For most of the businesses, a Fire/Property Insurance policy is more like a routine electricity/water bill. The Insurance Company sends the renewal notice, you negotiate on premium and premium is paid off. The policy is then forgotten till the renewal comes up.

With terrorism and other risks growing, your business needs to be insulated and protected from any such financial catastrophe. Fire, Riots, Terrorism, Explosion, etc. can cause severe damage to the survival and continuity of any business. At the same time, you need to have the correct idea of what the policy covers and what are the extensions you can go for.

Ques. What does Fire & Special Perils Insurance Cover?

Fire and Special Perils Insurance, one of the oldest forms of Insurance covers these risks, covers a majority of risks on property, making it one of the most crucial and basic covers any business needs to take.

It covers the following perils:
  • Fire

  • Lightning

  • Explosion/Implosion

  • Aircraft Damage

  • Riot, Strike, Malicious and Terrorism Damage

  • Atmospheric Perils: Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation.

  • Loss or visible physical damage to property due to impact of any Road/Rail Vehicle or animal in direct contact not belonging to the owner/employees

  • Subsidence and Land Slide including Rock Slide.

  • Bursting/Overflowing of Water Tanks, Apparatus and Pipe

  • Missile Testing Operations

  • Bush Fire [Excluding Forest Fire]

  • Leakage from automatic sprinkle installations

Important Add Ons

The following are some important Add-ons/Riders which could be added as per your frequirement to the policy:

  • Terrorism

  • Earthquake Fire and Shock

  • Spontaneous combustion

  • Removal Of Debris (exceeding 1% of claim amount)

  • Architects, Surveyors, Consulting Engineers fees (exceeding 3% of claim amount)

  • Spoilage Material Damage Cover

  • Leakage and Contamination Cover

  • Deterioration of stock in cold storage premises

  • Molten metal spillage Cover

  • Forest fire

  • Impact damage due to Insured’s own Rail/Road vehicles

  • Omissions to insure additions, alterations or extensions.

  • Temporary removal of stock

  • Loss of rent

  • Start up expenses

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Insurance products are sourced through Bajaj Capital Insurance Broking Limited, an IRDA licensed Composite Broker bearing Licence No. 241, Licence Code CB 042/02.