Fire Insurance is an important portfolio of every general insurer. It is equally important for all its consumers ranging from small shopkeepers to mega industrial complexes. Though commercial organizations are exposed to various kinds of pure risks, fire Insurance is the most preferred insurance cover by all financial institutions as collateral security against finance made by them.
Fire insurance is traditionally transacted not as a Standalone Fire insurance product, but as a package covering certain allied perils including Special Perils like Strikes, Riot, etc. and Act of God (AOG) perils likes Flood, Earthquake, etc. Accordingly the prevalent fire policy in Indian market is known as Standard Fire and Special Perils Policy.