Fire Insurance Policy & Guidelines for Residents & Builders

Fire prevention, mitigation and insurance post disaster are of prime importance these days. Some good organisations are working honestly towards this.

According to Mr Navdeep Pradhan, Vice President, Business Development, Howden Insurance Brokers India Private Limited (Howden India) which was founded in 2004 and operates pan India, fire insurance companies are providing a wide range of protection for fire related mishaps.
Special Fire and Allied Insurance Policy

1. Coverage: Ensure that the fire insurance policy covers the structure, common areas, individual units, and personal belongings against fire damage and Act of God damage.
2. Additional Perils: Consider including coverage for additional perils such as lightning, explosion, and smoke damage.
3. Reconstruction Costs: Make sure the policy covers the cost of rebuilding or repairing the property in case of fire damage.
4. Review Policy Annually: Regularly review and update the insurance policy to ensure it adequately covers the property’s current value and any renovations or additions.
5. Sum Insured: Fire policy sum insured should be calculated on the Reinstatement Value Basis.
   Guidelines for Residents
6. Smoke Alarms: Install smoke alarms in every unit and ensure they are regularly maintained and tested.
7. Fire Extinguishers: Keep fire extinguishers in easily accessible areas and know how to use them effectively.
8. Evacuation Plan: Develop and practice a fire evacuation plan with all residents, including designated meeting points and emergency contact information.
9. Electrical Safety: Avoid overloading electrical outlets and ensure all electrical wiring is up to code.
10. Reporting Hazards: Report any fire hazards or safety concerns to the building management promptly.
    Guidelines for Builders
11. Fire-resistant Materials: Use fire-resistant materials in construction, especially in high-rise buildings, to minimize fire risk.
12. Fire Safety Systems: Install adequate fire safety systems such as sprinklers, fire alarms, and emergency lighting.
13. Compliance with Regulations: Ensure that the building design and construction comply with local fire safety regulations and codes.
14. Regular Inspections: Conduct regular inspections of fire safety systems and equipment to ensure they are functioning correctly.
15. Fire Exit: Passage should be clear for fire trucks at the time of entry and exit in case of Fire.
    We can summarise, while following these guidelines and having a comprehensive fire insurance policy in place, both residents and builders can mitigate the risks associated with fire in high-rise and low-rise societies.