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STANDARD FIRE AND SPECIAL PERILS POLICY

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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.

STANDARD FIRE AND SPECIAL PERILS POLICY

BENEFITS

  • For all items other than stock, Sum Insured can be opted either on Market Value Basis or on Reinstatement Value basis (RIV). RIV offers indemnity without application of Depreciation in case of loss or damage.
  • Proposing the “highest estimated market value of Stock at any point of time during the Policy Period” results in full value to be recovered in case of loss or damage.
  • Where sum insured (value of assets) is high, nature of property is different and risk exposure is complex, Insurers would assist in inspecting the risk by their expert risk engineers.

ADD-ON COVERS

  • In respect of additions, alterations and extensions, coverage up to 5% of Sum Insured of all items (other than Stocks) could be obtained as add-on cover. Rent for alternate accommodation consequent to damage to original building, and start up expenses can be covered.
  • Several add-on covers are available and can be included according to need. Few examples of add-on covers are earthquake cover, spontaneous combustion cover, debris removal expenses, architect and consulting engineers’ fees and impact damage due to own vehicles.
  • Risk of terrorism can be covered on payment of additional premium.
  • Cover available on declaration basis for stocks in one location.
  • Stocks in multiple locations can be covered either on floater basis or floater declaration basis.
  • Refund of premium will be available under declaration policies.

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