Fire Insurance
It takes a lifetime for you to build business and personal assets like home, office, shop & factory etc., however, any mishap like fire can arise to destroy your house, business premises & factory. So, fire insurance policy that curtails financial losses due to fire to some extent. Irrespective of its size, every business needs a fire insurance policy.
Why do I need Fire Insurance?
A fire insurance policy covers all properties— moveable or immovable, against various listed perils to the potential risk of physical loss or damage.
What is the policy tenure of fire insurance policy?
The policy can be issued maximum for one year from the date of inception of the cover.However, policies for a period exceeding 12 months can be issued for ‘Dwellings’ for a minimum period of 3 years.
Which are the Occupancies can be cover by a fire insurance policy?
Fire policy can be issued to cover following occupancies :
Dwellings, Offices, Hotels, shops etc located outside the compound of industrial /manufacturing risks
Industrial/Manufacturing risks
Utilities located outside the compounds of industrial/ manufacturing risks
Storage risks located outside the compound of industrial/manufacturing risks
Tank farms / gas holders located outside the compound of industrial risks which have monetary value
Does fire insurance cover for Jewellery and valuables?
Yes, Fire insurance policy can issued for jewellery and valuables for sum insured of Rs.10,000/- only. But for the same All risk Insurance policy is more suitable.
Is burglary insurance required also while buying fire insurance?
It is always a good option to buy burglary insurance with fire insurance as it would cover your property against risks of burglary, house-breaking and theft.
Some events of major fire losses in India?
November 8, 2016: A total 150 shops were gutted after a fire broke out in Jama Masjid area in Delhi.
May 23, 2017: A major fire destroyed over 50 shops and goods worth crores in Chandni Chowk in Old Delhi.
May 24,2019: The fire which engulfed the four-storey building started at the ground floor, forcing students to take cover at roof. At least 22 students were killed, either due to suffocation or falling off the windows in an attempt to escape fire
