Fire Insurance Policy
Fire Insurance Policy provides coverage against damages caused by fire and allied perils to the insured property. It covers losses resulting from fire-related incidents, such as fire damage to – buildings, structures, contents and other assets.
Add-On
Extended Coverage - Extends coverage to include additional perils beyond fire, such as lightning, explosion, smoke damage, earthquake and vandalism
STFI coverage: Offers protection against damages caused by natural perils such as storms, tempests, floods, or inundation.
RSMD Coverage - Offers protection against damages resulting from riots, strikes, civil commotion, or malicious acts by third parties,
Business Interruption Coverage - Provides coverage for lost income and operating expenses if the insured business is temporarily unable to operate due to fire damage.
Replacement Cost Coverage - Offers coverage for the full cost of replacing damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.
Inflation Protection - Adjusts the coverage limits periodically to account for inflation and ensure that the insured property is adequately protected against rising construction and replacement costs.
Exclusions
1. Damages caused intentionally by the insured or policyholder.
2. Damages caused by acts of war.
3. Damages occurring while the insured property is unoccupied or vacant for an extended period, typically defined in the policy, unless special arrangements are made with the insurer.