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Bharat Sookshma Udyam Suraksha Policy : Features

This Policy gives three types of covers:

  • Standard Cover for the building and structures, plant and machinery, stock and other assets relating to your
  • In Built Covers: Under the Standard Cover if we agree to pay your claim for loss or damage to Insured Property, We will also pay for the following loss or damage and
    1. Additions, alterations or extensions: Property that You erect, acquire or add during the Policy Period is covered upto 15% of the sum insured for that item (excluding stocks).
    2. Stocks on floater basis: Loss to stocks located at more than one named
    3. Temporary removal of stocks: Loss to stocks temporarily removed to other premises for fabrication, processing or finishing upto 10% of
    4. Cover for Specific Contents: Cover for money upto ₹50,000 (Rupees Fifty Thousand) during the policy period, cover for documents such as deeds, manuscripts, business books, plans, drawings, securities , upto ₹50,000 (Rupees Fifty Thousand) during the policy period, cover for computer programmes, information and data upto ₹ 5 Lakh (Rupees Five Lakh) during the policy period and cover for personal effects of employees, Directors and visitors upto ₹15,000 (Rupees Fifteen Thousand ) per person for a maximum of 20 (twenty) persons during the policy period.

    5. Start Up Expenses: Start-up cost incurred by you, consequent upon a loss or damage due to insured events upto ₹ 1 lakh (Rupees One Lakh) during the policy
    6. Professional fees: Reasonable fees of architects, surveyors and consulting engineers upto 5% of the claim amount
    7. Cost of Removal of debris: Reasonable expenses for removal of debris upto 2 % of the claim
    8. Costs compelled by Municipal Regulations: Additional cost of reconstruction of property incurred solely for complying with municipal
  • Standard Add-on
  • You can purchase the following standard Add-on on payment of additional Premium.

    Declaration Policy for Stocks: Cover for frequent fluctuations in stock/stock values on declaration basis.

    For Detailed product feature please Click Here

Bharat Sookshma Udyam Suraksha Policy : What We Cover

We pay for physical loss or damage, or destruction caused to Insured Property by the following unforeseen events. The events covered are given in the Column A and those not covered in respect of these events are given in Column B.


Column A Column B
We cover physical loss or damage, or destruction caused to the Insured Property by We do not cover loss or damage, or destruction caused to the Insured Property by
1. Fire, including due to its own fermentation, or natural heating or spontaneous combustion. caused by
  • its undergoing process, or
  • burning of Insured Property by order of any Public Authority.
2. Explosion or Implosion
  • caused to boilers, economizers or other vessels, machinery or apparatus in which steam is generated, or their contents, resulting from their own explosion or implosion, or
  • caused by centrifugal forces.
3. Lightning -
4. Earthquake, volcanic eruption, or other convulsions of nature -
5. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation, -
6. Subsidence of the land on which Your Premises stand, Landslide, Rockslide caused by
  • normal cracking, settlement down of new structures,
  • the settlement ground,
  • coastal or river erosion,
  • defective design or workmanship or use of defective materials, or
  • demolition,construction,structuralalterations or repair of any property, or ground works or excavations.
7. Bush Fire, Forest Fire, Jungle Fire -
8. Impact damage of any kind, i.e., damage caused by impact of, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.)
  • caused by pressure waves caused by aircraft or other aerial or space devices travelling at sonic or supersonic speeds.
  • caused by vehicle, animal or aircraft belonging to or owned by Insured or their employee while acting in course of employment.
9. Missile testing operations -
10. Riot, Strikes, Malicious Damages caused by
  • total or partial cessation of work or the retardation or interruption or cessation of any process or operations or omissions of any kind,
  • temporary or permanent dispossession,confiscation, commandeering, requisition or destruction by order of the government or any lawful authority, or
  • temporary or permanent dispossession of any Building by unlawful occupation by any person.
11. Acts of terrorism (Coverage as per Terrorism Clause attached.) Exclusions as per Terrorism Clause attached.
12. Bursting or overflowing of water tanks, apparatus and pipes, -
13. Leakage from automatic sprinkler installations.
  • repairs or alterations in the Building in which Your Business is located,
  • repairs, removal or extension of any sprinkler installation, or
  • defects in the construction known to You.
14. Theft within 7 days from the occurrence of, and proximately caused by, any of the above Insured Events if it is
  • of any article or thing outside Your Premises, or
  • of any article or thing attached from the outside of the outer walls or the roof of Your Premises, unless securely mounted.

