Standard Fire and Special Perils Policy
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 hard work and money in creating a business and fire can destroy the same in no time. Standard Fire and Special Perils Policy covers all properties on land (excluding the cost of land), movable or immovable, at various locations against named perils. It not only covers losses from a fire but also covers loss in fire containment, riots, terrorism, flood, etc. and by taking add-on cover at a little extra premium you can also cover for the loss of rent, earthquake, removal of debris, etc.
- Fire
- Lightning
- Explosion/implosion
- Aircraft damage
- Riot, strike, malicious damages (RSMD)
- Tempest, storm, cyclone, typhoon, hurricane, tornado, flood, inundation (STFI)
- Impact damage by any rail/road/vehicle/animal (other than own)
- Subsidence, landslide, and rockslide
- Missile testing operations
- Bush fire
- Bursting and/or overflowing of water tanks, apparatus, and pipes
- Leakage from automatic sprinkler installations
- 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 fires.
- Impact damage by insured’s own vehicles etc.
- Spontaneous combustion.
- Omission to ensure 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.
- 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.
Policy generally covers losses due to following perils.
The following risks can also be covered by paying an additional premium.
You can also choose from the following three variants.
- 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 warlike situations.
- Loss or damage by pollution or contamination except due to an insured peril.
- Any consequential losses.
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