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 […]

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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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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. Some of the properties that are covered under the policy are: Building: Both under construction and completed projects Interiors, partitions, and electrical Plant & Machinery, equipments and […]

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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 […]

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Fire Insurance Policy- A Savior during Fire Damage

The start neither the eventual consequence of a fire can be predicted or known; because of which it is difficult to be prepared before hand for a fire or its consequences; and the only thing a person can do is to get protected to a certain limit by getting financial protection before hand through an […]

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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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Which Expenses Are Covered by The Fire Policy?

A fire policy provides a cover for any losses occurred due to fire to property, stock, or assets. A fire insurance policy is a comprehensive policy that works as a contract between the insurer and the insurance company (see “What is Fire Insurance Policy?” here). It offers compensation for the losses that take place due […]

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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. All the movable and the immovable properties like buildings, plant & machinery, equipments & accessories, stocks, and other contents […]

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