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Fire Insurance

Fire is a hazard potent enough to cause losses to a great extent to any residential, commercial, or industrial property, both movable and immovable. In the fire insurance policy, 'Fire' means the production of light and heat by combustion or burning and it has broken bounds i.e. fire is not limited or confined to usual limits. A fire insurance policy provides indemnity against loss by expenses incurred towards repair, replacement, and damages to the insured property due to fire and allied perils. The sum insured for immovable property and other contents is generally fixed on the basis of the reinstatement value of the property. Properties like stocks in trade are always insured on a market value basis. However, if the property is insured on a value less than it ought to be insured i.e. underinsured, the condition of average will apply and a proportionate claim will be payable. Fire insurance covers your property against the damage and losses caused by fire. This Insurance protects physical goods and the equipment of the business or home against any loss from fire, and other perils. It helps to cover the cost of the replacement, repair, or reconstruction of the property. Fire Insurance coverage is for loss from unexpected events which causes physical loss, damage, or destruction of building and structures, plant and machinery, stock, and other assets relating to your business. All micro & macro-level enterprises are eligible for this insurance.

Most Popular Fire Insurances


Standard Fire & Special Perils Policy (SFSP) Bharat Laghu Udyam Suraksha (BLUS) Bharat Sookshm Udyam Suraksha (BSUS) Industrial All Risk Policy (IAR) Mega Risk Insurance (IAR) Shopkeeper's Policy Office Package Policy Commercial Package Policy Fire Loss Of Profit Policy

Standard Fire & Special Perils Policy (SFSP)

For a sum insured of more than 50 Cr on a single location, Standard fire & special perils policy is being issued to cover loss or damage to insured property on specified location/s with a specified sum insured for the respective location. Reinstatement value as well as a market value both bases of the sum insured could opt in these policies for respective properties insured. Insured has many options to customize the policy as per his requirement like excluding the STFI & EQ perils from the coverage, Opting for floater &/or Declaration basis covers for stocks, and many more add-on covers.

10% Development

Bharat Laghu Udyam Suraksha (BLUS)

For a sum insured of more than 5 Cr but less than 50 Cr on a single location, a BLUS policy is being issued to cover loss or damage to insured property on specified location/s with specified sum insured for the respective location. Reinstatement value as well as a market value both basis of the sum insured could opt in these policies for respective properties insured. Along with EQ STFI & Terrorism covers there are many more inbuilt covers in the policy & the option to exclude these perils/covers from the scope of cover is not available. Floater &/or Declaration basis covers for stocks are also available in these policies.

20% Development

Bharat Sookshm Udyam Suraksha (BSUS)

The coverage offered in this policy is similar to the BLUS policy, however, this policy is issued to cover the risk of not more than 5 Cr in a single location. BSUS policy is being issued to cover loss or damage to insured property on specified location/s with specified sum insured for the respective location. Reinstatement value as well as a market value both bases of the sum insured could opt in these policies for respective properties insured.

30% Development

Industrial All Risk Policy (IAR)

For sum insured of 100 Cr and above IAR, policy can be issued to a manufacturing unit. It’s an All Risk policy that is governed by exclusions rather than coverages, suitable for Industries operating on a large scale. This policy provides indemnity against a wide range of perils such as fire and allied perils, collapse, burglary, accidental damages, breakdowns, and business interruption covers to name a few. A single policy covering losses against many perils not just reduces the administrative costs and time involved in keeping track of various policies but also offers covers wider than those covered in these individual policies. There are also many add-ons covers available in this policy.

40% Development

Mega Risk Insurance (IAR)

This policy is suitable for very large Industrial units having an overall Sum Insured of INR 2500 Cr and above at a single location in India. This is a highly customizable policy in which various risks/perils associated with a particular industry can be covered. Just like the IAR policy, this policy also covers the various risks via different sections but a wider scope is also available for specialized customization suiting the need of that particular industry. This policy can also be customized in terms of the Basis of Valuation of Assets as well as the Basis of Loss Settlement for individual components of the sum/items insured. A detailed inspection report and analysis based on Probable Maximum Loss, valuation of assets other things are carried out to set the terms & claim process of this policy.

50% Development

Shopkeeper's Policy

It is a package policy, suitable for shopkeepers, showrooms, and retail stores. Apart from fire & allied perils and burglary, losses from many other perils are insured in a single policy, like money/cash cover, employees infidelity cover, accidental damage to plate glass, breakdown of machines like ACs, etc, and other electronic types of equipment.

60% Development

Office Package Policy

It is a package policy suitable for offices. Apart from fire & allied perils and burglary, losses from many other perils are insured in a single policy, like money/cash cover, employees infidelity cover, accidental damage to plate glass, and breakdown of machines like ACs, etc, and other electronic types of equipment.

