What is the Meaning of STFI?

STFI refers to Storm, Tempest, Flood, and Inundation, which are natural calamities that can affect anyone unexpectedly. STFI is an add-on that extends the coverage of a standard fire insurance policy. Besides covering fire damage, an STFI cover also protects against these common natural hazards.

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Terms under Meaning of STFI

Storm

A storm is referred to as a natural phenomenon which might occur on land or water. Under the fire insurance policy, a storm relates to extreme weather having the potential to cause major damage or destruction to the insured property. In fire insurance, a storm can also be referred to as an atmospheric disturbance that occurs due to rains, snow, lightning or winds.

However, these atmospheric disturbances are common and usually do not cause significant destruction to the property. Therefore, any losses that occur due to these occurrences could be indemnified under the fire insurance policy.

Cyclone

A cyclone may cause significant loss across a town or city and devastate various livelihood and business premises. It encloses the capacity to cause massive damage and destruction if it occurs. Therefore, it is also known as a violent storm. It generally forms from the Indian Ocean and south pacific regions and can wreak dangerous winds which may exceed the speed of 280Km/h.

Hence, a fire insurance policy can be obtained in order to cover the damage or destruction that took place due to the cyclone.

Typhoon and Hurricane

Typhoons and Hurricane are similar phenomena known by different names. A typhoon is a tropical storm, and the speed of the wind during a typhoon may exceed 119 km/h. Hence it may cause massive destruction of insured property covered under the fire insurance policy.

Hurricanes are more prone in the Caribbean region and usually arise in countries such as China, Japan and Vietnam. Hurricane generally forms over hot or warm waters, which might destroy the insured property. Therefore, the losses caused due to hurricanes are covered under the fire insurance policy.

Tempest

A tempest is a violent wind or storm that materializes in snow and rain. It is contained in the term of fire insurance since various cases of losses were taken place due to disruption of the tempest.

Tornado

Tornado generally forms vortex on the land. Therefore, when it occurs, and if the insured property comes in the transmission of the vortex, there is no possibility for the property to escape from its involvement. Hence, the losses occur due to Tornado cover under the fire insurance policy.

Flood and Inundation

Heavy rain or storms may result in a flood which may cause significant deterioration to the assets. States such as Uttar Pradesh, Punjab, Haryana and Gujarat are more prone to floods. Hence it is covered under the fire insurance policy.

Inundation can also be referred to as flood. It occurs due to overflow of water, which may submerge or drown the area. Hence, the losses due to Inundation may be covered under the fire insurance policy.

Case Study

General Assurance Society Ltd v. Chandumull Jain And Anr

In this case, while examining the meaning of STFI, the Supreme Court passed the decree in favor of the appellant, a cyclone victim. The complainant pleaded before the apex court after being repudiated by the insurer to settle the claim. However, the apex court held that any losses due to STFI could be covered under the fire insurance policy.

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Conclusion

The meaning of STFI, FLEXA and RSMD is crucial to understand in order to comprehend the scope of the fire insurance policy. For example, the policyholder could get indemnified under fire insurance if the destruction against the insured property occurred due to natural calamities.

Frequently Asked Question

  • Q1: Who should consider purchasing STFI coverage?

    Ans: Any business owner seeking additional protection against natural calamities such as storms, floods, or cyclones should consider adding STFI coverage to their fire insurance policy.

  • Q2: What is STFI full form in insurance?

    Ans: STFI full form in insurance is Storm, Tempest, Flood and Inundation. This is an add-on cover under fire insurance policy that an insured can purchase by paying extra premium.

  • Q3: How can I check if my fire insurance policy includes STFI coverage?

    Ans: Most fire insurance policies provide coverage for natural calamities, but there may be some exclusions. To determine if your policy includes STFI coverage, review your policy documents. If the information is unclear, contact your insurance provider for clarification.

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.

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Policybazaar for Business - Fire Special Perils Insurance - Customer Reviews
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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