STANDARD FIRE AND SPECIAL PERILS POLICY

Fire Policy is the primary policy for one and all. It can be obtained by individuals, partnerships, financiers and financial institutions, companies, industries, factories, traders, warehouses, multi-model logistics, commercial complexes, multiplexes, business houses, miners, road contractors, completed projects, power plants, petrochemical units, refineries, tank farms, ports, bot and boot projects completed among several others.

Policy, in its basic form, covers loss, damage or destruction arising out of a wide range of perils viz. Fire, Lightning, Explosion/Implosion excluding Damage to Boilers due to its Explosion/Implosion, Aircraft or articles dropped therefrom, Riot, Strike and Malicious Damage excluding Burglary or Housebreaking during operation of these perils, Storm, Tempest, Flood, Inundation etc. Impact due to Rail/Road Vehicle or animal not belonging to insured, Subsidence and Landslide including rock slide, bursting or overflowing of water tanks, apparatus or pipes, missile testing operations, leakage from automatic sprinkler, bush fire.

SFSP could be obtained to cover

• Buildings (including Compound Wall, Plinth and Foundation)
• Plant & Machinery, Equipment and Accessories
• Furniture, Fixture and Fittings
• Electrical Fittings
• Office Equipment and other contents
• Stock (Raw materials, Stock in process, Semi Finished and Finished Goods)

This is location based policy, and all locations if more than one should be clearly declared and noted, with assets value for each location in a schedule. The period of insurance of SFSP is one year and has to be renewed every year, however, long term covers are available for residential buildings.