What Are standard fire and special perils policy

Standard Fire and Special Perils Insurance is a traditional cover that offers cover against fire and allied perils which are named in the policy.

Policy For Standard Fire And Special Perils And Coverage

1. Fire

Excluding destruction or damage caused to the property insured by

a) its own fermentation, natural heating or spontaneous combustion.

b) it’s undergoing any heating or drying process.

c) burning of property insured by order of any public authority.

2. Lighting

3. Explosion/Implosion

Excluding loss, destruction of or damage

a) to boilers, economizers or other vesseis, machinery or apparatus or their content resulting from their own explosion/implosion.

b) caused by centrifugal forces.

4. Aircraft Damage

Loss, destruction or damage caused by aircraft, other aerial or space devices and articles dropped therefrom excluding those caused by pressure waves.

5. Riot, Strike, Malicious Damage (RSMD) Cover

Loss of or visible physical damage or destruction by external violent means directly caused to the property insured but excluding those caused by

a) total or partial cessation of work or the retardation or interruption or cessation of any process or operations or omission of any kind.

b) Permanent or temporary dispossession resulting from confiscation, commandeering, requisition or destruction by order of the government or any lawfully constituted authority.

c) Permanent or temporary dispossession of any building or plant or unit or machinery resulting from the unlawful occupation by any person of such building or plant or unit or machinery or prevention of access to the same.

d) Burglary, housebreaking, theft, larceny or any such attempt or any omission of any kind of any person in any malicious act.

If the company alleges that the loss/damage is not caused by any malicious act, the burden of proving the contrary shall be upon the insured.

The reduction in premium rates for deletion of RSDM perils at the inception of the policy shall be as per the respective rating section/table under the head ‘ADD ON COVER’/CAT pricing.

6. Impact Damage

Loss of or visible physical damage or destruction caused to the property insured due to impact by any Rail/ Road vehicle or animal by direct contact not belonging to or owned by

a)the Insured or any occupier of the premises or

b)their employees while acting in the course of their employment.

7. Subsidence And Landslide Including Rock Slide

Loss, destruction or damage directly caused by Subsidence of part of the site on which the property stands or Landslide/Rock slide excluding:

a) the normal cracking, settlement or bedding down of new structures

b) the settlement or movement of made up ground

c) coastal or river erosion

d) defective design or workmanship or use of defective materials

e) demolition, construction, structural alterations or repair of any property or groundworks or excavations.

8. Bursting And/Or Overflowing Of Water Tanks, Apparatus And Pipes

9. Missile Testing Operations

10. Leakage From Automatic Sprinkler Installations

Excluding loss, destruction or damage caused by

a)Repairs or alterations to the buildings or premises

b)Repairs, Removal or Extension of the Sprinkler Installation

c)Defects in construction known to the Insured.

11. Bush Fire

Excluding loss, destruction or damage caused by Forest Fire.

PROVIDED that the liability of the Company shall in no case exceed in respect of each item the sum expressed in the said Schedule to be insured thereon or in the whole the total Sum Insured hereby or such other sum or sums as may be substituted therefor by memorandum hereon or attached hereto signed by or on behalf of the Company.

12. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood And Inundation

Loss, destruction or damage directly caused by Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood or Inundation excluding those resulting from earthquake, Volcanic eruption or other convulsions of nature.”

Note: For STFI, Earthquake, Terrorism & other add on the cover, refer to section VIII (with extra premium). Also refer wording/caluse.

Also read :- Vehicle Insurance : What is vehicle insurance and what is commercial vehicle insurance and types of vehicle insurance

Also read :- What is Travel Insurance || Comman Benefits of Travel Insurance