Fire & Allied Perils

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Fire & Allied Perils Policy
There are two categories of cover under this product in which one can insure property (owned or rented) such as: Buildings & contents (residential , commercial, industrial) against the following perils:

A: Standard Fire Policy Covers the losses &/or damages due to

*Fire
*lightning


B: Fire , AP & RSMTD policy Covers losses &/or damages due to Fire, lightening and Allied Perils & political perils. While both categories would have similar terms but for the additional cover of Allied perils (A.P) & political perils (RSMTD), each one differ from the other in terms of ratings.

*Fire
*lightning
*explosion
*Aircraft
*Earthquake or Volcanic Eruptions
* Storm and Tempest
*Flood
* Bursting of Water tanks & other apparatus
*Impact by any road vehicle or animal
*Burglary involving the use of force for entry into or exit . from the insured premises
* Riot, Strike, Malicious and Terrorist Damage
*Sprinkler leakage
These policies can be extended to cover:

· Business interruption:

A fire might do very little damage to the buildings or the contents, yet the interruption of business might be very serious. Consequential Loss Policy indemnifies the insured for loss of net profit, standing charges and increase in cost of working expenses resulting from an accident indemnifiable under fire and allied perils policy

 MORE DETAILS CLICK HERE                                Policy wording

· Reinstatement and/or replacement Value:

The basis of loss settlement under a Standard Fire Policy is the value of the property at the time and place of the loss. However, in the case of destruction of or damage to building/machinery, the cost of reinstatement would be much higher than the value of the property which would take into account allowance for depreciation, wear and tear, etc. Under a Reinstatement Value Policy, the Insurers agree to pay the cost of reinstatement or replacement of the property of the same kind or type (not superior to the insured property when new)

· Declaration Policies :

Under a standard Fire Policy, the Sum Insured proposed would base on the value of stocks and any increase or decrease in the value of stocks would require alteration in the Sum Insured. This exercise would prove to be cumbersome where the stocks are subject to frequent fluctuations.
Declaration policies are designed to meet such a situation. Salient features of the policy are as under :
Policies are granted only in respect of stocks which are subject to marked fluctuations other than stock-in-process

· Floating Policies :

Under a Floating Fire Policy, stocks located at more than one location and where the stocks fluctuate as between various locations subject to the condition of the total value of the Stocks by all the locations remains constant. There will be fluctuation of stocks within each location and accordingly it will not be possible for him to take out a separate policy with respect to each location and accordingly it will not be possible for him to take out a separate policy with respect to each of this locations.

· LOSS OF RENT COVER :

covers the loss of rent incurred by a landlord due to the occurrence of the perils covered under the fire policy. This is cover under the fire policy and in order to obtain this cover, you must have a fire policy. Loss of rent could also be covered under a consequential loss insurance policy.
 

Extension Clauses and Warranties
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business (commercial) insurance quote

Here you will be able to seek information and request quotation on line.