Fire Insurance

Need for Fire Insurance:

• The existence of material property susceptible to damage or destruction by fire or other peril.
• The intrinsic value of material property measurable in monetary terms.
• Financial losses resulting from damage or destruction of material property and consequential losses.

Insurable Property:

The fire insurance policy covers the following assets:

• Buildings
• Electrical installations in buildings
• Contents of buildings (machinery, equipment, etc.)
• Goods in factories, godowns, or the open
• Furniture, fixtures, and fittings
• Pipelines (including contents) within or outside compounds

Insured Perils:

• Fire
• Lightning
• Explosion/Implosion
• Aircraft Damage
• Riot, Strike, Malicious, and Terrorism Damage
• Storm, Typhoon, Hurricane, Tornado, Flood, and Inundation
• Impact damage
• Subsidence and landslide including rockslide
• Bursting and overflowing of water tanks, apparatus, and pipes
• Missile testing operations
• Leakage from automatic sprinkler installations
• Bush Fire
• Earthquake (Add-on cover)

Exclusions:

Refer to the detailed policy wordings for a list of exclusions.