Fire Insurance Policy

Fire Insurance Policy

Fire insurance policy protects all types of offices, factories, households, industries, and other equivalent properties, assets from damage and loss due to fire and acts of God perils. The fire insurance coverage is for damage and loss to plant and machinery, instruments, buildings, accessories, fixtures, tools, fittings, furniture, stocks in trade during work in progress, electrical installations, and more.

Special Covers under Fire Insurance

Protective coverage is given for property on risks to fire, implosion, explosion, strike, malicious damage, typhoon, hurricane, lightning, storm, damage riot, flood and inundation, tornado, landslide, impact damage, overflowing or bursting of rock slide/pipes/apparatus/water tanks, subsidence, sprinkler installation, bush fire, missile testing operations, and leakage from automatics.

Fire Insurance Policy Coverage
  • All properties on land, immoveable or moveable, excluding land cost, at various locations are covered against the fire insurance included perils that were decided during the policy formation.
  • Standard fire insurance can extend to cover uncertainties and expenses, on payment of additional premium. Some perils can be omitted from the plan to get discount on premium rates.
  • fire insurance maybe available for dwellings on long-term plans with great discounts in the premium.

Properties covered (moveable and immoveable) of the land's proposer (not those in- transit) are categorized as follows:

1.Building (with plinth and foundations, if needed):

  • Whether in due course of construction or complete (excluding land value).
  • Interiors, Electricals, and Partitions.

2.Equipment's & Accessories, Plant & Machinery, (with foundations, if needed):

  • Purchased Second hand
  • Purchased New
  • Obsolete Machinery

3.Other Stocks:

  • Finished Goods
  • Raw Material
  • In process
  • In trade dedicated to the Retailer, Wholesaler & Manufacturer

4.Contents such as:

  • FFF (fixtures, furniture, and fittings)
  • Household goods
  • Piping, Cables
  • Tools, Stores, and Spares

Fire insurance policy may cover specific items like unset valuable stones, work of arts, bullion, curios, plans, obligations or documents, manuscripts, drawings, cheques, securities, paper money or coins, computer system records, books of accounts, explosives, and others.