Comparisons between premiums and deductibles for different types of insurance
24 MAY 2023
Stock Insurance, also known as inventory cover, is where the insurer promises the stockist financial protection upon the goods or inventories kept in the warehouse, manufacturing units or open ground within compound walls for businesses. This insurance is intended to protect entrepreneurs and small to medium business owners from unforeseen circumstances which may affect the enterprise in any form.
This insurance is intended to protect entrepreneurs and small to medium business owners from unforeseen circumstances which may affect the enterprise in any form.
Stock insurance generally comes with a policy which covers fire & allied perils, and burglary. Usually, the inventories of the companies or stores are stored in warehouses and sometimes in garages or even in basements in accordance with the company. In such cases, there is no assurance in protecting the goods against fire or burglary. This insurance has two approaches towards its customers for their comfort. One can opt for this policy for multiple warehouses under the same name or one can opt for this policy separately for multiple warehouses, depending on the zones as they are related to the premium.
Imagine a situation where the stock owner does not have a place to store their stocks. In such situations, the stock owner can lend the warehouse based on a legal contract. In such cases, the warehouse owner can opt for this policy based on insurable interest between them.
Stocks that are stored outside of the warehouse, stocks such as raw material, spare parts etc. and the inventories that are kept inside the warehouse are available to opt for under this cover.
It is important to read and understand the terms and conditions of the insurance policy to better understand what covers and what does not cover under any policy. Need help? We got your back! Call us on 1800 309 0203 for professional advice from our subject experts.
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