during the policy period and cover for personal effects of employees, Directors and visitors upto ₹ 15,000 per person for a maximum of 20 persons during the policy period.
  • Start-Up Expenses - Start-up cost incurred by You in respect of insured risk consequent upon a loss or damage due to insured events upto ₹5 Lakhs.
  • Professional fees - Reasonable fees of architects, surveyors and consulting engineers upto 5% of the claim amount.
  • Costs for Removal of debris - Reasonable expenses for removal of debris upto 2% of the claim amount.
  • Costs compelled by Municipal Regulations - Additional cost of reconstruction of property incurred solely for complying with municipal regulations.

There is an option to increase the coverage by the means of add-ons.

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.

Floater is an inbuilt cover in Bharat Sooksham Udyog Suraksha but it is optional cover under Bharat Laghu Udyog Suraksha policy.

Losses / damage due to Theft will be covered within 7 days from occurrence of an Insured peril.

Presently, Sum Insured limits of inbuilt covers are fixed as per IRDA guidelines.

Provides insurance cover for physical loss or damage to, or destruction of Insured Property against Fire and Allied Perils.

  • Fire, including due to its own fermentation, or natural heating or spontaneous combustion
  • Explosion or Implosion
  • Lightning
  • Earthquake, volcanic eruption, or other convulsions of nature
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation
  • Subsidence of the land on which Your Premises stand, Landslide, Rockslide
  • Bush fire, Forest fire, Jungle fire
  • Impact damage of any kind, i.e., damage caused by impact of, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.)
  • Missile testing operations
  • Riot, Strikes, Malicious Damages
  • Acts of terrorism
  • Bursting or overflowing of water tanks, apparatus and pipes
  • Leakage from automatic sprinkler installations.
  • Theft within 7 days from the occurrence of and proximately caused by, any of the above insured events

Yes on agreed value basis subject to valuation certificate being submitted and accepted by us.

Yes. Excess amount of 5,000/- for each claim is deducted and remaining is paid.

  • If you suffer a loss that is covered by this policy, you must make a claim. We will verify the claim and accept it if it is according to the terms and conditions of this policy.
  • When you suffer loss to any Insured Property because of an Insured Event, You must
    1. give notice to us immediately
    2. report to police, fire authorities and other appropriate legal Authorities
    3. take all reasonable steps to prevent further damage to Insured Property
    4. preserve and collect evidence, take and preserve photographs,
    5. assist Us and Our representatives in collecting evidence and details, give us all information, books of accounts, and other documents etc
    6. submit claim form at the earliest opportunity but within 30 days from date You first notice the loss or damage

In these products, underinsurance is waived up to 15%, but beyond that underinsurance is applicable to full extent.

At the Request of the insured, Sum insured under the policy can be increased / decreased subjected to payment of Premium.

During Mid-term, there will be no impact on Policy wording due to SI increase. However, at the time of renewal, applicable policy wording as per sum insured will be selected while policy issuance.

Extension of short period policy is not possible, however annual policy can be issued on completion of Short period.

  • For Building, Plant and Machinery, Furniture, Fixture and Fittings and any other contents: Reinstatement Value.
  • For Stocks:
    1. For raw material: Landed Cost at Your Premises.
    2. For stock in process: Input Cost of the stock at the time of damage,
    3. For finished stock: the Manufacturing Cost of the finished stock or the Contract price of goods sold but not delivered

Offices, Hotels, Shops, Industrial/Manufacturing risks, Utilities located outside the compound of Industrial/ Manufacturing risks, Storage risks outside the compound of Industrial/ Manufacturing risks and Tank farms/Gas holders outside the compounds of Industrial/ Manufacturing risks.

The premium for the Insurance depends on

  1. The nature of insured property, viz. building, plant & Machinery, stock etc.
  2. The Sum Insured opted
  3. The nature of the Insured business and activity being carried
  4. Claims experience past 3 years.
  5. Various factors that define the risk profile of the enterprise.
  • You have some obligations to fulfil. You must
    1. state all and true information about Yourself, Your property and Your business when You submit a proposal.
    2. make true and full disclosure in Your claim and documents supporting the claim.
    3. give Us full cooperation for investigating the claim that You will make.
    4. make a claim when You suffer loss, and follow the claim procedure.
    5. ensure that unauthorised persons do not occupy Your premises and whenever Your premises is unoccupied, ensure that all security procedures are in force.
    6. Inform to Us change in circumstances such as change in nature of business or process, premises or if any part of it no longer is solely occupied by You, premises remain unoccupied for more than 30 days or You change the use of the premises or building.
  • Note:The above list is not exhaustive.

If you are an individual, the policy will continue for the benefit of Your legal representatives until the end of the period of the policy.

If the value of Insurable Assets exceeds ₹ 5 Crore during the Policy Period, the cover under Bharat Sookshma Udyam Suraksha policy will continue until expiry of the policy. However, on renewal, Bharat Sookshma Udyam Suraksha policy has to be replaced with the applicable policy.

You can choose to make changes to the covers of this Policy, for example, take additional cover, or increase or reduce any sum insured, you must make a proposal or request for any change. It will be effective only after we have accepted your proposal, and you have paid the additional premium where applicable.