Bharat Laghu Udyam Suraksha Policy (BLUS) insurance covers your business property. With this policy, the insurer agrees to compensate you for losses incurred due to unexpected events causing physical loss, damage, or destruction of buildings and structures, plant and machinery, stock, and other business-related assets. BLUS insurance can be purchased if a business has total insurable assets valued between INR 5 crore and INR 50 crore.
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Types of Covers: Bharat Laghu Udyam Suraksha Policy
Standard Cover: This includes coverage for buildings and structures, plant and machinery, stock, and other business-related assets.
In-built Covers: If the insurer agrees to pay your claim for loss or damage to insured property under the Standard Cover, they will also cover the following losses, damages, and expenses:
Alterations, Additions or Extensions: Property that you erect, acquire, or add during the policy period is covered up to 15% of the sum insured for that item (excluding stocks).
Temporary Removal of Stocks: Loss of stocks temporarily removed to other premises for fabrication, processing, or finishing is covered up to 10% of their value.
Cover for Specific Contents:
Money up to ₹50,000 during the policy period.
Documents such as manuscripts, deeds, business books, drawings, plans and securities up to ₹50,000 during the policy period.
Computer programs, information, and data up to ₹5 lakhs during the policy period.
Personal effects of employees, directors, and visitors up to ₹15,000 per person, for a maximum of 20 people during the policy period.
Start-Up Expenses: Start-up costs incurred due to insured events are covered up to ₹5 lakhs during the policy period.
Professional Fees: Reasonable fees for surveyors, architects and consulting engineers are covered up to 5% of the claim amount.
Costs for Removal of Debris: Reasonable expenses for debris removal up to 2% of the claim amount.
Costs Compelled by Municipal Regulations: Additional costs of property reconstruction incurred solely to comply with municipal regulations.
Bharat Laghu Udyam Suraksha Policy: Add-ons
You can purchase the following standard add-ons by paying an additional premium:
Floater Cover: Provides coverage for stocks at multiple locations under one sum insured.
Declaration Policy for Stocks: Offers coverage for frequent fluctuations in stock values on a declaration basis.
Conditions under Bharat Laghu Udyam Suraksha Policy Help the Insured
If the building and structures, plant and machinery, stock, and other assets related to your business are lost, damaged, or destroyed due to unexpected events occurring during the policy period, this policy provides insurance coverage as follows:
Loss
Condition
Policy Payment
Any partial loss to insured propeorty
You have repaired such property.
Cost of repairs, not exceeding the Sum Insured
Any partial loss to insured stock.
-
Extent of the partial loss, not exceeding the Sum Insured.
Any Machine. Plant, Furniture or building is completely destroyed (Total Loss)
You have rebuilt the building or reinstated such property.
Reinstatement Value, not exceeding the Sum Insured
Total loss of stock
a) For raw material: Cost of raw material after being landed at Your Premises. b) For stock in process: At the time of damage, stock's input cost c) For finished stock: Manufacturing Cost of the Finished Stock or the Contract Price of goods sold but not delivered.
Cost of stock as detailed, not exceeding the Sum Insured.
Total loss of any Furniture, Machine, Plant or building
Haven't rebuilt the building
Reinstated other property
Market Value (Reinstatement Value less Depreciation), not exceeding the Sum Insured
Does BLUS Insurance Cover Entire Claim?
The policy will pay your claim if it is admissible under the terms and conditions of the Bharat Laghu Udyam Suraksha Policy. Each claim is subject to an 'Excess' provision, meaning you must bear the higher of ₹10,000 (Rupees Ten Thousand) or 5% of the claim amount, and the insurer will pay the remaining amount of the admissible claim. For terrorism risk, the Excess will be as per the clause attached to the policy.
Unexpected Events Covered under BLUS Insurance
The policy will cover physical loss, damage, or destruction caused to Insured Property by the following unforeseen events, detailed in Column A. Events not covered in respect of these are listed in Column B.
Covered Events
Events Not Covered
1. Fire, including due to its own fermentation, or natural heating, or spontaneous combustion.
a. Heating or drying process. b. Burning of Insured Property by order of any Public Authority.
2. Explosion or Implosion
a. Economizers, Boilers or other vessels, machinery, or apparatus in which steam is generated, or their contents. b. Centrifugal forces.
