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Fire Insurance

This document discusses fire insurance policies that compensate for losses due to fire. It covers who can obtain fire insurance, common types of fire insurance policies like valued policies, and what perils are covered under standard fire and special perils plans (e.g. fire, lightning, floods). It also outlines documents required for fire claims, exclusions like nuclear incidents, and factors that determine insurance premiums like property type and claims history.

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Jatin piplani
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329 views16 pages

Fire Insurance

This document discusses fire insurance policies that compensate for losses due to fire. It covers who can obtain fire insurance, common types of fire insurance policies like valued policies, and what perils are covered under standard fire and special perils plans (e.g. fire, lightning, floods). It also outlines documents required for fire claims, exclusions like nuclear incidents, and factors that determine insurance premiums like property type and claims history.

Uploaded by

Jatin piplani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Fire Insurance

Introduction

A Fire Insurance policy involves an insurance company agrees to


pay a specific amount of loss due to the fire to the insured within
the time specified in the contract.
Who can avail Fire
Any Person or firm that has a financial
interest in thr property to be insured can
avail this offer.

Insurance??
.
Types of Fire Insurance

● Valued Policy
● Replacement Policy
● Floating Policy
● Adjustable Policy
HDFC Standard Fire and Special Perils
Insurance
This plan protects for financial loss as
a result of ‘Standard Perils’ are-

● Fire
● Lightning

Plan Coverage
● Explosion or Implosion
● Storm, Flood,
● Missile Testing Operation
● Aircraft Damage
● Bursting of Pipes/Water Tanks,
sprinkler leakages
● Malicious Attacks, Riots, Attacks,
Terrorism
Documents required for Fire Claim

● Copy of the Policy


● Survey Report
● Claim report duly completed by insured
● Police Report
● Fire Brigade Report
● Meteorological Report (in case of Flood, Cyclone etc.)
● Photographs
● Detailed Cum Bill with necessary bill/vouchers
Exclusions
● Losses arising out of Burglary, theft. Housebreaking.
● Loss and/or damage arising out of War, Invasion, Act of Foreign enemy, hostilities, etc
● Loss or damage due to nuclear perils
● Damage to property due to Pollution and contamination
● Loss, destruction or damage to the stocks in Cold Storage premises caused by change of
temperature
● Willful Misconduct or Negligence
Exclusions
● Loss and/or damage to jewellery, precious stones, money, bullion or
documents of any kind unless specifically declared.
● Cost of land
● Co-operative societies cannot take long term policy for entire society
building
● Property Under construction cannot be covered under this policy
● Any Loss or damage occasioned by or through or in consequence
directly or indirectly due to Earthquake, Volcanic eruption or other
convulsions of nature if Earthquake as Add on cover is not opted
Premium
The premium is depend on the type of occupancy,
cover opted, claims experience, fire protection
appliances and deductible opted under the policy
SBI Consequential Loss (Fire) Insurance
● Fire
● Lightning
● Explosion / Implosion
● Aircraft Damage
● Riot, Strike, Malicious Damages

Plan Coverage
and Terrorism
● Storm, Tempest, Cyclone,
Typhoon, Hurricane, Tornado,
flood, inundation,
● Impact damage
● Subsidence, Landslide and Rock
slide
● Missile Testing operations
● Bush Fire
Exclusions
● War like perils
● Nuclear risks
● Pollution or contamination even caused by insured perils
● High value items like gold, cash unless specified
● Stocks inside the Cold Storage
● Damage to equipment caused by electrical short circuit. However
subsequent damages arising out of such fire is covered
Exclusions

● Loss of earnings, markets, loss by delay, any other


consequential losses
● Spoilage of material due to stoppage even though stoppage
may be due to operation of perils insure
● Loss by theft during or after the occurrence of any loss /
peril
● Earthquake, volcanic eruption
Premium

● Property can be insured on depreciated cost (Market Value) or


replacement cost basis.
● In order to get full protection, insurance on reinstatement
(replacement) basis is recommended.
● However Stock should be covered only on Market Value basis. The
Sum Insured can be reinstated after occurrence of a claim for the
balance period of the Policy.

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