The 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.
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.
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, tempest, hurricanes, tornado, floods and inundation.
- Damage caused by sprinkler leakage, overflow, leakage of water tanks, pipes etc.
- 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.