If a person is covered under the Standard Fire and Special Perils Policy of National Insurance Company he is insured against any kinds of risks that may arise due to a breakout of a fire or any other risks that fall within that range. If the clients business is hampered or obstructed due to fire or its allies then he is paid back for all the losses he encounters by this policy.
The Standard fire and Special Perils Policy of National Insurance Company also covers the client for the losses due to delays or the increase in cost of working due to these dangers.
The client is repaid for his loss of gross profit which is the sum of his net profits, which is his trading profit excluding all charges except tax deductions, and insured standing charges. The standing charges are comprised of those payments which do not lessen when there is a low yield of profits in the business. The policy clearly states the time that it will be operational and that time is generally sufficient to restore the business completely. While the restoration is in progress the policy provides the client with an allowance so that he does not feel unemployed.
The sum of money one can invest in the policy depends on how much net profit the business made in the previous year and also the amount payable as standing charges.
The policy also offers its clients various benefits and add-ons and there are some exclusions in the policy which are stated in the document.