Property Insurance

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Q1. What assets can be covered fire insurance policy for office?
Buildings, machinery, furniture, fixtures and fittings, electrical installations, stocks, stocks in trade including work in progress etc. belonging to any industry, offices, service occupancies, households etc.
Q2. What are the perils / risks covered under fire insurance?

  • 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.

Apart from the above mentioned perils, Standard Fire and Special Perils Insurance also covers:

  • Architects’, surveyors’ and consulting engineers’ fees (up to 3% of claim amount).
  • Removal of debris (up to 1% of the claim amount).

Q3. What are the add-on covers under Standard Fire and Special Perils Insurance policy?

  • 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.
  • Startup expenses.

Q4.What are the exclusions under the Standard Fire and Special Perils Insurance policy?

  • All the above extensions (if not opted for)
  • 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