The standard Fire and Special perils policy
The perils specified in the policy are Fire, lightening. Aircraft damage, riots, strike and miscellaneous damages, storm, cyclone, typhoon, Tempest, Hurricane, Tornado and Flood and inundation.
These policies cover stocks at various specific locations under one sum insured. The insured may have stocks in two or more go downs. The insured is able to declare for insurance the total value of goods in all godowns but not separate values for each godown.
This is a fire policy in which the reinstatement value clause is attached. The clause provides that in the event of loss, the amount payable is the cost of reinstating property of same kind, by new property.
Industrial all risks policy This is a package cover designed for industrial risks (both manufacturing and storage facilities) with an overall sum assured of Rs 100 crores and above. The policy covers the following: Fire special perils, Burglary, Machinery breakdown and Business interruption