Fire Insurance
This policy makes goods the financial loss incurred due to fire and/or its allied perils to the property of the insured. It is Material Damage Policy. Some of the coverage is as under;
Covers
- Fire
- Lightning
- Explosion/Implosion
- Aircraft Damage
- Riot, Strike and Malicious Damage
- Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
- Impact Damage owned by insured
- Subsidence,Landlside & Rockslide
- Bursting/Overflowing Water Tanks & Pipes
- Missile Testing Operations
- Leakage from Automatic Sprinkler
- Installations
- Bush Fire
Some of the exclusion under the Standard Fire Policy which is as under;
I. Fire
- Excludes burning of property insured by order of any Public authority
- Excludes its own fermentation, natural heating or spontaneous combustion
II. Explosion/Implosion
- Excludes those apparatus or boilers damaged by centrifugal forces
III. Aircraft Damage
- Loss or destruction caused by pressure waves
IV. RSMD
- Total or partial cessation of work
- Permanent or temporary dispossession of work or the building there in resulting from an order from the Government or any lawful constituted authority
- Burglary, housebreaking, theft , larceny or any omission of any kind of anyperson
V. STFI
- Excludes those resulting from earthquake,volcanic eruptions or other convulsions of nature.
VI. Impact Damage
- Excludes those resulting from earthquake,volcanic eruptions or other convulsions of nature.
- Belongs to an employee during the course of their employment