National Standard Fire and Special Perils

Founded in Kolkata on December 5, 1906, the National Insurance Company Limited holds the distinction of being India's oldest general insurance company. Originally inspired by the nationalist spirit for Swaraj, the company underwent a merger in 1972 as part of the General Insurance Business Nationalisation Act. In 2002, it attained autonomy, becoming an independent insurance company and severing ties with its holding company, GIC. With a robust presence, National Insurance operates from 1,730 offices across India, including a foreign office in Nepal. The company's strength is further bolstered by a dedicated workforce of over 13,000 skilled employees and a vast network of 50,000 agents.

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National Standard Fire and Special Perils: Inclusions

The Standard Fire and Special Perils Policy provided by National Insurance Company Limited. covers the following:

Fire: Coverage for damage caused by fire, including destruction and charring.

Lightning: Protection against damages resulting from lightning strikes.

Explosion / Implosion: Coverage for losses due to explosions or implosions, safeguarding against sudden and violent events.

Aircraft Damage: Protection from damages caused by the impact of aircraft.

Riot, Strike, Malicious, and Terrorism Damage (RSMTD Perils): Safeguarding against losses resulting from riots, strikes, malicious acts, and terrorism, providing coverage for damages caused by intentional harm.

Storm, Tempest, Flood, Inundation, Hurricane, Cyclone, Typhoon and Tornado: Comprehensive coverage for damages caused by various atmospheric disturbances, including storms, floods, hurricanes, cyclones, typhoons, and tornados.

Impact by any Rail/Road Vehicle or Animal: Protection against damages caused by the impact of vehicles or animals.

Subsidence / Landslide including Rockslide: Coverage for losses resulting from subsidence, landslides, or rockslides, providing financial protection against ground movement.

Bursting and/or Overflowing of Water Tanks, Apparatus: Safeguarding against damages caused by the bursting or overflowing of water tanks or related apparatus.

Leakage from Automatic Sprinkler Installation: Protection for damages caused by leaks from automatic sprinkler systems.

Missile Testing Operation: Coverage for losses resulting from missile testing operations.

Pollution or Contamination Resulting from Any of the Above Perils: Comprehensive coverage for damages caused by pollution or contamination resulting from covered perils.

Any Insured Peril Resulting from Pollution and Contamination: Extending coverage to include damages resulting from pollution and contamination associated with insured perils.

Bush Fire: Protection against damages caused by bush fires, including the destruction of property in affected areas.

National Standard Fire and Special Perils: Exclusions

National Standard Fire and Special Perils does not provide coverage for the following:

For each claim arising from Lightning, STFI, Subsidence, Landslide, including Rockslide, the liability is limited to 5% of the claim amount, with a minimum of Rs. 10,000. For all other perils, the minimum liability is Rs. 10,000.

Expenses incurred on Architects, Surveyors, Consultant Engineers' fees, and Debris Removal exceeding 3% and 1% of the claim amount, respectively, will not be covered.

Loss of earnings, loss by delay, loss of market, or any other consequential or indirect loss or damage of any kind is not covered.

Perils not covered:

War and allied perils.

Ionizing radiations and contamination by radioactivity.

Pollution or Contamination.

Properties not covered

Items like manuscripts, etc., unless specifically declared.

Cold storage stocks due to changes in temperature.

Loss/damage/destruction of any electrical or electronic machine, apparatus, fixture, or fitting arising from overrunning, excessive pressure, short-circuiting, arcing, self-heating, or leakage of electricity, regardless of the cause, including lightning.

Loss/damage/destruction of Boilers, Economisers, or other Vessels in which steam is generated, machinery, or apparatus subject to Centrifugal force, by its explosion/implosion.

This insurance does not cover loss or damage directly or indirectly caused by, arising from, in consequence of, or contributed to by ionizing radiations or contamination by radioactivity from any nuclear fuel, nuclear waste, combustion of nuclear fuel, or any nuclear weapons or materials. For the purpose of this exclusion, combustion includes any self-sustaining process of nuclear fusion.

National Standard Fire and Special Perils Policy: FAQs

Q1: What does National Standard Fire and Special Perils Insurance cover?

Ans: The policy provides coverage for a range of perils, including fire, lightning, explosion/implosion, aircraft damage, RSMTD perils (Riot, Strike, Malicious, and Terrorism Damage), storm, flood, impact by vehicles or animals, subsidence/landslide, bursting or overflowing of water tanks, leakage from sprinkler systems, missile testing operations, pollution or contamination resulting from covered perils, and bush fires.
Q2: How does the policy handle claims for Lightning, STFI, Subsidence, Landslide, including Rockslide?

Ans: The liability for each claim arising from these perils is limited to 5% of the claim amount, with a minimum of Rs. 10,000. For all other perils, the minimum liability is Rs. 10,000.
Q3: Are expenses for Architects, Surveyors, and Consultant Engineers covered?

Ans: Yes, the policy covers expenses incurred on these professionals, but it has limits. Fees exceeding 3% of the claim amount for Architects, Surveyors, and Consultant Engineers, as well as Debris Removal expenses exceeding 1%, will not be covered.
Q4: What consequential losses are not covered by the policy?

Ans: The policy does not cover loss of earnings, loss by delay, loss of market, or any other consequential or indirect loss or damage of any kind.
Q5: Are there specific perils not covered by National Standard Fire and Special Perils Insurance?

Ans: Yes, the policy excludes coverage for war and allied perils, ionizing radiations and contamination by radioactivity, and pollution or contamination.
Q6: What types of properties are not covered by the policy?

Ans: Properties like manuscripts (unless declared), cold storage stocks due to temperature changes, loss/damage/destruction of electrical or electronic machines, apparatus, fixtures, fittings, and vessels subject to centrifugal force by explosion/implosion are not covered.
Q7: Is nuclear-related damage covered by the policy?

Ans: No, the policy explicitly excludes coverage for loss or damage caused directly or indirectly by ionizing radiations or contamination by radioactivity from any nuclear fuel, waste, combustion, or weapons.
Q8: Can I cover specific high-value items under this policy?

Ans: Yes, the policy covers specific items like bullion, precious stones, curios, artworks, manuscripts, plans, drawings, securities, obligations, documents, stamps, coins, paper money, cheques, books of accounts, computer system records and explosives.
Q9: Is the policy suitable for different types of property owners?

Ans: Yes, the policy is designed to cater to the needs of various property owners, including shop owners, home owners, hotel owners, etc. It offers comprehensive coverage for a wide range of properties and perils.
Q10: How can I purchase National Standard Fire and Special Perils Insurance?

Ans: To purchase the policy, you can contact National Insurance through their extensive network of offices, agents, or online platforms. The company aims to make the insurance process accessible and convenient for diverse customers.