Sargam Insurance Brokers Pvt. Ltd.

Understanding Fire Insurance

Fire insurance provides crucial financial protection against losses or damages caused by fire and certain natural disasters such as earthquakes, floods, tsunamis, and landslides. This coverage not only covers the cost of repairing or replacing damaged property but also addresses additional expenses incurred due to these events. By including protection for both property damage and associated costs, fire insurance ensures that policyholders can recover financially from the impact of fire and natural disasters, offering peace of mind and support during challenging times.

TYPES

BHARAT GRIHA RAKSHA POLICY

The Bharat Griha Raksha policy provides insurance coverage for both your home building and its contents, including the articles and belongings within. This policy ensures that you are compensated for losses resulting from unexpected events that cause physical damage, destruction, or loss to your home and its contents.

This policy offers three types of coverage:

Home Building Cover: This covers the structure of your home.
Home Contents Cover: This covers the articles and belongings inside your home. If you choose Home Building Cover, General Contents are automatically covered up to 20% of the Home Building Sum Insured, with a maximum limit of ₹10 Lakh (Rupees Ten Lakh). You can opt for a higher Sum Insured for Home Contents if you declare the details. (At least one of these covers is mandatory.)
Optional Covers: These additional coverages are available for an extra premium:

BHARAT SOOKSHMA UDYAM POLICY

The Bharat Sookshma Udyam Suraksha Policy provides insurance coverage for your business property. Under this policy, the insurer agrees to compensate you for losses resulting from unexpected events that cause physical damage, destruction, or loss to your business's buildings, structures, plant and machinery, stock, and other assets.

This policy offers three types of coverage:

Standard Cover: This includes protection for your business’s buildings, structures, plant and machinery, stock, and other assets.
In-Built Covers: In addition to the Standard Cover, if your claim for loss or damage to insured property is accepted, the policy also covers the following:

Additions, Alterations, or Extensions: Property that you add, acquire, or erect during the policy period is covered up to 15% of the sum insured for that item (excluding stock).
Stocks on Floater Basis: Coverage for loss to stock located at multiple named locations
Temporary Removal of Stocks: Coverage for stock temporarily removed to other premises for fabrication, processing, or finishing, up to 10% of its value.
v Specific Contents: Coverage includes:
- - Money up to ₹50,000 (Rupees Fifty Thousand) during the policy period.
- - Documents such as deeds, manuscripts, business books, plans, and drawings up to ₹50,000 (Rupees Fifty Thousand) during the policy period.
- - Computer programs, information, and data up to ₹5 Lakh (Rupees Five Lakh) during the policy period.
- Personal effects of employees, directors, and visitors up to ₹15,000 (Rupees Fifteen Thousand) per person, for a maximum of 20 people during the policy period.
Start-Up Expenses: Coverage for start-up costs incurred due to loss or damage from insured events, up to ₹1 Lakh (Rupees One Lakh) during the policy period.
Professional Fees: Reasonable fees for architects, surveyors, and consulting engineers up to 5% of the claim amount.
Cost of Removal of Debris: Reasonable expenses for debris removal up to 2% of the claim amount.
Costs Required by Municipal Regulations: Additional costs for reconstructing property to comply with municipal regulations.

BHARAT LAGHU UDYAM POLICY

The Bharat Laghu Udyam Suraksha policy provides insurance coverage for your business property. This policy ensures that the insurer will compensate you for losses resulting from unexpected events that cause physical damage, destruction, or loss to your business's buildings, structures, plant and machinery, stock, and other assets.

This policy offers three types of coverage:

Standard Cover: This includes protection for your business’s buildings and structures, plant and machinery, stock, and other assets.
In-Built Covers: If your claim for loss or damage to insured property is approved, the policy also provides coverage for the following additional losses and expenses:
1. Additions, Alterations, or Extensions: Property that you add, erect, or acquire during the policy period is covered up to 15% of the sum insured for that item (excluding stock).
2. Temporary Removal of Stocks: Coverage for loss of stock temporarily removed to other premises for fabrication, processing, or finishing, up to 10% of its value.
3. Cover for Specific Contents:
  1. - Money up to ₹50,000 (Rupees Fifty Thousand) during the policy period.
  2. - Documents such as deeds, manuscripts, business books, plans, drawings, and securities up to ₹50,000 (Rupees Fifty Thousand) during the policy period.
  3. - Computer programs, information, and data up to ₹5 Lakh (Rupees Five Lakh) during the policy period.
  4. - Personal effects of employees, directors, and visitors up to ₹15,000 (Rupees Fifteen Thousand) per person, for a maximum of 20 people during the policy period.
4. Start-Up Expenses: Coverage for start-up costs incurred due to loss or damage from insured events, up to ₹5 Lakh (Rupees Five Lakh) during the policy period.
5. Professional Fees: Reasonable fees for architects, surveyors, and consulting engineers up to 5% of the claim amount.
6. Costs for Removal of Debris: Reasonable expenses for debris removal up to 2% of the claim amount.
7. Costs Required by Municipal Regulations: Additional costs for reconstructing property to comply with municipal regulations.

Exclusions