What does RSMD mean in Fire Insurance?

RSMD (Riots, Strikes, and Malicious Damage) is a multitude of risks that can be compensated by fire insurance. Specific policies such as Bharat Laghu Udyam Suraksha, Bharat Sookshma Udyam Suraksha, and Standard Fire and Special perils, grant insurance for any damage or loss caused by RSMD to furniture, stock, machinery, building etc. Hence, the RSMD in fire insurance can be referred to as the incidents that occurred due to riots or strike, and damaged the valuable goods insured.

Read more
fire-insurance

Get right expert advice

Hassle-free policy

Speedy Claims

Fast-track your search with instant quotes from prominent insurers

Get ₹50 Lakh cover
starting at ₹280/month+

Get ₹50 Lakh cover starting at ₹280/month+

Property Type
We don't spam
Get Updates on WhatsApp
View Plans

Get ₹50 Lakh cover
starting at ₹280/month+

Fast-track your search with instant quotes from prominent insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

RSMD in Fire Insurance

RSMD (Riots, Strikes, and Malicious Damage) is one of the types of perils covered under fire insurance. Let us understand how RSMD is applied in fire insurance.

Riots

Riots refer to the public aggression and disturbances caused by crowds. While waging the act, people destroy and vandalize public or private property and make the environment disruptive. When a group of people cause such damages significantly, all the losses incurred during the act will be covered under the fire insurance policy.

Strikes

A strike refers to a protest by certain employees to showcase their aggression in order to pursue the employer to perform certain acts in their favour. So, the losses or damages caused by the strike will be covered under the fire insurance. If the employees of a company wage a strike, it is evident that the employer will suffer from certain losses, and the property insured can also be harmed. In this case, the insured party (employer) may apply for the recovery of the goods under the fire insurance policy.

Malicious Damage

Malicious damages are caused purposely and consciously by a third party to destroy or vandalize property. All the destruction to a property done with the intention of causing damage will be covered under the fire insurance policy. As per the insurer, the act of destruction must be caused by a third party with no right to occupy the insured premises.

How to Claim Compensation in RSMD Cases?

If the property of a business has suffered from colossal damage or destruction by riot, strike or any third party against the insured property, insured may claim the losses under fire insurance. In order to do so, one must follow the below-mentioned points:

Claim form: The insured party needs to fill out a claim form to get compensation for the damages under the RSMD in fire insurance.

File reports: Certain reports, such as the First Information Report (FIR) or Final Investigation Report of the occurrence of the event, must be filed by the insured to claim the fire insurance policy.

Evidence: If a riot or strike has caused the loss of insured property, the insured party may get the newspaper cutting of the report and furnish it to the insurer to get the rightful claim of the fire insurance policy.

Assessment: The insured must assess the appropriate value of the insured property before the incident for filing a rightful claim.

Explore Fire Insurance

Conclusion

The damages, which have been caused due to a riot, strike or by any third-party will be covered under the fire insurance policy. The above article thus focuses on what RSMD means in the fire insurance policy. Hence, getting the property belonging to the business fully insured is essential to claim the policy of fire insurance.

Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Now help your friend get Business Insurance

Your referral is greatly appreciated!

Our team will reach out to your friend soon to help with their business insurance requirements.

Fire Insurance News

Faridabad: A major fire caused extensive damage to a liquor...Read more
25 Oct 2024 by Policybazaar 162 Views
Fire Insurance Articles
Fire is a major risk that can cause severe damage, often starting suddenly and destroying everything in its path...Read more
20 Feb 2019 by Policybazaar 44141 Views
Fire insurance is essential for protecting property owners from financial loss due to fire damage. It covers the...Read more
06 Mar 2019 by Policybazaar 38161 Views
The fire insurance claim process doesn't have to be stressful. However, understanding each step can make it much...Read more
04 Mar 2019 by Policybazaar 34400 Views
The reinstatement value is a method of claim settlement in a fire insurance policy. With the reinstatement value...Read more
27 Jul 2020 by Policybazaar 19228 Views
Standard fire and special perils is a type of fire insurance policy. This is a comprehensive fire insurance...Read more
21 Dec 2020 by Policybazaar 7504 Views
Faridabad: A major fire caused extensive damage to a liquor...Read more
25 Oct 2024 by Policybazaar 162 Views
A Floating Fire Insurance Policy is a type of fire insurance...Read more
23 Oct 2024 by Policybazaar 179 Views
The Doctrine of Approximation in fire insurance is a fundamental...Read more
12 Jun 2024 by Policybazaar 525 Views
Fire insurance protects businesses against financial losses...Read more
19 Mar 2024 by Policybazaar 946 Views
Fire insurance covers losses or damages caused by fires...Read more
11 Jan 2024 by Policybazaar 2711 Views
Policybazaar for Business - Fire Special Perils Insurance - Customer 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.
Thiruvananthapuram
4.8 October 08, 2022
Balachandar
Helpful Support
The support team of Policybazaar is really helpful and prompt. They solve all your queries fast. Would definitely recommend Policybazaar for purchasing insurance .
Mangaluru
4.8 October 07, 2022
Raahim
Extensive Cover
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.
Surat
4.5 September 30, 2022
Baabul
Instant Purchase
Wanted a fire insurance policy for my crockery business and could purchase it instantly from Policybazaar. The process was quick instant and very easy.
Gurgaon