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 […]
Articles Tagged: Fire Insurance plans
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 type of covers available with a fire insurance policy is as follows: Damage caused to the stock lying in […]
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: […]
How to file claims under a Fire Insurance policy in India?
If a misfortune befalls, take the following steps immediately: Inform losses or damages immediately to the insurance company so that a competent surveyor can come to ascertain total losses Give the estimated figures of damages Give full corporation to surveyors by giving them all the necessary documents for assessment of the loss Corporate with the […]
Different Principles Applicable to Different Types of Fire Insurance Policies
A fire insurance policy compensates the policyholder for the loss or damage arises due to fire. It gives financial security to the insured by shielding him/her from losses or damages caused by fire. Various principles govern a fire insurance policy, let’s have a look at them – 1. Principle of Insurable Interest – It is […]
Who Should Buy a Fire Insurance Policy?
Any individual, firm, organization, or institution can apply for the 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 […]
How Do the Insurance Principles Apply to Fire Insurance Contracts?
A fire insurance policy offers protection against losses or damages that may arise due to a fire accident. Like in the case of other insurance contracts, insurance principles are applicable to fire insurance contracts. Here are some ways through which insurance principles apply to fire insurance contracts – 1. The complete disclosure of information – […]