Griha Raksha Policy

This insurance policy protect your property like buildings, plant and machinery, stocks and other installation against losses or damage caused by fire, flood, storm, earthquake, terrorism, vandalism, theft, smoke, hail, the impact of snow and ice, lightning, accidental damage and breakdown and more. This policy cover the cost to replace or repair the property by providing monetary compensation.

Griha Raksha Policy
Who can take this Policy?
Add on Covers
Basis of Sum lnsured

This insurance policy protects your properties like buildings, plant and machinery, stocks and other installations against losses or damage caused by fire, floods, storms, earthquakes, terrorisms, vandalisms, thefts, smokes, hails, the impact of snow and ice, lightning, accidental damages and breakdowns and more. This policy covers the cost to replace or repair the property by providing monetary compensation.

Any individual, firm, organization, or institution can apply for the fire insurance policy. The only need is that you have an insurable interest in the asset either in your custody or possession.

The policy covers following perils:

  • Fire
  • Lightning
  • Explosion / Implosion
  • Aircraft damage
  • Riot, Strike, Malicious damage (hereinafter called RSMD Perils)
  • Storm, Tempest, Flood, Inundation, Hurricane, Cyclone, Typhoon and Tornado.
  • Impact by any Rail/ Road vehicle or animal
  • Subsidence / Landslide including rockslide.
  • Bursting and / or overflowing of water tanks, apparatus.
  • Leakage form Automatic Sprinkler Installation.
  • Missile Testing Operation.
  • Pollution or contamination resulting from any of the above perils
  • Any insured peril resulting from pollution and contamination.

  • Expenses Covered:

  • Architects
  • Surveyors and Consulting Engineer's Fees (up to 3% of claim amount)
  • Debris Removal (up to 1% of claim amount)

In addition to perils/expenses covered under standard cover, the proposer can opt following perils/ expenses on payment of additional premium:

  •     Deterioration of Stocks in Cold Storage premises due to power failure following damage due to an insured peril
  •     Forest Fire
  •     Impact Damage due to Insured's own vehicles, Fork lifts and the like and articles dropped therefrom
  •     Spontaneous Combustion
  •     Omission to insure additions, alterations or extensions
  •     Earthquake (Fire and Shock)
  •     Spoilage material damage cover
  •     Leakage and contamination cover
  •     Temporary removal of stocks
  •     Terrorism
  •     Loss of rent
  •     Insurance of additional expenses of rent for alternative accommodation
  •     Start up Expenses

For Stock : Market Value

Other than Stock : Reinstatement Value

  • Loss or damage due to own fermentation, natural heating or spontaneous combustion of stocks
  • Burning by order of any public authority
  • Explosion of boilers or steam generating vessels and machinery subject to centrifugal force by its own explosion or implosion
  • Burglary, housebreaking, theft, larceny in any malicious act
  • Impact damage by rail/road vehicle or animal belonging to the insured
  • Destruction or damage caused by forest fire
  • Loss or damage caused by war or warlike situations, Nuclear risks
  • Loss or damage by pollution or contamination except due to insured peril
  • Loss or damage to electrical machine/apparatus from which fire originated
  • Consequential losses


Adequate Sum Insured - To Avoid Underinsurance

  • Actual value of property should be taken. If the value taken was below than the actual value then underinsurance will be applicable.

Ensure that assets should be covered under the right entity/company

  • Fundamental principle of insurance for insurable interest should be followed.

Risk Location/s should be properly mentioned

  • Proper list of risk locations (as annexure) should be the part of policy to avoid any ambiguity.

Key Documents at The Time Of Claims

General Claim
Intimation Format
Immediate Action Client
Should Take
Indicative General Documents
for Settlement of Claims
Peril Based Documents Required
for Settlement of

Why Choose Us?

