Fire Insurance
Fire Insurance We provide goods and services for companies of all sizes. Organizations must be suitably covered for all hazards. Thanks to our extensive selection of business insurance products, businesses may now concentrate on their operations.
Prime Folios Pvt. Ltd General Insurance Company Limited stands out with its essential services like Fire & Allied Perils Insurance and Fire Consequential Loss Insurance. Our comprehensive coverage is designed to protect even large petrochemical complexes, cutting-edge power plants, and motorways connecting towns and cities during the planning, building, and operating phases. We provide answers to all your insurance needs, ensuring your peace of mind.
Key Features
- Risk Surveys Risk assessments for clients that aid in limiting risk exposure and professionally managing it. Long-term" better insurance pricing" and "low loss incidents" benefit the client.
- Our Policy wordings not only clarify the insurance program but also give the client flexibility to choose covers suitable to exposures. Add-on covers support the exigencies of today's insurance requirements and meet some special insurance demands, which make the product wholesome and comprehensive. Our Global Insurance Program is a game-changer for businesses with assets spread worldwide. Backed by a network of offices in more than 140 countries, we address your insurance needs with unparalleled efficiency and support. Our thorough approach precisely and efficiently meets all your insurance needs. We can integrate detailed risk surveys, which will provide custom solutions for managing and reducing risks. This also clarifies the flexibility of our policy's coverage, making it easier for clients to navigate their insurance needs.
Our Global Insurance Plan
The "Global Insurance Plan" is our key differentiator, drawing clients with a global company presence. These clients find it quite comforting to mandate just one insurer, such as us, to handle their international insurance needs.
Our operating offices are dispersed globally, making it simple, affordable, and consistent with the program's overall goals to manage this insurance obligation. In addition to providing insurance for Indian assets, Multinational/Global Programmers written out of India also cover risks outside the Indian Territory.
Consistency in coverage and risk management is ensured. A multinational insurance program should be created for assets located outside of India.
The Global Master Program is a versatile solution that can be tailored to suit your specific requirements and comply with local regulations. It offers a range of benefits, including uniform coverage, lower costs due to 'Bulk Buying Power,' and the convenience of local premium and claims payments.
- Uniform coverage, consistent with Corporate Risk Management Philosophy. Thus, a uniform worldwide risk management program.
- Lower cost due to "Bulk Buying Power," thus controlling insurance costs.
- Premiums and claims could be paid locally.
- Improved management control and complete communication.
- Tailored to suit client's needs.
- Uniform service levels.
- Centralized control of worldwide insurance exposures.
- Consistent coverage for all operations worldwide.
Why Is a Fire Insurance Policy Needed?
Fire Insurance provides a safety net for your business, covering buildings, electronics, furniture, stock, and machinery. The peace of mind it brings is invaluable, knowing that your business is protected from fire-related damages and even suppression materials.
Fire insurance can cover business interruption insurance, too. It helps you for a time if you can't earn income due to halted operations. It is in addition to repair and replacement coverage. This is key to ensuring that you recover fast and return to normal activities without financial suffering. Also, fire insurance may cover smoke and water damage from sprinklers used in firefighting. This gives maximum protection against all types of fire risks. Getting fire insurance means you are taking steps to protect your assets and your business from a sudden fire.
Replace any broken items.
People need help starting enterprises. Each little component, like machinery or furniture, works together to finish a business setup. Imagine that something someone worked years to build is burning up in minutes. Some would find it impossible to return the firm to its pre-fire state.
Distribute the financial load.
In the unfortunate event of a fire, the financial burden can be overwhelming. Prime Folios Pvt. Ltd is here to support you, ensuring that our insurance plan will help you bear your losses and recover from the fire's aftermath.
Temporary lodging.
In the worst-case scenario of a fire, where your entire workspace is damaged, fire insurance provides comprehensive coverage, ensuring that your business can recover and continue its operations.
Who is this suitable for?
- Eligibility: Clients who have assets outside India along with Indian assets and want to ensure consistent coverage across their units globally
- In this part, the reader will receive an overview of the risk engineering survey given to our underwriters and clients. We often hire engineers as property department employees and use their services for local underwriting company property surveys. Risk engineering's guiding principle is to support the underwriters' efforts to achieve the desired "profit and growth" by giving them technical help and adding value to the client's risk management process. The risk engineers are frequently referred to as the property underwriter's "eyes and ears" because they must underwrite the risk after thoroughly comprehending it. As described, the primary goals of risk engineering are
- The survey is conducted based on the underwriter's request for property damage and business interruption risks. It aims to benefit the underwriter and the client in the ways listed below.
