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 and financial institution, etc. should purchase a fire insurance policy. The premium for the […]

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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 term ‘hazard’ denoted a condition that increases the possibility of loss. Physical hazards in fire insurance […]

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What does All Peril Deductible clause in fire insurance mean?

All peril deductible clause in 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 clauses in fire insurance, the insurer will cover all the risks or perils, with a deductible clause. It means, that at […]

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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?

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 policies available along with office insurance policies for people in business. However, […]

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Tips to Buy the Right Fire Insurance Policy

Undeniably, fire insurance plays an imperative role by covering your losses or damages that may arise due to fire. It is strongly recommended to buy a fire insurance policy to cover your business and here are some of the tips which will help you choose the right policy- 1. Buy the right coverage– When it […]

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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 […]

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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 will be the cost of a fire insurance policy?

Fire Insurance is the perfect protection plan for your offices, home, and any other workplace. It protects your building, assets, furniture, and fixtures against a series of perils. Claims can settle under this policy either on the market value basis or on a reinstatement value basis. So, what will be the cost of a fire […]

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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 incurs. Due to the necessity to comply with the authority regulations. Such regulations can relate to the […]

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