Additional policy types, in addition to a Normal Fire policy and a Fire and Allied Perils policy are as under:
- Terrorism Policy which covers damages to insured property by any act of terror.
- Loss of Profits or a Consequential Loss Policy which is specifically designed to cover the fixed operational cost which is incurred while the normal working or production capabilities of any enterprise of manufacturing is halted due to any incident of Fire. This policy is available only in conjunction with a fire policy.
- Householders Comprehensive Policy, a package policy designed to cover residential houses, their contents, including a limited amount for valuables, Personal Accident cover, travel insurance and third party liabilities.
- Shop-owners Comprehensive Policy designed to cover small retailers against any unfortunate and fortuitous incident which could occur any time. Apart from the general coverage of fire and its allied perils for the building and its contents including stocks, this package policy also covers business money, plate glasses, infidelity of employees and third party liabilities.
Any person / firm / organization / institution who may suffer financial loss in the event of operation of insurable perils may insure such property under the fire policy. They may be broadly categorized as under:
- Owners of Building and contents such as house hold articles, furniture etc
- Shop Keepers.
- Educational/ Research Institutions
- Hotels, Boarding and Lodgings, Hospitals, Clinics or such service providers
- Industrial and Manufacturing Firms
- Godown Keepers
- Bailees, Lessor, Lessee, Banks, Financial Institutions, Mortgagors, Mortgagees
- Traders in stocks.
- Trustees, Charitable Institutions
- Transporters and C & F Agents
In addition to the perils/ expenses covered, the proposer can opt to seek cover in respect of the following perils/ expenses at inception or during currency of the policy on payment of additional premium.
Perils: Loss, damage or destruction of the property caused by
- Forest Fire
- Impact Damage due to Insured's own Vehicles, Fork lifts and the like and articles dropped therefrom
- Spontaneous Combustion
- Temporary removal of stocks