PERILS COVERED UNDER STANDARD FIRE & SPECIAL

PERILS POLICY:
Fire- Excl. inherent vice, undergoing heating & drying, burning of property
by public authority.
Lightning.
Explosion/ Implosion excl. to pressure vessels by own explosion/
implosion.
Aircraft Damage.
Riot, Strike& Malicious Damage
Storm including hailstorm, cyclone, typhoon, tempest, hurricane, tornado,
flood & inundation.
Impact damage- rail/ road vehicles or animals not belonging to the
insured/ occupier.
Subsidence & landslide/ rockslide.
Bursting, overflowing of water tanks, apparatus & pipes.
Missile testing operations.
Leakage from automatic sprinklers.
Bush fire- excl. forest fire.

The loss/ damage under above perils may be of fire or non-fire in nature.
Both types of losses are covered under the policy. In other words the policy
is Material Damage policy which covers physical losses to the insured
property arising out of all above perils.]

EXCLUSIONS UNDER THE FIRE POLICY:

Excess-
1) SI up to Rs.10 Crores per location - 5% of claim amount, minimum
10,000/-
2) SI 10 to 100 Crores per location - 5% of claim amount, Minimum
25,000/-
3) SI 100 to 1500 Crores per location - 5% of claim amount, minimum
5,00,000/-
4) SI 1500 to 2500 Crores per location - 5% of claim amount, minimum,
25,00,000/- 5) SI more than 2500 Crores per location - 5% of claim
amount, minimum 50,00,000/-

N.B. Excess is applicable per event per Insured

War perils.
Nuclear losses.
Pollution, contamination unless caused by insured perils.
Curios, documents etc. >10,000Rs.
Change of temp. (Stocks in cold storage)
Pure electrical fires.
Architects etc. fees (beyond 3% of claim amount) & Removal of debris
(beyond 1% of claim amount).
Consequential losses.
Spoilage due to cessation of process.
Theft- during/ after loss.
Earthquake.
Shifting of property to other place – But Mechanical items & equipments
are covered for 60 days if shifted for repairs/ renovation etc. Terrorism
damage.

Out of the above exclusions certain are covered as ADD-On Covers. e.g.
Terrorism, Earthquake, architects fees(beyond 3% of claim amount) &
removal of debris(beyond 1% of claim amount), spoilage (due to cessation
of process), curios /documents etc. > Rs.10,000/- can be covered for actual
value under Misc. Department (subject to declaration).

GENERAL CONDITIONS OF FIRE AND SPECIAL PERILS

POLICY:

1. Misrepresentation, non-discloser of material facts by the insured makes

the policy voidable
2. Cessation of cover on fall or displacement (other than by an insured
peril) of insured property on expiry of 7 days
3. Cessation of cover on material alteration, if unoccupied for more than 30
days or passage of insurable interest
4. Loss covered under any marine policy is not payable
5. Cancellation
6. Duties of the Insured in the event of an occurrence giving rise to a claim
7. Rights of the Insurer in the event of a claim
8. Fraudulent means by Insured forfeits all benefits under the policy
9. Insurer’s rights to reinstate or replace the property in case of a claim
10. Average clause
11. Contribution
12. Subrogation
13. Arbitration
14. All communications by insured to be in writing
15. Reinstatement of Sum Insured after a claim