Fire & Allied Perils Insurance
Businesses are prone to unforeseen losses. These losses can lead a flourishing business into disaster due to the loss of property, stocks, machinery, tools and facilities, ultimately wiping out the capital and causing consequential losses. Monetary relief is essential in re-building / restoring the damaged property. Fire insurance cover plays a vital role in safeguarding the financial interests of an enterprise.
The fire insurance policy covers immovable and movable property; buildings, plant and machinery, furniture, fixtures, fittings, contents, stocks / stock in process, raw material, goods held in trust or in commission, including stocks at suppliers / customer’s premises, machinery temporarily removed from the premises for repairs due to loss or damage by fire or due to any of the perils mentioned hereunder:
• Explosion / implosion.
• Aircraft and articles dropped there from.
• Impact damage due to rail/road or animal.
• Riot strike, malicious damage.
• Subsidence and land slide.
• Storm, cyclone, flood and inundation.
• Sprinkler leakage.
• Overflow, leakage of water tanks, pipes, etc.
In the case of a partial loss, payments for repairs or replacement are made. In case of a policy with a reinstatement value clause, the cost of reinstatement will be paid on completion of reinstatement, subject to an overall limit of the sum insured. The insurance company, at its discretion, may repair or replace the affected property instead of paying for the cost of restoration.
Premiums are based on the type of occupancy, physical features, value at risk, requirement of additional covers & information provided on a completed proposal form. there are a number of exceptions and exclusions, which are part of the policy terms & conditions. Our technical staff will always be ready to assist you should you require additional information or further clarification.