This class of insurance covers losses that affect the insured’s own property – buildings, fixed assets, current assets, in a direct way, by sudden and unforeseen material damages or indirectly, due to financial losses generated by business interruption as a consequence of a material damage.
Building and Assets Insurance
It is a key coverage for any company, regardless of size, because it protects the company’s assets and business continuity, covering the costs of repair or replacement if the goods are damaged or destroyed by fire, theft, natural disasters or other insured hazards.
Also known as property insurance, this insurance may be concluded for buildings, together with all structures and equipment serving them, production equipment, various fixed assets and inventory items, current assets or goods in the care, custody or control of the insured.
Also, the coverage can be extended to insure the continuity of your business, when the activity is interrupted due to an insured risk, the policy covering the amount of gross profit lost as a result of business interruption.
The cost of insurance and the coverage conditions start from the analysis of the main risk factors, such as the location, the technical condition of the buildings and other insured goods, reliability of the fire prevention and extinguishing systems as well as the quality of the property management, technical maintenance and security.
It is an essential customary kind of insurance for most fields of activity – production, trade, services or non-profit organizations.
Machinery Breakdown Insurance
It is an insurance that covers accidental damage to equipment, machines, machinery, industrial installations, being intended for different industries that operate equipment and machinery, from the simplest to the most complex.
There are two specific insurance products – one for mechanical and electrical equipment used in all types of industries and another for electronic equipment (computers, office and communications equipment, medical equipment, video and audio equipment, measuring equipment, electronic panels, etc.).
Both insurance products cover the specific risks to which the equipment is exposed during operation, such as voltage variations, human error, overpressure, damage caused by handling, etc. The coverage can be extended with insurance for loss of profit due to accidental damage, to cover indirect losses resulting from equipment failure, when production capacity is used to its maximum and the unavailability of equipment generates financial losses.