Fire Insurance for Non-hazardous Good Store

Fire insurance for Non-hazardous goods store provides financial coverage to the storage owner in case of unforeseen damages caused to the stored goods as well as the storage place. Insurance companies provide policies as per the cost of stored items as well as the physical damage caused to the building.

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*Premium varies on the basis of Occupancy, Business Activity & Coverage Type

Importance of Fire Insurance for Non-hazardous Goods Store

Purchasing fire insurance for Non-hazardous goods store is important as it provides financial coverage for the loss or damage caused to the stored goods as well as the storage building. It provides cover for both movable and immovable goods. Apart from this, loss or damage caused due to natural calamity, bursting of water tank, explosions, etc. is also covered.

Coverage under Fire Insurance for Non-hazardous Goods Store

Fire insurance for Non-hazardous good store provides coverage for the following:

  • Loss or damage caused due to fire, fermentation, natural heating are covered
  • Loss or damage caused due to lightning that could cause crack in the roof of the storage building
  • Loss or damage caused due to explosion
  • Loss or damage caused due to terrorist attack, riots or strike is covered
  • Loss or damage caused due to natural calamity
  • Bursting and overflowing or water tank that could cause damage to the goods

Exclusions under Fire Insurance for Non-hazardous Good Store

Fire insurance for Non-hazardous goods store does not provide cover for the following:

  • If the insured wilfully or intentionally set fire or damages the stored goods
  • Damage caused due to war, invasion, etc.
  • Missing property is not covered
  • Consequential loss is not covered
  • If the items are stored in cold-storage and get damaged to due temperature change then they are not covered
  • If the storage building remains unoccupied for more than 90 days then any loss or damage caused to the items or building is not covered
  • Any kind of expensive art work, precious stone or bullion unless specifically declared are not covered
  • In case the damage to the electric machines or damage happens due to leakage of electricity

Fire Insurance for Non-hazardous Goods Store: Claim Process

Follow the below mentioned steps to raise claim under Fire Insurance for Non-hazardous goods storage:

  • Step 1: Inform the insurer
  • Step 2: Calculate the estimated damage of the goods 
  • Step 3: The insurer will send a surveyor to inspect the damage caused
  • Step 4: It is suggested to assist the surveyor during the visit and answer his questions best to your knowledge
  • Step 5: The insurer will settle the claim within the time specified in the policy

Documents Required to Raise the Claim under Fire Insurance for Non-hazardous Goods Store

Here are the following documents that you need to submit along with the insurance claim form to raise the claim:

  • Copy of the policy
  • Properly filled form
  • Any kind of substantial proof such as news report, newspaper cutting, etc.
  • Previous claim records
  • Fire brigade report
  • Forensic report, if required
  • Copy of final investigation report
Written By: PolicyBazaar - Updated: 12 January 2023
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