Site Inspection and Policy Audit
We have been retained by a client who is into agro Food Product having 3 manufacturing units in the state of Maharashtra.
Our domain expert visited each of the plant sites to understand the risk & evaluate perils, add on covers, clauses, process, system of the company & accounting records.
The Motive of Inspection is:
- Adequacy of current covers.
- Policy Audit to identify gaps in cover.
- Basis of Valuation & the Adequacy of cover on Market Value/Reinstatement value.
- Add on cover to protect the income.
- Add on cover to protect from liability.
It was found that two of the three factories were having multiple units, manufacturing independent products with common utilities. Unless the Insurer is informed of the same & the Risk is underwritten properly, It would create problems in the event of a Major Claim
Kindly note Current Tariff provides for one industry one rate with special condition for multiple units within the same compound.
The excess as per Current Tariff is based on maximum Sum insured in one location even if multiple policies are taken highest excess shall apply
We have prepared and submitted our detailed report for the management to consider improving the insurance portfolio as per their risk philosophy and appetite.