We understand how you’ve put a lot of time, hard work and considerable money into
building up your business. We also understand your needs when misfortune strikes
when you least expect it. Almost anything can happen at any time – a short circuit
can reduce your assets to ashes, a burst pipe can flood your premises, a riot or
act of terrorism can wipe away years of effort...
To help you protect your business against such uncertainties, HDFC ERGO provides
one of the best Fire & Allied Perils products in the industry. We take pride
in providing you with our comprehensive protection backed by sound financial capability.
This policy is Ideal for SME’s and Corporates alike, those who need coverage for
their business against uncontrollable situations that can devastate property and
businesses.
Policy rates and terms are governed by the All India Fire Tariff. The normal
policy period is 12 months though a long term policy of up to 10 years is available
for houses, at an attractive discount.
The policy protects you from financial loss as a result of “named perils”. Standard
perils covered are:
- Fire
- Lightning
- Explosion
- Storm, Tempest, Flood, Inundation group of perils (STFI)
- Perils of nature or natural calamities (storms, floods, etc)
- Landslides
- Impact damage by vehicles/animals/aircraft
- Riots, strikes, malicious acts, terrorism
- Missile testing operations
- Bursting of pipes/water tanks, sprinkler leakage and bush fires
You can also choose to extend the standard cover by including perils mentioned in
the extensions.
As an extension of your policy, you can choose to financial covers against the following
events –
- Earthquake (Fire and Shock)
- Spontaneous Combustion
- Deterioration of Stocks in Cold Storage
- Impact Damage due to Own Vehicles
- Omission to Insure Additions
- Fees of Architect, Surveyor & Consulting Engineer in excess of 3% of Claim Amount
- Debris Removal in excess of 1% of Claim Amount
- Terrorism
We recommend that your assets be insured on a replacement / reinstatement cost basis
to get full protection following a loss.
The Insured will bear the first Rs. 10,000 of any claim under the policy for each
claim. The exclusion increases the deductible for Act of God (AOG) Perils like lightning,
STFI, subsidence, landslide and rockslide.
In the event of a claim due to these perils, the excess applicable would be 5% of
the loss subject to a minimum of Rs. 10,000.
The Standard policy does not cover your business against the following -
- Willful acts or gross negligence
- Destruction/Damage by own fermentation, natural heating or spontaneous combustion
- Explosion/Implosion damage to boilers, damage caused by centrifugal forces
- Forest fire
- War and nuclear group of perils
- Unspecified precious stones, cheques, currency, documents, etc. unless specifically
declared
- Consequential losses
- Theft during/after operation of peril
- Terrorism