Standard Fire and Special Perils Insurance Policy

  • Buy Standard Fire and Special Perils Insurance Policy in India

Do you get worried after reading news of so much loss caused by fire incidences and think what will happen to your business if material or property gets damaged by accidental fire? You put so much hardwork and money in creating a business and fire can destroy the same in no time. At the time of such misfortunes is when one needs the Standard Fire and Special Perils Policy, which covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils. Standard Fire and Special Perils policy not only covers losses from fire, but also covers loss in fire containment, riots, terrorism, flood, etc. and by taking add-on cover at little extra premium you can also cover for loss of rent, earthquake, removal of debris, etc.

Scope of cover

Policy generally covers losses due to following perils-

  • Fire
  • Lightning
  • Explosion / Implosion
  • Aircraft Damage
  • Riot, Strike, Malicious Damages (RSMD)
  • Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornodo, flood, inundation (STFI)
  • Impact damage by any rail/ road/ vehicle/ animal (other than own)
  • Subsidence, Landslide and Rock slide
  • Missile Testing operations
  • Bush Fire
  • Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
  • Leakage from Automatic Sprinkler Installations

Following risks can also be covered by paying additional premium-

  • Architects, Surveyors and Consulting Engineers fees (in excess of 3% of claim amount)
  • Debris Removal (in excess of 1% of claim amount)
  • Deterioration of Stock in Cold Storage
  • Forest Fire
  • Impact Damage by insured’s own vehicles etc.
  • Spontaneous combustion
  • Omission to insure Additions, Alterations or Extensions
  • Earthquake (Fire and Shock)
  • Spoilage Material Damage Cover
  • Leakage and Contamination Cover
  • Loss of Rent
  • Additional expenses on rent for Alternative Accommodation
  • Start Up Expenses
  • Terrorism Cover

You can also choose from the following three variants:

  • Floater Policy: Appropriate for stocks at various locations under a single sum insured
  • Declaration Policy:Takes care of frequent fluctuations in stock/stock values
  • Floater Declaration Policy:Combines the features of both floater and declaration policies

Major Exclusions

  • Fire due to own fermentation, natural heating or spontaneous combustion of the stocks or by their undergoing any heating or drying process
  • Burning by order of any Public Authority
  • Loss or damage caused by war or war like situations
  • Loss or damage by pollution or contamination except due to insured peril
  • Any consequential losses

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