Why this article:
Property (Material Damage) insurance, more traditionally known as Fire Insurance, is a basic insurance cover used by huge number of customers. The promise of true protection under the policy is relied on not only by the customer concerned, but also by their bankers, financiers, employees, suppliers etc. This is because insurance plays an important role in the sustainability of the operations of the economy and therefore the intent and interpretation of the policy has a wider economic angle. During the Tariff regime, under the Tariff Advisory Committee (TAC) the fire policy was considerably expanded to meet various contingencies and renamed as Standard Fire and Special Perils ( in short SFSP) Policy to meet the need for coverage of a wider array of perils.
Even after de-tariffing, the standard fire policy wording continues to be in vogue. The basic SFSP policy cover now offers protection against perils such as Fire, Lightning, Explosion/Implosion, Aircraft Damage, Riot, Strike and Malicious Damage, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation etc. In addition, the SFSP policy also provides covers for several add-on perils.
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About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.
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