Any individual, firm, organization, or institution can apply for a fire insurance policy. Given below is a list of people or entities who should buy a fire insurance policy: Owners of buildings and the owners of the content inside the building which includes artifacts, furniture, etc. Educational Institutions Shopkeepers Industrial or Manufacturing firms Godown keepers […]
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Which Perils Are Not Covered By Fire Insurance Policies?
The Perils not covered by fire insurance policies are mentioned below: Spontaneous combustion Burning of property by order of any Public Authority Property undergoing any heating or drying process The explosion of boilers (other than domestic boilers) Total or partial cessation of work Permanent or temporary dispossession by order of the Government Normal cracking or […]
Which Assets are Not Covered by The Fire Insurance Policies?
Any individual with an insurable interest in a property should purchase a fire insurance policy. The policy is a comprehensive cover that provides for losses incurred due to a fire. Any individual who owns a property, plant, manufacturing unit, stocks, bank, financial institution, etc. should purchase a fire insurance policy. The premium for the policy […]
How is Indemnity Estimated in Fire Insurance?
The principle of indemnity ensures that there is no profit to the insured after the claim, and he/she only retains his/her financial position as it was before the loss. Estimation of indemnity will consider all the ways and methods to ensure this application in every insurance contract including fire Insurance. Indemnity is estimated in Fire […]
How to file a claim under Fire Insurance?
In the event of a fire accident, it is important to intimate the damage to a surveyor immediately which will help you minimize the loss and to start the procedure of filing a claim. The entire process is mentioned below: Provide a detailed account of all the properties damaged and the estimated amount Provide any […]
What is Contribution in Fire Insurance?
The principle of contribution in Fire Insurance policy was born out of the principle of indemnity in general insurance policies. It applies when multiple policies cover: The same property & The same peril In such a case, the total payable claim for the loss is proportionately divided among all the insurers based on their Contribution […]
How to decide the sum insured under a fire insurance policy?
The most important aspect of a fire insurance policy is the sum insured. The sum insured under a fire insurance policy should ideally represent the market value of the property/asset. If insured more than one property in the policy, should provide and divide values for each block into: Stocks, Buildings Plant and Machinery, furniture, or […]
How important is fire insurance for your business?
Although you may take every precaution and use the latest technology to ensure the safety of your business premises, you cannot completely rule out the possibility of an accident. Thus, fire insurance is both essential and recommended for your business. Why is fire insurance important? To understand the importance of fire insurance for your office […]
Type of useful covers you can add to your Fire Insurance Policy
Apart from the perils that are covered by the standard fire insurance policy, you can opt for add-on covers with your fire insurance policy to cover additional risks upon payment of the additional premium amount. Add-on covers, also known as riders, can be added to your fire insurance policy to provide additional coverage for specific […]
What is covered under a Fire Insurance Policy?
A fire insurance policy covers all properties— moveable or immovable, against various perils. The fire insurance policy has been renamed as the standard fire and special perils policy. So, in this article, we must discuss what is covered under a Fire Insurance Policy. Some of the properties covered under a fire insurance policy are: Building: […]