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Standard Fire & Special Peril Policy
Introduction
Every business has a specific set of requirements. Our range of business products is especially designed to meet your business needs across the commercial spectrum. It is pivotal to get adequate insurance cover for your business to mitigate risk.
Scope of Cover
Fire
Lightning
Explosion/Implosion
Aircraft Damage
Riot, Strike, Malicious Damage
Storm, Typhoon, Hurricane, Tornado, Flood and Inundation
Impact damage
Subsidence and landslide including Rock slide
Bursting and overflowing of water tanks, apparatus and Pipes
Missile testing operations
Leakage from Automatic Sprinkler Installation
Bush Fire
   
Sum Insured
Property can be insured on depreciated cost (market value) or replacement cost basis. In order to get full protection, insurance on reinstatement (replacement) basis is recommended.
 
Premium
Premium rate depends on construction of building and occupancy
Discount/ loading in premium are given based on past claims experience for risks exceeding Rs. 50 crores sum Insured at any location and installation of Fire Extinguisher Appliances.
   
Exclusions
Fire due to own fermentation, natural heating or spontaneous combustion of the stocks or by their undergoing any heating or drying process
Burning by order of any Public Authority
Explosion of boilers or steam generating vessels & machinery subject to centrifugal force by its own explosion or implosion
Pressure waves generated by aircraft
Total or partial cessation of work/retarding/interruption of any process or operations arising out of riot, strike, malicious damage
Burglary, house breaking, theft, larceny arising out of riot, strike, malicious damage
Impact damages by rail/road vehicle/animal belonging to the insured or employee or any occupier of the premises
Normal cracking, settlement, bedding down, up heaving of land/structures, coastal or river erosion, defective design, workmanship or use of defective materials
Destruction or damage caused by forest fire
Excess amount
Loss or damage caused by war or war like situations
Loss or damage by pollution or contamination except due to insured peril
Loss or damage to electrical machine/apparatus, which is the source of fire
Architects, Surveyors & Consulting Engineer's fees exceeding 3% and debris removal expenses exceeding 1% of claim amount.
Any consequential losses
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