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FIRE INSURANCE

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Fire Insurnace

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 General Insurance Company Limited offers essential services like Fire & Allied Perils Insurance and Fire Consequential Loss Insurance to businesses. Even large petrochemical complexes, cutting-edge power plants, and motorways connecting towns and cities are rife with dangers during the planning, building, and operating phases, necessitating the most extensive and intricate insurance coverages. For everyone, Prime Folios General Insurance Company Limited has answers.

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" are to the client'sclient's advantage.
  • Our Policy *wordings * not only bring clarity to the insurance program but also give the client flexibility to choose covers suitable to exposures. Add-on covers support the exigencies of the today'stoday's insurance requirements and meet some special insurance demands, which makes the product wholesome and comprehensive.
  • Our Global Insurance Program addresses the client's insurance requirement for their assets spread worldwide and is well supported through a network of offices in more than 140 countries.

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 Programmes 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 program could be tailor-made to suit the requirements and comply with local regulations. The Global Master Program provides the following benefits:

  • 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.

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Why Is a Fire Insurance Policy Needed?

Typically, buildings, electronics, furniture, stock, and machinery are all covered by fire insurance. Having fire insurance can help mitigate damage in several ways. The majority offire insurance policies offer protection against fire-related damages and even suppression materials.

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.

What if the entire office caught fire? If the whole workplace needs to be redone, the expense of recovering from all the losses and buying new products can be very high for a business without fire insurance. Because you won't have any financial support without insurance, this could result in an economic disaster. This is where Prime Folios comes into action; choosing our insurance plan will eventually help you bear your losses due to fire.

Temporary lodging.

The worst-case scenario in a fire is that your office's entire workspace is damaged. We offer fire insurance as the best option in these situations.

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
  • The reader will receive an overview of the risk engineering survey given to our underwriters and clients in this part. 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 decide 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
  • Man-made 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 governed & regulated by Terms and conditions as laid down by IRDA.
  • Under this line of business, we provide property and breakdown insurance covers for most utilities and power generation risks.
  • Standard Fire & Allied Perils Insurance
  • Fire Loss Of Profits / Business InterruptionInsurance
  • Industrial All Risk (IAR) Insurance
  • All these policies are Tariff Products and 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 aluminium 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

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