Standard Fire and Special Perils Insurance is a traditional cover that offers cover against fire and allied perils which are named in the policy. The policy can cover building (including plinth and foundation), plant and machinery, stocks, furniture, fixtures and fittings and other contents.
The standard cover is a named-peril policy covering following named perils:
- Explosion / Implosion
- Aircraft Damage
- Riot, Strike, Malicious Damages (RSMD)
- Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornodo, flood, inundation (STFI)
- Impact damage by any rail/ road/ vehicle/ animal (other than own)
- Subsidence, Landslide and Rock slide
- Missile Testing operations
- Bush Fire
- Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
- Leakage from Automatic Sprinkler Installations
On payment of additional premium, the following add-on covers can be opted
- Architects, Surveyors and Consulting Engineers fees (in excess of 3% of claim amount)
- Debris Removal (in excess of 1% of claim amount)
- Deterioration of Stock in Cold Storage
- Forest Fire
- Impact Damage by insured's own vehicles etc.
- Spontaneous combustion
- Omission to insure Additions, Alterations or Extensions
- Earthquake (Fire and Shock)
- Spoilage Material Damage Cover
- Leakage and Contamination Cover
- Loss of Rent
- Additional expenses on rent for Alternative Accommodation
- Start Up Expenses
- Terrorism Cover
- Excess as specified in the policy
- Loss, destruction or damage caused by war, invasion, act of foreign enemy hostilities or war like operations (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power
- Nuclear risks
- Pollution or contamination
- Loss, destruction or damage to bullion or unset precious stones, works of art, plans drawing, securities, money etc and other such items
- Loss, destruction or damage to the stocks in Cold Storage premises caused by change of temperature
- Loss, destruction or damage to any electrical machine, apparatus, fixture, or fitting arising from or occasioned by over-running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity from whatever cause (lightning included) provided that this exclusion shall apply only to the particular electrical machine, apparatus, fixture or fitting so affected and not to other machines, apparatus, fixtures or fittings which may be destroyed or damaged by fire so set up.
- Expenses necessarily incurred on (i) Architects, Surveyors and Consulting Engineer's Fees and (ii) Debris Removal by the Insured following a loss, destruction or damage to the Property insured by an insured peril in excess of 3% and 1% of the claim amount respectively.
- Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind or description whatsoever
- Loss, or damage by spoilage resulting from the retardation or interruption or cessation of any process or operation caused by operation of any of the perils covered
- Any Loss or damage occasioned by or through or in consequence directly or indirectly due to earthquake, Volcanic eruption or other convulsions of nature.
- Loss or damage to property insured if removed to any building or place other than in which it is herein stated to be insured, except machinery and equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period not exceeding 60 days
This Policy does not cover the deductibles stated in the Schedule in respect of each and every loss under various covers.