Education is the cornerstone of society that not only shapes the minds and future of youth but also provides a growth and development environment. Since accidents are quite common in India, one major threat that may not only impact property but could be life-threatening is “Fire Accidents”. Be it negligence or someone’s intention, fire may pose a significant threat to life, property, and the continuity of academic activities.
This is where the importance of fire insurance for schools comes into play!
Fire insurance for schools is a comprehensive package of insurance specially designed to protect school buildings and their belongings against loss or damage by sudden and unexpected accidents. When a school opts for the right fire insurance, it means that the institution will get the financial aid to fix or replace whatever got damaged. However different schools might need different insurance types depending on their size, reputation, and the kinds of risks they may face.
Read on to learn more about fire insurance for schools in detail, including its features & benefits, inclusions, exclusions, claim process, documents required, and more.
Features and Benefits of Fire Insurance for Schools
Fire insurance for schools provides maximum protection against fire and other related accidents. Let’s take a look at the salient features and benefits of fire insurance for schools.
- Comprehensive Coverage
One of the biggest benefits of considering fire insurance is that it covers the school building, infrastructure, equipment, furniture, technical items, and more. Because fire can spread from one class to another, having the right insurance may provide comprehensive coverage to different rooms of the school. It may include laboratories, libraries, classrooms, sports facilities, administrative offices, and more.
- Financial Protection Against Disruptions
There is no denying that schools may face temporary closures or relocation challenges after a fire. The major highlight of fire insurance is that it often includes coverage for the loss of revenue and ongoing expenses during the period which help to keep the school financially stable.
- Liability Protection
Another major benefit of choosing fire insurance for schools is that in the event of injuries or loss of life due to fire then the insurance may protect the school from potential lawsuits and offer financial security during difficult times.
- Facility Restoration
No matter how popular a school is, they will always find it difficult to restore the entire facility. In such cases, fire insurance comes as a saviour! The biggest benefit of fire insurance for schools is that it allows the school to rebuild its facilities to its original condition. Furthermore, when you quickly repair the buildings, it will be easier for you to quickly resume academic operations.
- Peace of Mind
Last but not least, fire insurance offers peace of mind to school administrators, parents, and even workers. When they get to know that the school has already taken a dedicated insurance policy, they will have peace of mind that the school can easily overcome any setbacks caused due to fire-related accidents.
What are the inclusions and exclusions under fire insurance for schools?
Like every other insurance policy, fire insurance for schools also comes with a wide range of inclusions and exclusions. Let’s discuss both of them to gain an in-depth understanding of fire insurance for schools.
Inclusions:
- Fire
As the name suggests, this coverage protects the school from losses resulting from fire accidents. If a fire breaks out and damages the school building or its contents, the insurance plan will provide financial assistance to repair or replace the damaged property.
- Explosion
Another inclusion under fire insurance is that it covers accidents related to explosions. If there is an explosion on the school premises that results in damage to the building or its contents, the insurance plan will cover the costs associated with repairing or replacing the affected property.
- Aircraft Damage
If an aeroplane crashes into the school by any chance then the fire insurance for the school has got your back! This means that any damage caused by such an incident, whether to the structure of the building or its contents, will be included in the insurance coverage.
- Natural Calamities
The fire insurance for schools also provides coverage against natural calamities such as cyclones, typhoons, or other similar events. If the school suffers damage due to these natural calamities, the insurance plan will provide financial support to mitigate the losses incurred.
- Lightning
Another major thing included under the plan is lightning strikes that may cause damage to the school building. Whether the lightning damages the school building or its infrastructure then the insurance plan will cover the cost of repair or replacement.
- Tank Overflow
Though the chances of tank overflow are rare, it is better to prepare for the worst time. If a water tank on the school premises overflows and causes fire damage to the building structure or its contents then the fire insurance will cover the expenses related to repairs or replacement.
