Standard Fire and Special Perils Insurance Policy

Historically fire has been a major cause of losses to property. Oriental's fire insurance seeks to provide protection against such losses.

Standard Fire And Special Perils Policy

Consequential Loss (Fire) Insurance Policy / Business Interruption (Fire) Insurance

Industrial All Risk

Mega Risk Policy

Stand Alone Terrorism Cover

Standard Fire and Special Perils Policy
This is a package insurance which covers the following set of perils:

Perils Covered:
Fire
Lightning
Explosion / Implosion
Aircraft damage
Riot, Strike, Malicious damage (RSMD Perils)
Storm, Tempest, Flood, Inundation, Hurricane, Cyclone, Typhoon and Tornado. (STFI)
Impact by any Rail/ Road vehicle or animal belonging to third parties
Subsidence / Landslide including rockslide.
Bursting and / or overflowing of water tanks, apparatus.
Leakage form Automatic Sprinkler Installation.
Missile Testing Operation.
Pollution or contamination resulting from any of the above perils
Any insured peril resulting from pollution and contamination.
Bush Fire

Additional In-Built Covers:
Architects, Surveyors and Consulting Engineers' Fees up to 3 % of the claim amount.

Expenses incurred for removal of debris to clear the site up to 1 % of the claim amount.

Machinery and equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period of 60 days

Significant Exclusions:

Losses/ Expenses not covered:
5% of each and every claim subject to minimum of Rs. 10,000 resulting from Lightning, STFI and Subsidence and Landslide including Rock slide (AOG Perils)

Rs. 10,000 in respect of all other perils.

Expenses incurred on Architects, Surveyors' Consultant
Engineers fees and Debris Removal in excess of 3% and 1% of claim amount respectively.

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

If the building insured or containing the insured property becomes unoccupied and so remains for a period of more than 30 days.

Loss or damage caused to insured property by its own fermentation, natural heating or spontaneous combustion.

Loss or damage caused to insured property by its undergoing any heating or drying process.

Perils not covered:
War and allied perils

Nuclear and allied perils

Pollution or Contamination

Earthquake, Volcanic eruption or other convulsions of nature.

Aircraft damage arising out of pressure waves

Loss by theft during or after the occurrence of any insured peril

Riot, Strike or Malicious Damage losses arising out of:
total or partial cessation of work
Permanent or temporary dispossession resulting from order of the Government.

Permanent or temporary dispossession resulting from the unlawful occupation by any person.

Theft, larceny or omission by any person, in a malicious act.

Costal or river erosion

Forest Fire

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

Properties not covered:
Items like bullion or unset precious stones, any curios or works of art for an amount exceeding Rs.10000/-, manuscripts, plans, drawings, securities, obligations or documents of any kind, stamps, coins or paper money, cheques, books of accounts or other business books, computer systems records, explosives manuscripts etc. unless specifically declared.

Cold storage stocks due to change of temperature.

Loss / damage/ destruction of any electrical and/or electronic machine, apparatus, fixture or fitting arising from over running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity, from whatever cause (including lightning).

Loss / damage / destruction of Boilers, Economizers or other Vessels, machinery or apparatus in which steam is generated, by its own explosion/ implosion.

Caused by Centrifugal force (the outward force on a body moving in a curved path around another body)

Add on covers
In addition to the perils/ expenses covered, the proposer can opt to seek cover in respect of the following perils/ expenses at inception or during currency of the policy on payment of additional premium.

Perils:
Loss/ damage/ destruction of the property caused by

Deterioration of Stocks in Cold Storage premises due to power failure following damage due to an insured peril

Forest Fire

Impact Damage due to Insured's own Vehicles, Fork lifts 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.

Terrorism

Expenses:
Architects , Surveyors and Consulting Engineer's Fees (in excess of 3% claim amount)

Debris Removal (in excess of 1% of claim amount)

Loss of rent.

Insurance of additional expenses of rent for alternative accommodation.

Start up Expenses.

Sum Insured:
Property can be insured on depreciated cost (market value) or replacement cost basis.

In order to get better protection, insurance on reinstatement (replacement) basis is recommended. The sum insured selected should be adequate for reinstatement.

In case the value of a property may increase due to factors like increase in prime cost, Exchange rate etc. during the currency of the policy, the corresponding sum insured may be increased up to 25% maximum by opting for the Escalation Extension.

Similarly, any reduction in sum insured during currency may be effected for which refund of premium will be allowed on short period basis.