Scope of Coverage under Bharat Sookshma Udyam Suraksha Policy as per IRDAI

1. Standard Coverage

The Bharat Sookshma Udyam Suraksha Policy provides coverage against physical loss or damage to the insured property caused by the following perils:

1. Fire: Covers loss or damage due to fire, including fire caused by electrical short-circuits, accidental or otherwise.

2. Natural Catastrophes:
– Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, and Flood: Covers damage caused by these natural calamities.
– Earthquake (including Fire following Earthquake): Provides coverage for loss or damage due to earthquakes and any resultant fire.

3. Impact Damage:
– Covers damage due to the impact by any external physical object such as a vehicle, falling trees, poles, etc.

4. Explosion/Implosion:
– Damage caused by explosion or implosion of boilers, gas storages, and other similar equipment is covered.

5. Lightning:
– Covers damage caused by lightning strikes.

6. Riot, Strike, Malicious Damage:
– Covers losses due to riots, strikes, or malicious acts leading to damage to the insured property.

7. Theft and Burglary:
– Covers damage or loss due to theft, burglary, or attempted theft.

8. Terrorism:
– Optional coverage for loss or damage due to acts of terrorism.

9. Bursting/Overflowing of Water Tanks, Apparatus, and Pipes:
– Covers damage caused by the accidental bursting or overflowing of water tanks or pipes.

10. Leakage from Automatic Sprinkler Installations:
– Covers damage caused by the accidental leakage of water from automatic sprinkler systems installed on the premises.

11. Subsidence and Landslide including Rockslide:
– Covers damage due to subsidence of the ground on which the insured property stands or landslides/rockslides.

12. Bush Fire:
– Covers damage caused by uncontrolled fire spreading through forests or bushes.

2. Coverage for Various

Types of Property

The policy covers a wide range of properties typically owned by small enterprises, including:

– Buildings: Commercial or industrial buildings, warehouses, and other structures used for business purposes.
– Plant and Machinery: Coverage for machinery, equipment, and tools used in the business operations.
– Stock: Raw materials, finished goods, and work-in-progress stored on the premises.
– Furniture, Fixtures, and Fittings: Coverage for office furniture, fixtures, fittings, and other business assets.
– Other Contents: Any other contents owned by the insured and used in the business, such as computers, office equipment,

3. Extensions and Additional Coverages

– Debris Removal: Covers the costs associated with removing debris following an insured event.
– Architects, Surveyors, and Consulting Engineers Fees: Covers professional fees required for the repair or replacement of damaged property.
– Start-Up Costs: Coverage for the additional costs incurred to start up operations again after a major loss.
– Expenses for Temporary Repairs: Covers the expenses necessary to make temporary repairs to protect the property from further damage.