STANDARD FIRE AND SPECIAL PERILS INSURANCE

Introduction

Fire insurance policy provides financial protection to the property owner against named perils as mentioned below. Property that can be covered under this insurance is as below:

• Building /Structure including Plinth and Foundation, Boundary Walls, Water Tanks, Internal Roads, Parking

• Contents including Plant and Machinery, Furniture, Fixtures, Fittings, Electronic items like AC, Refrigerator, TV, Personal Computer

• Utilities – like DG Set, Air Conditioning Plant, and Transformer

• Stock including Raw Material, Stock in Process, Finished Stock, Packing Material But excluding following properties:

• Bullion or unset precious stones, any curios or works of art, manuscripts, plans, drawings, securities, documents of any kind, stamps, coins or paper money, cheques, books of accounts or other business books, computer system record unless otherwise expressly stated in the policy.

• Cost of land, livestock

Scope of Cover

Perils covered are as under:

• Fire

• Lightning

• Explosion/Implosion

• Impact Damage by rail/road vehicle not owned by Insured

• Riot, Strike, Malicious Damage

• Storm, Flood, Inundation, Tempest, Typhoon, Hurricane, Tornado, Cyclone including Earthquake

• Landslide, Rockslide, subsidence

• Damage by Aircraft and any aerial article dropped therefrom

• Missile testing operation

• Bursting and Overflowing from Water Tanks and Pipelines

• Leakage from Sprinkler Installation

• Bush Fire

Broad Exclusions Applicable are as under


• Excess mentioned in the Policy

• Natural heating OR spontaneous combustion

• Burning of Property by Order of Public Authority

• Damage to Boilers from their own explosion, implosion, centrifugal forces

• Electrical short circuits, breakdown

• Pressure waves of an aircraft

• Damage to bullion or unset precious stones, any curios or works of art for an amount exceeding Rs.10,000/-, manuscripts, plans, coins, stamps etc unless otherwise expressly stated in the policy.

• Earthquake, Volcanic Eruption or other convulsions of nature

• Terrorism Damage

• War group Perils

• Nuclear contamination, radiation

• Pollution and contamination

• Expenses in excess of 3% of Architect, Surveyor or consulting engineer fee and 1% of Debris removal claim

• Loss of earnings, loss by delay, loss of market or other consequential or indirect loss

• Property removed from premises except machinery temporarily removed for repairs, cleaning