FIRE AND ITS ALLIED PERILS INSURANCE

Our fire insurance promises, for a consideration (the premium), to indemnify the insured for direct loss or damage of the insured property by accidental Fire and Its allied perils which are named in the policy.

SCOPE OF COVER
The policy is suitable to cover individual or business assets such as Buildings (Excluding Plinth ,Foundation and pavements), Plant And Machinery, Stocks, Furniture, Fixtures And Fittings, And Other Contents. You must have an insurable interest in the insured property both at the time the policy is issued and at the time the loss occurs.

COVERED PERILS  STANDARD FIRE POLICY

Covers the following perils, damages, and expenses.

  1. Fire
  2. Lightning,
  3. The following forms of damage and expenses are likewise covered
  4. Damage during or immediately following a fire caused by Smoke or Scorching and Falling walls & the Like.
  5. Damage caused by fire brigade or other competent authority in the discharge of their duty.
  • Damage to property removed from a burning building in an effort to save such property.
  1. Wages paid to persons employed for extinguishing fire.

AS EXTENSION,FIRE POLICY

Optionally covers the following Perils by endorsement and by paying additional premium under Fire policy in addition to the above covers. Applicable only if opted by the Insured and shown on the Schedule.

  1. Riot & Strike Damage (R&Sd)
  2. Malicious Damage (as an extension of Riot and Strike)
  3. Explosion Damage
  4. Impact Damage (By any rail/ road vehicle or animal)
  5. Aircraft Damage (By aircraft or other aerial devices or articles dropped therefrom)
  6. Cyclone, Hail, Storm, Tempest, Hurricane, Tornado Or Typhoon And Tidal Bore.
  7. Flood
  8. Landslide/Hillslide/Landslip
  9. Earthquake(Fire & Shock)
  10. Tsunami(as an extension of Earthquake)
  11. Bursting And/Or Overflowing Of Water Tanks, And Apparatus.
  12. Electrical Faults ( Electrical Clause “B”)

PERIOD OF INSURANCE

Generally, fire insurance is issued for a period not exceeding one year with few exceptions and is renewed annually.

MAJOR EXCLUSIONS :

  • War and Nuclear Risks
  • Willful Misconduct
  • Consequential Losses
  • Pollution and Contamination (unless directly caused by a fire
  • Losses Due to Terrorism
  • Unoccupied Property
  • Mysterious Disappearance
  • Wear and Tear
  • Damage arising from illegal activities or operation
  • Destruction or Confiscation by order of Public authority

A claim for loss by fire must satisfy the following conditions:-

  • The loss must be caused by actual fire or ignition and not just by hightemperature.
  • The proximate cause of the loss should be fire.
  • The loss or damage must relate to the subject matter of policy.
  • The ignition must be either of the goods or of the premises where goods are kept.
  • The fire must be accidental, not intentional. If the fire is caused through amalicious or deliberate act of the insured or his agents, the insurer will not beliable for the loss.

Note :  The information disclosed above is non-exhaustive, please contact our experts.