Property & Fire Insurance
At Bima Vista, insurance isn’t just protection—it’s empowerment with vision.
We deliver clear, modern solutions that secure your life, health, and future.
Frequently Asked Questions
1. What documents are needed to buy fire insurance?
Basic documents include property ownership/lease proof, details of the building or asset, and value at risk. Specific requirements vary across insurers.
2. Can add-on covers be included later?
Yes. Endorsements can be issued during the policy period to add or adjust coverage.
3. Are there long-term fire insurance options?
Long-term policies are available only for residential dwellings. Commercial properties are generally insured on an annual basis.
4. Is property/fire insurance required if the building is rented?
Yes. A tenant can insure contents like machinery, stock, and furniture. The building owner may have separate coverage for the structure.
5. Can this policy be used as collateral or required for bank loans?
Yes. Many banks require fire insurance on insured assets (like plant or warehouse) as a condition for approving business loans.
Because Losing Property Shouldn’t Mean Losing Everything
Fire doesn’t just burn buildings. It burns through money, stock, livelihoods, and future plans. Whether it’s a small warehouse or a large factory, one mishap can shut operations down completely.
Fire insurance protects:
- Buildings
- Machinery
- Furniture and fixtures
- Stock (including goods in transit or held in trust)
Covered risks include:
- Fire, lightning, explosion
- Storm, cyclone, flood
- Riots, strikes, impact damage
- Burst pipes, water leakage, and more
Suitable Policies for Different Business Sizes
- Bharat Sookshma Udyam Suraksha
For businesses where the total value at risk is up to ₹5 crore
- Ideal for micro and small enterprises
- In-built covers include debris removal, architect fees, stock temporarily moved, and more
- Underinsurance up to 15% is waived
- Bharat Laghu Udyam Suraksha
For businesses with value at risk between ₹5 crore and ₹50 crore
- Designed for growing businesses
- Same benefits as Sookshma, but for larger setups
- Standard Fire and Special Perils Policy (SFSP)
For large businesses or corporates with higher-value assets
- Offers a wider range of add-ons and flexibility
- Add-ons like earthquake, terrorism, or cold storage losses available with extra premium
Key Add-On Options (Available with Extra Premium)
- Earthquake
- Terrorism
- Spontaneous combustion
- Deterioration of stock in cold storage
- Additional debris removal cost
- Forest fire
- Damage caused by own vehicles inside the premises
Not Covered (General Exclusions)
- War and nuclear events
- Radiation or contamination
- Machinery breakdown (separate policy)
- Business interruption (covered under a separate policy)
Important Policy Variants
- Market Value Policy: Claims are settled after deducting depreciation.
- Reinstatement Value Policy: Claims are settled based on the cost of replacing damaged property with new property of similar kind. Applicable only for buildings, plant and machinery, furniture, and fittings.
- Declaration Policy: Suitable when stock value fluctuates often. A provisional premium is charged, and actual stock value is declared periodically.
- Floater Policy: Covers stock stored at multiple specified locations under a single sum insured.
How Premium is Calculated
- Type of property (e.g. office, warehouse, factory)
- Nature of goods stored (hazardous or not)
- Fire protection systems in place
- Claim history
- Add-on covers selected
- Location-specific hazards
- Discounts may apply for good fire safety setup or opting out of certain perils