Fire insurance is a type of insurance that provides coverage if your property gets damaged or destroyed due to fire. Fire insurance policies not only provide coverage for the expenses incurred for the reconstruction, replacement and repair of the insured property, but also the nearby structures. Furthermore, this fire insurance plan also provides protection for the people whose life or livelihood is affected due to property damage.
Fire insurance policy in India is governed by All India Fire tariff which has been issued by a legal body-Tariff Advisory Committee. As per standard plan of fire and special perils plans, all the movable and permanent properties on land can be insured. Various types of possessions can be insured under fire insurance policy in India, like industrial buildings, dwellings, offices, shops, places of worship and their contents, shops, shopping malls, clinics, hospitals, apartments, private houses and many more. Typically, a fire insurance policy(SFSP) covers the following perils :
- Damages or losses caused to the fire.
- Insured will get coverage for expenses incurred due to damage by explosion or implosion.
- Damages caused by lightning. If any damage/loss occurs because of lighting, for instance, cracks in the roof/building area, etc. it will be covered.
- Damages or losses caused by an explosion are also covered by fire insurance policy.
- Fire and any other losses or damage caused by aircraft or other airborne devices, damage due to articles dropped by an aircraft is covered by fire insurance policy.
- If the belongings or properties or of the insured are damaged caused by strike, riot or any terrorist activities, then it will be covered by fire insurance policies.
- Fire insurance coverage offers for natural disasters including tornado, storm, cyclone, typhoon, flood etc.
- Destruction caused to the landslide or rockslide will be covered under fire insurance policy.
- If your property is damaged due to the bursting/overflowing of the water tank, the policy will provide coverage for the damage
- Bush Fire. Setting fire to overgrown bushes/plants may end up damaging the property. This will be covered under the policy. Please note that the policy will not cover the destruction caused due to the forest fire.
The truth is that if you own a property it is always vulnerable to risks despite the precautions you undertake or you use the technological advancements. Therefore it is important to protect your property against such perils. Standard Fire and Special Perils (SFSP) policies are one of the most sold policies in Saferisk. Our team of underwriters specializing in fire and industry will make sure that the policy is rightly designed for you. Also, our engineering team can perform inspections and also advise on maintenance of your factory/industry in order to reduce the risk of fire.
