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INTRODUCTION: Every business has a specifc sp ecifc set o requirements. requirements. Our range o business products is especially designed to meet your business needs across the commercial spectrum. It is pivotal to get adequate insurance cover or your business to mitigate risk. Fire and Special Perils Policy !aterial "amage#
Types Of Fire Insurance Insu rance
Excess loss policies:- $his policy is obtained %here the stock &uctuate indefnitely. $he trader has to obtain t%o policies.
'nder the cover o frst policy( the loss is indemnifed upto the sum insured. I the loss e)ceeds e)ceeds this limit( that can be met out rom the E)cess *oss Policy.
Standard policies:- $his policy provides securities against some undamental risks. $he premium is kept at a lo%er rate. $his policy has t%o types +# or household goods and ,# or all other purposes such as or actories( shops( godo%ns( urnitures etc. $he risks %hich are overlooked include loss due to natural calamities.
Special peril policies:- In addition to ordinary risks( this policy provides or coverage o risks
involving e)plosion( violance( etc. -dditional rate o premium is charged or this.
Compreensi!e policies:- no%n as /all0in0one1 policy( the insurance company indemnifes the policyholder or loss arising out o fre( burglary( thet and third party risks. In this type o policy( the policyholder also gets paid or loss o profts incurred( due to fre( till the time the business remains shut.
Sprin"ler lea"a#e policies:- $his policy insures destruction o or damage due to accidently leaking %ater rom automatic sprinkler installation( used in the insured premises to put out fre.
Rent policies:- $his policy protect the building o%ners rom the loss o rent. I a tenant doesn2t pay rent because o fre in the rented portion( the insurance company %ill pay or such loss. $his may constitute a separate policy( or can be included %ithin other orms o cover and may be a3ected either by the o%ner or by the tenant or by an o%ner0occupier. I the tenant is not paying rent because o fre( the o%ner can claim rent rom the insurer.
Floater declaration policies:- $his type o policies can be issued sub4ect to minimum sum insured or 5s. , crore and compliance o rules o declaration policies.
$on# term policies for %ouses&Flats:- *ong term policies shall be as per the ollo%ing terms and conditions
a# Issued to 6ouse7Flat O%ner only b# $he policy shall be issued or a minimum period o three years
%'('RDS
Physical ha8ards
Occupational ha8ards
!oral ha8ards
Internal ha8ards
*egal ha8ards
Sum Insured
$he value o property is considered %hile f)ing the sum insured. $he property can be insured on !arket 9alue "epreciated cost# or 5eplacement :ost basis.
)asis of *remium
Premium rate %ill depend on construction o building and occupancy. "iscounts7*oadings on premium are given based on past claims e)perience or risks e)ceeding 5s. ;< crores sum insured at any location and installation o fre e)tinguisher appliances. $he amount o premium depends on a number o actors based on the under%riting policies o di3erent insurers. :onditions On Fire Insurance Policies
+#=E>E5-* E?:*'SIO>S •
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$he frst ;@ o each and every claim sub4ect to minimum o 5s.+<(<<<70 in respect o -ct o =od only perils such as lightning( S$FI( Subsidence( *andslide and 5ockslide. $he First 5s.+<(<<<70 or each and every loss arising out o other perils. $he e)cess shall apply on the basis o per event per insured. 6o%ever this does not apply to policies covering d%ellings.
E?:*'"E" PE5I*S •
Aar and Aar like perils B *oss( destruction or damage caused by %ar( invasion( act o oreign enemy( hostilities or %ar like operations %hether %ar be declared or not #( civil %ar( mutiny( civil commotion assuming the proportions o or amounting to a popular rising( military rising( rebellion( revolution( insurrection or military or usurped po%er.
O$6E5 E?:*'SIO>S •
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*oss or damage caused by ioni8ing radiation or contamination *oss or damage caused by pollution or contamination e)cluding
a# Pollution or contamination %hich itsel results rom a peril hereby insured against( b# any peril hereby insured against %hich itsel results rom pollution or contamination.
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*oss( destruction or damage to bullion or unset precious stones( any curious or %orks o art or an amount e)ceeding 5s.+<(<<<70( goods held in trust or on commission( manuscripts( plans( dra%ings( securities( obligations or documents o any kind( stamps( coins or paper money( cheques( books o accounts or other business books( computer system records( e)plosives unless other%ise e)pressly stated in the policy. *oss or damage to stocks in cold storage premises caused by change o temperature. *oss( destruction or damage to any electrical machine( apparatus( f)ture or fttings arising rom or occasioned by over running( e)cessive pressure( short circuiting( arcing( sel hearing or leakage o electricity rom %hatever cause. Indirect loss or consequential loss such as loss o earnings( loss o delay( loss o market etc. *oss by thet or ater the occurrence o any insured peril e)cept as provided under 5iot( Strike( !alicious and "amage :over. •
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*oss or damage caused by earthquake( volcanic eruption or other convulsions o the nature. *oss or damage to property insured i removed to any building or place other than in %hich it is herein stated to be insured e)cept machinery and equipment
temporarily removed or repairs( cleaning( renovation or other similar purposes or a period not e)ceeding C< days.
+, ENER'$ CONDITIONS: +# Policy 9oidable ,# -lteration D# Fall or "isplacement # Aarranties ;# 5easonable Precautions C# :ancellation
., Claims Conditions 'ction )y Insured: a, In the event o damage the insured shall - notiy the insurer immediately - notiy the police authority immediately i it becomes evident that such damage have been caused by malicious persons - :arry out and permit to be taken any action %hich may be reasonably practicable to prevent urther damage - ull inormation in %riting o the property lost destroyed or damaged - detail o any other insurance on any other property hereby insured immediately
- all necessary proos and inormation relating to the claim as may reasonably be required - i necessary( statutory declarations o the truth o the claim and any matters connected %ith it
/, >o claims under this policy shall be payable unless the terms o this conditions have been complied %ith. +# Condition of a!era#e 0under Insurance, ,# Fraud D# Reinstatement: I any property is to be reinstated or replaced by the insurer the insured shall at his o%n e)penses provide all such plans( books and inormation as may reasonably be insured. # Insurer1s ri#t follo2in# a claim ;# Reinstatement of sum insured after a loss C# Contri/ution G# Su/ro#ation H# 'r/itration
Claims settlement procedure in 3re insurance
Fire Insurance :laim ProcedureB ◦
Individuals7corporate must inorm insurer as early as possible ( in no case later than , hours.
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Provide relevant inormation to the surveyor7claim representative appointed by the insurer. Presentation o necessary documents $he surveyor then analy8es the e)tent7 value o loss or damage. $he claim process takes any%here bet%een one to three %eeks.
"ocuments 5equired or Fire Insurance :laim B
+. $rue copy o the policy along %ith schedule. ,. 5eport o fre brigade. D. :laim Form . Photographs ;. Past claims e)perience