Lack Of Safety Can Extinguish You
Be Aware, Common Sense.
Features
Compensation for Fire losses
Covers damages and losses from housebreaking or burglary
Covers valuables, jewellery, cash, and securities
Covers damages to stocks and furniture in the premises
Contract of Indemnity
Benefits
- Personal Insurance Contract
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Fire insurance contract is personal contract between insurer and insured. The inclusion of insured is inevitable as he is involved with property. Insurer is required to continuously monitor and keep all information about activities of insured. Without insurer consent, insured cannot bring any changes in insurance policy. Insurer need to be informed in case of transfer of possession of property by insured. If insured transfers property without informing insurer, insurer has full rights to terminate the insurance contract.
- Full Description Of Property
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Under fire insurance contract, the person willing to take policy is required to disclose true and fair information about property. Any misrepresentation of facts will make the insurance contract void. All information like location of property, its contents and various other details should be mentioned clearly in policy documents. For claiming compensation it is must that any loss or damage to property occurs only at mentioned location. Change in location will not be considered unless and until insurer is informed of such change prior to occurrence of such losses.
- Fire Only The Cause Of Loss
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Fire is only cause for losses and damages to insured property which is considered under fire insurance contract. Insured can claim compensation from insurer for losses caused by fire. The fire must be actual and accidental. Damages or losses due to heat or smoke are not covered under losses by fire. Insurer is not liable to pay any compensation to insured if losses occurred due to some other reason other than fire.
- Personal Right
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The compensation for losses or damages to property can only be claim by the person who name is mentioned in policy documents. Under fire insurance, the mentioned person is eligible to receive the compensation amount from insurance companies.
- Utmost Good Faith
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Fire insurance contract is governed by the principle of utmost good faith. It means that no secrets should be kept and all facts should be disclosed fairly about property by insured to insurer. Insured should not misrepresent any details regarding property. Proper information regarding the property will enable the insurer to calculate the right amount of premium to be charged from insured. Insurer is also required to explain clearly all terms of contract to insured. Insurer has the right to terminate the contract if he found that insured has conceal some information regarding property from him at time of forming contract.
- Principle Of Indemnity
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Fire insurance contract are meant to indemnify the losses or damages caused due to fire. Under this contract, insurer agrees to compensate insured for losses due to fire in return for premium. Insurer will compensate only if losses occurs by fire accidents and that too up to the insured amount. In case if no damages or losses occurs insurer will not be liable to pay any amount to insured.
- Insurable Interest
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Having insurable interest in property to be insured under fire insurance is must for person seeking fire insurance policy. Person must have some vested interest in it and must be affected by existence and non-existence of such property. He is eligible for taking insurance benefits under fire insurance policy only if he has insurable interest. Such insurance interest should exist both at the time of taking insurance policy
Riders
- Spontaneous combustion
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It covers the combustion caused by fuels, own fermentation, or natural heating.
- Earthquakes fire and shock
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Covers damages caused by earthquakes, landslides, and rockslide.
- Terrorist activity
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It provides for any damages that are caused to the business due to terrorist activities.
- Any cost of removal of debris (more than 1% of claim amount)
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Any cost incurred to remove debris following the damage or destruction due to fire is covered by this add-on.
- Architects, surveyors, consulting engineer's fees (more than 3% of claim amount)
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These expenses are included in this add-on if they incurred in case of reinstatement of the huildina
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