Standard Fire and Special Allied Perils
Despite its name, Fire Insurance offers comprehensive coverage for multiple risks. Officially termed as "Standard Fire and Special Allied Perils," this policy insures against fire, lightning, explosions/implosions, impact damage, aircraft impact, water tank/pipes overflow, sprinkler leakage, storms, cyclones, hurricanes, tornadoes, floods, subsidence, landslides (including rockslides), riots, strikes, malicious damage, missile testing operations, and more. It also allows optional coverage for risks like earthquakes and terrorism, as well as other add-on protections.
Covered Properties:
• Buildings: Completed or under construction, excluding land value.
• Interiors, Partitions, and Electricals: Interior components, partitions, and electrical installations.
• Plant, Machinery, and Equipment: Including their foundations, both new and second-hand, as well as obsolete machinery.
• Stocks: Raw materials, finished goods, goods in process, and trade items for wholesalers, manufacturers, and retailers.
• Other Contents: Furniture, fittings, cables, piping, spares, tools, household goods, etc.
• Special Items: Such as bullion, unset precious stones, artwork, manuscripts, plans, documents, stamps, currency, checks, and computer records.
