Standard Fire and Special Perils Insurance
Recalling the beautiful lyrics of Sam Smith which says,
“Fire on fire would normally kill us
With this much desire, together, we’re winners
They say that we’re out of control and some say we’re winners
But don’t let them ruin our beautiful rhythms.”
The lungs of the earth “Brazil’s Amazon Forest” is on fire for a month declaring a state of emergency in the region. Approximately, 72,000 fires have been detected so far by the National Institute for Space Research (INPE), Brazil’s research center. The center also claims that about 99% of Amazon fires start from human actions, either on purpose or by accident.
Do you also want your property to be part of such an incident?
One small mistake and your place is on fire!
Amazon forest didn’t have the option to recover the loss from the fire, but you have! Risk Birbal can be your guide and help.
The option is Fire and Special Peril policy- best option to safeguard your asset and property associated financial loss from unforeseen contingency caused by:
- Accidental fire
- Lightening
- Explosion/implosion
- Man-made perils in the form of riots, strike etc.
- Natural Calamities like storm, cyclone, flood
- Impact by rail or a road vehicle
- Aerial devices
- Landslide or subsidence
- Pollution or contamination
- Bursting and/or overflowing of water tanks, apparatus and pipes
- Missile testing operations
- Leakage from automatics sprinkler installations
- Bush fire
The Standard Fire and Special Perils Policy provides the insurance to the property damaged/destroyed due to above mentioned unforeseen incidences for a specified period. This can be for a year and needs to be renewed annually. The insurer will be paid:
- the value of the property at the time of the happening of its destruction
- or the amount of such damage
- or at its option reinstate
- or replace such property or any part.
General Important Terms for Policy:
- The policy is voidable in the event of misrepresentation, misdescription or non-disclosure of any particular
The policy is valid for a year, and all the insurance under the policy shall cease :
- On expiry/passing of seven days from the date of falling off or displacement/shifting of any building
- When the building insured or containing the insured property has become unoccupied/uninhabited and so remains vacant for more than 30 days
- If the interest in the property passed from the insured
- If the trade or manufacture carried on the building, be altered
- On the happening of loss or damage to any of the property insured by this policy, the company may enter, take and keep possession of the building or premises where the loss or damage has happened.
- The policy does not cover dwellings, loss destruction or damage directly or indirectly caused by ionizing radiations, radioactive toxic, explosive or other hazardous properties,
- The policy excludes loss, destruction, damage to the stocks in cold storage premises caused by the change of temperature unless it is specifically covered.
- The policy also excludes the damage to any particular electrical machine, apparatus, fixture, or fitting arising from or occasioned by over-running, excessive pressure, short-circuiting, arcing, self-heating or leakage of electricity, however it is covered if the fire has not initiated from the same machine.
Standard Fire and Special Perils Insurance Add-On:
|
|
How to get the best policy
Find a specialized industrial insurance policy provider
You must deal with specialists. Since specialized insurance companies that deal with Standard Fire and Special Perils Insurance can give you a comprehensive solution. You need to search for one skilled insurance service provider.
Run a comparison study
You can find several sites offering you information about the various insurance providers, their policies and reviews. By running a comparison study, you can easily find an insurance company that is right for your needs and requirements.
Seek professional help
It would be advisable to find professional help to understand the policy, because, at times, it can be too technical for you to understand, and a person who is expert in the insurance business can help you in spotting the right kind of policy for your business. The insurance expert can make you understand the legal terms associated with the policies.
Read the terms and conditions carefully
You should read the terms and conditions. For instance, you need to know about the social exclusions, the add-ons of the policy, and more. Hence, take out some time and read the terms and condition carefully before buying the insurance plan.
Never let the business be vulnerable to the unpredictability of nature and happenings. You can keep everything under control by availing the best Standard Fire and Special Perils Insurance for your business and act with a sense of urgency when things go wrong without prior notice. So, stay safe.