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You’ve put a lot of time, hard work and considerable money into building up your business. You also know how misfortune can strike when you least expect it. Almost anything can happen at any time – a short circuit can reduce your assets to ashes, a burst pipe can flood your premises, a riot or act of terrorism can wipe away years of effort…

You cannot predict the future but you can definitely buy protection against such uncertainties. HDFC ERGO General Insurance Company provides one of the best Fire & Allied Perils products in the industry. We take pride in providing you with our comprehensive protection backed by sound financial capability.

Scope Of Cover :

The policy protects you from financial loss as a result of “named perils”. Standard perils covered are fire, lightning, explosion, natural calamities (like storm, floods, landslide), impact damage by vehicles/animals/aircraft, riots, strikes, malicious acts, missile testing operations, bursting of pipers/water tanks, sprinkler leakage and bush fires.

You can also choose to extend the standard cover by including perils mentioned in the extensions.

Main Exclusions :

Willful acts of gross negligence.

Destruction/Damage by own fermentation, natural heating or spontaneous combustion.

Explosion/Implosion damage to boilers, damage caused by centrifugal forces.

Forest Fire.

War and nuclear group of perils.

Unspecified precious stones, cheques, currency, documents, etc., unless specifically declared.

Consequential losses.

Theft during/after operation of peril.

Earthquake.

Terrorism.

Sum Insured :

We recommend that your assets be insured on replacement / reinstatement value basis to get full protection following a loss. By default the policy is on Market Value Basis and the Reinstatement Value option has to be selected by the Insured. Coverage on Book Value basis can lead to gross underinsurance and payment of partial amount at the time of claims. Stocks would be on Market Value basis only.

Premium :

Policy rates and terms are governed by the All India Fire Tariff. The normal policy period is 12 months though a long-term policy of up to 10 years is available for houses, at an attractive discount.

Excess :

The Normal Excess under the Fire Policy is as under - The Insured will bear the first Rs.10, 000 of any claim under the policy for each claim due to other than Act of God (AOG) Perils. The deductible for AOG Perils like lightning, STFI, subsidence, landslide and rockslide, would be 5% of the claim amount subject to a minimum of Rs.10, 000. Above the normal excess, there is an option for the Insured to opt for higher Voluntary Deductible which entitles the Insured for premium discounts based on the quantum of Voluntary Deductible opted. This would result in smart insurance purchase leading to avoidance of hassles in case of small losses and saving of premium too.

Main Extensions :

Earthquake (fire and shock).

Spontaneous Combustion.

Deterioration of stocks in cold storage.

Impact damage due to own vehicle

Omission to insure additions.

Fees of architect, surveyor and consulting engineer in excess of 3% of claim amount.

Debris removal in excess of 1% of claim amount.

Terrorism.

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