The NIC Fire insurance policy is suitable for the owner of property, one who holds property in trust or in commission; individuals/financial institutions who have financial interest in the property. All immovable and movable property located at a particular premises such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process along with goods held in trust or in commission including stocks at suppliers/customer’s premises, machinery temporarily removed from the premises for repairs can be insured.
Along with the basic coverage against loss or damage occasioned by fire, the NIC Standard Fire and Special Perils policy provides protection from a host of other perils such as:
* Aircraft and articles dropped from there
* Impact damage due to rail/road or animal
* Riot strike, malicious and terrorism damage
* Subsidence and land slide (including rockslide)
* Natural disasters include storms, cyclones, typhoons, tempesst, hurricanes, tornado, floods and inundation.
* Damage caused by sprinkler leakage, overflow, leakage of water tanks, pipes etc.
The policy may be extended to cover earth quake, additional expenditure involved in removal of debris, architect, consulting engineers’ fees forest fire, spontaneous combustion and impact damage due to own vehicles.
* In case of a partial loss, NIC shall effect payment for repairs and replacement.
* In case of policy with reinstatement value clause, cost of reinstatement will be paid by NIC on completion of reinstatement subject to overall limit of the sum insured.
* NIC may on its own, also repair or replace the affected property instead of paying for the cost of restoration.
* Premium rating depends on the type of occupancy i.e.Iindustrial or otherwise.
* All property located in an industrial complex will be charged one rate depending on the product(s) being made on the premises.
* Facilities outside industrial complexes will be rated depending on the nature of occupancy at individual location.
* Storage areas will be rated based on the hazardous nature of goods stored.
* Additional premium is charged to include “Add on” covers
* Discount in premium is given based on past claims history and fire protection facilities provided at the premises as well as long term contract
* Policies can also be issued on declaration basis where the stock undergo wide fluctuation in value.
Completed NIC Fire Policy proposal form giving all the details of the property proposed for insurance along with their values, the basis of valuation and the additional covers required should be provided.
Download Proposal form
What can be Insured
The NIC Householder Insurance Policy covers the insured’s building, fixtures and fittings, contents, jewellery and valuables, as well as public liability benefits.
Depending upon the property insured, the cover extends to protect the insured against
* Fire and allied perils.
* Burglary, housebreaking, larceny or theft.
* Loss or damage by accident or misfortune.
* Legal liability towards general public
* All Risk Cover for selected unavailable items
* Depending on the property insured, the insurance cover provides compensation equivalent to the market value or the cost of replacement.
* In cases where the items insured are susceptible to depreciation, the actual value is offered.
The exclusions under this policy are specific to the item or property insured.
(a) Under Section I (B) that covers contents and valuables stored inside the premises, loss or damage to consumable articles, money, securities, stamps, bullion, livestock, motor vehicles and pedal cycle, deeds, bonds and promissory notes, shares, books and manuscripts, loose precious stones and valuables will not be compensated.
(b) Under Section II covering the contents and valuables stored inside the premises, burglary, housebreaking, larceny or theft committed by any employee of the insured’s family and any member of the insured’s family as a principal or an accessory, will not be insured.
This covers residential buildings against the risk of fire and allied perils and extends to cover personal liability up to a greed limits.
Indemnifies the insured for water damage to property in Sprinkled premises following failure of a sprinkler head or rapture of a pipe through metal fatigue or impact.