Standard Fire and Special Perils Policy (SFSP)

Standard Fire and Special perils Policy (SFSP)

Policy Details:

Buying a house or setting up a business is a dream of Individuals. But have we ensured that the huge investments made is protected with adequate insurance. There is always a chance of these precious investments being damaged by unfortunate and unexpected events like fire, explosions, natural calamities or riots, etc. NIC's SFSP policy is a comprehensive policy available at low cost to indemnify the financial loss in the event of damage to buildings and contents within.

Highlights :

1. This policy can be taken by owners of individual houses, shops, commercial buildings, manufacturing units, godowns, etc.

2. The policy covers buildings as well as contents such as house hold goods, furniture, machinery, electrical fittings and stock.

3. Generally referred as Fire policy in the market. But the policy covers various other events like explosion's, natural calamities and riots..

4. The standard coverage can be enhanced with Add-On covers on payment of additional premium.

5. Long term policy available with discounts for individual house owners

6. Comprehensive coverage for Commercial/Industrial organizations available

7. Facilities like Floater Policy, Declaration Policy and Floater Declaration Policy available for stock.

8. Discounts for availability of safety features like fire extinguishing appliances and for favorable claims experience

Covered :

1. Earthquake
2. Terrorism
3. Impact Damage due to Insured's own Rail / Road Vehicles
4. Architects, Surveyors and Consulting Engineers Fees
5. Forest fire
6. Expenses towards removal of debris
7. Loss of Rent
8. Additional Expenses of Rent For An Alternative Accommodation
9. Omission to Insure additions, alteration or extension
10. Spontaneous combustion
11. Temporary Removal of Stocks Clause
12. Deterioration of Stocks in Cold Storage premises due to accidental power failure
13. Deterioration of stocks in cold storage premises due to change in temperature
14. Cover for damage due to molten material spillage
15. Start up/shut down Expenses
16. Escalation Clause

Exclusions :

1. War and Nuclear Perils
2. Loss due to Pollution or Contamination not caused by an insured peril
3. Loss, destruction or damage to the stocks in Cold Storage premises caused by change of temperature
4. Loss by burglary or theft
5. Removal of property to other sites
6. Consequential or indirect loss
7. 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

Claims Procedure :

Intimation to insurer: Immediate notice of claim is to be given to the Insurer whenever there is a fire or other incident and damage caused by it. All measures for minimization of loss is to be taken including immediate information to fire brigade. If there is involvement of the police, a copy of FIR is to be submitted to Insurer.

Submission of estimate: Surveyor shall be appointed by the Insurer. List of all items affected and the amount claimed is to be submitted to Surveyor. Estimate for repair or replacement is to be submitted to Surveyor. Also, please ensure the following

1. Do not dispose of the damaged goods/items without consent of Surveyor/Company

2. Do not initiate repairs for damaged structures without consent of Surveyor/Company

3. Keep all evidence of lost/damaged items. ensured is expected to behave as if uninsured. Insured must take all precautions to avoid aggravation of loss.

4. Extend cooperation to surveyor while inspecting and assessing the loss. Give completed claim form and documents as required by Insurer, in support of claim