Fire Insurance is governed by All India Fire Tariff issued by Tariff Advisory Committee. Popularly known as Fire Insurance, the Standard Fire & Special Perils (SFSP) Policy has evolved over many years and now covers 11 Allied Perils as well. The fire insurance policy offers protection against any unforeseen or unexpected loss or damage to destruction of property due to fire or other perils covered under the policy.
Policies relating to Fire Insurance include:
- Standard Fire & Special Perils
- Burglary
- Money Insurance
- Machinery Breakdown
- Fire Loss of Profit (FLOP)
- All Risk (portable equipment)
- Plate Glass
- CAR / EAR – Project Insurance
The following are the Perils typically covered under a SFSP policy:
- Fire
- Lightning
- Explosion / Implosion
- Aircraft damage
- Riot, strike and malicious damage, (RSMD)
- Storm , cyclone, typhoon, hurricane, flood and inundation (STFI)
- Impact damage
- Subsidence and landslide including rockslide
- Bursting and/or overflowing of watertanks, apparatus & pipes
- Missile testing operations
- Accidental leakage from automatic sprinkler installations
- Bush fire
Fire Insurance - Add-on Covers
Below are some of the add-on covers/extensions that can be opted under the policy:
- Architects, Surveyors and Consulting Engineers fees (in excess of 3% of claim amount)
- Debris Removal (in excess of 1% of claim amount)
- Deterioration of Stock in Cold Storage
- Forest Fire
- Impact Damage by insured's own vehicles etc.
- Spontaneous combustion
- Additional expenses on rent for Alternative Accommodation
- Omission to insure Additions, Alterations or Extensions
- Earthquake (Fire and Shock)
- Spoilage Material Damage Cover
- Leakage and Contamination Cover
- Loss of Rent
- Start Up Expenses
- Terrorism Cover