A fire doesn’t only entail huge financial damages, but it also becomes daunting to combat with its consequences. So, having a fire insurance policy is necessary to curtail the financial implications of fire.
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What is Fire Insurance?
Fire insurance is a type of insurance that provides coverage if your property gets damaged or destroyed due to fire. Basically fire insurance policy in India is a contract under which the insurance company pays money as compensation if your properties are destroyed or damaged in fire. In other words, this insurance is designed to cover the insured for loss or damage to buildings and personal property by fire. Fire insurance policies not only provide coverage for the expenses incurred for the reconstruction, replacement and repair of the insured property, but also the nearby structures. Furthermore, this fire insurance plan also provides protection for the people whose life or livelihood is affected due to property damage. As per standard plan of fire and special perils plans, all the movable and permanent properties on land can be insured. Various types of possessions can be insured under fire insurance policy in India, like industrial buildings, dwellings, offices, shops, places of worship and their contents, shops, shopping malls, clinics, hospitals, apartments, private houses and many more.
What does Fire Insurance cover?
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Benefits of Fire Insurance:
- Fire insurance works under the principle of indemnity. This means under fire insurance, the insured will be compensated for the loss up to a certain limit subject to the maximum sum insured.
- The policyholder should have insurable interest with the subject-matter of the insurance contract at the time of buying as well as in case of loss.
- Under a fire insurance policy, the insurance provider covers the risk of damage/loss caused by fire or any use, which is close to the reason for such loss.
- Fire insurance comes with a one-year tenure. The policy lapses automatically after one year unless it is newed.
Features of Fire Insurance:
- Insurable Interest: Fire insurance demands the insured to have an insurable interest in the property to be insured. The insurable interest is the basic of having fire insurance, which makes the insurer eligible for ensuring insurance benefits in case of loss. It should exist both at the time of buying insurance and while claiming your insurance.
- Utmost Faith: Fire insurance deal is based on the principle of greatest good faith, which demands no secrets to keep. This compels the insured to disclose all important points with regard to the subject-matter of the fire insurance policy so that the insurer can have a proper analysis of risks associated. The insured should give all the related information pertaining to location, construction of the property, the probability of fire incident etc. however, the insurance company has all rights to terminate the contract if any important point is not disclosed.
- Likewise, the insurer should give the complete details of the policy without hiding about the clause or hidden charges.
- Contract of Indemnity: The policyholder can claim up to the sum insured offered under fire insurance. In case there is no loss, no claim will be entertained.
- Personal Insurance Contract: As fire insurance provides financial protection to the property, the involvement of the insured is inevitable. Thus, it is necessary for the insurance provider to keep an eye on every behaviour of the insured, Moreover, the insured can’t make any change in the policy without the consent of the insurer. Even if the possession is transferred to a third-party and the insurer is not informed, it has complete authority to terminate the policy right away
- Personal Right: The person whose name is mentioned in the fire insurance contract as the policyholder is eligible to receive the insured amount in case of any loss or damage.
- Direct Cause of Loss: The only condition to avail the benefits of fire insurance is that fire should be the immediate and direct cause of the loss or damage for which the claim arises.
- Description of Property: The true description of the property at the time of buying insurance should be mentioned in the fine print. It is important as the insurer compensates the claimed amount only if the accident happens at the mentioned location. Any change in the location will lead to claim rejection. If there is any change, the same needs to be intimated to the insurer.
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The importance of Fire Insurance.
Fire accidents are unanticipated and destructive. A fire insurance policy gives the financial security for home, furniture, shares, and other business assets. The policy acts as a saviour by providing the actual value of the property in case of fire damage. Therefore, by owning a fire insurance policy in India, you can provide the utmost financial shield to your business.
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