Standard Fire and special Perils Policy Add on Covers

ADD-ON COVERS STANDARD FIRE AND SPECIAL PERIL POLICY

CONTENT LAYOUT

Over View of SFSP policyPerils Included In SFSPAdd on Perils In SFSP

STANDARD FIRE AND SPECIAL PERILS POLICYThe Standard Fire & Special Perils (SFSP) Insurance, designed to cover loss or damage to Buildings, Plant & Machinery, Tools, Instruments and accessories, Furniture, Fixtures and Fittings, Electrical Installations, Stocks in trade including work in progress, etc due to Fire and Act of God perils..

PERILS INCLUDED IN SFSP

FIRE….

PERILS INCLUDED IN SFSP

Lightening….

PERILS INCLUDED IN SFSP

Explosion

PERILS INCLUDED IN SFSP

Implosion

PERILS INCLUDED IN SFSPAircraft Damage

PERILS INCLUDED IN SFSPRIOT DAMAGE

PERILS INCLUDED IN SFSPSTFI( Storm Tempest Flood Inundation)

PERILS INCLUDED IN SFSPIMPACT DAMAGE

PERILS INCLUDED IN SFSP

Subsidence and Land Slide

PERILS INCLUDED IN SFSP

Bursting , Water overflowing tank.

PERILS INCLUDED IN SFSPLeakage Of Automatic Sprinkler

PERILS INCLUDED IN SFSP

Bush Fire

ADD-ON PERILS COVERS IN SFSP1. Deterioration Of

Stock in cold storage premises due to power failure or by any insured peril

DETERIORATION OF STOCK IN COLD STORAGE PREMISES DUE TO POWER FAILURE OR BY ANY INSURED PERIL

(A) Deterioration of Stocks in Cold Storage premises due to accidental power failure consequent to damage at the premises of Power Station due to an insured peril 

25% of Policy Rate

Sum insured of stocks

(B) Deterioration of stocks in cold storage premises due to change in temperature arising out of loss or damage to the cold storage machinery(ies) in the Insured’s premises due to operation of insured peril. 

Policy Rate Sum insured of stocks

ADD-ON PERILS COVERS IN SFSP

3. Impact Damage due to insured own vehicle, fork lift and like article.

Impact Damage due to Insured’s own Rail/Road Vehicles, Fork lifts, Cranes, Stackers and the like and articles dropped therefrom. 

5% of Policy Rate

Policy Sum insured

ADD-ON PERILS COVERS IN SFSP

4. Spontaneous Combustion

Spontaneous CombustionCategory I goodsCategory II goodsCategory III goodsCategory IV goods

Rs.0.25%o

Rs.0.50%o

Rs.0.75%o

Rs.1.00%o 

Sum insured of relative commodity

ADD-ON PERILS COVERS IN SFSP

5. Omission to insure addition, alteration and extension.

Omission to

Insure

additions,

alteration or

extensions

Policy Rate

5% of sum insured of BMA

ADD-ON PERILS COVERS IN SFSP

6. Earthquake (Fire and Shock)

Earthquake (Fire and Shock)Zone IZone IIZone IIIZone IV 

   Rs.1.00%oRs.0.50%oRs.0.20%oRs.0.10%o 

Policy sum Insured

Note :- Dwelling, offices, hotels, shops etc rateable under Section III of the tariff can be covered by charging a uniform rate of Re 0.10%0 regardless of the zones 

ADD-ON PERILS COVERS IN SFSP

7. Spoilage Material Cover

Spoilage Material Damage Cover

Stocks in specified blocks5 times the Policy Rate Machinery, Containers & Equipments in specified blocks2.5 times the Policy Rate  

Value of stocks in specified blocks M/A value in specified blocks.

ADD-ON PERILS COVERS IN SFSP

8. Leakage and Contamination CoverLeakage And Contamination CoverWhere the tanks are within the Insured’s own premises 

Where the tanks are located elsewhere  

Leakage Cover only Rs.5%o     Rs.6%o

Leakage & Contamination  Rs.10%o Rs.12%o 

     Specified sum insured

ADD-ON PERILS COVERS IN SFSP

9. Temporary Removal of Stocks

Temporary

Removal of

Stocks

Clause

10% of policy Rate 

Policy sum insured

ADD-ON EXPENSES COVERS IN SFSP

1. Architects, Surveyor and Consulting Engineers Fees.

Add-On Cover Rates applicable 

Value on which premium has to be charged

Architects, Surveyors and Consulting Engineers Fees ( in excess of 3% claim amount) 

Policy Rate

Specified sum insured not exceeding 7.5% of claim amount

ADD-ON EXPENSES COVERS IN SFSP

2. Debris Removals

Removal of Debris (in excess of 1% claim amount)

Policy Rate 

Specified sum insured upto maximum 10% of sum insured

ADD-ON EXPENSES COVERS IN SFSP

3. Loss of Rent

Loss Of Rent clause Policy Rate 

Specified sum insured

ADD-ON EXPENSES COVERS IN SFSP

4. Insurance of additional expenses of rent for alternatives accommodation.

Policy Rate 

Specified sum insured

ADD-ON EXPENSES COVERS IN SFSP

5. Startup Expenses.

Start up

Expenses

Policy Rate 

Specified sum insured

THANKS A LOT.