Reinsurance

Fire Insurance

Property insurance is a broad term for a series of policies that provide either property protection coverage or liability coverage for property owners. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft—and to a person other than the owner or renter if that person is injured on the property.  

The fire insurance policy is meant to cover erected fixed assets whilst lying
at a particular location and declared accordingly for insurance. It includes:

Buildings​
Electrical installation in buildings ​
Goods in the open
Furniture, fixtures and fittings
Contents in dwellings, shops, hotels, etc.
Pipelines (including contents) located inside or outside the compound.
Contents of buildings(machinery, plant and equipment, accessories)
Goods in factories, go downs, tank farms.

Benefits

Liquidity

There is flexibility in surrendering the policies

Cover your liabilities

Ensuring your dependents are financially protected even if you are not around.

Fund For Responsibilities

Be it a child’s education, loan, building capital for your business or planning retirement life insurance has solutions for each need.

Tax Saving

Tax saving is an additional benefit when it comes to Life Insurance. 80C on premiums paid and 10 (10D) on maturity/survival/death benefit.

Categories

Life Insurance

We shall deliver excellent service and superior products to our customers, remaining focused on their needs

General Insurance

We shall deliver excellent service and superior products to our customers, remaining focused on their needs

Re Insurance

We shall deliver excellent service and superior products to our customers, remaining focused on their needs

Types of Insurance

1. Standard Fire & Special Perils Policy

Standard Fire & Special Perils insurance is a traditional cover that offers cover against fire and allied perils which are named in the policy. The policy can cover building (including plinth and foundation), plant and machinery, stocks, furniture, fixtures and fittings, and other contents. The Standard cover offers protection against specific perils such as fire, explosion, aircraft damage, and various others including impacts and water-related incidents. 

  • Debris removal (in excess of 1% of the claim amount)

  • Deterioration of stock in cold storage.

  • Forest fire.

  • Leakage and contamination cover.

  • Architects, surveyors, and consulting engineers fees (in excess of 3% of the claim amount)

  • Loss of rent.

  • Terrorism cover.

  • Excess as specified in the policy.
  • Pollution or contamination.
  • Loss, destruction, or damage caused by war, invasion, the act of foreign enemy hostilities or warlike operations (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power.
  • Nuclear risks.
  • Loss by burglary or theft. 

2. Bharat Laghu Udyam Suraksha

This policy covers the subject matter if the total value is above ₹ 5 crores up to ₹ 50 crores at the policy commencement date. It covers loss due to unexpected events which result in physical loss, damage or destruction of buildings and structures, plant and machinery, stock, and other assets relating to your business. Underinsurance is waived off up to 15 %. 

  • Additions, alterations, or extensions.
  • Temporary removal of stocks.
  • Start-up expenses.
  • Cost of removal of debris.
  • Stocks on a Floater basis.
  • Cover for specified contents.
  • Professional Fees.
  • Spontaneous Combustion.
  • Costs compelled by Municipal regulations.
  • War, invasion, war-like operations.
  • Consequential or indirect loss or damage.
  • Deliberate, willful, or intentional act or omission.
  • Burning of Insured Property by any order of Public authority.
  • Loss, destruction, or damage to insured property by undergoing any heating, drying process, or centrifugal force. 

3. Bharat Sookshma Udyam Suraksha

This product is meant for all risks (except dwellings) in India where the total ‘Value at Risk’ is up to ₹ 5 Crore across all insurable asset classes at any one location at the commencement of the insurance cover. Underinsurance is waived off up to 15 %.

  • Additions, alterations, or extensions. 
  • Start-up expenses. 
  • Stocks on a Floater basis.
  • Professional Fees.
  • Costs compelled by Municipal regulations.
  • Temporary removal of stocks. 
  • Cost of removal of debris. 
  • Cover for specified contents.
  • Spontaneous Combustion.

  • Burning of Insured Property by any order of Public authority. 

  • Deliberate, willful, or intentional act or omission. 

  • War, invasion, war-like operations.

  • Loss, destruction, or damage to stocks in cold storage due to change in temperature.

  • Loss, destruction, or damage to insured property by undergoing any heating, drying process or centrifugal Forces. 

  • Insured premised or building remains unoccupied for more than 30 days.

4. Industrial All Risk

IAR policy was specially designed to cover major manufacturing industrial risks with broader and more complicated exposures than typical Fire and Allied insurance policies could handle.

The IAR Policy provides comprehensive protection for your business, safeguarding against financial losses resulting from material damage or machinery breakdown that disrupts operations, offering broader coverage than the Standard Fire and Perils policy. IAR policy is divided into two sections as below:

1. Material Damage

This includes material damage that might occur to a property that might require the replacement of assets like buildings, fixtures, inventory, etc.

2. Business Interruption

This is designed to cover loss of income that may occur due to business or service interruptions in the event of a disaster leading to material damage/machinery breakdown causing a halt in operations.

  • Architects’, surveyors’, and consulting engineers’ fees.
  • Debris Removal Clause.
  • Act of terrorism.
  • Other extensions are available under relevant sections.
  • Escalation Clause.
  • Omissions to insure additions / alterations.
  • Faulty or defective design of materials, inherent vice, and wear and tear.
  • War and war group of perils.
  • Wilful negligence, cessation of work, and loss of market.
  • Corrosion rust, shrinkage, loss of weight, contamination, etc.
  • Pollution, contamination.
  • Fraud, larceny. 

