Is it justified only Earthquake peril for the Plinth & Foundations?
Under the Standard Fire & Special perils Policy, the Buildings are either covered above plinth level or when Plinth & Foundations are covered , EQ peril is taken with the presumption that only due to this peril , the P & F’s are likely to be affected. The insurance companies too , in their quotes , suggest taking only the EQ risk for plinth & foundations. However , the scenario has changed altogether for many type of industries ,
particularly the Textile Mills , where large number of cables pass under the foundations
and in the event of any loss due to other perils like Fire & STFI , the claim payment is likely to be jeopardized. Therefore , in respect of Plinth & Foundations ,it is imperative to quote the rates for all perils and not confine the same to EQ only.