New Three Fire Insurance Products : All you need to know about

New Three Fire Insurance Products : All you need to know about

New Fire Insurance Products: All you need to know about
The three standard Fire Insurance products — Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha has been introduced from 01.04.2021.
To help the aspirants with the updated insurance products, in this article, we have provided the full details about the three New Fire Insurance Products: BHARAT GRIHA RAKSHA, BHARAT SOOKSHMA UDYAM SURAKSHA, BHARAT LAGHU UDYAM SURAKSHA.
Full details and comparisons about these products have been provided in this article. You can check out the details of these three new fire insurance products here, which will help in the upcoming Para 13.2 / GIPSA exams.

   
Three New FIRE Products – FROM 01.04.2021   
   
TYPE OF   POLICY   
   
BHARAT   GRIHA RAKSHA   
   
BHARAT   SOOKSHMA UDYAM SURAKSHA   
   
BHARAT   LAGHU UDYAM SURAKSHA   
   
    
   
B.G.R   
   
B.S.U.S.   
   
B.L.U.S   
   
FOR   
   
DWELLINGS   
   
UPTO 5 CRORES   
   
EXCEEDING 5   CRORES   
   
NEW COVERS   
   
Home Building   Cover   
   
    
   
    
   
    
   
Home Contents   Cover   
   
    
   
    
   
    
   
Pa Cover   
   
    
   
    
   
    
   
Cover For   Valuable Contents   
   
    
   
    
   
MAIN COVERS   1.   
   
Fire   
   
Fire   
   
Fire   
   
2   
   
Explosion/Implosion   
   
Explosion/Implosion   
   
Explosion/Implosion   
   
3   
   
Lightning   
   
Lightning   
   
Lightning   
   
4   
   
Eq, Vulcanic   Eruption   
   
Eq, Vulcanic   Eruption   
   
Eq, Vulcanic   Eruption   
   
5   
   
Stfi   
   
Stfi   
   
Stfi   
   
6   
   
Subsidence Of   Land   
   
Subsidence Of   Land   
   
Subsidence Of   Land   
   
7   
   
Bush/Forest/Jungle   Fire   
   
Bush/Forest/Jungle   Fire   
   
Bush/Forest/Jungle   Fire   
   
8   
   
Impact Damage   Of Any Kind   
   
Impact Damage   Of Any Kind   
   
Impact Damage   Of Any Kind   
   
9   
   
Missile   Testing Operations   
   
Missile   Testing Operations   
   
Missile   Testing Operations   
   
10   
   
RSMD   
   
RSMD   
   
RSMD   
   
11   
   
ACTS OF   TERRORISM   
   
ACTS OF   TERRORISM   
   
ACTS OF   TERRORISM   
   
12   
   
Bursing or   overflowing of water tanks,   
   
Bursing or overflowing of water tanks,   
   
Bursing or   overflowing of water tanks,   
   
13   
   
Leakage from   automatic sprinklers installations   
   
Leakage from   automatic sprinklers installations   
   
Leakage from   automatic sprinklers installations   
   
14   
   
Theft within   7days from the occurrence of and proximately caused by any of the above   Insured events.   
   
Theft within   7days from the occurrence of and proximately caused by any of the above   Insured events.   
   
Theft within   7days from the occurrence of and proximately caused by any of the above   Insured events.   
   
PERIOD OF   INSURANCE   
   
UPTO 10 YEARS   (AS LONGTERM)   
   
    
   
    
   
LONGTERM   SPECIALITY   
   
Automatic   increase in Sum Insured by 10% without addl.premium   
   
    
   
    
   
Other special   
   
No Under   Insurance   
   
Inbuilt   covers:   
   
Inbuilt   covers:   
   
Inbuilt   covers   
   
Upto 5% of   claim amt -> Architech & Survey fees   
   
Additions,   alteration or extensions   
   
Additions,   alteration or extensions   
   
    
   
Upto 2% of   claim amt -> Debris Removal   
   
Temporary   removal of stocks   
   
Temporary   removal of stocks   
   
    
   
    
   
Cover for   specific contents   
   
Cover for   specific contents   
   
    
   
    
   
Start-up   expenses   
   
Start-up   expenses   
   
    
   
    
   
Professional   Fees(Architects/survey fees)   
   
Professional   Fees(Architects/survey fees)   
   
    
   
    
   
Cost for   Removal of debris   
   
Cost for   Removal of debris   
   
    
   
    
   
Costs   compelled by Municipal Regulations   
   
Costs   compelled by Municipal Regulations   
   
    
   
    
   
Stocks on   Floater basis   
   
NO   
   
    
   
    
   
    
   
    
   
STANDARD ADD   ON COVERS   
   
    
   
DECLARATION   POLICY FOR STOCKS   
   
DECLARATION POLICY   FOR STOCKS   
   
    
   
    
   
NO FLOATER   COVER   
   
FLOATER COVER   
   
WHICH   PROPERTY CAN COVER   
   
DWELLINGS   
   
Building/P/M/Stocks   
   
Building/P/M/Stocks   
   
Who can   purchase this policy   
   
    
   
As   owner/occupy as purchaser/as tenant   
   
As   owner/occupy as purchaser/as tenant   
   
Under   Insurance   
   
No Under   Insurance   
   
Underinsurance   waiver upto 15%   
   
Underinsurance   waiver upto 15%   
   
    
   
12   
   
16   
   
16   

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