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Fire Insurance
Fire Insurance
Manoj Verma Assistant Professor (Sr. scale) Maharaja Agrasen Institute of Management Studies E.mail: manoj5980@gmail.com
DEFINATION
Insurance against loss due to fire
Insurance-a promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company.
History
After the Great Fire in 1666 that devastated one third of London, reducing to ruins over 13,000 houses and 89 churches (including St. Pauls) it was realized that there was a need for the provision of compensation.
Fire Classifications
Class A fires - fires involving organic solids like paper, wood etc, as well as soft furnishings, fabric, textiles Class B fires - fires involving flammable liquids like petrol, oil or paints Class C fires - fires involving flammable gases Class F fires - fires involving cooking oil and deep fat fryers
Conclusion
After knowing the brief history, types, perils associated, advantages, barriers and precautions of fire insurance we conclude that: There is no way to face the risks of fire or to completely eliminate the factors of fire but we can be saved from the damages associated from fire through insurance. Fire insurance is a key to cover losses caused by fire. It cannot bring back your dear ones but try to overcome or to fill the spaces in the life of the heirs.