Standard Fire & Special Perils

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Safeguarding your house & Business

Buying a house or setting up a business are huge investments & they must be safeguarded from unfortunate & unexpected events like fire, explosions, natural calamities like earthquakes, cyclones, floods & riots etc.
Standard fire & special perils policy is a Comprehensive insurance solution available at low cost to make good, huge financial losses in event of damage to buildings & Content within.

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Standard fire insurance protects your property and assets from unforeseen events like fire, earthquake, storm, flood, riots, etc. Standard fire insurance can be supplemented with burglary and theft insurance.

  • SFSP policy can be taken by owners of individual houses, shops, commercial buildings, manufacturing units, godowns, etc.

  • The policy covers buildings as well as contents such as household goods, furniture, machinery, electrical fittings and stock.

  • Generally referred to as Fire policy in the market, but the policy covers various other events like explosions, natural calamities and riots.

  • The standard coverage can be enhanced with Add-On covers on payment of additional premium.

  • Long term policy available with discounts for individual house owners

  • Comprehensive coverage for Commercial/Industrial organisations available

  • Facilities like Floater Policy, Declaration Policy and Floater Declaration Policy available for stock.

  • Discounts for availability of safety features like fire extinguishing appliances and for favourable claims experience.

Risks covered under SFSP

Fire
Lightning
Aircraft Damage
Explosion/Implosion
Riot, Strike and Malicious Damage
Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
Impact Damage
Subsidence and Landslide including Rock slide
Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
Missile Testing operations
Leakage from Automatic Sprinkler Installations
Bush Fire
Burglary insurance is not a stand-alone product but an add-on of a fire insurance policy. You can choose to cover:
Contents of home and business place.
Contents and valuables.

Exclusion

War and Nuclear Perils
Loss due to Pollution or Contamination not caused by an insured peril
Loss, destruction or damage to the stocks in Cold Storage premises caused by change of temperature
Loss by burglary or theft
Removal of property to other sites
Consequential or indirect loss
Loss, or damage by spoilage resulting from the retardation or interruption or cessation of any process or operation caused by operation of any of the perils covered
Fire and burglary insurance

*Above list of coverages & exclusions is indicative in nature. For exact coverages & exclusions please refer policy wordings.

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          Coverages, add ons, and supplements to the Standard fire and burglary insurance

          Fire Insurance is a lifesaver and a must-have. It basically protects your property against any loss caused due to fire. The coverages that are provided in a typical Fire Insurance Policy are;

          • Accidental Fire 
          • Earthquake cover
          • Storm, Tempest, Flood, inundation cover (STFI)
          • Riots, Strikes & Malicious Damage cover (RSMD)
          • Terrorism Cover

          It is generally a good practice to have your property insured against the damage caused by all the possible perils that can be reasons for a fire to start.

          In addition, Burglary insurance is a very useful insurance instrument that provides an extra layer of protection to your property against any loss due to forced break-in. Theft extension can be taken but 24*7 Guard or CCTV are prerequisites for it.  Both Burglary / Burglary & theft are issued in addition to the Standard Fire Insurance policy and not as a stand-alone insurance policy.

          Now, how can you increase the scope of your fire insurance?

          Well, you can increase the scope of your standard fire and burglary insurance with the following add-ons;

          • Architects, Surveyors, and Consulting Engineers fees (in excess of 3% of the claim amount)
          • Debris Removal (in excess of 1% of the claim amount)
          • Deterioration of Stock in Cold Storage
          • Forest Fire
          • Impact Damage by insured's own vehicles etc.
          • Spontaneous combustion
          • Omission to insure Additions, Alterations, or Extensions
          • Earthquake (Fire and Shock)
          • Spoilage Material Damage Cover
          • Leakage and Contamination Cover
          • Loss of Rent
          • Additional expenses on rent for Alternative Accommodation
          • Start-Up Expenses
          • Terrorism Cover

          In conclusion, a standard fire and special perils policy is a comprehensive insurance plan that one must-have. It covers your insured items from the risk of being destroyed in a fire or by an act of gods under the special perils cover. 

          Standard fire and special perils policy is assures you against a host of possible risks and their premiums are also quite reasonable.

          Most of the perils are covered as an integral part of the basic policy and a host of add-on covers are also available to opt from depending on the individual requirement. So one can customize the policy according to the individual risks his/her assets are exposed to and pay the premium accordingly

          So, are you looking for Fire Insurance and trying to get the most competitive rates? Look no further than www.jinsurance.in