3. Lightning
-
4. Volcanic eruption, eathquake or other convulsions of nature
6. Subsidence of the land on which Your Premises stand, Rockslide, Landslide
a. Normal cracking, bedding down or settlement of new structures. b. Settlement or movement of made-up ground. c. Coastal or river erosion. d. Design is defective or use of defective materials. e. Demolition, structural alterations, construction or repair of any property, or ground works or excavations.
7. Bush fire, Jungle Fire, Forest fire
-
8. Impact damage of any kind (e.g., vehicle, falling trees, aircraft, wall)
a. Pressure waves caused by aircraft or other aerial or space devices traveling at sonic or supersonic speeds. b. Vehicle, animal, or aircraft belonging to or owned by Insured or their employee while acting in course of employment.
9. Missile testing operations
-
10. Strikes, Riots, Malicious damages
a. Total or partial cessation of work, or interruption, the retardation or cessation of any process or operations or omissions of any kind. b. Temporary or permanent dispossession, commandeering, confiscation, requisition, or destruction by order of the government or any lawful authority. c. Temporary or permanent dispossession of any Building by unlawful occupation by any person.
11. Bursting or overflowing of water tanks, pipes and apparatus
-
12. Leakage in automatic sprinkler installations
a. Repairs or alterations in the Building where Your Business is located. b. Repairs, removal, or extension of any sprinkler installation. c. Defects in the construction known to You.
13. Within the 7 days of theft and proximately caused by, any of the above Insured Events
a. Theft of any article or thing outside Your Premises. b. Theft of any article or thing attached from the outside of the outer walls or the roof of Your Premises, unless securely mounted.
Basis of Sum Insured in Bharat Laghu Udyam Suraksha Policy
For Plant and Machinery, Building, Fixtures, Furniture, Fittings, and Other Contents: Coverage is provided at the Reinstatement Value.
For Stocks: a) Raw Material: Covered at the landed cost at your premises. b) Stock in Process: Covered at the input cost of the stock at the time of damage. c) Finished Stock: Covered at the manufacturing cost of the finished stock or the contract price of goods sold but not delivered.
The contract price applies to goods sold but not delivered, for which you are responsible, and the sale contract is cancelled due to damage insured under this policy, either wholly or to the extent of the damage. The company's liability is based on the contract price.
Bullion, Unset Precious Stones, Curios, Works of Art, or Obsolete Machinery: These items are covered on an agreed value basis, subject to the submission and acceptance of a valuation certificate by the insurer.
Reinstatement Value
This amount covers the cost to reinstate or replace the insured property with same property, without deducting depreciation, to restore it to a condition comparable to its new state on the date it was damaged or destroyed.
Bharat Laghu Udyam Suraksha Policy: Exclusions
Not all events and losses are covered. Some exclusions include:
Loss or destruction to any electronic/electrikcal machine, fixture, apparatus or fitting due to over-running, short-circuiting, excessive pressure, self-heating, arcing or leakage of electricity from any cause (including lightning). This exclusion applies only to the particular machine affected.
Contamination and Pollution
Property that is missing or has been mislaid.
Indirect loss or damage / Consequential Loss
Costs, fees, or expenses incurred for preparing any claim.
Bullion, unset precious stones, curios, or works of art unless specifically declared.
Loss, destruction, or damage to stocks in cold storage due to a change in temperature.
Deliberate, intentional or will-full act.
Invasion, war or war-like operations.
Ionizing radiation.
Loss, damage, or destruction if the insured premises or building remains unoccupied for more than 30 days.
(*Please refer to the policy document for a complete list of exclusions.)
Property/Assets Coverage under BLUS Insurance
Building with its basement (if any), fixtures, fittings, towers, garage, security sheds, lifts, internal roads, security systems, air conditioning systems, fire sprinkler systems, electric installations and other structures located on your business premises.
Plant and machinery, spares, and accessories.
Stock of goods or merchandise, including finished goods, semi-finished goods, stock in process, raw materials, and packing materials.
Other items like furniture, office and electronic equipment, canteen and kitchen equipment, computers, etc.
Eligibility Criteria to Purchase BLUS Insurance
You can buy this cover for any property related to your business if you are the owner, lessee, tenant, buyer or hold it as a trustee on commission, or if you are responsible for it and liable for taking insurance. This cover is applicable for any commercial enterprise within the specified value limits of insurable assets as detailed below:
1. Eligibility for Purchase
If the insurable assets at any location are valued between ₹5 Crore and ₹50 Crore at the policy start date.
2. Changes in Insurable Asset Value
If the value of insurable assets changes beyond ₹5 Crore to ₹50 Crore during the policy period, policy and premium adjustments will be required.
