Importance of Fire Insurance Policy for Home, Office & Factory Owners

A fire insurance is one such policy in which an individual agrees to pay a certain sum of money to the insurer in exchange to get benefits for the fire losses. A fire insurance policy offers the comprehensive security for stocks, business buildings, home, etc. The policy offers financial security by covering losses or damages […]

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How is Proximate Cause Determined in a Fire Insurance Policy?

Proximate Cause is an important principle of insurance, which helps in deciding how the loss or damage happen and whether it is the result of an insured peril or not. The important point to consider here is that proximate cause is the only nearest cause and not the remote cause. It mainly revolves around the […]

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Which Perils Are Not Covered By Fire Insurance Policies?

The fire insurance policies do not cover perils mentioned below: Spontaneous combustion Burning of property by order of any Public Authority Property undergoing any heating or drying process Explosion of boilers (other than domestic boilers) Total or partial cessation of work Permanent or temporary dispossession by order of Government Normal cracking or settlement or bedding […]

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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 […]

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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 who 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 […]

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What is Contribution in Fire Insurance?

The principle of contribution 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 Agreement or conditions. The […]

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How Important is Fire Insurance for your business ?

Although, you may take great caution and use all the latest technology at your business premises, the possibility of accident cannot be entirely negated. Therefore, buying a fire insurance for your business is essential as well as recommended. Here are the few points that explain the importance of fire insurance for your business: The risk […]

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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. The following add-on covers are available with the fire insurance: Damage caused to the stock lying in the cold storage […]

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