- Performing an on-site analysis and review of the numerous exposures, such as fire, flood, and any other specific exposures, as well as including different underwriting information in the report, will allow the underwriter to make an informed decision regarding whether the risk is acceptable. The underwriter can swiftly decide on their "overall opinion of the risk" thanks to the quantitative risk rating on a 5-point scale supplied in the report. The report lists the primary negative aspects of the risk and any prospective losses in great detail.
- Risk control methods are communicated to the customer or prospect logically following exposure analysis and identifying distinct pure risks to mitigate the risk. The insurer frequently provides this service gratis, so the client sees a significant value addition. The advice is generally categorized as "Human Element Recommendations" and "Physical Protection Recommendations." The former can be quickly implemented, while the latter requires considerable capital investment and forethought.
- The client values the survey report mostly for the latter, while the underwriter rates it for both factors above.
- The provision of inputs to the insurer concerning limits, risk selection, and rating is within the scope of the survey. Specifically, the survey identifies the COPE risk factors, i.e., Construction, Occupation, Protection, and Exposure. Property engineers must establish the protective measures available at a given location and assess their adequacy, quality, and reliability about the insured property. The local codes and laws of the country provide for certain standards, and the engineers are to be familiar with such requirements.
- For underwriting purposes, the protection to be checked includes automated sprinkler systems. Fire hydrant systems, Water supplies, Fire alarm systems, Public and or Private fire brigade protection, First aid and other fire protection topics, Special fire protection systems, Inspection and maintenance of the systems, etc. Although the survey generally considers protection against fire, property engineers must be alert to other perils like earthquakes, floods, and cyclones and make a mention in the report.
- Making the various loss estimates for the risk is yet another area where the survey is helpful. The maximum amount of Subject (MAS), Maximum Foreseeable Loss (MFL), and Probable Maximum Loss (PML) are determined in the survey report utilizing the well-defined guidelines in our survey manual and the inspecting engineer's expertise. Loss estimates assist the underwriter and re-insurer in deciding the retention amount, cession, and overall underwriting capacity.
- Construction - Type of Construction
- Occupancy - The Manufacturing Activity
- Protection - Fire Protection and Safety Measures
- Exposure - Surrounding and Catastrophe
- Process- description
- Policy Details - Sum Insured
- Loss History/claims experience
- Insurance solutions for Chemical Units
- Industrial inorganic chemicals
- Plastic materials and resins
- Paints, lacquers, varnishes
- Pesticides and other agricultural chemicals
- Artificial cellulose fibers and synthetic fibers
- Industrial gases
- Pharmaceuticals (both formulations & Bulk drugs)
- Miscellaneous chemical products
- Standard Fire & Allied Perils Insurance
- Fire Loss Of Profits / Business Interruption Insurance
- Industrial All Risk (IAR) Insurance
- All these policies are Tariff Products and are governed & regulated by Terms and conditions as laid down by IRDA.
- Under this line of business, we provide property and breakdown insurance that covers most utilities and power generation risks.
- Standard Fire & Allied Perils Insurance
- Fire Loss Of Profits / Business Interruption Insurance
- Industrial All Risk (IAR) Insurance
- All these policies are Tariff Products and are governed & regulated by Terms and conditions as laid down or modified from time to time by IRDA.
- All of these policies are Tariff Products that are subject to IRDA-established Terms and Conditions.
- Insurance options for different factories: We offer coverage for businesses that produce steel and aluminum mills, pulp and paper mills, and both.
- Pulp & Paper Mills/ downstream
- Steel & Aluminum & basic metal Mills
- Rolling, drawing & extrusion mills
- Manufacture &/or assembly of computer chips
46+
Experience Member
32k
Satisfied Clients
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Awards Win
68+
SME Insurance Products
Client Reviews
Best health insurance agent in noida. Thanks Prime Folios Private Limited for your support.
Aashik Agrawal
- Senior MarketerKeep in touch with Prime Folios if you're searching for the Best Insurance Advisor. They are well-guided by a crew that is quite knowledgeable. helpful and devoted to their customers. Excellent, I like it.
Payal Kumari
- Business AdvisorInsurance should be nominated for service of the year. I love insurance. Insurance is the most valuable business resource we have EVER purchased. I will refer everyone I know.