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What is Fire Insurance
Every business has a specific set of requirements. Our range of business products is especially designed to meet your business needs across the commercial spectrum. It is pivotal to get adequate insurance cover for your business to mitigate risk.
Fire Insurance Policy
• Accidental fires, lightning, explosion and implosion due to pressure vessels(used for domestic purposes)
• By rioting mob, striking workers, malicious acts by third parties and damage by terrorists
• Impact damage by any Rail/road vehicle or animal by direct contact
• Aircraft and other aerial and and/or space devices and/or articles dropped therefrom, excluding destruction or damage occasioned by pressure waves caused by such devices
• Subsidence and landslide including rock slide
• Natural calamities like storm, cyclone, typhoon, hurricane, tornado, flood and impact damage
• Damages caused due to bursting or overflowing of water tanks, apparatus and pipes
• Bush Fire
Applicants need to submit the completed proposal form with full list of property to be insured with values (Clothes, domestic appliances etc.). As people use more and more electrical gadgets in search of a luxurious lifestyle, the risk from fire accidents have increased manifold. A fire insurance policy acts as the bulwark against such potential perils.
What are the risks covered under fire insurance?
Fire insurance business in India is governed by the All India Fire Tariff that lays down the terms of coverage, the premium rates and the conditions of the Fire Policy. The fire insurance policy has been renamed as Standard Fire and Special Perils Policy. The risks covered are as follows:
Fire:
Destruction or damage to the property insured by its own fermentation, natural heating or spontaneous combustion or its undergoing any heating or drying process cannot be treated as damage due to fire. For e.g., paints or chemicals in a factory undergoing heat treatment and consequently damaged by fire is not covered. Further, burning of property insured by order of any Public Authority is excluded from the scope of cover.
Lightning:
Lightning may result in fire damage or other types of damage, such as a roof broken by a falling chimney struck by lightning or cracks in a building due to a lightning strike. Both fire and other types of damages caused by lightning are covered by the policy.
Explosion/ Implosion:
Explosion is defined as a sudden, violent burst with a loud report. An explosion is caused inside a vessel when the pressure within the vessel exceeds the atmospheric pressure acting externally on its surface. An explosion may cause fire damage or concussion damage.
Implosion means bursting inward or collapse. This takes place when the external pressure exceeds the internal pressure. This policy, however, does not cover destruction or damage caused to the boilers (other than domestic boilers), economisers or other vessels in which steam is generated and machinery or apparatus subject to centrifugal force by its own explosion/ implosion. These risks can be covered in a Boiler & Pressure Plant Insurance Policy, which is specially designed to handle these risks.
Aircraft Damage:
The loss or damage to the property (by fire or otherwise) directly caused by aircraft and other aerial devices and/ or articles dropped there from is covered. However, destruction or damage resulting from pressure waves caused by aircraft travelling at supersonic speed is excluded from the scope of the policy.
commandeering, requisition or destruction by order of the Government or any lawfully constituted authority; or permanent or temporary dispossession of any building or plant or unit or machinery resulting from the unlawful occupation by any person of the same or prevention of access to the same, are not covered.
Impact Damage:
Impact by any Rail/ Road vehicle or animal by direct contact with the insured property is covered. However, such vehicles or animals should not belong to or owned by the insured or any occupier of the premises or their employees while acting in the course of their employment.
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 Top Providers |
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ICICI Prudential Life |
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SBI Life Insurance |
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Life Insurance Corp. |
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Bajaj Allianz Insurance |
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United India Insurance |
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