Standard Fire and Perils Insurance is a comprehensive policy which covers all tangible assets normally exposed to the risk of fire and natural perils. This policy, vital for industry and trade groups, offices, households, etc generally covers loss or damage to buildings, plant-machinery, tools, instruments and accessories, furniture, fixtures and fittings, electrical installations, stocks in trade and also work in progress; due to fire and Act of God (natural) perils. Being a comprehensive package, this offers a wide scope of cover for an affordable price.
What is covered under the Insurance?
Buildings, plant and machinery, furniture, fixtures and fittings, electrical installations, stocks, stocks in trade including work in progress etc belonging to any industry, offices, service occupancies, households are covered against losses due to:
- Fire
- Lightning
- Explosion / implosion
- Aircraft damage
- Riot, strike and malicious damage (RSMD)
- Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation (STFI)
- Impact damage
- Subsidence and landslide including rockslide
- Bursting and/or overflowing of water tanks, apparatus and pipes
- Missile testing operations
- Leakage from automatic sprinkler installations
- Bush fire
Add-on Options
- Terrorism
- Earthquake Fire and Shock
- Spontaneous combustion
- Removal Of Debris (exceeding 1% of claim amount)
- Architects, Surveyors, Consulting Engineers fees (exceeding 3% of claim amount)
- Spoilage Material Damage Cover
- Leakage and Contamination Cover
- Deterioration of stock in cold storage premises
- Molten metal spillage Cover
- Forest fire
- Impact damage due to Insured’s own Rail/Road vehicles
- Omissions to insure additions, alterations or extensions.
- Temporary removal of stock
- Loss of rent
- Start up expenses
What is not covered under this insurance?
- Terrorism (unless add on cover is chosen)
- Earthquake (Fire & Shock) (unless add on cover is chosen)
- Spontaneous combustion (unless add on cover is chosen)
- Burning of property by order of any Public Authority
- Property undergoing any heating or drying process
- Explosion of boilers (other than domestic boilers)
- Total or partial cessation of work
- Permanent or temporary dispossession by order of Government
- Burglary, House breaking, theft, etc
- Normal cracking or settlement or bedding down of new structures
- War or war like operations, Nuclear perils
- Pollution or contamination
- Over-running, excessive pressure, short circuiting etc