Professional & Experienced Team
Professional & Experienced Team
Customized Solutions
Customized Solutions
Strong Relationship With Insurance Companies
Strong Relationship With Insurance Companies
Service Commitment ONTIME EVERYTIME
Service Commitment ONTIME EVERYTIME
Technological Edge
Technological Edge
Additional Services Offered
Additional Services Offered
Competitive Premium
Competitive Premium
Single Window Solution
Single Window Solution


Proposal Form  
Policy Wordings  
Claim Form  


  • Is terrorism inbuild cover under Fire Insurance policy?
    No, terrorism is an add-on cover for which additional premium is charged.
  • What is covered under Standard Fire & Special perils policy?
    • Fire
    • Lightning
    • Explosion / implosion
    • Aircraft damage
    • Riot, strike, and malicious damage
    • Storm, cyclone, typhoon, tempest, hurricane, and tornado
    • Flood and inundation
    • Impact damage
    • Subsidence and landslide including rockslide demolition
    • Construction, structural alterations, or repair of any property
    • Ground works or excavations
    • Bursting and/or overflowing of water tanks, apparatus, and pipes
    • Missile testing operations
    • Leakage from automatic sprinkler installation excluding loss, destruction, or damage
    • Bush fire
    • Fees of architects, surveyors, and consulting engineers up to 3 per cent of claim amount
    • Debris removal up to 1 per cent of claim amount
  • Is burglary covered under Fire Policy?
    No, Burglary is not covered under fire policy. A separate policy of Burglary is taken to cover this peril.
  • What is the premium rate charged for Add-ons?
    If terrorism is not opted then all add-ons are free upto a certain limit.
  • How claim can be settled on MV or RIV Basis?
    In case of settlement of claim on MV basis, depreciation shall be levied on the assets depending on the age of building/machinery. Under this method, the insured is not compensated adequately. In case of settlement on RIV Basis, the policy pays cost of replacement subject to limit of sum insured and depreciation is not applicable. This is a precondition to claim under RIV mode of settlement that assets should be fully replaced.
  • If I insure a property for a higher sum insured, will I get a higher claim amount?
    No. When you apply for a fire insurance policy, the current market value of the property or the Reinstatement value of the property, depending upon the basis of the Sum Insured, should be accurately calculated for arriving at the correct amount to be insured. The compensation payable when a covered loss or damage occurs shall be based on whether or not the property has been insured adequately. If the amount insured is excessive, it will mean overpayment of unnecessary premium; if the amount insured is inadequate you will receive amounts in proportion to its actual value only.
  • Are there any excess deducted at the time of claim under fire policy?
    Sum Insured SlabExcess
    Upto 10 Cr.
    Above 10 Cr. and upto 100 Cr.
    Above 100 Cr. and upto 1500 Cr.
    Above 1500 Cr. and upto 2500 Cr.
    Above 2500 Cr.
    5% of claim subject to a minimum of Rs. 10,000/-
    5% of claim subject to a minimum of Rs. 25,000/-
    5% of claim subject to a minimum of Rs. 5,00,000/-
    5% of claim subject to a minimum of Rs. 5,00,000/-
    5% of claim subject to a minimum of Rs.50,00,000/-
  • What are the documents required in order to settle a claim due to fire peril?
    The documents required to settle the claim due to fire peril are as follows:
    • Fire Department Report
    • Purchase Invoices
    • Filled Claim form
    • Claim bill with invoices etc.

Claim Case Study - 1




Claims amount get reduced proportionately In relation to Sum Insured/ Value at Risk


Properties or machineries should be insured for market value or replacement value to be considered as on the date of loss (Not on the date of insurance) to avoid average clause


Adequate Sum Insured to be taken after Valuation

Claim Case Study - 2


In a manufacturing plant short circuiting in a heavy machine due to which the claim was denied by the Insurance company


Asset in which the short circuiting has originated is not covered as per the domain clause provision under policy terms and conditions.


Exact smaller part from which the shortcircuiting had occurred was identified. This resulted in the increase in the claim amount because the cost of the smaller part was only disallowed.


Critical machines to be covered under both Fire and Machinery Break Down Policy so that this exclusion is not applicable and there is a resultant increase in the claim amount.



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