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Standard Fire & Special Perils Insurance

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Standard Fire & Special Perils Insurance

Starting at Rs. 500/Year*

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What is Standard Fire & Special Perils Insurance?

Standard Fire & Special Perils Insurance is an important part of a Property Insurance policy, that helps protect your business properties such as apartment buildings, office spaces and shops from any damages and losses that could occur due to a fire. 

Why Standard Fire & Special Perils Insurance is important?

  1. Fire Outbreak is ranked as the 3rd biggest risk to business continuity and operations.

  2. Businesses affected by building fires see a 25-30% dip in footfall and business.

  3. The ADSI report shows residential buildings are most prone to fire outbreaks.

What is Covered in Standard Fire & Special Perils Insurance?

The standard cover is a named-peril policy covering following named perils

  1. Fire

  2. Lightning

  3. Explosion / Implosion

  4. Aircraft Damage

  5. Riot, Strike, Malicious Damages (RSMD)

  6. Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornado, flood, inundation (STFI)

  7. Impact damage by any rail/ road/ vehicle/ animal (other than own)

  8. Subsidence, Landslide and Rock slide

  9. Missile Testing operations

  10. Bush Fire

  11. Bursting and/or overflowing of Water Tanks, Apparatus and Pipes

  12. Leakage from Automatic Sprinkler Installations

Add-On Covers in Standard Fire & Special Perils Insurance

Below are some of the add-on covers that can be opted

  1. Architects, Surveyors and Consulting Engineers fees (in excess of 3% of claim amount)

  2. Debris Removal (in excess of 1% of claim amount)

  3. Deterioration of Stock in Cold Storage

  4. Forest Fire

  5. Impact Damage by insured's own vehicles etc.

  6. Spontaneous combustion

  7. Omission to insure Additions, Alterations or Extensions

  8. Earthquake (Fire and Shock)

  9. Spoilage Material Damage Cover

  10. Leakage and Contamination Cover

  11. Loss of Rent

  12. Additional expenses on rent for Alternative Accommodation

  13. Start-Up Expenses

  14. Terrorism Cover

    *above list is indicative in nature and not exhaustive

Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. InsureSMEs is not promoting or recommending anything here. Please verify the information before making any decisions.

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