What is Covered?
- Building /Structure including Plinth and Foundation, Boundary Walls, Wa-ter Tanks, Internal Roads, Parking
- Contents including Plant and Machinery, Furniture, Fixtures, Fittings, Electronic items like AC, Refrigerator, TV, Personal Computer
- Utilities – like DG Set, Air Conditioning Plant, Transformer
- Stock including Raw Material, Stock in Process, Finished Stock, Packing Material
What is not covered?
- Loss, damage or destruction caused by war, invasion, warlike op-erations, mutiny, civil war, civil commotion, military rising, revolu-tion and rebellion
- Loss or damage caused due to nuclear and allied perils
- Damage or loss caused to insured property by pollution or contam-ination. However, policy overs the pollution or contamination re-sulted out of insured perils. If an insured peril is a result of pollution or contamination, then that is not excluded.
- Aircraft damages arising out of pressure waves
- Loss or damages caused due to volcanic eruptions, earthquake and convulsions of nature. However, it can be included in the poli-cy by availing add-on cover.
- Certain items like precious stones, artworks, manuscripts, securi-ties, drawings, paintings, important documents, paper money, coins and computer system records are not covered under the fire and allied perils policy unless they are specifically stated or de-clared
- Deterioration of cold storage stocks due to change in temperature
- Damage or loss caused to any apparatus, electrical machine, fix-ture and fittings as a result of excessive pressure, self-heating, short circuit or by overrunning
- Loss of valuable by theft, housebreaking and burglary during or af-ter the occurrence of insured perils. However, few insurers provide add-on cover for this. You can include them in the policy coverage by availing add-on at an extra premium
- Expenses incurred on surveyor, architect and consulting engi-neers’ fees are not covered under the standard policy unless the add-on is availed to cover the expenses
- Debris removal charges are not covered under the basic plan un-less the add-on is availed to cover the cost (up to a certain per-centage of claim)
- Consequential losses
In The Event of a loss, the insured is expected to do the following:
- To intimate to the insurer about the loss immediately, submit full statement in writing of the claim providing the nature and extent of loss and also the estimate of loss. Please note that if the insured fails to intimate the claim within 14 days then insurer will not be liable for any liability of the loss / damage.
- To take all steps to reduce and minimize the extent of loss / damage and liability. To extend full co - operation to the insurer and the surveyor appointed for completion of the survey work and for proper assessment of the loss.
- Produce all such record and proof as may be required by the surveyor or the insurer for arriving at the extent of loss and the liability under policy.
- Keep the damaged property under the safe custody until advised by the surveyor / insurer regarding its disposal.
Inform fire brigade as also policy immediately and obtain their reports. Obtain fire brigade bill as fire fighting expenses are reimbursable as part of claim. Obtain meteorological report if required in case of natural calamities. - Aspects taken into consideration during loss assessment by surveyor Identification of the subject matter insured.
- Proximate cause of the loss and whether it is within the scope of the policy.
- Any breach of warranty / condition, and if so, whether the breach is material to the loss or not material to the loss.
- Extent of the loss.
- Salvage Valuation.
Documents required for settlement of
a claim under the fire policy.
