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For most of the businesses, a Fire/Property Insurance policy is more like a routine electricity/water bill. The Insurance Company sends the renewal notice, you negotiate on premium and premium is paid off. The policy is then forgotten till the renewal comes up.

With terrorism and other risks growing, your business needs to be insulated and protected from any such financial catastrophe. Fire, Riots, Terrorism, Explosion, etc. can cause severe damage to the survival and continuity of any business. At the same time, you need to have the correct idea of what the policy covers and what are the extensions you can go for. Here it goes.

What does Fire & Special Perils Insurance Cover?

Fire and Special Perils Insurance, one of the oldest forms of Insurance covers these risks, covers a majority of risks on property, making it one of the most crucial and basic covers any business needs to take.

It covers the following perils:

  • Fire
  • Lightning
  • Explosion/Implosion
  • Aircraft Damage
  • Riot, Strike, Malicious and Terrorism Damage
  • Atmospheric Perils: Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation.
  • Loss or visible physical damage to property due to impact of any Road/Rail Vehicle or animal in direct contact not belonging to the owner/employees.
  • Subsidence and Land Slide including Rock Slide.
  • Bursting/Overflowing of Water Tanks, Apparatus and Pipes
  • Missile Testing Operations
  • Bush Fire [Excluding Forest Fire]
Important Add Ons

The following are some important Add-ons/Riders which could be added as per your frequirement to the policy:

Earthquake

Earthquake is an Exclusion in the Standard Fire Policy, this needs to be taken as an add on cover with payment of additional premium.

Incremental Cost of Alternate Accommodation

This provides for additional expenses incurred in for the alternate accommodation.

For e.g. you pay a lease of Rs. 2 Lakhs for your current property per month, and due to fire and alternate accommodation for your staff, you are forced to lease a property of Rs. 5 Lakhs, then you can insure your additional cost of Rs. 3 Lakhs. In case you own the property, you can insure the additional cost for Rs. 5 Lakhs.

Omission to Insure Additions and Alterations

If you have regular purchase of equipment, machinery, valuable parts - you can take a blanket cover of say 10% of the total value of equipment, to avoid the danger of omission to add/alter.

Start Up Expenses

If after reinstatement of the property, there would be additional costs to start the smooth functioning of your business/production, you can take a cover against these expenses too.

Spoilage Material Damage

If your production plant runs continuously, then there is a risk of sudden stoppage, due to which there could be damage to the machinery as well as spoilage of material in the machinery. This damage can be covered as an ADD ON.

To conclude, Fire & Allied Insurance is a very vast and flexible Insurance Coverage, covering various man and god made calamities, extremely essential as a part of your Risk Management System.

It could be the most comprehensive coverage for you, at the same time, if you don't invest time or professionals- it could actually be another electric bill, with no return.

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