Standard Fire Special Perils policy
What is the standard fire and special perils policy?
A SFSP policy is a type of fire insurance policy. Just like any other insurance, it is a contract wherein the insurer (insurance company) guarantees to pay the insured for the loss or damage to the property if caused due to the covered perils. This insurance policy is specified for one year and can be renewed annually.
Key aspects of the policy:
This Are Some Key Features
- Coverage
- Perils Covered
- Add-on covers
- Who needs it
- Sum Insured
- Exclusions
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What is Included Under Standard Fire and Special Perils Policy Coverage?
Fire
Lightning
Explosion / Implosion
Aircraft Damage
Riot, Strike, Malicious Damages (RSMD)
Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornado, flood, inundation (STFI)
Impact damage by any rail/ road/ vehicle/ animal (other than own)
Subsidence, Landslide and Rock slide
Missile Testing operations
Bush Fire
Bursting or overflowing of Water Tanks, Apparatus and Pipes
Leakage from Automatic Sprinkler Installations
Types of Standard Fire and Special Perils Policy
Below There Are Some Types
- Valued Policy
- Valuable Policy
- Specific Policy
- Floating Policy
- Comprehensive Policy
What is Excluded Under the Standard Fire and Special Perils Policy?
- Special loss, damage, and destruction due to:
War
Invasion
Act of foreign enemy hostilities
War like operations
Civil war
Insurrection or military or usurped power
Military rising
Rebellion activity
Revolution
- Loss or damage due to:
- Nuclear risks
- Damage, loss and destruction due to:
- Pollution or contamination
- Destruction, loss and damage due to:
Bullion or unset precious stones
Works of art
Plans drawing, securities, etc
- Cold storage stocks damage or loss due to:
- Change of temperature.
- Electrical machinery loss, destruction and damage due to:
Over-running, excessive pressure
Arching
Short-circuiting
Self-heating or leakage of electricity
- Expenses necessarily incurred on:Architects, Surveyors and Consulting Engineer’s Fees and
- Debris Removal by the Insured following a loss, destruction or damage to the property insured by an insured peril in excess of 3% and 1% of the claim amount, respectively.
- Consequential or indirect loss or damage due to:
Loss of earnings
Loss by delay
Loss of market
- Loss or damage by spoilage resulting from:
Retardation or interruption or cessation of any process.
The operation caused by the operation of any of the perils covered.
- Loss or damage in consequence directly or indirectly with:
Earthquake
Volcanic eruption
Other convulsions of nature
- Loss or damage to property insured if
- Removed to any building or place other than in which it is herein stated to be insured, except machinery and equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period not exceeding 60 days
