General Insurance · intermediate
Fire Insurance
Fire insurance for homes and businesses: the standard fire and special perils covers and the Bharat standard products, Industrial All Risks, add-ons and extensions, loss-of-profits cover, and how a fire claim is assessed and settled.
- 01Standard Fire PolicyThe ideas every fire policy rests on: the standard forms in use in India, what counts as fire for insurance purposes, what is and is not covered, under-insurance and the average clause, and the two bases of settlement.
- 02Standard Fire & Special Perils Policy (SFSP) and Industrial All Risks (IAR)The two main forms of material-damage cover for business property: the Standard Fire and Special Perils Policy, which names twelve insured perils, and the Industrial All Risks policy, which covers accidental damage unless excluded — with declaration policies and the end of tariff rates.
- 03Add-ons & Extensions in Fire InsuranceThe add-ons and extensions that widen a classic fire policy — earthquake, terrorism, spontaneous combustion, loss of rent, escalation, reinstatement value, and higher limits for professional fees and debris removal — and what each one changes.
- 04Consequential Loss (Fire Loss of Profits)Fire Loss of Profits (business interruption) cover: what it pays that a fire policy does not, how gross profit, the indemnity period and the sum insured are fixed, how a claim is adjusted, and why it depends on the material-damage policy.
- 05Fire Insurance Claims ProcessHow a fire claim moves from first notice to settlement: the immediate steps, the documents, the surveyor's assessment, depreciation and salvage, the time limits IRDAI set in 2024 for retail policies, and what happens when a claim is delayed, disputed or fraudulent.