Commercial Fire and Allied Perils Insurance

This insurance product provides protection to the physical assets such as buildings, furniture, electrical/electronic equipment, stocks against loss of or damage due to Fire and Allied Perils which are specified in the policy subject to exclusions, conditions and warranties of the Policy

What are the covers provided under this product?

Main peril : Fire & Lightning

Following perils are not covered under your Policy unless specifically mentioned in the Policy Schedule

  • F 01. Riot & Strike
  • F 02. Malicious Damage – Extension of the Riot & Strike Cover
  • F 03. Terrorism – Extension of the Riot & Strike Cover
  • F 04. Explosion – Domestic
  • F 05. Impact Damage – by vehicles or animals
  • F 06. Aircraft Damage – including damage by other aerial devices or any articles dropped from them
  • F 07. Cyclone, Storm and Tempest – includes typhoon, hurricane and tornado
  • F 08. Flood – Extension of Cyclone, Storm and Tempest cover
  • F 09. Bursting and overflowing of water tanks, apparatus or pipes
  • F 10. Earthquake and Volcanic Eruption – includes Tsunami
  • F 11. Sprinkler Leakage
  • F12. Spontaneous Combustion – Applicable to stock only
  • F13. Electrical Fire & Lightning damage to electrical appliances and installations

What is the Policy period?

Policy period is the validity period of the cover which a claim is payable. This period is stated in your policy schedule and this policy is renewable at the expiry of such policy period's

How much premium do I have to pay?

You have to pay the premium stated in the Policy schedule to our Head Office or any of the branch offices or through our web and we will issue you a payment receipt

What are the Major Exclusions under this Policy?

  • Loss by theft during or after the occurrence of a fire
  • Loss or damage to property occasioned by its undergoing any heating or drying process
  • Loss or damage occasioned by or through or in consequence of the burning of property by order of any public authority or Subterranean Fire
  • Loss or damage due to radioactivity from any nuclear fuel or from any nuclear installation, reactor or other nuclear assembly or nuclear component
  • Any weapon of war employing atomic or nuclear fission and / or fusion or other like reaction or radioactive force or matter.
  • War and the like
  • by pollution or contamination

Please refer the policy wording for full exclusion list

How can I renew the Policy or get any further information?

You can write to Manager Fire & Misc. Department, People’s Insurance PLC, No. 07, Havelock Road, Colombo 05 or call us on 011-2126126 or Fax us on 011-2126042 or email us on and give us your consent to renew or get any further information.

How can I cancel my Policy?

You can cancel the Policy any time by informing us the same and we will refund you a balance premium on customary short period scale given below.

3 days 05% of the Annual Premium
10 days 10% of the Annual Premium
1Month 20% of the Annual Premium
1½ Months 25% of the Annual Premium
2Months 30% of the Annual Premium
3Months 40% of the Annual Premium
4Months 50% of the Annual Premium
5Months 60% of the Annual Premium
6Months 70% of the Annual Premium
7Months 75% of the Annual Premium
8Months 80% of the Annual Premium
9Months 85% of the Annual Premium
10 Months 90% of the Annual Premium
11 Months 95% of the Annual Premium
12 Months 100% of the Annual Premium

No refund will be allowed if there is a claim paid under the Policy

We may cancel this Policy on grounds of misrepresentation, fraud, and non-disclosure of material facts or non-co-operation by You, by sending written notice by registered post to your last known address, and then we shall refund a pro-rata premium for the unexpired Policy Period.

What shall I do if there is a change in the Insured Risk?

Please inform us immediately so that we can make the necessary alterations to your policy (if any). Examples of the changes to the risk

  • Increase / decrease of the sum insured
  • Change of occupancy
  • Any other changes to the information provided in the Proposal Form

What shall I do in an event of a claim?

  • Call us on 011-2206306, as soon as you come to know the loss/ damage.
  • Report the incident to the nearest police station, as required by the law(in case of Burglary, Malicious Damage, Riot & Strike, Arson, Suspected Arson or if our Contact Center agent advises you)
  • We will arrange inspections as and when required.
  • You may also need to fill up the claim form which will be sent by Us and return it with other requested documents as soon as possible to keep your claim moving quickly.
  • Adjustment of loss /damage will be carried out by an appropriate loss adjuster depending on the type of loss
  • Loss will be adjusted in accordance with the terms of the policy and will be settled to the relevant party

What are Warranties and how does it affect me?

The Warranties are terms which are being imposed to your policy and it is mandatory that you comply with the same as it affects the validity of your Policy. The Warranties applicable to your policy are stated in your Policy Schedule.

What Shall I do in case of dispute?

We do our best to ensure that our customers are delighted with the service they receive from People’s Insurance PLC. If you are dissatisfied we have a procedure for resolving issues.

Contact our Complaints Handling Officer, giving details of your problem:
Address: No.7, Havelock Road, Colombo 5
Telephone: 0112 126 126
Fax: 0112 126 109

If you are not happy with the decision taken by Us, you may contact the Ombudsman / independent dispute resolution body
The contact details of the Ombudsman is given below:
Address: No 143A, Vajira Road, Colombo 5
Telephone: 011 452 8671, 011 250 5542

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