Fire Insurance for School

Fire insurance is an insurance policy that offers financial protection for loss and damage to the insured property in return for designated premium amounts. Typically, there are 12 perils included in the coverage of fire insurance. Let us list them below:

• Loss by fire

• Lightning loss

• Explosion/Implosion

• Landslides/rockslides

• Impact damage

• Storms/cyclones/typhoons/floods/tornadoes/tsunamis/tempests

• Missile testing or aircraft damage

• Riot or strike interruptions damage

• Pipe, water tanks, or apparatus leakage or burst

• Automatic sprinkler leakage damage

• Bush fire damage

• Earthquakes or volcanic eruptions loss

The above policy also has a few exclusions. If the damage and loss were not from accidental fire and natural disasters, and if they were caused by some man-made cause, the policy would not offer coverage for any kind of loss, partial or complete.

Fire can damage many aspects of the school, including the infrastructure, school seating equipment, teaching equipment, the school’s kitchen, and books. Restoring the school building or the components damaged within it can involve extensive finances and time.

Hence, a school's premises need to be protected by fire and burglary insurance to keep its finances secure and steady. Insurance companies offer a variety of additional features to expand the policy and offer extensive provisions.

Rent cover offers financial coverage for the rent one pays for another space when the insured property, i.e., the school, cannot be used.

The new location add-on covers the new property acquired by you due to the complete or partial loss of the school building.

The policy offers an add-on that covers the protection and preservation of property. This provision is for the cost incurred to protect and preserve the property by repairs.

The escalation clause allows the policy to increase the sum insured on a periodic basis. This results in an increase in the premium amount. However, the sum insured remaining constant can prove to be harmful, considering the growth in inflation and the costs of everything.

Floater cover offers financial protection for physical damage to assets and properties related to the insured property in different locations. For example, if the school benches in the storehouse also catch fire, they can be covered with the floater add-on feature.

Accidental damage covers offers financial compensation for damage and loss incurred by the school due to external, violent forces.

Terrorism damage add-on offers financial coverage for the physical loss incurred by the school due to a terror attack or nuclear weapon use.

There are claim limits, exclusions, and conditions mentioned in the policy. To avoid claim rejections, read the policy thoroughly!

Fire and burglary insurance: The policy that protects the school from the perils of fire and loss by burglary.

Fire and burglary insurance + money cover: This policy offers an additional layer of security by offering financial cover for the loss of cash, currency, coins, bank drafts, and cheques present in the insured property.

Fire and burglary insurance + money cover + public liability: This type of policy extends the scope of its coverage by offering financial provisions for public liability incurred due to a fire.

• Visit the insurance company’s official website.

• Search for the “Raise A Claim” or “Initiate A Claim” option.

• Enter the login credentials of your policy account. It is usually your mobile number and the OTP that follows.

• Fill out the claim form thoroughly. Verify all the information.

• Upload the form along with mandatory documents.

• Once the form is uploaded, click on submit.

• When you submit the form, an insurance agent will guide you through the entire process.

• The claim procedure may differ from one insurer to another; hence, get in touch with your insurance provider for assistance.

Fire insurance is a necessity. Managing a school brings numerous responsibilities, and risk management is one of those. The blog states the benefits, importance, and features of the fire and burglary insurance policy for your school property. These factors will help you make an informed decision regarding the policy for your school!

Tata AIG offers fire and burglary policies that protect commercial properties, such as schools and hospitals, from fire hazards. .

Adding security measures to your school premises will significantly reduce your premium amount. The burglary insurance policy is an additional layer to the fire policy. You need this extra layer of security to keep your school and the premises protected from burglary.

Is it mandatory for schools to protect the property with a fire insurance policy?

No, it is not mandatory for schools in India to get fire insurance. However, having one can protect the owner from financial liabilities and hence, is recommended.

How is the school fire insurance premium calculated?

The premium for school fire insurance is calculated considering the location, occupancy, value of the property, date of construction, security measures, and additional coverage of the policy.