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Fire(Property) Insurance

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What is Fire (Property) Insurance​?

This policy covers risks up to 5 crores for properties like Offices, Hotels, educational institutes, warehouse/ Godowns, Shops, Industrial/Manufacturing risks, Utilities located outside the compound of Industrial/ Manufacturing risks, Storage risks The product also covers Perils like Earthquake, Terrorism, Additions, alterations or extensions, Temporary removal of stocks, cover for specific contents, Start-up expenses, Professional fees, removal of debris, costs compelled by Municipal Regulations, Floater Cover for Stocks, Spontaneous Combustion, Forest Fire, Theft / Burglary following an insured peril only reported within 7 days of occurrence.

Policy includes inbuilt covers for:
  • Additions, alterations or extensions
  • Stocks on Floater basis
  • Temporary removal of stocks
  • Daily Hospitalisation Allowance
  • Start up expenses
  • Cost of removal of debris

What is covered by Fire (Property) Insurance ​?

Below are the detailed inclusions and exclusions of Fire (Property) Insurance

Inclusions
  • Fire: Covers loss due to fire, including spontaneous combustion or natural heating.
  • Explosion / Implosion: Protection against damage caused by internal or external pressure changes.
  • Lightning: Covers fire or property damage caused by lightning.
  • Earthquake & Volcanic Eruption: Includes damage from seismic and natural earth movements.
  • Storm & Flood: Covers losses from cyclones, floods, tsunamis, hurricanes, and similar events.
  • Terrorism: Protection against damage caused by terrorist acts or violence.Water Tank & Pipe Bursting: Covers damage due to overflowing or bursting of water tanks and pipes.
  • Sprinkler Leakage: Protection against accidental leakage from sprinkler systems
  • Theft (Post-Event): Covers theft occurring within 7 days due to an insured event.
Exclusions
  • Public Authority Orders:Damage caused by orders of public authorities is not covered.
  • Intentional Acts: Loss due to deliberate or wilful actions is excluded.
  • Cold Storage Loss:Damage from temperature changes in cold storage is not covered.
  • Heating or Processing: oss during heating, drying, or centrifugal processes is excluded.
  • War Risks: War, invasion, or war-like operations are not covered.
  • Radiation: Damage caused by ionising radiation is excluded.
  • Pollution: Loss due to pollution or contamination is not covered.
  • Missing Property: Mislaid or missing property is not covered.
  • Indirect Loss: Consequential or indirect losses are excluded.

To Know More

Who needs Fire (Property) Insurance ​?
  • Offices
  • Hotels & Restaurants
  • Educational Institutions/Schools/Colleges
  • Shops/Retail Outlets
  • Malls
  • Industrial/Manufacturing Units
  • Warehouse/Godowns
  • Utilities located outside the compound of Industrial/ Manufacturing units
Why do you need Fire (Property) Insurance ​?

It covers Structure & building, Plant & Machinery, Electrical fittings & fixtures, Furniture/Furnishings & decor, Raw Materials, Finished Goods & Stock in process. The policy covers the insured property related to the business against insured peril at one location with the total value at risk up to 5 Crores.

Why you should Buy Fire (Property) Insurance ​?
One of the leading General Insurance Company with following strengths:
  • Expertise in risk minimization and mitigation
  • Speedy claims settlement with single documentation
  • Special value added services team dedicated for risk advisory and safety installations
  • Financial strength and supreme claims paying capacity.
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