What are the Utilities in Fire Insurance?

The purpose of a fire insurance policy is to shield you from various losses or damages which can arise after a fire accident. In this case, if you would have a fire insurance policy, you can approach the fire insurer who would settle your claim and thus, curtail your financial expenses to a great extent. […]

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What is local authority clause in fire insurance?

A local authority clause in the fire insurance policy extends to cover the additional cost of reinstatement of the destroyed or damaged property that has been insured accordingly. This clause comes to effect when such an additional cost is incurred due to the necessity to comply with the authority regulations. Such regulations can be related […]

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What is earthquake extension clause in fire insurance?

A fire insurance policy covers for the loss or the damage caused to the property due to fire. A standard policy provides the insured, the coverage against the perils as mentioned in his policy documents. Some of the perils are fire, lightning, aircraft damage, storm, typhoon, hurricane etc. However, the policy does not cover the […]

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What is the average clause in fire insurance?

A fire insurance policy has an average clause mentioned in it which takes care of the cases of the under-insurance. In the fire insurance policy, if the assets are insured for less than their full value, the insured is required to bear a proportion of the loss according to the average clause mentioned in the […]

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What are the 12 perils of standard fire insurance policy?

A fire insurance policy is a contract between the policyholder and the insurance company to indemnify the insured for the financial losses suffered due to the destruction or the damage of the property/goods caused by fire. The special feature of fire insurance is that it covers all the movable and the immovable properties like buildings, […]

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What are the physical hazards in fire insurance?

The insurance industry uses the terms like risks, perils and hazards to differentiate between various conditions of insurance. The possibility of loss is denoted by the term ‘risk’, whereas the term ‘peril’ denotes the cause of the loss. The condition that increases the possibility of the loss is denoted by the term ‘hazard’. Physical hazards […]

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What does All Peril Deductible Mean?

All peril deductible clause in a fire insurance is a situation where all the risks are covered. The policy is much closer to what a comprehensive insurance policy is. In case of all peril deductible clause in a fire insurance, the insurer will cover all the risks or perils, with a deductible clause. It means, […]

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What Can Perils be Added to a fire insurance policy?

A fire insurance policy plays a crucial role by protecting the policyholder against various losses or damages which may arise due to fire. Along with the perils/expenses which are covered, there are certain coverages available which a policyholder can enjoy at inception or during the tenure of the policy. However, the policyholder would require paying […]

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What is the Scope of Fire Insurance Policy?

A fire insurance plays an imperative role by shielding you against various types of losses or damages which may arise due to fire. Moreover, a fire insurance policy can be purchased by both households and business owners. Here we are talking about fire insurance policy available along with office insurance policies for people in business. […]

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