3. Policy Options for Larger Enterprises
If your insurable assets exceed ₹50 Crore at the policy start date, you must purchase a policy for larger enterprises and pay its premium.
Bharat Laghu Udyam Suraksha Policy: Claim Process
If you suffer a loss covered by this policy, you must make a claim. The insurer will verify and accept the claim if it meets the policy's terms and conditions. Follow these steps when making a claim under BLUS insurance:
Notify the Insurer: Inform the insurer immediately after the loss occurs.
Report to Authorities: Notify the police, fire authorities, and other relevant legal authorities.
Prevent Further Damage: Take all reasonable steps to prevent further damage to the insured property.
Collect Evidence: Preserve and collect evidence, including taking and keeping photographs of the damage.
Assist the Insurer: Provide the insurer and its representatives with all necessary information, books of accounts, and documents to help them collect evidence and details.
Submit Claim Form: Submit the claim form as soon as possible, but within 30 days from the date you first notice the loss or damage.
By following these steps, you ensure a smooth and efficient claim process.
Ans: You can cancel the policy anytime during its period, and a portion of the premium will be refunded. The insurer may cancel only for misrepresentation, non-disclosure, fraud, or non-cooperation from the insured.
Ans: To renew the policy, apply before the end of its period and pay the premium. Renewal isn't automatic; the insurer may request information and can reject renewal for misrepresentation, non-disclosure, fraud, or non-cooperation.
Ans: Yes, you can make changes to the covers of this policy, such as taking additional cover or adjusting the sum insured. You must submit a proposal or request for any change, which will be effective only after the insurer accepts your proposal and you have paid the additional premium where applicable.
Ans: If you are an individual who dies during the policy tenure, the policy will continue for the benefit of your legal representatives until the policy expires.
Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
I am using a fire insurance policy from policybazaar and experienced amazing feedback from them in claim settlement. I have a sports merchandise shop that caught fire last yearI raised a claim which was resolved within a few days without any hassles.
Thiruvananthapuram
4.8 October 08, 2022
Balachandar
Helpful Support
The support team of Policybazaar is really helpful and prompt. They solve all your queries fast. Would definitely recommend Policybazaar for purchasing insurance .
Mangaluru
4.8 October 07, 2022
Raahim
Extensive Cover
Got a fire insurance policy for my shop and it was really extensive with so many features. Purchased it from Policybazaar without paying any commission fees. Great coverage.
Bengaluru
4.5 October 06, 2022
Aadi
User Friendly Website
We deal in the cotton industry and suffered a huge loss last year because of the fire. We were looking for insurance to safeguard us financially from any such incident in the future. We landed on the policybazaar website and bought fire insurance. Their website is well managed and gives all the necessary information.
MP
4.8 October 05, 2022
Rohit
Plans Are In Budget
Had to purchase a fire insurance which should be in my budget as I run a very small store. Got a lot of affordable plans on Policybazaar and purchased the one that suited my budget. All plans are in budget and with so many features.
Bhopal
4.3 October 04, 2022
Baban
Covered My Shop
I have a shop of garments and it caught fire last year in which I lost items worth thousands. Purchased a fire insurance from Policybazaar and now I feel really relieved that it would financially cover my shop in such circumstances.
Chandigarh
4.3 October 03, 2022
Aarnav
Faster Claim Settlement
A part of my warehouse having thousands of material caught fire. Luckily I had a fire insurance policy that I could claim and received compensation from them. It was such a relief. The claim settlement team at Policybazaar is helpful and really quick.
Assam
4.5 October 02, 2022
Jagadish
Affordable
I have a warehouse of clothes and was planning to buy a fire insurance policy to cover my material from unwanted fire. Got a really affordable plan from Policybazaar with some really great features.
Ahemdabad
4.5 October 01, 2022
Rahul
Budget Friendly
Wanted to cover my crockery shop from fire and was searching for an affordable plan. Found a great plan at Policybazaar which suited my budget.
Surat
4.5 September 30, 2022
Baabul
Instant Purchase
Wanted a fire insurance policy for my crockery business and could purchase it instantly from Policybazaar. The process was quick instant and very easy.
*Premium varies on the basis of Occupancy, Business Activity & Coverage Type
. The premium of Rs 3400/year (Rs 283.33 / month) is for a pucca building with sum insured of Rs 50 lakh at selected locations, for property age less than 25 years and policy term of 1 year, rounded off to nearest 10. Additional premium is payable for the optional covers including contents opted. STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. 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.
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