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The New India Assurance Industrial Insurance

Fire Policy

•  Fire Insurance is governed by All India Fire Tariff effective from 31.3.2001 issued by Tariff Advisory Committee, a Statutory Body.
•  The Standard Fire and Special Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils.
•  Special Types of Policies are designed for Stocks (declaration and floater), Building, Plant & Machinery keeping in mind the nature of property, proposers requirements and basis of indemnification.
•  Long Term Policies available for Dwellings with suitable discounts in premium.
•  Policy can be extended to cover certain additional perils and expenses at additional premium.
•  Certain perils can be deleted with discount in premium rates.
•  Discount in premium available for good claims experience for sum insured more than Rs. 50 crores in one location and for installation of fire extinguishing appliances.
•  Concept of “one risk one rate” for all properties in an Industrial or Manufacturing Complex, for administrative convenience of the proposer.

Perils Covered:
•  Fire
•  Lightning
•  Explosion / Implosion
•  Aircraft damage
•  Riot, Strike, Malicious and Terrorism damage (hereinafter called RSMTD Perils)
•  Storm, Tempest, Flood, Inundation, Hurricane, Cyclone, Typhoon and Tornado.
•  Impact by any Rail/ Road vehicle or animal
•  Subsidence / Landslide including rockslide.
•  Bursting and / or overflowing of water tanks, apparatus.
•  Leakage form Automatic Sprinkler Installation.
•  Missile Testing Operation.
•  Pollution or contamination resulting from any of the above perils
•  Any insured peril resulting from pollution and contamination.
•  Bush Fire

Expenses Covered:
The policy automatically covers the following expenses incurred following loss / damage / destruction of a covered property as a result of the operation of an insured peril.
1. Architects, Surveyors and Consulting Engineers Fees upto 3 % of the claim amount.
2. Expenses incurred for removal of debris to clear the site upto 1 % of the claim amount.
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