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Standard
Fire And Special Perils Policy
The policy can be issued to cover Buildings
(including those under construction), Plant,
Machinery and Equipment including Hospital &
Office Equipment, Instruments, tools and accessories
of various kinds, Electrical installations,
Furniture, Fixtures and Fittings, Stocks of
all kinds pertaining to industry and trade,
Books, Periodicals and Stationery, Household
Articles.
The Policy covers
- Fire, lightning, explosion/implosion
- Aircraft damage
- Riot, strike, malicious damage (RSMTD)
- Storm, tempest, flood, inundation
(STFI)
- Impact damage, Subsidence and landslide
- Bursting and/or overflowing of water
tanks, apparatus and pipes
- Missile testing operations
- Leakage from automatic sprinkler
installation,
- Bush fire
- Architect's fees not exceeding 3%
of claim, cost of removal of debris not exceeding
1% of claim
- Temporary removal of plant and machinery
upto 60 days
The policy does not cover
- Destruction / damage by own fermentation,
natural heating or spontaneous combustion
- Property undergoing any heating
or drying process
- Burning of property insured by
order of any public authority
- Explosion/implosion damage to
boilers, damage caused by centrifugal forces
- Forest Fire, War and nuclear perils
- Bullion, curios, works of Art,
cheques, currency etc (unless specified)
- Electrical short circuits, consequential
losses
- Theft during/after operation of
peril,
The policy provides for following extensions
- Architect's, Surveyor's and Consulting
Engineers' fees exceeding 3% of claim
- Removal of debris exceeding 1%
of claim
- Deterioration of stocks in cold
storage resulting from accidental power failure
due to an insured peril
- Deterioration of stocks in cold
storage consequent to change in temperature
- Forest Fire
- Impact damage due to insured's
own vehicle,
- Spontaneous Combustion
- Omission to Insure additions,
alternation or extensions upto 5% of Sum Insured
- Earthquake (Fire and shock)
- Spoilage material damage, leakage
and contamination, Loss of rent
- Temporary removal of stocks
- Additional expenses for rent for
an alternative accommodation
- Start up expenses
Discounts
applicable
- Claims experience discount upto
15% for sum insured exceeding Rs.50 crores
per location
- Fire extinguishing appliance (FEA)
discount upto 10%
- Reduction in rate is allowed due
to deletion of STFI & RSMTD perils
Voluntary
Deductibles
- As per All India Fire Tariff
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