Bharat Sookshma Udyam Suraksha Policy : Disclaimer

Bank of Baroda is authorized by the Insurance Regulatory and Development Authority to act as a Corporate Agent from 01/04/2019 to 31/03/2022 for procuring or soliciting business of Life insurance, General insurance & Standalone Health insurance under Registration Code CA0004". Insurance is the subject matter of solicitation. For more details on risk factors, terms and conditions please read the sales read sales brochure carefully before concluding a sale. The purchase of Insurance products by Bank of Baroda customers is purely on a voluntary basis. The insurance products are underwritten by the respective by respective insurance company. Bank of Baroda does not perform any insurance e-commerce activity on its website. The contract of insurance is between the insurer and the insured; and not between the Bank and the Insured.

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Frequently Asked Questions (FAQs)

  • What is ‘Value at Risk’?

    ‘Value at Risk’ at any one location means the value of all property in that location including Buildings, Fittings and Fixtures, Plant and Machinery, Stocks, other contents etc where the proposer has insurable interest.

  • Whether there are any provision in the Policy to exclude inbuilt perils to arrive at reduction in price?

    There are no provision in the policy to exclude Inbuilt Perils.

  • Does TATA AIG Bharat Sookshma Udyam Suraksha policy allow Under insurance Waiver?

    In these products, under insurance is waived up to 15%, but beyond that under insurance is applicable to full extent.

  • What is the provision to increase/decrease the Sum insured during the policy period?

    At the request of the insured, Sum insured under the policy can be increased / decreased subjected to payment of premium.

  • What are the options to increase the coverage under the policy?

    There is an option to increase the coverage by the means of add-ons.

  • Whether there will be an impact on policy wording due to increase in Policy Sum Insured, once it falls in next SI Slab i.e. Policy Sum Insured changes from 0-5 Crs slab to 5-50 Crs slab.

    During mid-term, there will be no impact on policy wording due to Sum Insured increase. However, at the time of renewal, applicable policy wording as per sum insured will be selected while policy issuance.

  • What does actual cost mean in Costs compelled by Municipal Regulations?

    Upon occurrence of an Insured peril, these are the costs incurred by insured (on actual basis) at the time of Reinstatement of property due to change in Municipal Regulations.

  • What does Impact damage of any kind means?

    Impact damage of any kind means damage caused by impact, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.).It is similar to the traditional accidental damage.

  • Whether are the floater provision in the policies?

    Floater is an inbuilt cover under this policy.

  • What is the provision of Theft coverage in the policy?

    Losses / damage due to theft will be covered within 7 days from occurrence of an Insured peril.

  • What are the options to increase sum insured limits for Inbuilt Covers?

    Presently, Sum Insured limits of inbuilt covers are fixed as per IRDA guidelines.

  • How will the ‘Top Location’ be arrived calculated?

    ‘Top Location’ will be the maximum ‘Value at Risk’ at a location

  • Whether Jungle Fire and Forest Fire are same?

    Yes, both are same as per product wordings.

  • Is partial selection of asset allowed?

    Partial Selection of asset is not allowed. The policy allows cover for complete value of plant and machinery, Stocks and FFF at the risk premise.

  • Can Plinth and foundation be excluded from Value of Building?

    Plinth and Foundation cannot be excluded.

  • Whether Extension of short period policy is possible in the product?

    Extension of short period policy is not possible, however annual policy can be issued on completion of Short period.

  • Can Deductible be changed- increased or decreased?

    No, Change in deductible is not permissible.

  • Can Goods held in trust be covered?

    Goods held in trust are deemed to be covered, unless specified.

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