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Standard Fire and Special Perils Insurances

Personal Accident Insurance


Take Control of your business's destiny with the help of SBI General Insurance:
With product like Standard Fire & special Perils Insurance Policy, you can safeguard your assets that you value most.
Basis for Indemnity - As the Policy can be availed of either on Market Value or on Reinstatement Value of the property being insured, the basis of indemnity also differs accordingly. In either case, if the Sum Insured is less than the amount required to be insured, the Company will pay only in such proportion as the Sum Insured bears to the amount required to be insured. Every item (if more than one) shall be subject to this condition separately.

Key Benefits

  • Indemnity on market value basis - Replacement value less depreciation for the usage
  • Optional benefit - Replacement Value or Reinstatement Value basis
  • Multiple options - Stocks on Declaration basis or floater basis or Floater Declaration Basis
  • Following are the unique features of this policy:
    • Named perils policy
    • Named exclusions
    • Standard cover across all types of customer segment


  • This Policy covers various assets like Building, Plant and Machinery, Stock, Furniture, Fixtures and other immovable and movable assets against loss or damage due to,
    • Fire
    • Lightning
    • Explosion / Implosion
    • Aircraft Damage
    • Riot, Strike, Malicious Damages and Terrorism
    • Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornodo, flood, inundation,
    • mpact damage
    • Subsidence, Landslide and Rock slide
    • Missile Testing operations
    • Bush Fire
    • Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
    • Leakage from Automatic Sprinkler Installations
    • Further, on payment of additional premium, the following additional coverage can be opted
    • Architects, Surveyors and Consulting Engineers fees (in excess of 3% of claim amount)
    • Debris Removal (in excess of 1% of claim amount)
    • Deterioration of Stock in Cold Storage
    • Forest Fire
    • Impact Damage by insured's own vehicles etc.
    • Spontaneous combustion
    • Omission to insure Additions, Alterations or Extensions
    • Earthquake (Fire and Shock)
    • Spoilage Material Damage Cover
    • Leakage and Contamination Cover
    • Loss of Rent
    • Alternative Accommodation
    • Start Up Expenses
    • Terrorism Cover

Sum Insured

Property can be insured on depreciated cost (Market Value) or replacement cost basis. In order to get full protection, insurance on reinstatement (replacement) basis is recommended. However Stock should be covered only on Market Value basis. The Sum Insured can be reinstated after occurrence of a claim for the balance period of the Policy.


  • We would like you to be familiar with some of the major exclusions under the Policy. This will ensure you are not put to any kind of inconvenience while making your claim. At SBI General, we endeavour to make our Policy as transparent as possible.
  • ArisingExcess under the policy
  • War and war like perils
  • Nuclear risks
  • Pollution or contamination even caused by insured perils
  • High value items like gold, cash unless specified
  • Stocks inside the Cold Storage
  • Damage to equipment caused by electrical short circuit. However subsequent damages arising out of such fire is covered
  • Expenses incurred towards Architects, Surveyor's and Consulting Engineer's fees in excess of 3% of claim amount
  • Expenses incurred towards removal of debris in excess of 1% of claim amount
  • Loss of earnings, markets, loss by delay, any other consequential losses
  • Loss by theft during or after the occurrence of any loss / peril
  • Earthquake, volcanic eruption
  • Property not in the premises or removal of property to any other premises except machinery sent for repairs / cleaning for a period of 60 days
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