Standard Fire and Special Perils Policy

Standard Fire And Special Perils Insurance Is A Traditional Cover That Offers Cover Against Fire And Allied Perils Which Are Named In The Policy. The Policy Can Cover Building (Including Plinth And Foundation), Plant And Machinery, Stocks, Furniture, Fixtures And Fittings And Other Contents.

Key Features

The standard cover is a named-peril policy covering following named perils:
Fire
Lightning
Explosion / Implosion
Aircraft Damage
Riot, Strike, Malicious Damages (RSMD)
Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornado, flood, inundation (STFI)
Impact damage by any rail/ road/ vehicle/ animal (other than own)
Subsidence, Landslide and Rock slide
Missile Testing operations
Bush Fire
Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
Leakage from Automatic Sprinkler Installations

Add-on Covers

Below are some of the add-on covers that can be opted
Architects, Surveyors and Consulting Engineers fees (in excess of 3% of claim amount)
Debris Removal (in excess of 1% of claim amount)
Deterioration of Stock in Cold Storage
Forest Fire
Impact Damage by insured's own vehicles etc.
Spontaneous combustion
Omission to insure Additions, Alterations or Extensions
Earthquake (Fire and Shock)
Spoilage Material Damage Cover
Leakage and Contamination Cover
Loss of Rent
Additional expenses on rent for Alternative Accommodation
Start Up Expenses
Terrorism Cover

Deductibles
This Policy does not cover the deductibles stated in the Schedule in respect of each and every loss under various covers.

Exclusions

Excess as specified in the policy

Loss, destruction or damage caused by war, invasion, act of foreign enemy hostilities or war like operations (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power

Nuclear risks

Pollution or contamination

Loss, destruction or damage to bullion or unset precious stones, works of art, plans drawing, securities, money etc. and other such items

Loss, destruction or damage to the stocks in Cold Storage premises caused by change of temperature Loss, destruction or damage to any electrical machine, apparatus, fixture, or fitting arising from or occasioned by over-running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity from whatever cause (lightning included) provided that this exclusion shall apply only to the particular electrical machine, apparatus, fixture or fitting so affected and not to other machines, apparatus, fixtures or fittings which may be destroyed or damaged by fire so set up.

Expenses necessarily incurred on (i) Architects, Surveyors and Consulting Engineer's Fees and (ii) Debris Removal by the Insured following a loss, destruction or damage to the Property insured by an insured peril in excess of 3% and 1% of the claim amount respectively.

Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind or description whatsoever

Loss, or damage by spoilage resulting from the retardation or interruption or cessation of any process or operation caused by operation of any of the perils covered

Any Loss or damage occasioned by or through or in consequence directly or indirectly due to earthquake, Volcanic eruption or other convulsions of nature.

Loss or damage to property insured if removed to any building or place other than in which it is herein stated to be insured, except machinery and equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period not exceeding 60 days