Standard Fire and Special Perils Policy
Standard Fire Perils Policy provides financial protection for the property against Physical Loss or Damage by fire and allied perils named in the policy.
Key benefits - Cover your property against fire
This is a basic fire insurance plans which indemnifies you against damage to your property caused by fire, lightning or explosion only.
You can decide to extend your insurance to cover other perils:
Riot, strike, malicious damage
Storm, typhoon, hurricane, tornado, flood and inundation
Subsidence and landslide, including rockslide
Bursting and overflowing of water tanks, apparatus and pipes
Leakage from automatic sprinkler installation
What are the other related insurances available for my business?
The Standard Fire and Special Perils Policy can be availed with following variations to suit business requirements:
Floater Policy: This policy can be issued for Stocks at various locations
Declaration Policy: To take care of frequent fluctuations in stocks/ stock values, declaration policy can be availed subject to certain norms.
Floater Declaration Policy: This policy has the features of both floater and the declaration policies.
Main exclusions of the Standard Fire Product
The general exclusions are broadly classified as:
Fire due to own fermentation, natural heating or spontaneous combustion of stocks
Burning by order of any public authority
Explosion of boilers or steam generating vessels and machinery subject to centrifugal force by its own explosion or implosion
Pressure waves generated by aircraft
Total or partial cessation of work/retarding/interruption of any process or operations arising out of riot, strike, malicious damage
Burglary, housebreaking, theft, larceny in any malicious act
Impact damage by rail/road vehicle or animal belonging to the insured or employee or any occupier of the premises
Normal cracking, settlement, bedding down, upheaval of land/structures, coastal or river erosion, defective design, workmanship or use of defective materials
Destruction or damage caused by forest fire
Excess amount mentioned in the schedule/policy i.e. the minimum amount of claim to be borne by the client
Loss or damage caused by war or warlike situations
Loss or damage by pollution or contamination except due to insured peril
Loss or damage to electrical machine/apparatus which is the source of fire
Architects', surveyors' and consulting engineers' fees exceeding 3% and debris removal expenses exceeding 1% of claim amount
Any consequential losses
This is not an exhaustive list.
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