SFSP, BLUS, and BSUS: Insurance Differences at a Glance

Most of the insurers until recently offered only Standard Fire and Special Perils (SFSP) fire policy to their customers. The Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines in January 2021, wherein it allowed insurance companies to design customized products. These products must be specifically be focusing on micro and small enterprises. In the article below we shall highlight SFSP, BLUS, and BSUS insurance differences in detail.

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Basis	BSUS	BLUS	SFSP
Total insured asset value of the subject matter	Below Rs. 5 crores.	More than Rs. 5 crores but less than Rs. 50 crores.	Exceeding Rs. 50 crores
Excess amount to be borne by insured	5,000 of each claim	5,000 of each claim, subject to a minimum of Rs. 10,000	As specified in the policy
Coverage for Terrorism, Volcanic Eruption, Earthquakes, and Forest Fires	Inbuilt	Inbuilt	Offered as add-ons at an extra premium cost
Flexibility in choosing between STFI (Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation) and RSMD (Riots, Strikes, and Malicious Damage)	Being a standard coverage in the policy, these covers cannot be customised.	Being a standard coverage in the policy, these covers cannot be customised.	Customization of this policy is possible. One can add a cover at an additional premium cost or delete it for a lower premium.
Costs for Removal of debris	Upto 2% of the claim amount	Upto 2% of the claim amount	In excess of 1% of the claim amount
Method of valuation	Based on Reinstatement Value/Replacement Value only	Based on Reinstatement Value/Replacement Value only	Based on Reinstatement Value/Replacement Value or Market Value

SFSP, BLUS, and BSUS: Insurance Differences at a Glance

Types of Fire Insurance Policies

SFSP, BLUS, and BSUS Insurance Differences

Case Study:

Conclusion:

Fire Insurance News

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SFSP, BLUS, and BSUS: Insurance Differences at a Glance

Types of Fire Insurance Policies

SFSP, BLUS, and BSUS Insurance Differences

Case Study:

Conclusion:

Fire Insurance News

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