Standard Fire and Special Perils
The Standard Fire and Special Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils. The Special Types of Policies are designed for Stocks (declaration and floater), Building, Plant & Machinery keeping in mind the nature of property, proposers' requirements and basis of indemnification. The Long Term Policies available for Dwellings with suitable discounts in premium.
The Policy can be extended to cover certain additional perils and expenses at additional premium. Certain perils can be deleted with discount in premium rates.
Any person / firm / organisation / institution who may suffer financial loss in the event of operation of insurable perils may insure such property under the fire policy. They may be broadly categorised as under:
- Owners of Building and contents such as house hold articles, furniture etc.
- Shop Keepers.
- Educational/ Research Institutions.
- Hotels, Boarding and Lodgings, Hospitals, Clinics or such service providers.
- Industrial and Manufacturing Firms.
- Godown Keepers.
- Bailees, Lessor, Lessee, Banks, Financial Institutions, Mortgagors, Mortgagees.
- Traders in stocks.
- Trustees, Charitable Institutions.
- Transporters and C & F Agents.
The policies are available for building, Plant and Machinery, contents or stocks for various Fire and special peril risks
1. Special policies are available for stocks Declaration Policy : to care care of frequent fluctuations in Stocks/ Stock Values
Minimum Sum Insured Rs. 1 crore per location.
Monthly declaration on any one of the following basis to be submitted before the last day of the succeeding month
- average of the highest values at risk on each day (or)
- highest value on any day of the month.
Refund of premium, on expiry of policy, based on the average declaration upto 50% of the provisional premium.
2. Floater Policy :
- to take care of frequent changes in values at various locations.
- Single sum insured for all the stocks in all the locations.
- Nominal premium loading to cover all the stocks in all the locations
All moveable/ immoveable properties of the proposer on land (excluding those in transit) broadly categorised as follows are covered under SFSP cover :
Building (including plinth and foundations, if required):
- Whether completed or in course of construction (excluding the value of land).
- Interiors, Partitions and Electricals.
Plant & Machinery, Equipments & Accessories (including foundations, if required)
- Bought Second hand.
- Bought New
- Obsolete Machinery
Stocks :
- Raw Material
- Finished Goods
- In process
- In trade belonging to Wholesaler, Manufacturer and Retailer.
Other Contents such as
- Furniture, Fixtures and Fittings
- Cables, Pipings
- Spares, Tools and Stores
- Household goods etc.
- Fire
- Lightning
- Explosion / Implosion
- Aircraft damage
- Riot, Strike, Malicious and Terrorism damage (hereinafter called RSMTD Perils)
- Storm, Tempest, Flood, Inundation, Hurricane, Cyclone, Typhoon and Tornado.
- Impact by any Rail/ Road vehicle or animal
- Subsidence / Landslide including rockslide.
- Bursting and / or overflowing of water tanks, apparatus.
- Leakage form Automatic Sprinkler Installation.
- Missile Testing Operation.
- Pollution or contamination resulting from any of the above perils
- Any insured peril resulting from pollution and contamination.
- Bush Fire
The Company shall not be liable in respect of-
- 5% of each and every claim subject to minimum of Rs. 10,000 resulting from Lightning, STFI and Subsidence and Landslide including Rockslide and Rs. 10,000 in respect of all other perils.
- Expenses incurred on Architects, Surveyors' Consultant Engineers fees and Debris Removal in excess of 3% and 1% of claim amount respectively.
- Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind.
Perils not covered:
- War and allied perils
- Ionising radiations and contamination by radioactivity
- Pollution or Contamination
Properties not covered:
- Items like manuscripts etc. unless specifically declared.
- Cold storage stocks due to change of temperature.
- Loss / damage/ destruction of any electrical and/or electronic machine,apparatus, fixture or fitting arising from over running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity, from whatever cause including lightning.
- Loss / damage / destruction of Boilers, Economisers or other Vessels in which steam is generated machinery or apparatus subject to Centrifugal force, by its own explosion/ implosion.
- b) This insurance does not cover loss or damage directly or indirectly caused by or arising from or in consequence of or contributed to by ionizing radiations or contamination by radio activity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel or from any nuclear weapons, materials. For the purpose of this exclusion only the combustion shall include any self sustaining process of nuclear fusion
