Business/Commercial Insurance Products

Our Business Insurance products are specially designed keeping in view the requirements of the sector. So whether you are running a manufacturing unit, or a trading house, or any commercial establishment our products take care of your individual needs. Phoenix Assurance Group has generic as well as tailor made policies for all commercial establishments.

Phoenix Assurance Group also advises its clients on risk management and risk mitigation measures. Working closely with the intermediaries, Phoenix Assurance Group is able to offer value addition in the overall risk management of its client.

Property Insurances:

Phoenix Assurance Group offers the entire gamut of insurance protection for your property. Factory buildings, office building, supermarkets, warehouses; all can be covered under the Property Insurance.

The property insurances cover you against financial loss due to a variety of natural perils including, fire, flood, earthquake, rain damage, etc. There are a number of generic policies offered like the Standard Fire Policy, Industrial All Risks Policy, Asset All Risks and Multimark policies.

Phoenix Assurance Group’s property insurance products can be further enhanced with custom-made terms and conditions to suit the individual requirement. Your Insurance Broker/Agent will be happy to advise you further on this.

Business Interruption Insurance:

While the loss to the property can be covered under property insurance Phoenix Assurance Group’s Business Interruption policies cover loss of revenue due to damage to the property following a fire or related peril. The policy can be extended to cover the standing charges and other expenses besides the Gross Profit.

Depending on the industry and the time taken to rebuild to its earlier state, the indemnity period can be taken up to 12 months following a loss due to an insured peril.

Engineering Insurance policies

Whether you own complex machinery or a turbine generator, whether you are constructing a residential house or a power station, our engineering policies are designed to provide your protection throughout. Phoenix Assurance Group’s Engineering Insurance products provide coverage for accidental breakdown and loss of revenue due to such breakdowns.

Contractors All Risks Insurance

Construction of a property – whether it is a residential house or a complex hydro electric dam – is faced with a myriad of risks. Right from the day when the first foundation stone is laid to the completion of the construction, the Contractor faces risks due to fire, floods, man made accidents, property damages, etc.

Phoenix Assurance Group’s Contractors All Risks Insurance (CAR) covers the perils faced by contractors while building civil structures. It is All-Risks insurance and covers the property under construction, the third party liabilities, surrounding property, etc.

The coverage is available not only for the construction phase but also during the maintenance phase.

Contractors Plant and Machinery Insurance

The Contractors use a number of specialized machines during the construction phase. The heavy earth moving equipment and the delicate electronic calibrating instruments are all part of the construction site and prone to various risks.

Contractors Plant and Machinery Insurance (CPM Insurance) covers the various mobile equipment contractors’ used in constructing. This includes cranes, hoists, bulldozers, levers and other such machines. Coverage is provided for the breakdown of the machines as well as for Third Party damages.

Erection All Risks Insurance

Erection of machinery involves the civil phase where the foundation for the machinery is laid properly and then erection of the machine to ensure that it performs to its required standards. Any mishap during either of these stages will put the project back in its timeline leading to loss of money and opportunity costs.

Phoenix Assurance Group’s Erection All Risks policy covers the damages to the civil structures and machines during the erection phase. The policy also covers for the Third Party damages that might occur during the erection phase.

Machinery Breakdown Insurance

Machinery Breakdown Insurance (MBD Insurance) covers damages to machinery caused by electrical or mechanical breakdowns. In today’s world most of the machines are interdependent and connected to the production process. In view of this, Phoenix Assurance Group recommends that all machinery (critical and non critical) are covered under the Machinery Breakdown Policy to ensure full protection.

It is a condition that the machinery is maintained as per the required standards and the value insured is the replacement value of the machine.

Machinery Breakdown Consequential Loss Insurance

Machinery Breakdown Consequential Loss Insurance (also known as Machinery Breakdown Loss of Profits Insurance) covers the financial loss an organization suffers following the breakdown of the insured machine. Machinery Breakdown Consequential Loss Insurance cannot be covered unless the machine is also covered under Machinery Breakdown Insurance. The claims are admitted only after the claim becomes admissible under Machinery Breakdown Insurance.

The policy can be taken to cover losses arising during the particular period when the machine is either replaced or repaired.

Burglary Insurance:

Our Burglary Insurance policy covers all losses arising out of burglary and housebreaking into a premises. All loss of property following a violent and visible break in is covered.

The policy can also be issued on a first loss basis where part of the property can be covered for burglary insurance.

Phoenix Assurance Group recommends that the premises are protected by the usual risk management methods like burglar alarms, security guards and electric fencing, etc.

Money Insurance

Movement of money from the business premises to the banks or other customer’s premises is fraught with dangers and high exposures.

Phoenix Assurance Group’s Money Insurance covers the loss of money in transit between the bank and the office, or between offices. Loss due to theft and attack is covered and can be extended to cover the loss of money in a safe, in the counter and money with directors. Separate limits have to be specified for coverage.

Fidelity Guarantee Insurance

This policy covers financial loss suffered by an organization due to embezzlement of funds by employees. Loss of stocks due to fraud committed by employees is also covered. Policy requires that the organizations have sufficient Internal Controls and proper accounting procedures laid out. Policy can be taken for all the employees or select category of employees with limits prescribed for each category.

Marine and Inland Transit Insurance Products

The history of insurance evolved from the marine insurance in the coffee house called Lloyds in London in the sixteenth century. Since then, there are covers for almost everything.

Marine insurance covers the cargo in transit from one port to another port on a warehouse-to-warehouse basis. All sea perils are covered.

The Inland Transit Insurance products cover the goods whilst on an inland journey.

Marine Cargo Insurance

This is one of the oldest insurance policies in the world and provides coverage of goods on a warehouse to warehouse basis covering almost all the perils of the sea, including piracy.

Marine Hull Insurance

Marine Hull Insurance covers the ships and boats against a variety of risks including fire, perils, theft of overboard engines, collusion, etc.

Motor Vehicle Insurance

Phoenix Assurance Group’s Motor Vehicle Insurance provides coverage to the damage of the vehicle due to any accident – involving other vehicles or by self, including damage due to theft or larceny.

So the family car that takes you to the Church and back to the huge commercial transport carriers that ferries your goods across the continent can be covered under the policy.

Coverage is available for the vehicle, damage to third party vehicles, injury/death to the third party and theft of the vehicles. Policy can be extended to cover multiple geographies in the continent.

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