Fire Insurance

Fire Insurance

The Standard Fire and Special Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils. Special Types of Policies are designed for Stocks (declaration and floater), Building, Plant & Machinery keeping in mind the nature of property, proposers’ requirements and basis of indemnification. Long Term Policies available for Dwellings with suitable discounts in premium.

Properties that can be insured:

All moveable/ immoveable properties of the proposer on land (excluding those in transit) broadly categorised as follows :

  1. Building (including plinth and foundations, if required):
    • Whether completed or in course of construction (excluding the value of land).
    • Interiors, Partitions and Electricals.
  2. Plant & Machinery, Equipments & Accessories (including foundations, if required)
    • Bought Second hand.
    • Bought New
    • Obsolete Machinery
  3. Stocks:
    • Raw Material
    • Finished Goods
    • In process
    • In trade belonging to Wholesaler, Manufacturer and Retailer.
  4. Other Contents such as
    • Furniture, Fixtures and Fittings
    • Cables, Pipings
    • Spares, Tools and Stores
    • Household goods etc.
  5. Specific Items such as bullion, unset precious stones, curios, work of arts, manuscripts, plans, drawings, securities, obligations or documents, stamps, coins or paper money, cheques, books of accounts, computer system records, explosives.

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Special types of Policies available for Stocks:

  1. Declaration Policy :
    • To care care of frequent fluctuations in Stocks/ Stock Values
    • Minimum Sum Insured Rs. 1 crore per location.
    • Monthly declaration on any one of the following basis to be submitted before the last day of the succeeding month
      1. average of the highest values at risk on each day (or)
      2. highest value on any day of the month.
    • Refund of premium, on expiry of policy, based on the average declaration upto 50% of the provisional premium.
  2. Floater Policy :
    • to take care of frequent changes in values at various locations.
    • Single sum insured for all the stocks in all the locations.
    • Nominal premium loading to cover all the stocks in all the locations.
  • Perils covered
  • What is not Covered ?
  • Add on Covers Available:
  1. Fire
  2. Lightning
  3. Explosion / Implosion
  4. Aircraft Damage
  5. Riot, Strike, Malicious damage
  6. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
  7. Impact Damage
  8. Subsidence and Landslide including Rock slide
  9. Leakage from Automatic Sprinkler Installations
  10. Missile Testing operations
  11. Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
  12. Bush Fire
Loss or damage to property due to :
  • Burglary, House breaking, theft
  • Spontaneous combustion, fermentation
  • Burning of property by order of any Public Authority
  • Its undergoing any heating or drying process
  • Explosion of boilers (other than domestic boilers)
  • Total or partial cessation of work
  • Permanent or temporary dispossession by order of Government
  • Normal Cracking or settlement or bedding down of new structures
  • Defective design, workmanship, defective materials
  • Pollution or contamination
  • Over-running, short circuit etc.
  • Spoilage loss
  • War or war like operations
  1. Terrorism
  2. Architects, Surveyors and Consulting Engineers Fees ( in excess of 3% claim amount)
  3. Removal of Debris (in excess of 1% claim amount)
  4. (A) Deterioration of Stocks in Cold Storage premises due to accidental power failure consequent to damage at the premises of Power Station due to an insured peril
  5. (B) Deterioration of stocks in cold storage premises due to change in temperature arising out of loss or damage to the cold storage machinery(ies) in the Insured’s premises due to operation of insured peril
  6. Forest Fire Impact Damage due to Insured’s own Rail/Road Vehicles, Fork lifts, Cranes, Stackers and the like and articles dropped therefrom
  7. Spontaneous Combustion
  8. Omission to Insure additions, alterations or extensions Earthquake (Fire and Shock)
  9. Spoilage Material Damage Cover
  10. Leakage And Contamination Cover
  11. Temporary Removal of Stocks Clause Loss Of Rent clause Insurance Of Additional Expenses of Rent For An Alternative Accommodation
  12. Start up Expenses