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Standard Fire and Special Perils Policy

Standard fire & special perils policy (SFSP)

The Standard Fire and Special Perils Policy, more commonly known as Fire Insurance can also protect your business from other risks. Fires caused due to negligence or damages occurring due to any other natural calamities can greatly impact your finances. Getting insured can protect your business from such unanticipated events. The risks covered under Fire Insurance, technically named as Standard Fire and Special Perils Policy, are:

Fire Group Perils

Fire Group Perils include unforeseen circumstances that can lead to losses. There are:

  • Fire
  • Explosion & Implosion
  • Bush Fire
  • Lightning
  • Forest Fire
  • Accidental Fires

Act of God Perils

Act of God Perils are accidents and events occurring due to natural causes. These events do not involve any kind of human intervention and cannot be prevented using reasonable foresight or precautions.

Act of God Perils include -

  • Storm
  • Flood
  • Earthquake
  • Rockslide
  • Tempest (thunderstorms, hurricanes, rainstorm, snowstorm etc.)
  • Inundation (deluge caused due to flooding, overflow etc.)
  • Landslide

Social Group Perils

This refers to losses occurring due to certain social or political circumstances, most likely caused due to social unrest, acts of terror, premeditated damage or union disagreements. Examples of Social Group Perils are:

  • Riot
  • Malicious Damage
  • Strike
  • Terrorism

Miscellaneous Perils

Other situations that can occur due to problems in machinery, unexpected errors etc. fall under miscellaneous perils.

  • Impact Damage
  • Bursting and/or overflowing of Water Tanks
  • Missile Testing operations
  • Aircraft Damage
  • Apparatus and Pipes
  • Leakage from Automatic Sprinkler Installations

Exceptions to the Standard Fire and Special Perils Policy

While losses caused due to the above situations can be covered under the Stand Fire and Special Perils Policy. There are certain exceptions under this policy including:

  • War

    Loss, destruction or damage caused by war, invasion, act of foreign enemy hostilities or war like operations, even if a war has or has not been declared, civil unrest, mutiny, military uprising, rebellion, revolution, insurrection or military or usurped power will not be covered under the Standard Fire and Special Perils Policy.

  • Nuclear perils

    Losses to property or destruction or damage caused due to ionizing radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel is not covered under SFSP.

  • Losses due to volatile markets

    Markets are unpredictable and businesses investing in markets must do so at their own risk. Any kind of financial losses occurring due to volatile markets is not covered under the Standard Fire and Special Perils Policy.

  • Intentional damage

    Losses occurring from malpractice or intentional damage are not covered under the Standard Fire and Special Perils Policy.

A comprehensive fire insurance plan clubbed with a quick-moving settlement process can help safeguard your assets in the event of damage caused by fire, natural calamities, etc.

You can ensure even better risk management with our add-on protecting solutions.

Why do you need the Standard Fire and Special Perils Policy?

While you may take necessary precautions to protect your business premises, the possibility of accidents or any other unforeseen events cannot be over-ruled. Protecting your business with a Standard Fire and Special Perils Policy is of utmost importance to avoid losses from unpredictable scenarios. An insurance policy can protect you from the following -

Protection from Massive Damage

It’s not just flames and smoke that can adversely effect or even destroy machinery or stocked goods. Water used to extinguish fires can also cause equal damage. An insurance policy can protect a business from such massive damage.

Protection from Financial Losses

Losses occurring due to fire or other unforeseen circumstances can over burden a business. An insurance policy protects a business from financial losses occurring due to a fire.

Not limited to fire

The Standard Fire and Special Perils policy is not limited to covering fire. It will protect your business from financial losses occurring due to other unforeseen events including lightning, explosion, riots, etc.

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