Factory Insurance

Factory insurance is an insurance policy that provides financial coverage to the factory owners against unforeseen loss or damage caused to the structure of the factory as well as the stored goods. However, it depends on the type of coverage the buyer has opted for. Factory owners should consider purchasing this insurance plan as it not only provides coverage for damages caused to the goods kept inside the premises but also outside the premises.

Read more
0
fire_factory_insurance

Get right expert advice

Hassle free policy

Speedy Claims

Fast-track your search with instant quotes from top insurers

Get ₹50 Lakh cover
starting at ₹280/month+

Step 1/2

Get ₹50 Lakh cover starting at ₹280/month+

secure-icon We don't spam
Get Updates on WhatsApp
Check Your Premium Now

Get ₹50 Lakh cover
starting at ₹280/month+

Step 2/2

Popular Cities

Fast-track your search with instant quotes from top insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Benefits of Factory Insurance

Here are some of the benefits of fire insurance for Factory:

  • Policyholders can enhance the coverage by purchasing add-ons provided by the insurer
  • Portable electronics can also be covered for specific losses such as breakdown, short-circuit, theft, etc. while traveling to another country
  • Replacement cost of damaged property is also provided instead of book value. This can be done through reinstatement and escalation value clauses
  • SFSP policy can cover the alternate accommodation expenses is the factory is damaged

Factory Insurance: Inclusions

Factory fire insurance provides coverage for the following perils:

  • Loss or damage caused due to fire to the structure of the building or the content is covered
  • Loss or damage caused due to natural calamities such as earthquakes, floods, storms, etc. is covered
  • Loss or damage caused due to implosion, explosion, etc. is covered
  • Loss due to theft, mechanical or electronic breakdown are also covered (Additional coverage is provided)

*Policy buyers can refer to the detailed list of coverage in the policy wording at the time of purchasing this policy.

Explore Fire Insurance

Factory Insurance: Exclusions

Factory fire insurance does not provide coverage for the following perils:

  • Intentional loss or damage is not covered
  • Loss or damage caused due to any illegal activity is not covered
  • Any consequential loss or damages are not covered
  • Normal wear and tear is not covered
  • Deterioration is also not covered under the policy
  • Loss or damage due to pollution is not covered
  • Loss or damage due to war or radioactive contamination is not covered

*Policy buyers can refer to the detailed list of coverage in the policy wording at the time of purchasing this policy.

How to Keep Factory Insurance Premium Low?

There are several factors that can help you keep the factory insurance premium lower while purchasing the insurance plan:

  • Lower claim history in the last 3 years
  • Security measures such as CCTV cameras, 24*7 security guard on duty
  • Fire safety measures such as water sprinklers, hydrants, fire extinguishers, etc. are installed on the premises
  • Having AMC for the equipment and machines
  • Lower or no basement exposure

Factory Insurance: Claiming Process

Follow the steps given below to raise a claim under the online factory insurance policy:

  • First of all, call the fire brigade in case of the fire accident
  • Then call the insurer within 24 hours of loss or damage
  • Insurer will send a surveyor to inspect the loss or damage caused
  • Assist the surveyor while the inspection
  • Once the surveyor is satisfied, he will inform the insurance company
  • Then the insurer will begin the process of settlement

Documents Required to Raise Claim under Factory Insurance

Here are the following documents that you will have to submit along with the claim form to raise claim:

  • Claim form
  • FIR, if any
  • Final investigation report
  • Fire brigade report, in case of fire
  • Invoice copy of damaged asset
  • Forensic report, if required
  • Cost of repair or lost products
  • Any other documents as per insurer’s requirement

Factory Insurance: FAQs

Fire Insurance Articles
Fire insurance is a kind of contract between the insurance company and the insured, where the insurer assures to...Read more
20 Feb 2019 by Policybazaar 39911 Views
Protecting your business against fire-related outbreak is essential.  Fire Insurance is the ideal protection...Read more
06 Mar 2019 by Policybazaar 35549 Views
Despite taking many precautions, the probability of fire damage is always there. To minimise the loss caused by a...Read more
04 Mar 2019 by Policybazaar 31653 Views
Fire insurance is a contract between an insurer and the insured in which the insurer promises to protect the...Read more
13 Feb 2023 by Policybazaar 4390 Views
Every property that you own is valuable. Whether it is your house or your office, it takes a lot of money to buy...Read more
27 Jul 2020 by Policybazaar 16759 Views
Fire insurance protects businesses against financial losses...Read more
19 Mar 2024 by Policybazaar 74 Views
In the labyrinth of industrial operations, there exists a subset...Read more
27 Dec 2023 by Policybazaar 320 Views
Fire insurance plays a pivotal role in safeguarding factories...Read more
15 Dec 2023 by Policybazaar 454 Views
In the domain of Factory Fire Insurance, the protection of stock...Read more
11 Dec 2023 by Policybazaar 416 Views
The importance of fire safety measures required for factory...Read more
11 Dec 2023 by Policybazaar 338 Views

Wait! Didn't find what you were looking for?

Our certified business insurance experts are just a call away.

Your call has been scheduled successfully.

Thank you
Our experts will provide you assistance with your
insurance coverage. Be assured, all your questions
will be answered
  • Disclaimers+

    +Premium varies on the basis of Occupancy, Business Activity & Coverage Type
    By clicking on "View Plans" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.
    The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.

top