Fire / Burglary Insurance

Fire / Burglary Insurance

Fire insurance policy is suitable for the owner of property, one who holds property in trust or in commission; individuals/financial institutions who have a financial interest in the property. All immovable and movable property located at a particular premises such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process along with goods held in trust or in commission including stocks at suppliers/ customers premises, machinery temporarily removed from the premises for repairs can be insured.

• The Standard Fire and Special Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils.
• Special Types of Policies are designed for Stocks (declaration and floater), Building, Plant& Machinery keeping in mind the nature of property, proposers requirements and basis of indemnification.
• Long Term Policies available for Dwellings with suitable discounts in premium.
• Policy can be extended to cover certain additional perils and expenses at additional premium.
• Certain perils can be deleted with discount in premium rates.
• Discount in premium available for good claims experience for sum insured more than Rs. 50 crores in one location and for installation of fire extinguishing appliances.
• Concept of "one risk one rate" for all properties in an Industrial or Manufacturing Complex, for administrative convenience of the proposer.

BURGLARY Policy is designed to cover business premises only like godown, factory, office etc. There are three types of policies available

•Full Value Insurance: The policy must be effected for the full value of the property to be insured.

•First Loss Insurance: In the event of improbability of total loss, proposer can opt for a percentage of total stocks to be insured.

•Stock Declaration Policies: These policies are given where large stocks frequently fluctuate in quantity during the year. The sum insured is fixed at the maximum value of stocks which the insured anticipates he will hold at any one time. A deposit premium of 100% of the annual premium will be paid at the beginning of the insurance. Monthly declarations of value are to be sent to the company and the "deposit" premium will be adjusted at the end of the policy period based upon the average of the monthly declarations