Fire Insurance

Fire insurance is a contract of insurance against the loss/damage by accidental fire or other occurrences customarily included under a fire policy. It covers various industries

  • Fire
  • Lightning
  • Explosion / Implosion
  • Aircraft Damage
  • Riot, Strike and Malicious Damage (RSMD)
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation (STFI)
  • Impact Damage
  • Subsidence and Landslide including Rockslide
  • Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
  • Missile Testing Operations
  • Leakage from Automatic Sprinkler Installations
  • Bush Fire: It means fire spread from the bushes.  More covers can be added( Add-on Covers) by endorsement and by paying additional premium under SFSP policy in addition to the above covers.

1) Floater Policy: This policy is issued only for the stocks stored in warehouses/godowns at various places but belonging to the policy holder. This policy issued to stocks in godowns where inter godown movement of stocks is very frequent and where it is not possible to record each and every inward and outward movement of stocks cannot be monitored. Policy holder can take the policy for one sum insured which is floated over all the godowns.

2) Declaration Policy: This type of policy is useful where there are frequent fluctuations in stocks / stock values and to avoid the under insurance (insurance of lower value) of the stock. Based on the pre-agreed terms the stock value to be declared periodically say monthly and the premium at the year-end (Policy year) is worked out on the average of the stock value declared and excess premium if any will be refunded to the policy holder.