8/8/2019 Fire 0000000

1/15

FEAR OF FIRE

8/8/2019 Fire 0000000

2/15

Definition

A rapid, persistent chemical change that releasesheat and light and is accompanied by flame,

especially the exothermic oxidation of a

combustible substance.

8/8/2019 Fire 0000000

3/15

Fire insurance is governed by all India fire tariff effective from 31st

march 2001.

It covers 12 standard fire and allied perils listed.

The standard fire and special policy covers all properties on land atvarious locations against named perils.

Special types of policies are designed for stocks (declaration and

floater),building, plant and machinery.

Long term policies available for dwellings.

Policy can be extended to cover certain additional perils and expenses

at additional premium.

8/8/2019 Fire 0000000

4/15

1. Fire

2. Lightening

3. Explosion/implosion

4. Aircraft damage

5. RSMD (Riot, Strike, Malicious damage)

6. STFI( Storm, Tempest ,Flood , Inundation)7. Impact by any rail/road vehicle or animal

8. Subsidence/landslide including rockslide

9. Bursting and /or overflowing of water tanks, apparatus

10. Leakage from automatic sprinkler installation.

11. Missile testing operation

12. Bush fire

8/8/2019 Fire 0000000

5/15

1. Building (including plinth and foundation, if required)

2. Plant and machinery

3. Stock

4. Furniture, fixture and fitting.

5. Other specific items.

8/8/2019 Fire 0000000

6/15

Types of Building1. Completed or under construction2. Interiors and partitions

Types of Plant & machinery1. Bought new2. Bought second hand

3. Obsolete machinery

8/8/2019 Fire 0000000

7/15

` Raw Material

` Finished Goods

` WIP

` In trade belonging to Wholesaler, Manufacturer andRetailer.

8/8/2019 Fire 0000000

8/15

` Floater Policy

` Declaration Policy

` Floater Declaration Policy

8/8/2019 Fire 0000000

9/15

Architects ,surveyors and consulting engineers fee up to3 % of the claim amount.

Expenses incurred for removal of debris to Clear the siteup to 1 % of the claim.

8/8/2019 Fire 0000000

10/15

Losses and expenses not covered

For the lighting, STFI, landslide perils the excess is

however 5% of the loss or Rs 10,000 which ever is

higher and 10,000 for all other perils.

Perils not covered:-

` War and allied perils

` Ionizing , radiations and contamination by

radioactivity.

8/8/2019 Fire 0000000

11/15

To be continued

Properties not covered

` Items like manuscripts.

` Cold storage stocks due to change of

temperature.

` Stem generated or apparatus subject to

Centrifugal forces by its own explosions and

implosions.

8/8/2019 Fire 0000000

12/15

Add on Covers

8/8/2019 Fire 0000000

13/15

For Perils

Deterioration of stocks in cold storage premisesdue to power failure.

Forest Fire

Impact Damage due to insureds own vehicles.

Spontaneous Combustion

Earthquake

Leakage and Contamination Cover

Terrorism Cover

8/8/2019 Fire 0000000

14/15

8/8/2019 Fire 0000000

15/15