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Fire Insurance for restaurant

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Fire Insurance

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What is fire insurance for restaurant?

Fire insurance for restaurant is a policy that offers you coverage in case your restaurant suffers damage, destruction or physical loss due to fire, explosion, implosion, missile testing operations, etc. It compensates you for the damages suffered per the policy terms, thereby reducing your out-of-pocket expenses.

What is covered under fire insurance?

  • Inclusions
  • Exclusions

Fire insurance for restaurant covers losses due to:

  • Explosion or implosion

  • Fire due to its own fermentation, natural heating or spontaneous combustion

  • Lightning

  • Leakage from automatic sprinkler installation

  • Bursting or overflowing of water tanks, etc

Go through the policy wordings to know the coverage offered in detail.

This insurance plan doesn’t cover:

  • Burning of the restaurant by order of any public authority

  • Damages caused to boilers, economizers, machinery or apparatus in which steam is generated

  • Defective design or workmanship or use of defective materials

  • Repairs or alterations in the Building in which your restaurant is located

To know the complete list of exclusions, go through the policy wordings.

Fire insurance for restaurant: Add-ons

The add-ons you can opt for with this insurance plan are:

Floater cover

Through this add-on, the policy extends coverage in case of physical loss or damage to stocks in more than one location declared.

Declaration policy for stocks

This add-on allows you to cover your restaurant's stocks based on their declaration value, as per the policy’s terms and conditions.

Terrorism damage cover

This add-on covers physical loss or damage suffered due to acts of terrorism during the policy period according to the policy terms.

Benefits of fire insurance for restaurant

This restaurant insurance policy offers the following benefits:

Multiple risk coverage

This policy offers coverage against multiple risks, both natural and man-made. Thus, it provides holistic protection to you and your restaurant.

Sum insured restoration

The policy's sum insured is restored to the full original amount even after a payout, subject to terms and conditions. This means you never run out of cover.

In-built covers

The policy has several in-built covers that offer coverage for temporary stock removal and cover for specific content like deeds, business books, etc.

How to buy group health insurance?

Fire insurance for restaurant: Claim process

To raise a claim:

  • Inform us immediately about your loss or damage. Provide your policy number, brief statement of loss, etc. and document your loss through photographs and videos

  • Report your loss immediately to appropriate legal authorities such as police, fire brigade

  • Submit your claim with the relevant documents

  • We’ll appoint a surveyor to assess your loss

  • Based on the surveyor’s report, we’ll settle your claim

Fire insurance for restaurant: Documents required

The documents you need to submit are:

  • 1Duly-filled up claims form

  • 2Photographs/video of damaged property/ item

  • 3Documents in support of claim admissibility like fire brigade report, service engineer’s report

  • 4Offer of retention of salvage, if any

  • 5Repair, replacement quotation

  • 6KYC / NEFT details

  • 7Any other document specified by us

Frequently Asked Questions

Is the loss or damage caused due to fire accident without inspection covered?

No. Generally, after a fire accident, the officer/surveyor appointed by the insurance company inspects the property, assesses the damage, and prepares a report.

What add-ons are usually offered?

The add-ons offered are floater cover, declaration policy for stocks and terrorism damage cover. You can choose the add-on as per your needs.

Is the loss caused due to business interruption covered?

Check with the insurer if the policy covers losses due to business interruption or not.

Disclaimer: This above content is for information and knowledge purpose only. For complete details on risk factors, terms, conditions, coverages and exclusions, please refer policy wordings.

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