Fire Insurance Policy

The home fire insurance policy (also called Standard Fire and Special Perils Policy) offers protection against the risk of loss or damage due to:

• Accidental fires, lightning, explosion and implosion due to pressure vessels(used for domestic purposes)
• By rioting mob, striking workers, malicious acts by third parties and damage by terrorists
• Impact damage by any Rail/road vehicle or animal by direct contact
• Aircraft and other aerial and and/or space devices and/or articles dropped therefrom, excluding destruction or damage occasioned by pressure waves caused by such devices
• Subsidence and landslide including rock slide
• Natural calamities like storm, cyclone, typhoon, hurricane, tornado, flood and impact damage
• Damages caused due to bursting or overflowing of water tanks, apparatus and pipes
• Bush Fire

The policy pays for the actual cost of repairs, replacement or setting up of the item lost or damaged. However, claim settlements are subject to the market value of the property damaged at the time of loss upon an overall limit of the sum insured opted. If the individual value of assets is not furnished, the value of each property is considered as not more than 5% of the total sum insured.

Losses arising out of war and allied perils, theft, willful act or gross negligence, loss of earnings, loss to bullion, documents, currency etc. cannot be claimed under a fire insurance policy. 5% of each and every claim resulting from the operation of Lightning, Earthquake, Flood and Inundation, Subsidence and Landslide including Rockslide will be treated as policy excess.

Applicants need to submit the completed proposal form with full list of property to be insured with values (Clothes, domestic appliances etc.). As people use more and more electrical gadgets in search of a luxurious lifestyle, the risk from fire accidents have increased manifold. A fire insurance policy acts as the bulwark against such potential perils.