New Rules, New Rates and the same old Standard Fire Insurance

New Rules, New Rates and the same old Standard Fire Insurance

We discuss with you the current scenario for Standard Fire & Allied perils Insurance or as is commonly called - Property Insurance, Asset Insurance, Stock Insurance etc.

The onset of the new Financial Year 2021-22 brought with it the new rules, new names, and new regulations for the Standard Fire Insurance. Well, first things first, it isn't even called Standard Fire Insurance. So, what do you call it really.

Here's how you classify Standard Fire Insurance currently:

1. Bharat Griha Raksha
2. Bharat Sooksham Udyam Suraksha
3. Bharat Laghu Udyam Suraksha
4. Standard Fire and Special Perils Insurance

Until last year, there was a single product called Standard Fire and Special Perils Insurance and the rates were standardized through IIB rates. The minimum rates were fixed based on their Occupancy (jargon for nature of work) and all companies had to abide by these rates. However, as the new plans were introduced, companies were asked to file their own products and chages were made by each insurance company based on their own financial structures.

The major components of Standard Fire insurance were as follows:

1. Fire Cooverage
2. Earthquake Coverage
3. STFI (Storm, Tempest, Flood, Inundation) Coverage
4. Terrorism Coverage

Bharat Griha Raksha

Bharat Sooksham Udyam Suraksha

Bharat Laghu Udyam Suraksha

Standard Fire & Allied Perils