The power of fire is noteworthy. It is constructive and beneficial, but also has the potential to wreak complete havoc. A single spark can burn down buildings, plants, machinery and even stocks, and a business will find it very difficult to rise from the ashes.
With Chola MS Fire Insurance, ensure that your business is adequately covered against damage from fire and fire-related perils.
Chola MS Fire & Special Perils policy compensates for the loss of property due to the following perils:
Explosion / Implosion
Riot, Strike, Malicious damage
Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation
Subsidence, Landslide (including rock slide)
Bursting and / or overflowing of water tanks, apparatus and pipes
Missile Testing operations
Leakage from Automatic Sprinkler Installations
Earthquake (this is an optional cover available on request)
Please refer to the Policy Wordings for the complete coverages, exclusions and terms and conditions of the policy.
Additional Expenses Covered:
The policy automatically covers the following expenses incurred following loss / damage / destruction of a covered property as a result of the operation of an insured peril.
Architects, Surveyors and Consulting Engineers' Fees upto 3 % of the claim amount.
Expenses incurred for removal of debris to clear the site upto 1 % of the claim amount.
What can be insured
All immovable and movable property excluding land such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process.
Building (including plinth and foundations, if required): Whether completed or in course of construction (excluding the value of land).
Interiors, Partitions and Electricals.
Plant & Machinery, Equipments & Accessories (including foundations, if required)
Stocks: Raw Material Finished Goods In process In trade belonging to Wholesaler, Manufacturer and Retailer.
Other Contents such as
Furniture, Fixtures and Fittings
Spares, Tools and Stores
Household goods etc.
What are the occupancies that can be insured
Residences, offices, shops, showrooms, hotels, restaurants, schools, colleges, hospitals, clinics, auditoriums etc located outside the compound of industrial risks;
Factories viz industrial and manufacturing risks
Godowns, Storages in Open, Storages in Tanks, Gas holders located outside the compound of industrial risks
In 2016, after the demise of her husband and two sons, Hema took charge of her husband’s Motor Driving School. AU Bank transferred the car loans in her name and provided support when Hema needed it the most. After one year, Hema became independent and her business is running better then before. She is also providing employment to four drivers in her Motor Driving School.
Owner - Motor Driving School
Vikas Soni, a teenager from Navalagarh — a small town in Rajasthan, has seen the hardships his father underwent to raise a family. The agricultural income was never enough to feed the family of 12 members.
All of 14, he dropped out of school and started working as a labourer. He tried his hands at selling milk and other avenues for income generation, but did not succeed. However, it did not dampen his spirits. “AU helped me when I decide to buy a pick-up van for my business in 1999,” says Vikas.
Since then there was no looking back for this progressive man. Today, Vikas owns 3 pick-up vans, runs an event management business, where he supplies flowers and makes music arrangements (DJ) at weddings, hotels and other events in and around his village.
Today, he is financially independent and is doing well.
Owner of Pick-up vans
AU Bank was very quick. The customer service was very cheerful and helpful there. They sort everything very nicely.
Manohar Singh Rajawat
Raju Bhai a progressive farmer who hails from a village near Ahmedabad had understood that dependence on agriculture alone for livelihood will never be enough to fend for his family. AU Bank extended support and gave wings to his aspirations by catering to his financial requirements.
Raju Bhai is earning handsome surplus, besides the income from his agriculture income. He has a well-settled pick-up vehicle business with three vehicles and two drivers who are paid 8000 each.