What does RSMD mean in fire insurance?

RSMD (riot, strike and malicious damage) refers to a range of risks that fire insurance can cover. This includes any damage caused to property such as furniture, stock, machinery or buildings due to riots, strikes or malicious acts. In simple terms, RSMD coverage protects your valuable items from destruction resulting from these events. Understanding what risks are covered under RSMD is essential to make sure you have the right protection. However, there is more to know about RSMD in insurance, so let’s talk about this in detail.

RSMD in fire insurance

Riot, strike and malicious damage are common terms in property insurance, especially fire insurance. Let’s break down each term:

• Riot: A riot refers to a violent disturbance caused by a crowd. In insurance, it means when a group of people causes damage to property through actions like vandalism or destruction. Losses incurred during riots are typically covered under fire insurance.
• Strike: A strike happens when workers stop working to protest or demand changes. In insurance, it covers damage caused by striking workers, such as property destruction or interference with business operations.
• Malicious damage: Malicious damage is any intentional harm caused to property, like vandalism or arson, with the goal of causing destruction. Any intentional destruction of property will be covered under fire insurance, depending on the policy terms.

How to claim compensation in RSMD Case?

To claim compensation in an RSMD case, you must follow these simple steps:

1. Inform your insurer: Contact your insurance company as soon as the damage occurs to start the claims process.
2. Fill out the claim form: Complete the claim form provided by your insurer with accurate details about the incident.
3. File an FIR: Report the incident to the police and get an FIR (First Information Report) or any official report related to the damage.
4. Submit evidence: You must also provide any proof of the damage, such as photos, videos or newspaper articles about the incident.
5. Assist the insurance surveyor: An insurance surveyor may come to assess the damage. Make sure you cooperate with them and provide any additional information they may need.
6. Wait for settlement: After the assessment, your insurer will process your claim and compensate you as per your policy terms.

Conclusion

RSMD coverage in fire insurance is essential for protecting your property from damage caused by unpredictable events like riots, strikes or malicious acts. These situations can cause significant loss, making it crucial to have the right insurance in place. By ensuring your property is covered under RSMD fire insurance, you safeguard yourself from financial burden in case of such damages.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is advised to verify the currency and relevance of the data and information before taking any major steps. Please read the sales brochure / policy wordings carefully for detailed information about on risk factors, terms, conditions and exclusions. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.