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Fire Insurance is the insurance cover which provides protection to property against different fire perils. Fire Insurance is the basic cover that any property owner should have. Any person with insurable interest in the property to be insured like owners, banks, financial institution etc who can insure under fire insurance policy. Fire Insurance is very important for all types of industry and trade groups, offices, service occupancies, households and assets belonging to all sections of the society.
Standard Fire & Special Peril Policy (SFSP) designed to cover loss or damage to buildings, plant and machinery, Tools, Furniture, Fixture & Fittings, Electrical Installations, Stock in trade including work in progress etc due to fire and act of god perils.
Standard Fire & Special Peril Policy (SFSP) Covers peril such as:Fire, lighting, Explosion / Implosion, Aircraft Damage, Riot Strike and Malicious Damage, Impact Damage, Bursting Overflowing of water tanks, Leakage from automatic sprinklers, Bush Fire and Act of God Perils.
SFSP does not allow claim under (exclusions):
Terrorism, Earthquake, Spontaneous Combustion, Explosion boilers, War or war like operations, Nuclear perils, Pollution or contamination, Over-running, excessive pressure, short circuiting etc.
SFSP which has named perils covers and named exclusion under the policy. This policy can be extended by paying extra premium. Extension in the policy will provide insured add on covers such as Terrorism, Earthquake Fire and Shock, Spontaneous combustion, Deterioration of stock in cold storage premises, Forest fire, Omissions to insure additions, alterations or extensions, Loss of rent etc.
Fire Insurance Premium:
Fire Insurance premium which can differ as per each insurance company. The premium which usually depend upon the risk exposure to insured property. Property which is vulnerable to fire will be charge with higher premium.
Fire is kind risk when it occurs it causes huge financial losses; therefore it is vital to get insured from such risk. Fire Insurance policy can not avoid fire and its damages but it can certainly avoid your financial loss and helps you to recover from it as quickly as possible.
Know more about fire insurance policy.
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