Property Insurance compensates individuals or businesses for sudden damages to insured property, covering specific perils like fire or all risks except exclusions. Project policies cover damages during infrastructure projects. Material damage policies cover physical loss, while Business Interruption policies cover financial losses, triggered by admitted claims under concurrent material damage policies. PCIS handles all aspects of property and business interruption claims.
Our Property Claims Management Services encompass fire, engineering, business interruption, and miscellaneous claims. Processes involve site inspection, immediate reporting, expert appointments if needed, admissibility determination, damage quantification, document collection, interim payment recommendation, negotiation, salvage disposal, assessment preparation, and timely insurer communication. Business interruption claims involve understanding the business, PERT chart preparation, interruption period minimization, historical data collection, financial verification, assessment preparation, and insurer communication.
PCIS boasts a highly skilled team with diverse expertise, including Civil, Mechanical, Electrical Engineers, Cost Accountants, Chartered Accountants, and Computer Professionals. Our adjusters possess technical acumen and experience to efficiently handle property and business interruption claims. We have a dedicated vertical for Telecom Service Providers and a panel of sector specialists for large value claims, ensuring fair and prompt settlements appreciated by insurers and insureds.
Properties such as building, stocks, plant & machinery, contents etc. due to perils covered under their insurance policy
SFSP policies are peril-based policies covering twelve perils under the policies. Risk policies such as Industrial All Risk Policy, Machinery Breakdown Policy, Electronic Equipment Policy, Contractor’s Plant & Machinery Policy etc. are covering all types of risk except specifically excluded under the policy.
A deductible is the amount of money that Insured are responsible for paying towards an insured loss. The deductible is applied to the adjusted loss to arrive at Net Liability of the Insurers.
Different policies have different deductibles.
Business Insurance Policy comes into effect when:
• Material damage provisioned under Business Insurance Policy is complied with which means:
i. A material damage claim under concurrent material damage policy has arisen
ii. Claim / liability has been admitted under the policy by the Insurers
• There is a valid Business Insurance Policy in force, covering the affected premises and covering the business described
• Interruption of production / business had arisen following operation of an Insured peril
Period beginning from the occurrence of damage and ending not later than the period opted during which the results of the business shall be affected in consequence of damage
Loss of Gross Profit during Indemnity Period + Increased Cost of Working – Savings in Fixed Cost – Underinsurance if any – Deductible under policy
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