Standard fire and allied perils (SFSP) policies, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha, are available with insurers from Thursday for fresh issuance as well as renewal. “It’s a great step by the Insurance Regulatory and Development Authority of India (Irdai) in introducing these three new products. The wordings are simple to understand, and the coverage is much wider," said Sanjay Datta, Chief-Underwriting, Claims and Reinsurance, ICICI Lombard General Insurance.
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