Large corporate, which have a multi-location, multi-business presence, need to protect their operations. Insurance is an essential tool to protect yourself against losses that could devastate your business. The Reliance Standard Fire and Special Perils Policy offers the corporate, coverage against Industrial/manufacturing risks like fire, lightening, explosions and also covers property located outside the compound of Industrial/ Manufacturing risks. The policy offers a combination of standard and optional features so that they can choose the cover that’s most appropriate.
Property that can be covered under this policy includes:
- Industrial/manufacturing risks
- Property located outside the compounds of industrial/manufatcuring risks, namely
- Dwellings, offices, hotels, shops, etc.
- Storage risks
- Tank farms/gas holders
The Reliance Standard Fire and Special Perils Policy covers the following risks:
- Explosion / implosion
- Aircraft damage
- Riot, strike and malicious damage
- Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation
- Impact damage
- Subsidence and landslide including rockslide - demolition, construction, structural alterations, or repair of any property, or ground works, or excavations
- Bursting and/or overflowing of water tanks, apparatus and pipes
- Missile testing operations
- Leakage from automatic sprinkler installations excluding loss, destruction or damage
- Bush fire
- Architects, surveyors and consulting engineers fees up to three per cent of claim amount
- Debris removal up to one per cent of claim amount.
This policy can be customized as per business needs. The following covers are available at an extra premium:
- Earthquake (fire and shock)
- Fees to architects, surveyors and consulting engineers in excess of 3% of claim amount
- Debris removal in excess of 1% of claim amount
- Deterioration of stocks in cold storage due to :
- Accidental power failure resulting from damage at the premises of power station due to an insured peril.
- Change in temperature arising out of loss or damage to the cold storage machinery in the insured premises due to operation of insured peril.
- Forest fire
- Impact damage due to insured's own rail/ road vehicles, forklifts, cranes, stackers and the like and articles dropped there from.
- Spontaneous combustion
- Omission to insure additions, alterations or extensions
- Spoilage material damage
- Leakage and contamination
- Temporary removal of stocks clause
- Loss of rent clauseAdditional expenses towards rent for an alternative accommodation
- Start–up expenses
- Molten metal spillage
You can also choose from the following three variants:
Floater Policy: Appropriate for stocks at various locations under a single sum insured
Declaration Policy: Takes care of frequent fluctuations in stock/stock values
Floater Declaration Policy: Combines the features of both floater and declaration policies
The following risks are not covered in this Policy:
- War and nuclear perils
- Pollution and contamination
- Consequential loss
- Volcanic eruption or other convulsions of nature
- Theft during or after the occurrence of any insured peril