2. FIRE INSURANCE
● Fire Insurance is governed by All India Fire Tariff issued by Tariff Advisory Committee.
● Benefits of fire insurance in general is coverage of belongings that are destroyed in a fire.
● It is a named policy.
● The policy offers protection against any unforeseen loss or damage to destruction of property due to any
of the 12 perils covered under the policy.
● 3 types of fire insurance policies:
○ All India Fire Tariff (AIFT)
○ Tata AIG Bharat Sookshma Udgam Suraksha
○ Tata AIG Laghu Sookshma Udgam Suraksha
3. PERILS
1. Fire
2. Lightening
3. Explosion/Implosion
4. RSMD( Riot, Strike and malicious damage)
5. Impact Damage
6. Aircraft Damage
7. STFI (Storm, Cyclone,typhoon, tempest, hurricane, tornado, flood and inundation)
8. Bursting and overflowing of water tanks, pipes
9. Subsidence and Landslide
10. Missile Testing Operations
11. Leakage from automatic sprinkler installations
12. Bush Fire
4. EXCLUSIONS
There are a total of 13 exclusions in fire insurance:
1. Compulsory deductibles
2. Wars
3. Nuclear risks
4. Pollution damages
5. Excluded property unless specified
6. Cold storage premises: change in temperature
7. Electrical risks
8. Debris removal (in excess of 1% of claim)
5. Continued..
9. Architect fees (in excess of 3% of claim)
10. Consequential losses
11. Loss by theft
12. Earthquake, volcanic eruptions
13. Displacement of machinery for more than 60 days
