Standard Fire and Special Perils Policy cover all properties on land (excluding land cost), moveable or immoveable, Stock, Building, Furniture & Fittings, Plant & Machinery and Items covered specifically on declaration etc. The perils include Fire, Lightning, Explosion / Implosion, Aircraft damage, Riot, Strike, Natural Disasters, Impact by vehicles/ animals, Bursting/ Overflowing of Water tanks, Apparatus etc, Missile testing, Bush fire and Pollution or contamination resulting from listed perils. Such plans are usually offered on an annual basis. The premium package is based on the peril inclusions decided at the time of policy inception.
FIRE AND SPECIAL PERILS
Who shall take the policy?
Any person / firm / organisation / institution who shall suffer financial loss in the event of operation of insurable perils shall insure such property under the fire policy. They shall be broadly categorised as under:
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Owners of Building and contents such as household articles, furniture etc |
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Shop Keepers |
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Educational/Research Institutions |
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Hotels, Boarding and Lodgings, Hospitals, Clinics, or such service providers |
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Industrial and Manufacturing Firms |
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Godown Owners |
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Bailees, Lessor, Lessee, Banks, Financial Institutions, Mortgagors, Mortgagees |
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Traders in stock |
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Trustees, Charitable Institutions |
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Transporters and C & F Agents |
Add-on covers
In addition to the perils/ expenses covered, the proposer shall opt to seek cover in respect of the following perils/ expenses at inception or during currency of the policy on payment of additional premium:
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Perils |
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Loss/ damage/ destruction of the property caused by |
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Forest Fire |
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Spontaneous Combustion |
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Omission to insure additions, alterations, or extensions |
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Earthquake (Fire and Shock) |
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Spoilage material damage cover |
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Leakage and contamination cover |
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Temporary removal of stocks |
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Terrorism |
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Deterioration of Stocks in Cold Storage premises due to power failure following damage due to an insured peril |
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Impact Damage due to Insured's own Vehicles, Forklifts and the like and articles dropped therefrom |
