Standard Fire & Special Perils Insurance Policy from SBI General Insurance

Take Control of your business’s destiny with the help of SBI General Insurance

Life is full of surprises. Some are pleasant and some are not. Disasters like Fire, explosion, storm, and flood can put a break in your growth plan. They also put a huge financial burden on you and leave you feeling you have no control over your business. SBI General Insurance can help you to successfully overcome these situations and put you firmly in control of your business. We can help you put in place adequate risk mitigation measures. With our Standard Fire & Special Perils Insurance Policy, you can safeguard the assets that you value most.

Who should buy SBI General Standard Fire & Special Perils Insurance Policy?

The Standard Fire & Special Perils Insurance Policy is designed to covering loss or damage that may be caused to a range of assets/properties due to Fire and Special Perils.

This policy is available to both Corporate & Retail customers and may cover assets such as Buildings, Plant & Machinery, Stock, Furniture, Fixtures and other assets owned or held in trust.

What does the SBI General Standard Fire & Special Perils Insurance Policy cover?

This Policy may cover various assets such as Building, Plant & Machinery, Stock, Furniture, Fixtures against loss or damage due to:

-Fire

-Lightning

-Explosion / Implosion

-Aircraft Damage

-Riot, Strike, Malicious Damages & Terrorism

-Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornado, Flood, inundation,

-Impact damage

-Subsidence, Landslide, and Rockslide

-Missile Testing operations

-Bush Fire

-Bursting and/or overflowing of Water Tanks, Apparatus and Pipes

-Leakage from Automatic Sprinkler Installations

Are there any add-on covers available with this policy?

Further, on payment of additional premium, the following additional coverage may be selected:

-Architects, Surveyors & Consulting Engineers fees (over the provisions of the standard policy)

-Debris Removal (over the provisions of the standard policy)

-Deterioration of Stock in Cold Storage

-Forest Fire

-Impact Damage by your vehicles etc.

-Spontaneous combustion

-Omission to insure Additions, Alterations or Extensions

-Earthquake (Fire & Shock)

-Spoilage Material Damage Cover

-Leakage & Contamination Cover

-Loss of Rent

-Alternative Accommodation

-Start-Up Expenses

-Terrorism Cover

What is excluded from the scope of this Policy?

-The Excess amount under the policy

-War and warlike perils

-Nuclear risks

-Pollution or contamination even caused by insured perils

-High-value items like gold, cash unless specified

-Stock inside the Cold Storage

-Damage to equipment caused by an electrical short circuit. However subsequent damages arising out of such fire is covered

-Expenses incurred towards Architects, Surveyor’s & Consulting Engineer’s fees over 3% of the claim amount

-Expenses incurred towards the removal of debris over 1% of the claim amount

-Loss of earnings, markets, loss by delay, any other consequential losses

-Spoilage of material due to stoppage even though stoppage may be due to the operation of perils insured

-Loss by theft during or after the occurrence of any loss/peril

-Earthquake, volcanic eruption

-Property not in the premises or removal of property to any other premises except machinery sent for repairs/cleaning for 60 days

How can the Sum Insured be calculated for coverage under this Policy?

Your assets may be insured based on their depreciated cost (Market Value) or, for full replacement cost. To get full protection, insurance on reinstatement (replacement) basis is recommended.

However, Stock should only be covered on a Market Value basis. If you sustain a loss under the policy, the Sum Insured can be reinstated for the remaining period of the Policy.