The Standard Fire and Special Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils. Special Types of Policies are designed for Stocks (declaration and floater), Building, Plant & Machinery keeping in mind the nature of property, proposers’ requirements and basis of indemnification.
Long Term Policies available for Dwellings with suitable discounts in premium. Policy can be extended to cover certain additional perils and expenses at additional premium. Certain perils can be deleted with discount in premium rates.
Concept of “one risk one rate” for all properties in an Industrial or Manufacturing Complex, for administrative convenience of the proposer.
All moveable/ immoveable properties of the proposer on land (excluding those in transit) broadly categorised as follows :
|Building (including plinth and foundations, if required)||Whether completed or in course of construction (excluding the value of land). Interiors, Partitions and Electricals.|
|Plant & Machinery, Equipments & Accessories (including foundations, if required)||
Bought Second hand.
In trade belonging to Wholesaler, Manufacturer and Retailer.
|Other Contents such as||
Furniture, Fixtures and Fittings
Spares, Tools and Stores
Household goods etc.
|Specific Items such as||bullion, unset precious stones, curios, work of arts, manuscripts, plans, drawings, securities, obligations or documents, stamps, coins or paper money, cheques, books of accounts, computer system records, explosives|
Floater Policy :
The policy automatically covers the following expenses incurred following loss / damage / destruction of a covered property as a result of the operation of an insured peril.
Losses/ Expenses not covered:
Perils not covered:
Properties not covered:
The proposer shall describe all locations where the properties are built or installed or stored or kept at the inception Any change of location of risk shall be covered on intimation of such change. Change of ownership in the insured property shall be intimated so that the new owner may be covered be means of suitable endorsement. Any material change in the location of risk, trade or manufacturing activities shall be intimated to the insurer so that the changes are endorsed to offer continuous cover.
Fire Policy is an annual policy, generally, renewable each year. Long Term policy (for a minimum period of three years) can be considered for covering “dwellings” only with suitable discounts in premium. Cover for STFI and RSMD perils can be considered during currency (where they are deleted at inception by choice) in special circumstances. Policy can be cancelled at any time during the currency with suitable refund of premium for the unexpired period.
STFI and RSMD perils can be deleted at the inception of the policy for which suitable reduction in package premium rate is allowed.
1. Report of the Internal Committee constituted for the purpose of investigating the cause of fire.
2. Fire Brigade Report.
3. First Information Report / Letter of intimation to the Police Station duly endorsed / Police Panchnama.
4. Forensic Laboratory Report on samples collected at affected site.
5. Drug Inspector’s Report on destruction of Drugs/ Pharmaceutical items (for claim on pharma products only).
6. Final Investigation Report.
7. Action taken on the suggestion of TAC/ LPA on loss minimisation of prevention.