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Fire Insurance

Fire Insurance

Property Insurance has become synonymous with safeguarding the interest of people and their property against financial losses arising due to sudden, accidental & uncertain events. Insurance is important for businesses as it provides compensation for financial losses due to damage or destruction to the insured property.
The most common form of property insurance in India is the Fire insurance cover. It is a form of insurance cover that protects assets from the losses due to certain specific perils.

Why should you buy Fire Insurance?

A fire insurance policy offers comprehensive security for business buildings, plant and machinery, stocks, contents, home, office etc. The policy offers financial security by covering losses or damages that may arise due to fire loss or damages and are suitable for those who own a property or for someone who holds the property in trust or in commission; whether an individual or a commercial establishment. This policy is also ideal for SME's and Corporates alike, those who need coverage for their business against uncontrollable situations that can devastate their property and businesses.

Fire Insurance Policies

Standard Fire & Special Perils( SFSP)

This policy is suitable

1) For property owners,

2) For those who hold property in trust or in commission

3) For individuals or a commercial establishment.

This policy is suitable for property owners, for those who hold a property in trust or in commission and for individuals or a commercial establishment.
All immovable and movable property located at particular premises such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process along with goods held in trust or in commission, can be insured under this policy against twelve named perils.

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Fire Loss of Profit( FLOP):

When a fire or any of the other perils covered under the Standard Fire & Special Perils Policy (Material Damage Policy) occur, the material damage policy will help the insured in reinstatement/ repair/ replacement of the damaged building, plant & machinery and/ or stocks only. The time period between the date on which the loss occurs and the date on which the entire reinstatement/repair/replacement is complete and normal production restarts is called the “Period of Interruption”. This would result in a reduction in turnover, causing subsequent loss of profits. The intention of a Consequential Loss (Fire) Policy is to make good this loss.

Industrial All Risk( IAR)

Industrial All Risks Insurance is a wider cover than traditional “Standard Fire and Special Peril Insurance policy”. It is an all-risk policy covering a wide range of perils such as fire and allied perils, burglary, accidental damage, breakdown and business interruption as well
This is a Comprehensive Package Policy which provides cover against unforeseen circumstances including accidental damage to the property, which a large industry may face during its operation.

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