1. Standard Fire & Special Perils Policy

Standard Fire & Special Perils insurance is a traditional cover that offers cover against fire and allied perils which are named in the policy. The policy can cover building (including plinth and foundation), plant and machinery, stocks, furniture, fixtures and fittings, and other contents. The Standard cover offers protection against specific perils such as fire, explosion, aircraft damage, and various others including impacts and water-related incidents. 
  • Excess as specified in the policy.
  • Pollution or contamination.
  • Loss, destruction, or damage caused by war, invasion, the act of foreign enemy hostilities or warlike operations (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power.
  • Nuclear risks.
  • Loss by burglary or theft. 

  • Debris removal (in excess of 1% of the claim amount)

  • Deterioration of stock in cold storage.

  • Forest fire.

  • Leakage and contamination cover.

  • Architects, surveyors, and consulting engineers fees (in excess of 3% of the claim amount)

  • Loss of rent.

  • Terrorism cover.

2. Bharat Laghu Udyam Suraksha

This policy covers the subject matter if the total value is above ₹ 5 crores up to ₹ 50 crores at the policy commencement date. It covers loss due to unexpected events which result in physical loss, damage or destruction of buildings and structures, plant and machinery, stock, and other assets relating to your business. Underinsurance is waived off up to 15 %. 

  • Additions, alterations, or extensions.
  • Temporary removal of stocks.
  • Start-up expenses.
  • Cost of removal of debris.
  • Stocks on a Floater basis.
  • Cover for specified contents.
  • Professional Fees.
  • Spontaneous Combustion.
  • Costs compelled by Municipal regulations.
  • War, invasion, war-like operations.
  • Consequential or indirect loss or damage.
  • Deliberate, willful, or intentional act or omission.
  • Burning of Insured Property by any order of Public authority.
  • Loss, destruction, or damage to insured property by undergoing any heating, drying process, or centrifugal force. 

3. Bharat Sookshma Udyam Suraksha

This product is meant for all risks (except dwellings) in India where the total ‘Value at Risk’ is up to ₹ 5 Crore across all insurable asset classes at any one location at the commencement of the insurance cover. Underinsurance is waived off up to 15 %.

  • Additions, alterations, or extensions. 
  • Start-up expenses. 
  • Stocks on a Floater basis.
  • Professional Fees.
  • Loss by burglary or theft. 
  • Costs compelled by Municipal regulations.
  • Temporary removal of stocks. 
  • Cost of removal of debris. 
  • Cover for specified contents.
  • Spontaneous Combustion.

  • Burning of Insured Property by any order of Public authority. 

  • Deliberate, willful, or intentional act or omission. 

  • War, invasion, war-like operations.

  • Loss, destruction, or damage to stocks in cold storage due to change in temperature.

  • Loss, destruction, or damage to insured property by undergoing any heating, drying process or centrifugal Forces. 

  • Insured premised or building remains unoccupied for more than 30 days.  cover.

4. Industrial All Risk

IAR policy was specially designed to cover major manufacturing industrial risks with broader and more complicated exposures than typical Fire and Allied insurance policies could handle.

The IAR Policy provides comprehensive protection for your business, safeguarding against financial losses resulting from material damage or machinery breakdown that disrupts operations, offering broader coverage than the Standard Fire and Perils policy. IAR policy is divided into two sections as below:

1. Material Damage

This includes material damage that might occur to a property that might require the replacement of assets like buildings, fixtures, inventory, etc.

2. Business Interruption

This is designed to cover loss of income that may occur due to business or service interruptions in the event of a disaster leading to material damage/machinery breakdown causing a halt in operations.

  • Faulty or defective design of materials, inherent vice, and wear and tear. 
  • War and war group of perils. 
  • Wilful negligence, cessation of work, and loss of market. 
  • Corrosion rust, shrinkage, loss of weight, contamination, etc.
  • Pollution, contamination. 
  • Fraud, larceny.
  • Burning of Insured Property by any order of Public authority. 

  • Debris Removal Clause.

  • Act of terrorism. 

  • Other extensions are available under relevant sections. 

  • Escalation Clause. 

  • Omissions to insure additions / alterations.

  • Architects’, surveyors’, and consulting engineers’ fees.
  • Debris Removal Clause.
  • Act of terrorism.
  • Other extensions are available under relevant sections.
    Escalation Clause.
  • Omissions to insure additions / alterations. 
  • Faulty or defective design of materials, inherent vice, and wear and tear.
  • War and war group of perils.
  • Wilful negligence, cessation of work, and loss of market.
  • Corrosion rust, shrinkage, loss of weight, contamination, etc.
  • Pollution, contamination.
  • Fraud, larceny. 

USP

  • Timely quote submission with comparison of various insurance companies with hard negotiations
  • Thorough audit of each policy, with review of Add-on coverage provided, if any necessary endorsements
  • Hassle free claim intimation with timely settlements.

Frequently Asked Questions

The IAR policy is an all-risk policy. In the policy, only excluded properties and excluded causes are stated. Any damage caused by an accident that is not stated as exclusion is covered.

Above all covers are expensive if taken separately. The IAR coverage covers perils such as unintentional damage and burglary with FLOP as a compulsory cover. The rate of MBD is low in IAR.  

No, only the FLOP section is required. Machinery LOP is a cover that is available as an add-on. 

The sum insured is the value for which the assets are insured. It is to be decided by the proposer considering the value of assets on Market Value (M.V) or Reinstatement Value basis (RIV).

It is a New Replacement Value where the idea is to put the insured in the same position as he was just before happening of the incident/claim. 

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