A STUDY ON FIRE INSURANCE

GROUP – 2
Tausif ali 21DM022
Satyabrata nayak 21DM006
Saroj kumar khadanga 21DM005
Sonali pattnaik 21DM026
FIRE INSURANCE

Fire insurance is a legal contract between an insurance

company and the policyholder which guarantees that any
loss or damages caused to the policyholder's property in
a fire will be paid by the insurance company. Fire
insurance provides coverage against incidents of
accidental fire, lightning, explosion, etc.
IMPORTANCE OF FIRE
INSURANCE
A fire insurance policy provides comprehensive
protection against any damage caused due to fire
explosion, caused due to either movable or immovable
property
A fire insurance policy encompasses damages to the
properties, for instance, damage caused to an office
building furnishings, machinery, stock, etc. due to a
fire-outbreak.
Besides, fire-related perils, a fire insurance policy also
encompasses damages caused due to any.
TYPES OF FIRE INSURANCE
Specific Policy
Comprehensive Policy
 Valued Policy
Floating Policy
Replacement Policy
Consequential Loss Policy
CHARACTERISTICS OF FIRE
INSURANCE

Covenant of Good Faith

Covenant of Indemnity
One-year Policy
Insurable interest
Direct loss
Personal right
Personal insurance contract
Property description
INCLUSIONS UNDER FIRE
INSURANCE
Fire
Explosion
Aircraft Damage
Terrorist Activity, Riots/Strike
Natural Calamity
Landslide/Rockslide
Bursting/Overflowing of the Water Tank
Bush Fire
EXCLUSIONS UNDER FIRE INSURANCE POLICY

No cover for damages caused due to nuclear perils, nuclear waste or
radioactivity.
No cover for any damage/loss to any of the electrical machines, short
circuit, apparatus, leakage of electricity, etc.
No cover for loss/damage theft or expense incurred directly or indirectly
caused by any kind of terrorist activity are not covered by the policy.
No cover for damage due to war, invasion, civil war, commotion, mutiny
warlike situations, etc.
No cover for the damage/loss to the stock due to change in temperature;
loss or damage directly or indirectly by some of the natural disasters like
earthquake, volcano etc.
No coverage is provided under the loss of earning, loss of delay or
market loss, consequential loss.
ELIGIBILITY CRITERIA TO BUY FIRE INSURANCE POLICY

Anyone who possesses a building, furniture,

household articles and so on.
Retailers or shopkeepers, godown keepers.
Banks, financial, education, research institutes, and so
on.
Service suppliers including hotel owners, medical
clinics, lodging, clinics and so on.
Manufacturing and industrial firms, transporters.
ADD-ON COVERAGE IN FIRE
INSURANCE
Earthquake
Wreckage removal
Forest fire
Loss of rent
Start-up cost
Alternate accommodation
Unconstrained burning
Damage to stock due to change of temperature
Leakage and contamination cover
Architect, engineers, Surveyors consultation fee
Cover for molten metal spillage
Impact loss owing to insured’s own road/rail transit
TIPS TO FILE FIRE INSURANCE CLAIM

First things, in case of any unfortunate mishap wherein

you need to file a claim inform the insurer atthe earliest.
Furnish a detailed account of damaged [properties along
with an estimated cost for the equivalent.
It is imperative to cooperate with the surveyors if they
look forward to you for any kind of assistance
oradditional information.
Help the surveyor in every manner possible. It might
sound annoying but it is better to take a tour ofthe
damaged premises. This will enable a quick settlement
against the claim filed.
DOCUMENTS REQUIRED TO FILE
FIRE INSURANCE CLAIM
An authorised copy of the policy, which includes the
schedule and clauses.
The complete duly filled claim form.
In case, if the incident is published a proof to
substantiate the same such as a Newspaper proof.
Records of previous claims, if any.
Photographs
Report by the fire brigade.
Forensic report wherever is needed.
A copy of the final investigation report.
THANK YOU