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Gray Arrow Gray Arrow Standard Fire and Special Perils Policy

Standard Fire and Special Perils Policy (for Long Term Dwellings)

Long Term Dwellings for Building shall mean Flat or Apartment used for Residential purpose owned by the Insured located in a multi storied Building or Independent building which is not of Kutcha Construction. The Building shall include the superstructure including doors, windows, electrical and plumbing works. It does not include content inside the Building.  

The Standard Fire and Special Perils Insurance Policy of Chola MS is a perfect solution for customers who wish to protect their Building against losses that may arise due to unfortunate events.

    Coverage Detail

  • Standard Fire and special perils policy for long term Dwellings protects against the following for Building.
  • Fire.
  • Lightning.
  • Explosion / Implosion.
  • Riots, Strikes and Malicious damage.
  • Impact damage by any rail /road vehicle or animal, otherthan owned vehicle / animal
  • Aircraft damage.
  • Subsidence and Landslide including Rockslide.
  • Bursting and/ or overflowing of Water Tanks, Apparatus and Pipes.
  • Missile testing operations.
  • Leakage from Automatic Sprinkler Installations.
  • Bush Fire.
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation.
  • Earthquake
  • Terrorism (optional)

Policy Tenure :

Fire insurance is normally an annual insurance policyrenewable every year. A long term policy can be issued for aperiod not less than 3 years to insure a premises used as Dwellings (residence). The maximum period of such an insurance shall be 25 Years at any one time or till property insured reaches 50 years of age, whichever is earlier. The full premium for entire period is collected at inception and a discount in premium is given for such a long term insurance.

Sum Insured of Building:

15 lakhs – 1 crore (option allowed for customer entry)

UIN No.:IRDAN123P0042V01200203

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