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Advantages of Office Insurance
Single property insurance policy can cover all types of commercial assets including building, furniture, fittings and fixtures, electrical and electronic equipment, laptops and mechanical equipment.
Apart from basic commercial office insurance coverage such as fire insurance, you can opt for add-on covers like burglary, theft, earthquake, electronic equipment insurance, and laptop insurance.
The policy can have several add-ons such as escalation clause, omission to insure, damage due to own cranes, and rent for alternative accommodation in the event the property cannot be used due to a claim.
Getting office insurance is easy. The sum assured for fire needs to be self-declared. Details are needed only for laptop all risk insurance where the make, model and serial number are required.
Benefits of Office Insurance
Range of Risks CoveredThe office property insurance policy covers the loss or damage caused from fire, lightning strike, natural catastrophes and other specified perils such as impact damage or leakage due to bursting of pipes
Electrical and electronic equipment can be covered for mechanical breakdown and short circuit
Portable equipments such as laptops can be covered for theft during transit.
Insurance at Reinstatement ValueInsurance policy would reimburse the cost of reinstating the asset to its condition prior to the loss. Depreciation charge is not deducted if the reinstatement value clause is applied
By default claims in fire insurance policies are settled based on market value i.e., after deduction of depreciation
Under the reinstatement clause, the property has to be reconstructed to be eligible for the claim.
Consequential LossSelect subsequent losses arising from a covered peril insured under the policy could also be indemnified. For example, rent for an alternative accommodation during the reinstatement period
Under Fire Loss of Profits (FLOP), loss of profits during the reconstruction period is covered
Gross profit or Net Profit + Standing expenses is considered for FLOP Insurance.