70% Development


Commercial Package Policy

It is a package policy suitable for small manufacturing risks, hotels, restaurants, and other such commercial establishments. Apart from fire & allied perils and burglary, losses from many other perils are insured in a single policy, like money/cash cover, employees infidelity cover, accidental damage to plate glass, and breakdown of machines like ACs, etc, and other electronic types of equipment.

80% Development

Fire Loss Of Profit Policy

Also known as Consequential Loss (Fire) Insurance and Business Interruption policy. This policy indemnifies against the loss of profit/earnings in case of interruption of business due to fire and allied perils. Gross profit is taken/fixed as the sum insured in this policy for an agreed period of indemnity. Loss under this policy is payable only if there is an admissible claim for material damage in the Fire policy. In other words, the claim is payable only if the operations of the business are interrupted due to fire or other perils covered in the fire policy. This policy broadly covers Loss of Gross Profit, Standing charges, and Increased cost of working. There are many additional covers also available.

90% Development

Fire insurance not only indemnifies against losses by fire but also 11 other perils as briefed below :

  • Fire
  • Lightning.
  • Explosion/Implosion
  • Aircraft Damage.
  • Riot, Strike, and Malicious Damage.
  • Storms, Cyclones, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation.
  • Impact Damage.
  • Subsidence and Landslide including Rock slide  Bursting and/or overflowing of Water Tanks, Apparatus, and Pipes.
  • Missile Testing Operations
  • Leakage from Automatic Sprinkler Installations.
  • Bush Fire.
100% Development


Available In addition to basic covers as stated above this policy could also be extended to cover the below claims on payment of additional premium:

  • Architects, Surveyors, and Consulting Engineers Fees (in excess of 3% claim amount)
  • Removal of Debris (in excess of 1% claim amount)
  • Forest Fire.
  • Impact Damage due to Insured’s own Rail/Road Vehicles, Forklifts, Cranes, Stackers, and the like and articles dropped therefrom
  • Spontaneous Combustion  Omission to Insure, additions, Alterations or Extensions
  • Earthquake (Fire and Shock) - Mandatory Cover
  • Spoilage Material Damage Cover - for loss of stock in the process due to an insured peril.
  • Leakage And Contamination Cover - for oils and chemicals only.
  • Temporary Removal of Stocks Clause - Additional Expenses incurred for transferring stock.
  • Loss Of Rent clause - for owners of the building, if the same is being let out at the time of loss
  • Insurance Of Additional Expenses of Rent For An Alternative Accommodation - for any additional rental expenses post loss
  • Startup Expenses - to cover the additional expenses to restart the process.


Some insurers are also offering additional covers/extensions in fire policy up to specified/agreed limits for expenses incurred against these heads in case of a fire. Some of those covers are briefed below:

  • Involuntary Betterment
  • Fire Fighting/ Extinguishing Expenses
  • Dewatering Expenses
  • Brands and Labels Trademark
  • Immediate Repairs
  • Waiver of Underinsurance
  • Destruction of Sound Property
  • Accidental Damage
  • Minor Works Extension
  • Claims Preparation costs  Removal of Foreign/ External Debris
  • Property not on insured Premises
  • Capital additions
  • Obsolete Parts
  • Contamination & Co Mingling of Stocks
  • Catalyst and Consumable (including lining and refractory) interest in the process
  • Growing Plants, Crops, And Trees, Landscaping
  • Decontamination and Cost of Clean-Up Property in Course of Construction/Erection
  • Excess applicable will be as mentioned in the policy schedule.
  • Loss, destruction, or damage caused by war, invasion, the act of foreign enemy hostilities or warlike operations (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power
  • Loss, destruction, or damage by ionizing radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel, radioactive toxic, explosive, or other hazardous properties of any explosive nuclear assembly or nuclear component thereof
  • Pollution or contamination which itself results from a peril hereby insured against
  • Damage to the stocks in Cold Storage premises caused by the change in temperature
  • Damage to any electrical machine, apparatus, fixture, or fitting arising from or occasioned by over-running, excessive pressure, short-circuiting, arcing, self-heating, or leakage of electricity from whatever cause (lightning included)
  • Inform the insurance company with a rough estimate of the loss, a brief description of the incident, and other details, as early as possible.
  • Take all steps within your power to minimize the extent of the loss or damage.
  • Preserve the parts affected and make them available for inspection by a representative Or Surveyor Deputed by Insurer.
  • Inform the police authorities immediately. Get the FIR lodged, as per the circumstances.
  • Furnish All Such Information and Documentary Evidence As the Insurer May Require.
  • Under-Insurance penalty, if any, will be applicable in case of a claim.

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