Standard Fire and Special Perils Policy Features

It takes a lifetime for you to build business assets. In a competitive business environment, damage to your property or goods can have an adverse impact on your profitability. With Standard Fire and Special Perils Policy, you can be sure that you are protected against losses that could destroy your business.

Property that can be covered under the Standard Fire and Special Perils Policy includes:-

• Industrial/manufacturing risks
• Property located outside the compound of Industrial/ Manufacturing risks, namely:-dwellings, offices, hotels, shops, etc
• utilities
• storage risks
• tank farms/gas holders

Key Highlights:-

• Provides coverage for your property, plant and machinery, stock, furniture & fixtures..
• Cover for industrial and manufacturing risks
• Cover for storage risks
• Cover for utilities, dwellings, offices, hotels, shops etc.
• Tank farms and gas holders
• Wide range of add-ons
• Option to select covers that you need
• Multiple policy options
• Attractive discounts​

Key Advantages:-

Customized Coverage

• This policy provides comprehensive coverage to your property
• You can enhance your cover with a range of add-ons
• You can also exercise the option to delete a few covers if not required
• Multiple policy options comprising floater policy, declaration policy and floater declaration policy

Attractive discounts

• Long term polices for ‘dwellings’ with attractive long-term discounts
• Discounts available if you choose to delete a few covers -pls confirm
• Discounts for favourable claims experience and risk improvement measure such as installation of fire extinguishing appliances.

Standard Fire and Special Perils Policy Coverage

The Standard Fire and Special Perils Insurance Policy covers the following perils:

• Fire
• Lightning
• Explosion / implosion
• Aircraft damage
• Riot, strike, and malicious damage
• Storm, cyclone, typhoon, tempest, hurricane, and tornado
• Flood and inundation
• Impact damage
• Subsidence and landslide including rockslide demolition
• Construction, structural alterations, or repair of any property
• Ground works or excavations
• Bursting and/or overflowing of water tanks, apparatus, and pipes
• Missile testing operations
• Leakage from automatic sprinkler installation excluding loss, destruction, or damage
• Bush fire
• Fees of architects, surveyors, and consulting engineers up to 3 per cent of claim amount
• Debris removal up to 1 per cent of claim amount

Policy Options:-

Each business has its unique requirements and to customize the policy to your business needs we offer the following covers at an extra premium:

• Earthquake (fire & shock)
• Architects, surveyors & consulting engineers fees in excess of 3% of claim amount
• Debris removal in excess of 1% of claim amount
• Deterioration of stocks in cold storage due to
  • Accidental power failure consequent to damage at the premises of power station due to an insured peril
  • Change in temperature arising out of loss or damage to the cold storage machinery in the insured premises due to operation of insured peril

• Forest fire
• Impact damage due to insured’s own rail/ road vehicles, forklifts, cranes, stackers and the like and articles dropped there from
• Spontaneous combustion
• Omission to insure additions, alterations or extensions
• Spoilage material damage
• Leakage and contamination
• Temporary removal of stocks clause
• Loss of rent clause
• Additional expenses towards rent for an alternative accommodation
• Start-up expenses
• Molten metal spillage

The Reliance Standard Fire and Special Perils Policy comes with the option of choosing from the following variants:

• Floater Policy – appropriate for stocks at various locations under a single sum insured
• Declaration Policy – takes care of frequent fluctuations in stock/stock values
• Floater Declaration Policy – combines the features of both floater and declaration policies

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Standard Fire and Special Perils Policy Exclusions

This policy does not cover damage or loss due to:

• War and nuclear perils
• Pollution and contamination
• Consequential loss
• Volcanic eruption or other convulsions of nature
• Theft during or after the occurrence of any insured peril

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Standard Fire and Special Perils Claims Process

Furnish the following information for the claim:-

• Your contact numbers
• Policy number
• Name of insured person
• Date and time of accident
• Location of loss

Immediate action after loss:-

• Try to extinguish the fire and minimize the extent of loss.
• Inform the fire brigade and co-operate with them.
• Inform our Regional Office with a rough estimate of the loss as early as possible.
• Inform us within 14 days from the day of the loss or damage.
• Obtain the fire brigade report and the bill as the policy covers bills for fire fighting.
• Obtain the metrological report in case of natural disasters.
• Retain the salvage until advised otherwise by the surveyor or insurance company.

Document Checklist

Basic Documents:-

• Claim form duly filled in and signed.
• Claim bills: Detailed claim bills with necessary bills/vouchers.
• F.I.R, if filed.
• Fire brigade report.
• Forensic departments report, if applicable.
• Laboratory test report together with the mandate given, if applicable.
• Record of labour involved in activities related to claim.
• Original repair/ replacement bills with receipts.
• Photographs.
• Departmental note on the incident.
• Meteorological report: In case of natural disasters.

Fire loss of profits insurance

Basic Documents:-

• Claim form duly filled in and signed.
• F.I.R, if filed.
• Books of accounts.
• Activities carried out at other premises.
• Details of savings in standing charges.
• Details of increased cost of working.
• Details of trends in business.