Fire Insurance covers the financial loss happens due to harm of goods or belongings, caused by fire.
A fire insurance is a contract under which the insurer, during a specified period, agrees to indemnify the insured for the financial loss which may occur due to destruction of or damage to property or goods, caused by fire.
Means, It 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 or belongings caused by fire.
This loss may happen due to lightning, accidental fire, explosion or implosion, etc. and also man-made perils like overflowing or bursting of pipelines and water tanks, leakages from water sprinklers and so on.
It is a comprehensive Policy to cover your valuable assets.
Risk covered under this Policy :
- Fire
- Lightning
- Explosion / Implosion
- Aircraft Damage
- Riot, Strike and Malicious damage
- Flood, Storm, Tempest, Cyclone, Typhoon, Tornado, Hurricane and Inundation
- Impact damage
- Subsidence/Landslide/Rockslide
- Bursting, over-flowing of water tanks, piplines
- Leakage from automatic sprinkler installations
- Bush fire
- Earthquake
- Terrorism damage
- Removal of debris
- Loss of rent
- Loss of rent for alternative accommodation
Types of Fire Insurance Policies;
- Specific Policy
- Floating Policy
- Average Policy
- Excess Policy
- Valued Policy
- Valuable Policy
- Comprehensive Policy
- Consequential Loss Policy
- Sprinkler Leakage Policy
- Add on Covers Policy
- Escalation Policy
- Maximum Value of Discount Policy
- Declaration Policy
- Adjustable Policy
- Reinstatement Policy
- Escalation Policy