Universal Sompo

Commercial - Standard Fire and Special Perils Policy

Fire insurance Policy covers all immovable and movable property located in a particular premise such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process along with goods held in trust or on commission.

What does this Policy cover?

This Policy covers loss or damage to the insured assets resulting from:

1. Fire
2. Lightning
3. Explosion/ Implosion
4. Aircraft Damage
5. Riot, Strike, Malicious Damage
6. Storm, Typhoon, Hurricane, Tornado, Flood and Inundation
7. Impact damage
8. Subsidence and landslide including Rock slide
9. Bursting and overflowing of water tanks, apparatus and Pipes
10. Missile testing operations
11. Leakage from Automatic Sprinkler Installation
12. Bush Fire

Optional Extensions

1. Architects, Surveyors and Consulting Engineers Fees (in excess of 3% of claim amount)
2. Debris Removal (in excess of 1% of claim amount)
3. Deterioration of stock in cold storage due to power failures following damage due to an insured peril
4. Deterioration of stocks in cold storage premises due to change in temperature arising out of loss or damage to the cold storage machinery (ies) in the Insured's premises due to operation of insured peril
5. Forest Fire
6. Impact damage due to insured's owns vehicles, Fork lifts, Cranes, Stackers and the like
7. Spontaneous Combustion
8. Omission to insure addition alterations and extensions
9. Earthquake (Fire & Shock)
10. Spoilage Material Damage Cover
11. Leakage And Contamination Cover
12. Temporary Removal of Stocks
13. Loss of Rent
14. Additional Expenses of Rent for an Alternative Accommodation
15. Start up Expenses
16. Terrorism damage
17. Escalation

Other Salient Features

1. Discounts for favorable claims experience
2. Discounts for opting higher Voluntary excess
3. Incentives for Fire Protection Systems installed on the premises
4. Special Rating Scheme for medium/large risks based on physical features, safety systems and procedures

This Policy does not cover the following:

Loss or damage resulting from:

1. Fire due to own fermentation, natural heating or spontaneous combustion of the stocks or by their undergoing any heating or drying process
2. Burning by order of any Public Authority
3. Explosion of boilers or steam generating vessels & machinery subject to centrifugal force by its own explosion or implosion
4. Pressure waves generated by aircraft
5. Total or partial cessation of work/retarding/interruption of any process or operations arising out of riot, strike, malicious damage
6. Burglary, house breaking, theft, larceny arising out of riot, strike, malicious damage
7. Impact damages by rail/road vehicle/animal belonging to the insured or employee or any occupant on the premises
8. Normal cracking, settlement, bedding down, up heaving of land/structures, coastal or river erosion, defective design, workmanship or use of defective materials
9. Forest fire
10. War or war like situations
11. Pollution or contamination except due to insured peril

Note: The above are only the salient features of the Policy , for complete terms and conditions please refer to Policy Wordings.