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This policy provide coverage against financial loss or property damage caused by a fire or other covered peril
It takes a lifetime for you to build business and personal assets like home, office, shop & factory etc., however, any mishap like fire can arise to destroy your house, business premises & factory. So, fire insurance policy that curtails financial losses due to fire to some extent. Irrespective of its size, every business needs a fire insurance policy. In every office, the company keeps its important files, documents, and assets. Hence, fire insurance policy is important which protects you against losses or damages.
Benefits of a fire insurance policy-
Covers cost of damage to building , contents & stock
Covers insured property on replacement or reinstatement basis to construct or buy similar assets.
Gives repair cost to any machines in case of any damage due to fire
What does the policy cover?
This policy provide coverage against financial loss or property damage caused by a fire or other covered peril
Fire & Lightning
Storm / Cyclone
Explosion / Implosion
Riot,Strike and malicious damage
More Coverage :
Aircraft damage
Bush fire
Impact damage
Subsidence and landslide including rock slide demolition
Bursting/overflowing of water tanks, apparatus, and pipes
Missile testing operations
Leakage from automatic sprinkler installation excluding loss, destruction, or damage
Storm, cyclone, typhoon, tempest, hurricane, flood and inundation and tornado
What does the policy not cover?
This policy does not cover damage or loss due to:
Compulsory Excess
War and War like Perils
Nuclear and Radioactive Perils/Losses
Pollution and Contamination Losses
Consequential loss
Volcanic eruption or other convulsions of nature
Theft during or after the occurrence of any insured peril
Loss or damage to the electrical machinery due to short circuiting excess heating. However resultant damages to other property are covered.
Damage to Stocks in cold storage premises due to change in temperature
Spoilage from Cessation of work/operation
Loss by Theft during or after occurrence of any insured peril
Burning of Property by order of any public authority
Earthquake Coverage
Terrorism Damage Coverage
Add On Coverage :
Architects, Surveyors and Consulting Engineers Fees (in excess of 3% claim amount)
Removal of Debris (in excess of 1% claim amount)
Deterioration of Stocks in Cold Storage premises due to accidental power failure consequent to damage at the premises of Power Station due to an insured peril
Deterioration of stocks in cold storage premises due to change in temperature arising out of loss or damage to the cold storage machinery (ies) in the Insured's premises due to operation of insured peril
Forest Fire
Impact Damage due to Insured's own Rail/Road Vehicles, Forklifts, Cranes, Stackers and the like and articles dropped there from
Spontaneous Combustion
Omission to Insure additions, alterations or extensions
Earthquake (Fire and Shock)
Spoilage Material Damage Cover
Leakage and Contamination Cover
Temporary Removal of Stocks Clause
Loss of rent clause
Insurance of Additional Expenses of Rent for An Alternative Accommodation
Start up Expenses
Escalation Clause
