The insurance industry uses the terms like risks, perils, and hazards to differentiate between various conditions of insurance. The possibility of loss is denoted by the term ‘risk’, whereas the term ‘peril’ denotes the cause of the loss. The term ‘hazard’ denoted a condition that increases the possibility of loss. Physical hazards in fire insurance […]
Articles Tagged: Fire Insurance
How is Indemnity Estimated in Fire Insurance?
The principle of indemnity ensures that there is no profit to the insured after the claim, and he/she only retains his/her financial position as it was before the loss. Estimation of indemnity will consider all the ways and methods to ensure this application in every insurance contract including fire Insurance. Indemnity is estimated in Fire […]
What does All Peril Deductible clause in fire insurance mean?
All peril deductible clause in fire insurance is a situation where all the risks are covered. The policy is much closer to what a comprehensive insurance policy is. In fire insurance, all perils are covered by the insurer with a deductible clause for the policyholder. At the time of a claim, the insurer bears a portion […]
What Makes It Important to Have a Fire Insurance for Your New Office?
Congratulations on your new office! Indeed, it is a result of your hard work and a big achievement for you. Though you might have done everything to beautify its interiors, have you protected it from the fire? You might counter this question by saying that you have installed various fire safety equipment, like a fire […]
Important characteristics of a Fire Insurance Policy that the policyholder should know
Fire insurance is a contract between a policyholder and the insurance company in which the insurer agrees to compensate the insured in case of loss or damage happens to a particular property due to fire. The premium is also pre-decided and the insurer compensates for the loss up to the insured amount only. Important characteristics […]
What Perils can be Added to a fire insurance policy?
A fire insurance policy plays a crucial role by protecting the policyholder against various losses or damages which may arise due to fire. Along with the perils/expenses which are covered, there are certain coverages available that a policyholder can enjoy at inception or during the tenure of the policy. However, the policyholder would require paying […]
How to file a claim under Fire Insurance?
In the event of a fire accident, it is important to intimate the damage to a surveyor immediately which will help you minimize the loss and to start the procedure of filing a claim. The entire process is mentioned below: Provide a detailed account of all the properties damaged and the estimated amount Provide any […]
What is the Scope of Fire Insurance Policy?
Fire insurance plays an imperative role by shielding you against various types of losses or damages which may arise due to fire. Moreover, a fire insurance policy can be purchased by both households and business owners. Here we are talking about fire insurance policies available along with office insurance policies for people in business. However, […]
Tips to Buy the Right Fire Insurance Policy
Undeniably, fire insurance plays an imperative role by covering your losses or damages that may arise due to fire. It is strongly recommended to buy a fire insurance policy to cover your business and here are some of the tips which will help you choose the right policy- 1. Buy the right coverage– When it […]
What is Contribution in Fire Insurance?
The principle of contribution in Fire Insurance policy was born out of the principle of indemnity in general insurance policies. It applies when multiple policies cover: The same property & The same peril In such a case, the total payable claim for the loss is proportionately divided among all the insurers based on their Contribution […]