Fire Insurance Policy
Introduction
Fire Insurance provides protection against most risks to properties such as Fire, Lightning, Earthquake, Storm etc. Fire and special Perils compensates only for Material Damage to the insured property. It specifically excludes any consequential loss. The Fire Insurance Policy has been renamed as Standard Fire and Special Perils Policy.
Risks covered under Fire Insurance :
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Fire
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Lightning
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Explosion/Implosion
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Aircraft damage
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Riot, Strike, Malicious & Terrorism Damage.
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Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
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Impact Damage
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Subsidence & Land Slide including Rockslide
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Bursting and /or overflowing of Water Tanks ,apparatus and Pipes
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Missile Testing operations
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Leakage from Automatic Sprinkler installations.
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Bush Fire
Main Exclusions
Insurance Policy doesn’t cover loss of gross profits, which is not consequent upon property damage due to an insured peril, loss due to material damage to property, difference between value of stock at the time of Fire &the value at the time of subsequent replacement, deterioration of undamaged stock of after fire, cost of preparing fire & loss of profit claims, third party claims & loss of goodwill.
Claims
In the event of a fire loss covered under the Fire Insurance Policy, the insured shall immediately give notice there of to LMB Insurance Brokers & the insured should submit a claim in writing, giving the details of damages & their estimated values.
Documents Required for the Fire Insurance Claims
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True copy of the policy along with the schedule.
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Report of Fire brigade/policies report/meterological report.
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Claim form
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Photographs
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Past Claim experience.
Risks Covered in detail:
2. Lightning
Lightning may result in fire damages or other types of damages such as a roof broken by a falling chimney struck by lightning or cracks in a building due to a lightning strike. Both fire and other types of damages caused by lighting are covered by the policy.
3. Explosion/implosion
Explosion is sudden, violent burst with a loud report. An explosion is caused inside a vessel when the pressure within the vessel exceeds the atmospheric pressure acting externally on its surface.
Implosion means bursting inward or collapse. This takes place when the external pressure exceed, internal pressure.
4. Aircraft damage.
The loss or damage to the property directly caused by aircraft and other aerial devises &/ or articles dropped then from is covered.
5. Riot, Strike, Malicious& Terrorism Damage
Any loss or physical damage to the property insured directly caused by such activity or by the action of any lawful authorities in suppressing disturbance or minimizing its consequences is covered.
6. Storm, cuclone,Tuphoon, Tempest, Hurricane, Tornado, Flood & Inundation
These are all various types of violent natural disturbance that are accompanied by thunder or strong winds or heavy rainfall.
7. Impact Damage
Impact by any Rail/Road vehicles or animal by direct contact with the insured property is covered.
8. Subsidence & Land slide including Rockslide
Subsidence means sinking of land or building to a lower-level, landslide means sliding down of land usually on a hill.
9. Bursting and /or overflowing of Water Tanks, apparatus and Pipes
Loss or damage to property by water or otherwise on account of bursting or accidental; overflowing of water tanks, apparatus & pipes are covered.
10. Missile testing operations
Destruction or damage due to impact or otherwise from trajectory/project in connection with missile testing operations by the insured is covered.
11. Leakage from Automatic Sprinkler Installations
Damage caused by water accidentally discharged or leaked out from automatic sprinkler installations in the insured premises is covered.
12. Bush fire
This covers damage caused by burning, whether the accidental or otherwise, of bush & jungles & the cleaning of lands by fire, but excluding destruction or damage caused by
Forest fire.
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