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What Does FLEXA Mean In Fire Insurance?

FLEXA in fire insurance refers to Fire, Lighting, Explosion, and Aircraft Damage. These are some types of risks which are covered under the fire insurance claim. Some insurance policies, such as Standard Fire Special Perils (SFSP), the Bharat Sookshma Udyam Suraksha (BSUS) and the Bharat Laghu Udyam Suraksha (BLUS), offer financial assistance against FLEXA in fire insurance.

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What Does FLEXA Mean In Fire Insurance?

Risks Incorporated Under FLEXA in Fire Insurance.

Fire

Fire is one of the components incorporated under the FLEXA in fire insurance policy. A fire incident must be caused due to the actual flames, which can be seen easily. A mere short circuit cannot be counted as a fire incident. Every offline and online fire insurance policy provides financial protection to the insured against any loss, destruction or damages caused to the property due to fire.

Proximate cause is critical to determine if the insured property will be covered under FLEXA. In Bird v. St. Paul Fire & Marine Inc. Co., the brief facts of the case were as follows:

A fire at other premises caused an explosion which later caused another fire which later turned into a terrific blast and damaged the canal boat of the plaintiff. The boat was insured against the fire incidences. Upon examining the facts of the case, the court held that the fire was the proximate cause of the explosion. Hence, if the explosion occurred due to fire, the insurer or the defendant is liable to indemnify the plaintiff under the fire insurance policy.
Lightning

The fire insurance policy will cover a loss, destruction or damages caused to the insured property due to lightning. The insurer does not impose any exception under this type of risk. However, the surveyor may examine the eyewitness or meteorological data while determining the cause of the event.
Explosion

Explosion and implosion are other components of FLEXA covered under fire insurance. The policy protects the insured party in order to get recovered from the losses that have been caused due to explosion and implosion. For example, a cargo may explode if its internal pressure is more than the atmospheric pressure. Likewise, an implosion may occur if the external pressure exceeds the internal pressure. Hence, both explosion and implosion may cause a fire. Therefore, the policyholder can get indemnified under a fire insurance claim.
Aircraft damage

The types of loss, damage or destruction caused to an aircraft due to collision of aircraft or any other aerial device will be covered under fire insurance in FLEXA.
Exceptions of claims under FLEXA in Aircraft damage

There is no policy available under FLEXA in fire insurance to cover any damage caused to the aircraft due to travelling at supersonic or even at sonic speed. In addition, no policy under FLEXA in fire insurance does further cover any losses if the cause of damage or destruction belongs to the employee or insurer while discharging their duties during the course of their employment.

Fire Insurance Online

The policyholder can buy a Fire Insurance Policy online and get the property insured under the policy. Various insurers offer Fire Insurance Online. An individual may easily buy one by visiting their website.

Conclusion

With the passage of time, the situation changes, resulting in the amendment and drafting of new acts and codes (law). The laws are made as per the norms and conditions of society. The FLEXA in fire insurance is also a result of a historical disaster known as the ‘great fire’ of England, which gave birth to fire insurance. The 'great fire' incident, which took place in London, destroyed 80% of the residences. It was the first incident in the history of the world which sowed the seed of fire insurance. Later, RSMD, STFI and FLEXA in fire insurance were incorporated as its features.

FAQs

Q. What types of fire incidents are covered under shop insurance
Ans:
Shopkeeper insurance typically covers:
- Accidental fires.
- Fires caused by electrical faults.
- Fires from natural events like lightning or storms.
- Fires originating from nearby properties (depending on the policy).

What are the Exclusions of Fire Insurance?
Commercial Building Insurance: What to Consider When Purchasing the Policy
What is Average Clause in Fire Insurance?
What is the Meaning of STFI?
What Does FLEXA Mean In Fire Insurance?
What does RSMD mean in Fire Insurance?
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Policybazaar for Business - Fire Special Perils Insurance - Customer Reviews

View all 83 reviews

View all

4.3/5

Based on 83 reviews

4.3

out of 5

Based on 83 reviews

13 users

66 users

4 users

0 users

0 users

4.8 October 09, 2022

Aaftab

Amazing Customer Support

I am using a fire insurance policy from policybazaar and experienced amazing feedback from them in claim settlement. I have a sports merchandise shop that caught fire last yearI raised a claim which was resolved within a few days without any hassles.

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Balachandar

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The support team of Policybazaar is really helpful and prompt. They solve all your queries fast. Would definitely recommend Policybazaar for purchasing insurance .

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4.8 October 07, 2022

Raahim

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Got a fire insurance policy for my shop and it was really extensive with so many features. Purchased it from Policybazaar without paying any commission fees. Great coverage.

Bengaluru

4.5 October 06, 2022

Aadi

User Friendly Website

We deal in the cotton industry and suffered a huge loss last year because of the fire. We were looking for insurance to safeguard us financially from any such incident in the future. We landed on the policybazaar website and bought fire insurance. Their website is well managed and gives all the necessary information.

MP

4.8 October 05, 2022

Rohit

Plans Are In Budget

Had to purchase a fire insurance which should be in my budget as I run a very small store. Got a lot of affordable plans on Policybazaar and purchased the one that suited my budget. All plans are in budget and with so many features.

Bhopal

4.3 October 04, 2022

Baban

Covered My Shop

I have a shop of garments and it caught fire last year in which I lost items worth thousands. Purchased a fire insurance from Policybazaar and now I feel really relieved that it would financially cover my shop in such circumstances.

Chandigarh

4.3 October 03, 2022

Aarnav

Faster Claim Settlement

A part of my warehouse having thousands of material caught fire. Luckily I had a fire insurance policy that I could claim and received compensation from them. It was such a relief. The claim settlement team at Policybazaar is helpful and really quick.

Assam

4.5 October 02, 2022

Jagadish

Affordable

I have a warehouse of clothes and was planning to buy a fire insurance policy to cover my material from unwanted fire. Got a really affordable plan from Policybazaar with some really great features.

Ahemdabad

4.5 October 01, 2022

Rahul

Budget Friendly

Wanted to cover my crockery shop from fire and was searching for an affordable plan. Found a great plan at Policybazaar which suited my budget.

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4.5 September 30, 2022

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Wanted a fire insurance policy for my crockery business and could purchase it instantly from Policybazaar. The process was quick instant and very easy.

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Disclaimers⁺
⁺Premium varies on the basis of Occupancy, Business Activity & Coverage Type . The premium of Rs 3400/year (Rs 283.33 / month) is for a pucca building with sum insured of Rs 50 lakh at selected locations, for property age less than 25 years and policy term of 1 year, rounded off to nearest 10. Additional premium is payable for the optional covers including contents opted. STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
By clicking on "View Plans" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.
The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.

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"Policybazaar for Business" is a brand under Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurugram, Haryana - 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker

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