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FIRE INSURANCE CLAIMS

What are the other things that i must know about fire insurance?

1. The policy fives you the option to exclude plinths and foundations from the fire cover which
option you have taken for your assets.However,plinths and foundations remain covered for the
earthquake risk.
2. While making a claim, under the terms of the cover that you have now, architects and
consulting engineers fee upto 3% of the sum insured can be claimed as well as removal of debris
upto 1% of the sum insured. If you need additional cover for these heads, this can be purchased
as an add on cover.
3. Covers are available for the following in additional to the standard package at additional
premium

- Cover for deterioration of stocks in cold storage due to operation of an insured peril wither
at the electricity substation or power house or at your premises.
- Impact damage due to your own vehicles.
- Spontaneous combustion
- Omission to insure alterations or extensions (this is useful if regular changes are being
made to the assets)
- Spoilage of material in process due to the operation of an insured peril.
- Leakage and contamination
- Loss of rent or additional rent payable for an alternative premises following damage to the
regular premises due to the operation of an insured peril.

What must i know generally regarding fire claims ?

1. A fire policy is a policy of indemnity. that means that the policy will only make good the loss
incurred without allowing any profit to the insured
2. The sum insured is the maximum liability of the insurer for any claim.
3. Once a claim occurs, the policy provides for automatic reinstatement of the sum insured i.e.
once a claim is made, the sum insured under the fire policy in the normal course should stand
reduced to the extent of the claim made. However, i.e. the case of the standard fire and special
perils policies issued to you, the sum insured is automatically reinstated. The premium for this
reinstatement is deducted from the amount of the claim.
4. Every fire policy carries an excess (deductible). This amount would be deducted from every
claim settlement and is the portion of the claim that the insured is to bear on his own account.

What is the claims procedure for fire claims?

•The policy requires that the insured must take all measures to prevent and minimize losses. If
a claim occurs, therefore, you must take all practicle measures to minimize the loss.
•An immediate intimation would have to be given to the insurer i.e. us giving a rough idea of
the loss and breif facts of what has happened.
•A surveyor would immediately be deputed by the insurance regulatory and development
authority.
•If any injuries or loss of life is involved, a police complaint has to be lodged.
•A copy of the FIR issued by the police and the fire brigade report has to be sent to us.
•We would give you a claim form which needs tobe filled in and sent to us
•The surveyor would based on the physical evidence collected by him and the documents and
other information produced by you, examine whether the claim would fall within the preview
of the policy and if so work out the amount payable. A survey report would be submitted to
us by them.
•The survey fee would be paid by us.
•Once the survey report and supporting documentation is ready, the claim would be processed
at our office and if found in order, loss vouchers would be released.
•These vouchers have to discharged by you and sent back to us for us release a cheque.
•If a bank interest in shown in the policy, the cheque would be made out infavor of the lead
bank.

What are the deductions normally made in a fire claim?

The common deductions in working out a fire claim are made for the following

1. under insurance if applicable


2. salvage or the value of the damaged items if any
3. excess if any