Fire Insurance is designed to cover wide range of properties including Buildings, Machineries, Stocks, Furniture, etc. on an Annual basis.
The premium is determined by considering mainly the quality of construction of buildings, operational hazards, level of safety and protections.
This Insurance is designed to cover your properties against loss or damage caused by specific perils, subject to exclusions mentioned in the Policy.
The property to be insured may consist of the following physical assets:
- 1. Building
- 2. Furniture, fixtures and fittings
- 3. Plant and equipment
- 4. Office equipment
- 5. Stock in trade from raw materials to finished products.
Fire and Allied Perils Policy covers various other risks in addition to the risk of Loss or Damage by Fire. The same are summarized below:
- (a) Natural calamities like Storm, Earthquakes, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, Lightning and Ignition
- (b) Bursting and overflowing of Water tanks, Apparatus and Pipes.
- (c) Riots, Strikes and Malicious Damage
- (d) Aircraft and other Devices
- (e) Impact and Smoke Damage
- (f) Subsidence and Landslide including Rockslide
The policies are extended to cover other risks such as damage caused by Explosion / Implosion, Electrical Appliances under the Alternative Electrical Clause, earthquake, shock & fire and also Burglary by forcible and violent entry or exit from the premises.
The following extensions are also available under the Policy upon payment of extra premium:
- (a) Accidental damage to Plate Glass / Sign Board.
- (b) Loss by burglary or hold-up for cash in the premises or Cash in Safe.
- (c) Debris removal expenses
- (d) Loss of Rent.
- (e) Third Party Liability toward Neighbors and/or the Landlords
- (f) Business interruption