Key highlights
Coverage for Property Damage
Fire insurance covers repair and replacement costs for both movable and immovable assets in case of fire damage. Covered properties include buildings, furniture, fixtures, machinery, fittings, and stock.
Protection Against Natural Calamities
In addition to fire, the policy also covers damage caused by natural disasters such as earthquakes, floods, cyclones, storms, and land subsidence. It also provides coverage for malicious damage and impact-related incidents.
Business Interruption Coverage
For commercial policies, fire insurance includes protection against financial losses due to temporary business closure. It compensates for lost income and operating expenses during the rebuilding phase.
Coverage Against Human Hazards
Fire insurance provides financial security against man-made threats such as riots, vandalism, and acts of terrorism that may result in fire damage.
Specialized Mega Risk Coverage
High-value properties and large-scale industries can opt for mega risk insurance tailored to cover complex risks associated with fires.
Petrochemical Tariff Protection
Industries dealing with petrochemicals can benefit from specialized coverage that meets industry-specific risk requirements.
Exclusion
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Arson (Deliberate Fire Damage)
Any damage caused due to intentional fire set by the policyholder or a third party with malicious intent is not covered.
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Electrical Malfunctions
Fires resulting from electrical failures due to negligence in maintenance are not covered under the policy.
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War and Nuclear Risks
Damage caused by war, foreign invasions, nuclear hazards, or radioactive contamination is excluded.
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Indirect or Consequential Losses
Financial losses that arise as an indirect consequence of a fire incident, such as business delays or supply chain disruptions, are not covered unless specified in the policy.
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Coverage for Reconstruction and Repairs
Provides financial assistance for rebuilding, repairing, or replacing property and assets damaged by fire.
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Extensive Risk Protection
Covers additional risks such as smoke damage, electrical short circuits, and losses incurred due to firefighting efforts.
Types of Fire Insurance Policies
Standard Fire and Special Perils Policy
Covers losses due to fire and additional perils such as natural disasters, riots, and explosions.
Industrial All-Risk Policy
Provides comprehensive protection for large-scale industries against fire-related risks.
Fire Floater Policy
Ideal for businesses with assets spread across multiple locations, offering flexible coverage under a single policy.
Loss of Profit Insurance
Covers financial losses due to business interruption caused by fire damage.
Home Fire Insurance Policy
Provides coverage for residential properties, including household goods and personal belongings.
Floating Fire Insurance Policy
Suitable for businesses with multiple locations, covering all insured properties under one policy.
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Why is Fire Insurance Essential?
Fire insurance helps safeguard businesses and homeowners from financial losses due to fire-related damages, ensuring peace of mind.
It covers expenses related to repair, replacement, or reconstruction of properties, including buildings, machinery, electronics, furniture, and personal belongings.
For many businesses and property owners, fire insurance is a mandatory requirement to comply with legal or contractual obligations.
With business interruption coverage, organizations can recover quickly, minimizing downtime and financial setbacks.
Fire insurance ensures that individuals and businesses are financially secure, even in the face of unexpected disasters.
From industrial plants to commercial buildings, specialized policies provide tailored solutions to meet diverse business needs.
