Standard Fire Insurance Policy
Description of Fire Insurance Business :
Fire Insurance: All policies issued under the heading of Fire
Insurance. It primarily aims at providing protection against financial
losses arising out of the operation of fire or certain other specified
perils. The subject matter of insurance are usually: (a) Building
(b) Plant & Machinery (C) Furniture, Fixture and fittings
(d) Goods and Merchandise. (e) Stocks of all kinds
Direct risks covered under standard fire insurance policy:
Accidental fire, lightning & Explosion (Boilers or gas used
for domestic purposes only). The perils covered by the policy
in its normal terms are:-
a) Fire: Whether resulting from explosion or otherwise.
b) Lightning: Whether fire results or not.
c) Explosion : Boiler used or gas used for domestic purpose only.
In addition to the above, this Policy also generally covers the
following forms of damage :-
1. Damage during or immediately following a fire caused by
a) Smoke
b) Scorching
c) Falling walls and the like-
2. Damage caused by a fire brigade or other competent authority
in discharge of their duty including :-
a) Damage caused
by water or other extinguishing agents employed.
b) Damage caused by the blowing up of buildings to prevent the
spread of a configuration.
3. Damage to property while being removed from a building or
immediately after its removal from burning building caused by
exposure to weather, provided the removal was justified.
Additional risks covered on payment of additional premium:
a) Riot and strike
damage (RSD)
b) Explosion damage (including commercial purpose)
c) Malicious damage.
d) Earthquake
e) Spontaneous combustion.
f) Cyclone
g) Flood.
h) Busting or overflowing of tanks, pipes etc.
i) Subsidence
j) Land slide,
k) Articles dropping from aircraft
l) Subterranean fire
m) Sprinkler leakage
Consequential loss also an additional risk which is covered
by paying additional premium.
Remarks
The policy does not cover: - War, Undergoing any process or heating,
Spontaneous fermentation,
Sentiment Value, Radio Active Contamination or Ionizing radiation
.
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