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Fire Insurance Policy

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Fire Insurance

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Fire insurance for MSMEs

Our fire insurance policy provides comprehensive coverage for physical loss, damage, or destruction of insured property arising from specific insured events. This includes protection against fire, as well as damage from explosions, implosions, and lightning strikes. The policy also covers land subsidence, landslides, rockslides, and fires occurring in bush, forest, or jungle areas.

Additionally, it provides coverage for impact damage caused by external objects such as vehicles, falling trees, aircraft, or walls, along with damages from missile testing operations. Events like the bursting or overflow of water tanks, apparatus, or pipes, as well as leakage from automatic sprinkler systems, are also included. Furthermore, theft within seven days, if directly caused by any of the above insured events, is covered under this fire insurance policy, ensuring robust protection for your property.

Fire insurance for MSMEs
Why choose fire insurance for your business

Why choose fire insurance for your business?

This fire insurance policy offers reliable coverage for properties with total asset values up to rs. 50 crore at the policy commencement date. It safeguards against losses arising from unexpected events that result in physical loss, damage, or destruction of buildings and structures, plant and machinery, stock, and other business-related assets. The policy includes a waiver on underinsurance of up to 25%, ensuring enhanced financial protection. Additionally, it provides inbuilt covers for various scenarios, including additions, alterations, or extensions; temporary removal of stocks; startup expenses; and the cost of debris removal. Coverage extends to stocks on a floater basis, specified contents, professional fees, and costs mandated by municipal regulations. Designed for micro, small and medium enterprises, such as hotels, restaurants, offices, and more, this fire insurance policy ensures businesses remain protected against unforeseen challenges.

Key features of fire insurance

Coverage

our fire insurance policy provides comprehensive protection for your business, covering risks such as physical damage or destruction to buildings, machinery, stock, and other assets. It helps reduce out-of-pocket expenses by covering repair or replacement costs in the event of a fire.

Quick fire insurance claim settlement

enjoy a smooth and hassle-free claims process with our policy. Our 24/7 claims settlement team ensures prompt financial support when you need it most.

Industry expertise

with extensive experience in the industry, we understand the unique risks businesses face. We assess potential hazards and offer tailored solutions to protect your business effectively, ensuring peace of mind.

Instant policy issuance

secure your fire insurance policy in minutes using our advanced technology. Our streamlined process eliminates unnecessary paperwork, enabling you to safeguard your business quickly and efficiently with just a few clicks.

Benefits of fire insurance

Businesses are often exposed to risks like fire eruptions, making business fire insurance an essential safeguard. This policy offers comprehensive protection against damages caused by fire, explosions, and other associated risks. In addition to fire-related perils, it also covers losses arising from natural calamities, bursting of water tanks, theft, and more, ensuring robust coverage for your property.

What does fire insurance cover?

  • Inclusions
  • Exclusions

  • Fire and lightning

  • Forest and wildfires: forest fire, bush fire, jungle fire.

  • Missile testing operations

  • Natural disasters: storms, cyclones, hurricanes, typhoons, tornadoes, tsunamis, floods, and inundation.

  • Acts of terrorism (this is an optional cover)

  • Water damage: bursting or overflow of water tanks, pipes, and apparatus.

  • Theft: theft occurring within 7 days of an insured event.

  • Explosions or implosions

  • Earthquake

  • Land movements: subsidence, landslide, or rockslide.

  • Impact damage: damage caused by collision or impact with external objects like vehicles, trees, or aircraft.

  • Riot, strike, and malicious damage

  • Sprinkler leakage: leakage from automatic sprinkler systems.

  • Excess:

    • ₹5,000 per claim.

    • Terrorism risk excess as per policy clause.

  • Loss caused by deliberate or intentional acts, by you or on your behalf.

  • Loss to electrical/electronic equipment from overloading, short circuits, etc.

  • Loss due to temperature changes in cold storage.

  • Loss from spoilage due to process interruptions caused by insured events.

  • Loss if premises are unoccupied for over 30 days without prior written approval.

  • Loss from war, invasion, civil war, rebellion, among other things

  • Loss due to ionising radiation or nuclear contamination.

  • Not covered unless caused by or resulting in an insured event.

  • Loss of bullion, unset precious stones, or art unless declared in the policy.

  • Losses where insured property is missing or mislaid without an identifiable event.

  • Any reduction in market value after repair or reinstatement.

  • Loss covered by a marine policy, except for excess over its limits.

  • No coverage for indirect or consequential losses like lost income, wages, or time. Costs or fees for preparing a claim are not covered.

  • Loss to property removed from premises, except for machinery/equipment temporarily removed for repairs or stock as per policy.

How to file a claim

Regular claim process

  • Notify your claim online or by calling our toll-free number (1800 2666) immediately. A surveyor will be appointed.
  • The surveyor will assess the damage and request the necessary documents.
  • Upload the required documents using the provided link. The surveyor will finalize the report.
  • We will verify the report and process the claim.
  • If payable, you will receive a settlement offer, which requires your consent.
  • Upon providing consent and completing kyc, the payment will be credited to your account.
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Virtual_survey_claim_process

Virtual survey claim process

  • Book a slot for the virtual survey.
  • Receive a link for the virtual survey via sms or email.
  • If required, submit documents through the 'upload documents' link.
  • The surveyor or icici personnel will guide you through the virtual survey to inspect the damages.
  • For payable claims, receive a settlement offer via a link.
  • Provide digital consent and submit kyc details online.
  • If the claim is not payable as per policy terms, our personnel will explain the reasons for denial.

FAQs

What are the key objectives of fire insurance?

The key objectives of fire insurance are:

  • Financial protection: safeguards against losses caused by fire.

  • Business continuity: helps minimise disruptions and maintain operations.

  • Asset preservation: protects the value of assets and investments.

  • Peace of mind: provides assurance through comprehensive coverage.

  • Reconstruction support: facilitates recovery and rebuilding efforts.

Which types of commercial enterprises should consider a fire insurance policy?

The following types of enterprises can benefit from a fire insurance policy:

  • Retail stores
  • Restaurants
  • Offices
  • Warehouses
  • Hotels
  • Shopping malls
  • Healthcare facilities
  • Agricultural businesses
  • Educational institutions
  • Manufacturing plants

What are the key benefits of having a fire insurance policy?

Fire insurance offers numerous advantages, including coverage for property damage caused by fire, which helps reduce the financial burden on the insured. It ensures business continuity by enabling operations to resume quickly after a fire, minimising revenue loss. By covering repair or replacement costs, it helps preserve the value of assets. The policy provides peace of mind, allowing the insured to focus on their priorities without undue worry. It can also be tailored to specific needs by adding optional protections, ensuring comprehensive coverage for various scenarios.

How long does a fire insurance policy provide coverage?

A fire insurance policy generally provides coverage for a specified tenure, typically one year. However, it can be renewed periodically to ensure continuous protection.

Can changes be made to a fire insurance policy during its tenure?

Yes, the insured can make modifications to the policy during its tenure, such as updating coverage or increasing the sum insured. These adjustments can be made by contacting the insurer and may require payment of additional premiums.

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