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Fire Insurance
 
 

Scope of Cover

Industrial units (excluding petrochemical risks) having sum insured of `100 crores and above in one or more locations in India are eligible to take Industrial All Risks Policy.

Code: Fire 03

More Details


Scope of cover

    This policy offers comprehensive cover against all perils except those specifically excluded. The policy also covers loss or damage due to:
  • Fire and special perils
  • Burglary
  • Machinery breakdown/ boiler explosion/ electronic equipment breakdown
  • Business interruption due to fire and special perils, burglary and other accidental damage

Sum insured

Sum to be insured for the material damage part is the reinstatement cost of the property. For the business interruption portion, annual gross profit is to be insured.

Premium

Premium depends on the exact cover opted, claims experience, deductible and risk assessment report of the engineer.

Significant exclusions

    Inherent vice, normal wear and tear, collapse, faulty or defective design material or workmanship, pollution, contamination, inventory losses, fraud, larceny, interruption of the water supply, gas, electricity or fuel systems or failure of the effluent disposal systems etc.

    Policy is subject to compulsory deductible excess as under:
  • Material Damage Claims: 5% of claim amount subject to a minimum of `5 Lakhs and maximum of `50 Lakhs
  • Business Interruption Claims: 3 days gross profit subject to a minimum of `5 Lakhs and maximum of `50 Lakhs