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What is Fire Insurance?

Fire insurance protects your property from natural and man-made disasters such as fire, floods, storms, and burglary. It’s perfect for micro-enterprises like hotels, restaurants, and offices. The policy covers replacement, repair, and reconstruction to keep your business secure.

Trivia

Did you know? Fire insurance and property insurance are essentially the same thing! You can choose from our four offerings i.e. MSME Suraksha Kavach, Merchant’s Cover III, Bharat Griha Raksha policy and Standard fire and special perils.

Who needs Fire Insurance?

Offices and housing societies

Offices and housing societies, whether small or large, should have Fire Insurance to protect their space and to repair or replace furniture, equipment due to unforeseen accidents.

Schools and colleges

Educational institutions can rely on Fire Insurance to cover the cost of repairs if buildings are damaged by fire, floods, or earthquakes. This helps them reopen quickly and safely.

Shops and malls

These places can face major losses if their buildings or goods catch fire or get damaged due to other reasons. Fire Insurance helps with repairs, restarts operations, and also covers theft or burglary of contents and stock.

Factories

Fire Insurance covers the cost of damaged machinery and stock, helping factories maintain business continuity and keep operations running smoothly.

Hotels and restaurants

Fire Insurance supports hospitality businesses by covering repairs and the replacement of damaged furniture or kitchen equipment after unexpected events like fire, flood or theft.

Warehouses

Fire Insurance protects warehouses that store goods and machinery, helping manufacturing and retail businesses manage disruptions and continue operations smoothly.

For Small businesses – MSME Suraksha Kavach

Covers damage to buildings, machinery, and stock
Coverage up to ₹50 crore

For Shopkeepers – Merchant’s Cover III ( Shop Insurance )

Protects against accidents, injuries, and damage to the shop and its contents
Coverage up to ₹5 crore

For Homeowners and housing societies – Bharat Griha Raksha Policy

Covers damage from natural disasters like floods, storms, and earthquakes
Coverage up to ₹10 crore for homeowners and as per requirement, for housing societies

For Large business properties – Standard Fire and Special Perils Policy

Protects buildings, machinery, and business-related goods
Coverage above ₹50 crore

What’s included and
what’s not?

Inclusions
Exclusions

Fire and lightning

Cyclones, hurricanes, typhoons, flood, storms, tornadoes, tsunamis

Forest fires

Missile testing operations

Acts of terrorism

Bursting or overflow of water tanks and pipes

Explosions or collapse due to low internal pressure

Earthquake

Theft during working hours (without any break-in)¹

Burglary²

Bush fire

Note Please refer policy wording of specific products for better understanding on the complete list of inclusion and exclusions.

Loss caused by burning of insured property following orders from a public authority

Loss or damage due to war

Damage from nuclear contamination

Damage due to pollution

Damage to stocks in cold storage due to change in temperature

Damage to property after undergoing any heating, drying process

Missing or misplaced property without any clear evidence of loss

Damage to kutcha (temporary or thatched) constructions

Note Please refer policy wording of specific products for better understanding on the complete list of inclusion and exclusions.

1. Instant policy generation

With smart technology, you can get a Fire Insurance policy almost instantly. No big forms or long waits just a few clicks and you are covered!

2. Speedy claim process

Our team is always ready to help, whenever you need.

3. Trusted by millions

As one of the leaders in corporate insurance, we’ve earned the trust of millions of Indian businesses. Your success is our priority.

4. Customised add-ons, as per your needs

You can choose from a wide range of add-ons to make your business even more secure from unexpected crises.

How to process a claim?

1. Raise a claim

Inform us about the claim online via our website or toll-free number (1800 2666) or mail. A surveyor will be appointed within 24 hours.

2. Surveyor visit

The surveyor will visit the loss site. Inspect the damage and request necessary documents along with KYC docs.

3. Share documents

Surveyor will guide the customer on how and where to send the Submit the required documents

4. Claim verification

The surveyor will assess the loss after checking the documents. Assessment will be sent for the customer’s consent.

5. Settlement summary

On receiving consent surveyor will share his report.

6. Claim payment

Payment will be credited to your account once survey report and KYC docs received.

Online claim process

For claims up to ₹5 lakh, , a virtual survey option is available for making a claim.

Here is how:

A surveyor will contact you to know a suitable time for survey.
The surveyor will guide you through the virtual survey to inspect damages.
Surveyor will ask you to submit necessary documents.
Once the documents are verified, you will receive an offer for settlement through surveyor.
On receipt of consent, survey report is shared with us along with documents
After documents are received, payment is processed

Ratings and reviews

Amicorp

We would like to express our sincere appreciation for your service to us as one of our most reliable service providers. Ever since we signed as trusted partners for insurance requirements, you have provided the highest quality products with even better customer service. Solutions are often received earlier than expected, and you are quick to resolve any issues that arise. We have, and will continue to, recommend your services to other companies and contacts. We look forward to continuing this relationship for long.

Larsen & Toubro

Customer friendly insurer. Goes the extra mile to meet deliverables. Happy to work with ICICI Lombard.

Punj Lloyd

I appreciate the kind of support ICICI Lombard provides us in insuring our projects & employees. They are transparent in educating us with our requirements.

LG Electronics India Pvt Ltd

We appreciate the interaction of the ICICI Lombard team. We are looking forward to unique solutions being offered.

Frequently asked questions
- Fire insurance

1. 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.

2. 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

3. 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, minimizing 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.

4. 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.

5. 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.

6. Is stock-in-trade covered under this policy?

Yes. The policy covers stock and inventory in your insured premises against fire and other covered perils.

7. What is the maximum sum insured I can opt for?

You can choose the sum insured based on the value of your building, machinery, stock, and other assets. It’s recommended to calculate the replacement cost to avoid underinsurance.

8. Are losses due to short circuits and electrical fires covered?

Yes, fires caused by short circuits or electrical faults are covered, but the cost of repairing the faulty device itself may not be covered.

9. What is the claim process for fire insurance?

In case of a fire, inform ICICI Lombard immediately, lodge an FIR (if applicable), document the damage, and submit a claim with supporting proofs. A surveyor will assess the loss.

10. Can I renew my fire insurance online?

Yes. You can renew your fire policy online through the ICICI Lombard website using your policy number. Timely renewal ensures continuous coverage.

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