Fire & special perils

Fire & special perils insurance covers loss/damage to buildings, plant and machinery, tools, instruments and accessories from lightning, accidental fire, explosion/implosion, riots, cyclone, storm, flood, etc. At the time of claim, insured pays for the losses and damages caused to the property for the specified duration of time, subject to sum insured. The insurer does asset valuation according to the market value after factoring in both the depreciation as well as appreciation of assets due to inflation.

Properties Covered Under Fire & Special Peril Insurance are

  • Industrial/manufacturing units
  • Dwellings, hotels, offices, shops, etc.
  • Utilities
  • Tank farm/gas holders

What Does the Fire & Special Peril Insurance Cover?

The policy covers such assets as buildings, plant and machinery, furniture and fixtures against

  • Fire
  • Lightning
  • Aircraft Damage
  • Riot, Strike, Malicious Damages & Terrorism
  • Subsidence, Landslide and Rock slide
  • Bush Fire
  • Leakage from Automatic Sprinkler Installations
  • Typhoon, Hurricane, Tornado, Flood and inundation
  • Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
  • Missile Testing operations

What Additional Covers does Fire & Special Peril insurance offer?

By paying additional premium, the insured is entitled to the following additional coverage

  • Forest fire
  • Earthquake
  • Architect, surveyors & consulting engineer fees
  • Debris removal
  • Spontaneous combustion
  • Loss of rent
  • Leakage & contamination cover
  • Alternative accommodation
  • Startup expenses
  • Deterioration of stocks

How to Claim?

Immediately inform the insurance company and furnish the following information to process the claim

  • Your contact details
  • Policy numbers
  • Name of insured persons
  • Date and time of accident

The surveyor will visit the site and may ask for the following documents

  • Duly filled and signed claim form
  • Copy of F.I.R, if filed
  • Forensic Department report, if required
  • Original repair/replacement bills along with receipts
  • Meteorological report, in case of natural disaster

What is Not Covered Under the Policy?

The policy doesn’t offer coverage in the following circumstances

  • War and war-like perils
  • Nuclear risks
  • Pollution or contamination even caused by insured perils
  • High value items such as gold; and cash unless clearly specified
  • Any damage to equipment caused due to electrical short circuit
  • Expenses incurred towards removal of debris in excess of 1% of claim amount
  • Loss of earnings, loss by delay, any other consequential losses
  • Spoilage of material
  • Loss by theft
  • Earthquake
  • Volcanic eruption
  • Property is not kept in the premises, or removal of property to any other site except machinery which is sent for repairing / cleaning for a period of 60 days

How Can We Help You?

Most businesses face innumerable risks but not every business manages those risks carefully. PolicyBazaar can help you find the right fire & special perils insurance cover to make sure your business stays protected from all perils. Submit basic details pertaining to your business, coverage required, etc. to compare and find the most suitable plan.

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