Fire Special Perils

Fire & Special Perils

This policy is designed to insure ones property and other items from loss occurring due to complete or partial damage by fire.

The following can be insured against loss by fire: Buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process along with goods held in trust or in commission including stocks at suppliers/ customer's premises etc.

Under fire insurance we arrange Risk solution which covers,

  1. Fire
  2. Lightning
  3. Explosion/implosion
  4. Aircraft and articles dropped there from
  5. Impact damage due to rail/road or animal
  6. Riot strike, malicious damage
  7. Terrorist damage
  8. Storm, cyclone, typhoon, tempest, hurricane, flood, tornado and inundation
  9. Subsidence and Landslide damage
  10. Earthquake.

We also arrange solutions which covers other risks like deterioration of stocks due to power failure, leakage and contamination, sprinkler leakage, spoilage of material, subterranean fire, forest fire, missile testing operations can also be covered.

Our Fire insurance solutions can be issued under 3 main heads:
Policy A: Risks 1 to 10
Policy B: Risks 1 to 7
Policy C: Risks 1 to 7

Policy A and Policy B covers risks from the following establishments:
1. Residence
2. Amusement/Water Parks
3. Office
4. Hotels, Hospitals, Schools
5. Shops

Policy A also covers risks for Small Scale Industries.

Policy C is ideal for Godown/Warehouses.

Compensation: The following is a list of factors that decide the value of compensation to be paid to the customer in the event of the happening of the said event of loss or damage to property by any of the above mentioned risks. The factors are more of a brief listing and are not exhaustive.

1. The value of the goods damaged
2. Total or Partial damage
3. Depreciation on the value of the property
4. Replacement costs of the same property
5. Salvage value
6. Total Sum Assured

We can arrange different types of insurance policies which are as follows,
  • Standard Fire & Special Perils
  • Industrial All Risk
    This is a package cover designed for industrial risks (both manufacturing and storage facilities) with an overall sum assured of Rs. 100 crores and above
  • Fire Declaration
  • Fire Floater Declaration
    This takes care of frequent fluctuations in stocks/stock values.
  • Fire Large Risk
  • Petroleum
  • Stand Alone Terrorism
  • Consequential Loss (Fire) or Business Interruption
    It is designed to provide protection in respect of loss of or damage to buildings, machinery, furniture and fittings, goods and merchandise etc. by fire and allied perils. The insurance affords cover for material damage. The purpose is therefore to make good losses namely net profit, standing charges and increased cost of working.
  • Reinstatement Value
    This is the fire policy with the reinstatement value clause attached to it. The clause provides that in the event of loss. The amount payable is the cost of reinstating property of same kind or type, by new property.