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Standard Fire and Special Perils Policy helps your business cover loss or damage to building, plant & machinery, and stock caused by fire, explosion, natural events, and other major risks.
What’s Covered
The Standard Fire and Special Perils Policy protects business property against fire and specified allied perils. It covers physical loss or damage to buildings, plant, machinery, stock, and other assets at insured premises, helping businesses manage repair costs and financial disruption after unexpected events.
Covers physical loss or damage to insured property caused by fire, including accidental fires within the premises. Protection applies to buildings, plant, machinery, and stock, subject to policy terms, exclusions, and declared Sum Insured limits.
Provides coverage for loss arising from explosion, implosion, or lightning impacting insured property. This includes structural and equipment damage resulting directly from such events, as defined under the Standard Fire and Special Perils Policy in India.
Includes damage caused by storm, cyclone, typhoon, tempest, hurricane, tornado, flood, and inundation. The policy safeguards business assets against weather-related events that may disrupt operations or lead to significant property loss.
Covers physical loss or damage due to earthquake, including fire following earthquake, where this extension is opted for under the policy. Protection applies to insured buildings, plant, machinery, and other covered assets.
Provides protection against loss resulting from riot, strike, malicious damage, and impact by vehicles or external objects. Coverage applies when such events cause direct physical damage to insured property at the premises.
Covers physical loss or damage caused by acts of terrorism, subject to applicable terms, limits, and excess conditions. Terrorism coverage is typically governed by specific clauses attached to the Fire & Special Perils Insurance policy.
Safeguards buildings, plant, machinery, and stock against major property risks.
Helps manage large repair and replacement costs after insured events.
Limits operational disruption caused by physical property damage.
Covers multiple specified risks under one structured policy
Allows businesses to align coverage with asset valuation and exposure.
Widely accepted by lenders, landlords, and regulatory bodies.
How to Buy
The Standard Fire and Special Perils Policy in India requires accurate asset valuation and risk assessment. Disha Capital Insurance Brokers helps evaluate property exposure, review Fire and Special Perils Policy Coverage, and structure protection aligned with business operations.
Asset Valuation Guidance
Clear Coverage Review
Claims Support Assistance
Identify building value, machinery, stock levels, location risks, and risk controls.
Evaluate fire and allied perils cover, earthquake extension, exclusions, deductibles, and premium structure.
Provide valuation reports, asset schedules, security measures, and prior claims history.
Approve terms, complete payment, receive policy documents, and start coverage.
Faq’s
The Standard Fire and Special Perils Policy covers physical loss or damage to buildings, plant, machinery, stock, and other insured assets caused by fire and specified allied perils such as explosion, storm, flood, riot, impact damage, and terrorism.
Earthquake cover is generally available as an extension under Fire & Special Perils Insurance. It must be specifically opted for, and the premium is calculated separately based on location risk and asset value.
Typical exclusions include war, nuclear risks, normal wear and tear, gradual deterioration, mechanical breakdown, and losses not caused by insured perils. Businesses should review exclusions carefully under the policy wording.
Claims are settled based on the Sum Insured and the method selected, usually on a reinstatement value or market value basis. Underinsurance may lead to proportionate claim reduction if the declared value is lower than the actual value.
Premium depends on asset value, type of occupancy, construction class, location risk, security measures, claims history, and selected extensions such as earthquake or terrorism cover.
The Standard Fire and Special Perils Policy is suitable for businesses that want structured protection against fire and specified allied perils for buildings, plant, machinery, and stock, especially where asset values require flexible Sum Insured selection.
It is not legally mandatory in most cases. However, lenders, landlords, and regulatory authorities may require businesses to maintain Fire and Special Perils Insurance for Businesses as part of contractual obligations.
Disha Capital Insurance Brokers Pvt Ltd
Head Office : 1404-A, 43 Chiranjiv Tower, Nehru Place, New Delhi – 110019
Contactus@dishainsurance.com
+918796708683