- Unexpected Landslide
Last but not least, if a school is situated in a hilly area and gets damaged due to a landslide and caught fire then the insurance plan will bear the entire cost of repair or replacement.
Exclusions:
After knowing the things included, it’s time to know the exclusions, too. Let’s discuss them in detail!
- War or War-Like Situations
Fire insurance for schools doesn’t cover the loss or damage that results from a war or similar conflicts.
- Wilful Negligence
Another exclusion is that fire insurance will not cover loss or damage caused intentionally or due to wilful negligence.
- Terrorist Attacks
It doesn’t cover the loss or damage that results from terrorist attacks.
- Pollution or Contamination
Fire insurance for schools doesn’t provide coverage against damages caused by pollution or contamination.
- Consequential loss
Lastly, fire insurance will not cover losses that arise out of another kind of damage.
Tips to Consider While Choosing an Ideal Fire Insurance for School
If you want to choose the best fire insurance for school, ensure you keep the following things in mind;
- Don’t Overlook Assets
No matter what kind of school you own, always evaluate the kind of assets. These may include buildings, equipment, and other contents, to determine the appropriate level of insurance coverage required.
- Check Policy’s Terms
The second thing that you need to consider while choosing an ideal fire insurance is to carefully review the terms and conditions of the policy. Ensure you know about deductibles, inclusions, exclusions, claim process, and more.
- Compliance with Fire Safety Regulations
Remember that if you want to buy good fire insurance then ensure the insurance provider should have specific requirements regarding fire safety measures. These requirements may include fire extinguishers, smoke detectors, fire alarms, and other preventive measures. While you buy insurance, try to stay compliant.
- Seek Expert Guidance
Last but not least, buying fire insurance for schools isn’t a cakewalk. Thus, it is recommended to consult with insurance experts and brokers who specialize in evaluating these kinds of insurance policies.
How To file a claim process for fire insurance?
Though having fire insurance is mandatory for all schools, it would only be viable if you know how to make a claim. Here is a list of the steps to file a claim for your fire insurance.
- Inform the Insurer
In case of any accident, immediately inform your insurer without further delay. The earlier you inform, the higher the chances of claims getting approved.
- Request Claim Form
In the next step, talk to the insurance company about the necessary claim form and fill it out accurately and completely. Ensure you fill in the correct details for a smooth claim process.
- Don’t hesitate to Provide Information
Irrespective of the accident, always be transparent about disclosing the details of how the whole accident happened. If possible, try to include any evidence or documents to support the claim process.
- Estimate Loss
After that, ensure you give the insurer an estimated amount of the loss you’ve sustained. This helps them understand the extent of the damage and facilitates the claims filing process.
- Inspection of the Accident
In this part of the claim process, the insurance company will send a surveyor to evaluate the damage and the reason behind it. Ensure you cooperate with the investigator and assist them during the inspection.
- Final Claim Settlement
In the final step, the insurer will initiate the claim settlement process once the surveyor completes their assessment. The investigator will decide the amount of damages to be paid to you.
Documents required to file a file insurance claim
When it comes to filing a fire insurance claim, you will need to have the following documents in hand.
- Passport-Sized Photographs
- Copy of the Insurance Policy
- Fire Brigade Report on Damage
- Newspaper cutting of the accident happened
- Copy of the FIR
- Copy of the Previous Claim, if any
Frequently Asked Questions
Listed below are the frequently asked questions related to fire insurance for schools.
The cost of fire insurance for schools is figured out based on things like how much the school’s stuff is worth, where the school is located, what fire safety stuff they have, and how much coverage they need.
Yes, many insurance companies ask schools to have certain fire safety things like fire extinguishers and alarms to get good fire insurance.
Yes, even if a school has old buildings or is in a place where fires are more likely, they can still get fire insurance.
Yes, if something falls from a plane and damages a school, the insurance will help pay for fixing it.
No, insurance won’t pay for other losses like lost money from not being open or other related problems.
