General insurers working in the fire and allied crisis insurance business will offer three standard products offered by insurance regulator IRDAI covering the risks to housing and enterprises from Thursday. According to the regulator, Bharat Home Defense, Bharat Sukma Udyogam Suraksha and Bharat Lagu Udyog Suraksha will be available as new policies and renewals from April 1.
While India is a cover for home defense residential buildings and home furnishings, Bharat Sukma Udyogam is for security enterprises where the total value of risk at any one location is up to ₹ 5 crore. Bharat Lagu Udayam Suraksha is for those enterprises where the total value of risk at one place is ₹ 5-50 crore.
IRDAI unveiled three policies in January as part of the de-tariffing process and exposed various aspects of fire and allied hazards to the general insurance business beyond the scope of the All India Fire Tariff 2001. Standard Fire and Special Pearls (SFSP) Policy under AIFT 2001 with three standard products.
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