Property Insurance

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Q1. What assets can be covered fire insurance policy for the 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 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 cover:

  • Architects’, surveyors’, and consulting engineers’ fees (up to 3% of the 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 the claim amount).
  • Architects, Surveyors, and Consulting Engineers fees (exceeding 3% of the 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 the Insured’s own Rail/Road vehicles.
  • Omissions to ensure 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
  • An explosion of boilers (other than domestic boilers)
  • Total or partial cessation of work
  • Permanent or temporary dispossession by order of the Government
  • Burglary, Housebreaking, 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