Standard Fire and Special Perils Policy

The most popular Property Insurance is the Standard Fire & Special Perils (SFSP) policy. The fire insurance policy offers protection against any unforeseen and unexpected loss or damage to/destruction of property due to fire or other perils covered under the policy. Although called Fire Insurance, it is an umbrella insurance policy covering many risks. The risks covered under Fire Insurance, technically named as Standard Fire and Special Perils Policy, are:

Fire Group Perils -Fire, Lightening, Explosion & Implosion, Forest Fire, Bush Fire
Act of God Perils -Storm, Tempest, Flood, Inundation, Earthquake, Landslide, Rockslide
Social Group Perils -Riot, Strike, Malicious Damage and Terrorism
Miscellaneous Perils -Impact Damage, Aircraft Damage, Bursting and/or overflowing of Water Tanks, Apparatus and Pipes, Missile Testing operations, Leakage from Automatic Sprinkler Installations
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What are the exclusions under the SFSP Policy?

This Policy does not cover
  • Loss, destruction or damage caused by war, invasion, act of foreign enemy hostilities or war like operations (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power.
  • Loss, destruction or damage directly or indirectly caused to the property insured by a)ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel b)the radio active toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof
  • Loss, destruction or damage caused to the insured property by pollution or contamination excluding a)pollution or contamination which itself results from a peril hereby insured against. b)any peril hereby insured against which itself results from pollution or contamination
  • Loss, destruction or damage to bullion or unset precious stones, any curios or works of art for an amount exceeding Rs.10000/-, manuscripts, plans, drawings, securities, obligations or documents of any kind, stamps, coins or paper money, cheques, books of accounts or other business books, computer systems records, explosives unless otherwise expressly stated in the policy.
  • Loss, destruction or damage to the stocks in Cold Storage premises caused by change of temperature.
  • Loss, destruction or damage to any electrical machine, apparatus, fixture, or fitting arising from or occasioned by over-running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity from whatever cause (lightning included) provided that this exclusion shall apply only to the particular electrical machine, apparatus, fixture or fitting so affected and not to other machines, apparatus, fixtures or fittings which may be destroyed or damaged by fire so set up.
  • Expenses necessarily incurred on (i) Architects, Surveyors and Consulting Engineer's Fees and (ii) 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.
  • Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind or description whatsoever.
  • Loss, or damage by spoilage resulting from the retardation or interruption or cessation of any process or operation caused by operation of any of the perils covered.
  • Loss by theft during or after the occurrence of any insured peril except as provided under Riot, Strike and Malicious Damage cover.
  • Any Loss or damage occasioned by or through or in consequence directly or indirectly due to earthquake, volcanic eruption or 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.

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025