Standard Fire & Special Perils Policy (SFSP)

Standard Fire and Special Perils Insurance is a cover that offers protection 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 and fixture and other contents.

The standard cover provides cover against following named perils:

  1. Fire
  2. Lightning
  3. Explosion/ Implosion
  4. Aircraft Damage
  5. Riot, Strike, Malicious Damages (RSMD)
  6. Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornado, flood, Inundation (STFI)
  7. Impact Damage by any rail/ road/ vehicle/ animal (other than own)
  8. Subsidence, Landslide and Rock slide
  9. Missile Testing operations
  10. Bush Fire
  11. Bursting and/ or overflowing of Water Tanks, Apparatus and Pipes
  12. Leakage from Automatic Sprinkler Installations

Add on covers

On payment of additional premium, following add-on covers can be opted-

  1. Architects, Surveyors and consulting Engineers fees (in excess of 3% of claim amount)
  2. Debris Removal (in excess of 1% of claim amount)
  3. Deterioration of Stock in cold storage
  4. Forest Fire
  5. Impact Damage by insured’s own vehicles etc
  6. Spontaneous combustion
  7. Omission to insure Additions, Alterations or Extensions
  8. Earthquake
  9. Spoilage Material Damage Cover
  10. Leakage and contamination cover
  11. Loss of Rent
  12. Additional expenses on rent for Alternative Accommodation
  13. Start Up expenses
  14. Terrorism cover

Exclusions:

  1. Loss, destruction or damage caused by war, invasion, act of foreign enemy hostilities or war like operations etc
  2. Nuclear risks
  3. Pollution or contamination
  4. Loss, destruction or damage to bullion or unset precious stones, works of art, plans drawing etc
  5. Loss, destruction or damage to the stocks in cold storage premises caused by change of temperature
  6. Loss or damage by spoilage resulting from retardation or interruption or cessation of any process or operation caused by operation of any of the perils covered
  7. Any Loss or damage occasioned by or through or in consequence directly or indeirectly due to earthquake, Volcanic eruption etc
  8. Loss or damage to property insured if removed to any building or place other than in which it is herein stated to be insured, except machinery and equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period not exceeding 60 days.

And other general exclusions