Standard Fire and Special Perils Policy
Standard Fire and Special Perils Policy
Standard Fire and Special Perils Insurance is a traditional cover that offers cover against fire and allied perils which are named in the policy. the policy can cover building (including plinth and foundation), plant and machinery, stocks, furniture, fixtures and fittings and other contents.
Advantages of Standard Fire and Special Perils Policy
Comprehensive Cover
Offers wide range of insurance cover to your assets across warehouse, factory, and office. Cover available for physical damage to assets, loss of profits due to business interruption, and third party legal liability.
Multiple Location Coverage
A single factory & warehouse insurance policy can cover contents at various locations across the country. Variation in sum assured across locations can be accounted via floater coverage for fire insurance
Customized Cover
We will customize the policy to fit your requirements. You will get assistance from our experts who perform a thorough risk assessment and suggest factory insurance plans suitable to your business needs.
Easy Documentation
Issuance of factory insurance requires minimal paperwork. You could submit the Fixed Asset Register maintained for your book-keeping. Unit wise serial numbers are needed only for portable equipment.
Query?
FAQ
General Question
When claims arise, you need to intimate the insurer immediately. A surveyor would be appointed who would visit the accident site for a survey. You would then need to submit a claim form, invoices and other documents required by the insurance company to process the claim.
In case of loss or damage to the factory due to fire, claims can be settled in two ways. In case of damage which can be repaired, the cost of repairs to restore the item to its original conditioned is paid.
In case of total damage or loss, the total value of the item will be paid by the insurance company. In case of loss of stock, the total cost of stock or market value, whichever is lower would be paid.
The common documents required for filing the claim are:
- Duly filled claim form
- First information report
- Final investigation report
- Invoice of the damaged asset
- Forensic report, in select cases
- Fire brigade report (in case of fire)
- Estimate cost of repair or lost product
In addition to these documents, the insurer can ask for some additional documents based on the type of claim.
Under reinstatement value policies, loss is settled based on the current cost of reinstating the asset to its form immediately prior to loss. Under market value policies, depreciation is deducted for the number of years the asset was in use.
Yes. To cover loss of profit due to a fire and other related perils, you should take a policy called fire loss of profit(flop). Similarly, if there is a loss of revenue due to mechanical breakdown of machines then you can claim revenue lost in machine loss of profit(MLOP) policy.