Fire Insurance

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Online policy copy

Policy copy will be emailed. This can also be accessed via securenow.app login

Instant risk confirmation

Risk coverage gets started immediately on proposal form submission, if no claim has been reported.

Experienced medico-legal panel

High quality lawyers, with experience of medical negligence cases, take-up cases on Doctor’ behalf

Single point interface for claims

Dedicated liability claims expert coordinates claims between the Doctor, lawyer and the insurer

Timely renewal reminders

Automated reminders and sent 3 weeks before renewal. Premium can be easily paid online

Digital proposal form and payment

Buying process is completely digitized including supporting documents. No need to submit hard copies.

Frequently Asked Questions

Fire insurance is a policy which provides a comprehensive coverage to the policyholder against any damage and losses incurred by fire. This policy helps to recover the cost of replacement, repair, and reconstruction of the damaged property.

Fire insurance is helpful and useful for the individual who owners a property and wish to secure it from fire. Following are some examples of individuals for which fire insurance is a must.

Homeowners

Small and medium enterprises

Business owners

Renters

Healthcare centers

Warehouses owners

Generally, after a fire incident has occurred and you’ve already claimed for it, if there is a new policy that you want to place or renew your policy, the insurance company appoints a risk engineer who inspects the premises for potential fire hazards. Post the reports and details submitted, you’ll be eligible to opt for another fire insurance for your property and goods.

Having fire insurance protects your property and goods from the known and unknown perils of fire and other hazards. But fire insurance doesn’t cover for willful damages, so it’s important that we take utmost precautions in and around our property and goods both for the safety of the business and for the people working in the premises. God forbid, if even after much precautions there is any fire mishap, then your fire insurance will definitely safeguard your property and goods.

No, negligence is not covered under fire insurance policy. Deliberate, willful or intentional act or omission are not covered under the fire insurance policy.

Fire insurance and home insurance are two different types of insurance. The main difference between fire insurance and home insurance is that fire insurance compensates for damage caused by fire, lighting, thunder and smoke. Which happens only due to fire. Home insurance covers damages due to natural calamity, man made disasters, fire, and burglary and others. Also, the premium rates for home insurance are on a much higher rate as compared to fire insurance.

The premium of your fire insurance is calculated on the basis of risk that includes location of property, past claim settlements, size of your property, nature of business etc. In addition to these, if you opt for any add-ons then the premium will increase.

Sum insured under a fire policy is decided by the proposer or the policy owner. They can choose to get insured either on the basis of the Market value (M.V) of the assets or Reinstatement value basis (RIV).

MV policy method: in this method, in the event of any loss, a depreciation is levied on the asset depending on its age.

RIV method: in the RIV method, the insurer will pay the cost of replacement subject to the ceiling of the sum insured and no depreciation is levied. One condition is that the damaged asset should be repaired / replaced in order to get the claim. RIV policy is allowed only for fixed assets.

Note: The proposer has the option to choose MV or RIV basis and has to specify the same in the proposal.

Yes, the sum assured can be enhanced or reduced during the current policy period.

All leading insurance providers in India can provide you with a fire insurance policy. Some of the leading private players are: Bajaj Allianz, Reliance, Chola. Some of the leading PSUs in this field are: National Insurance, Oriental Insurance, New India Assurance.

A fire insurance policy is a group policy that requires personalization based on your needs and requirements. While the request for buying an online fire insurance policy is possible, the fulfillment of the same happens offline. We request you to share your name and contact details with us, and a fire insurance expert will get in touch with you to understand your needs and advise you with the best fire insurance policy that suits your requirements.

Some of the major exclusion sunder a fire insurance policy are:

Damage due to nuclear attacks or radioactivity

Damage/loss due to electrical machines, short circuits, leakage of electricity, etc.

Damage/loss caused directly or indirectly due to war, invasion, or terrorist activities

Damage/loss directly or indirectly due to natural calamities like flood, volcano, earthquake, etc.

Damage/loss due to loss of earning, loss of delay or market loss, consequential loss

Note: This is just an indicative list, the policy copy will have exact exclusion details.

Simple risks like dwellings, hotels, etc., do not require any pre-acceptance inception. However, for highly hazardous risks like textile mills, manufacturing units, etc., the insurance proposal is generally accepted after an inspection by a risk engineer.

To get a fire insurance claim, the first thing you should do is to inform the insurance company and our experts. Secondly collect all the necessary documents like previous year’s policy copy, claim form and photography for the proof of damage. Thirdly a surveyor will be appointed by the insurance company, you are requested to help him in the examination. And on the basis of the surveyor's report and the documents provided by you the claim will be settled.

After submission of all the necessary claim documents and surveyor’s report the insurance companies settle the claim within 30 days.

Insuropedia

How to increase fire insurance adoption of homes and small businesses?

What is more risky to insure – 100 warehouses having inflammable chemicals in 100 drums each or one warehouse with 10,000 drums of the same material? All things remaining equal, which portfolio will lead to a larger loss from fire? Some may prefer the diversified base of 100 warehouses because a minor incident of fire in the latter can quickly snowball into a total loss of 10,000 drums. Risk professionals refer to this as severity risk: the possible extent of loss in case of a claim...

How does fire insurance claim settlement vary between reinstatement clause and market value policies?

We have discussed below the two bases of claim settlement that can be opted in a fire insurance claim settlement :

Market value basis – the default one and

Re-instatement value basis

To explain how does the claim settlement works in the above cases under Fire Insurance, let us start with an example on a Market value basis...

What is reinstatement clause in Fire Insurance?

Fire insurance policies often come with a reinstatement value clause in them which determines the methodology of claim settlement. Under the reinstatement value clause, the damaged property is replaced by a new property of the same type. This clause is also called the ‘New for old’ clause as the insurance company is liable to pay for reinstating the damaged asset with a new asset...