SLI launches tea factory insurance

Sri Lanka Insurance (SLI) announced the launch of an innovative insurance product targeted to cater exclusively to the insurance needs of Tea factories.

The Tea Factory Insurance falls under SLI’s Business Club insurance offering, and is targeted at the business community with interests in tea plantations and storage, with risk factors affecting their factories, plants, machines, employees, buildings, stock and cash.

The policy consists of three parts - with part “A” - combined fire and allied perils section which is standard under the policy. The combined rate can be determined on the merit of the individual case after a survey.

Part “B” covers are optional and can be selected at the option of the customer with an additional premium. Thirdly, the policy offers several covers free.

The fire and allied perils cover includes protection against fire and lightning, malicious damage, explosion, cyclone, storm, tempest, flood, earthquake, natural disaster and burglary.

The optional covers subject to additional premium include riot and strike, terrorism, increase in cost of working due to interruption of the process, caused by fire and allied perils machinery breakdown cover for factory machinery, cash in transit, safe and drawer, goods in transit cover for transportation of tea stock and Workmen’s Compensation cover.

The free covers are personal accident for owner or for a nominated partner, legal liability cover, removal of debris and architectural, surveyors and consultant’s fees.