FIRE, IAR & LOP

CONTENTS
FIRE INSURANCE
INDUSTRIAL ALL RISK
BUSINESS INTERRUPTION -LOP

FIRE INSURANCE
STANDARD FIRE POLICY PROVISIONS

FIRE & ALLIED PERILS INSURANCE

Fire policy is location oriented- property is covered at stated location only
The address is very important.
Fire policy is generally issued on annual basis.

THIS INSURANCE IS MEANT FOR:

Buildings
Plant and machinery
Furniture, fixtures and fittings
Other contents
Electrical installations
Stocks of raw materials and finished goods
Stocks in process

WHO CAN TAKE THE POLICY?

Those who are having insurable interest in the property
Owners
Lessor/lessee Mortgagors/mortgagees
Bailees
Trustees
Financial institutions that have advanced loans against the property.

COVERAGE OF FIRE POLICY:

The policy covers 12 perils (fire and other 11 perils. Other perils may or may
not be of fire nature.)
They may be chemical fire, Act of God Perils, Social Perils and other
miscellaneous perils.
Essential Features of Fire:
Fire should emanate from actual ignition
It should be accidental in nature
There should be something which ought not to be on fire