What is covered under standard fire policy?
Standard Fire insurance covers a policyholder against loss by fire and damage from several other sources. These include fires brought about by electricity, such as faulty wiring and gas explosions, as well as those caused by lightning and natural disasters.
How many conditions are in a fire policy?
There are fifteen conditions in the policy.
What is valued fire policy?
Valued Policy: Under Valued Policy, the value of a subject matter is decided, upon which the insurer pays if it is destroyed or damaged. This policy doesn’t work on the principle of indemnity. The agreed value that is compensated can be more or less than the market price.
What is not covered under fire insurance?
Exclusions Under Fire Insurance Policy in India 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.
Which of the following perils are not covered under the standard fire policy?
The violent destruction caused to the property or goods due to the above-mentioned perils is covered by the fire insurance policy. However, the policy does not cover earthquakes, volcanic eruptions, or other perils of nature under the standard peril list.
What are 12 perils of fire insurance?
Perils Covered: Aircraft damage. Riot, Strike, Malicious damage (RSMD Perils) Storm, Tempest, Flood, Inundation, Hurricane, Cyclone, Typhoon and Tornado.
What is average policy?
Average policy refers to a policy followed in fire insurance which states that the insurance company will only pay the rate able proportion of loss which means that if the sum insured is less than the actual amount of loss then the insurance company will only pay to sum of the assets which were insured and occurred …
What is fire insurance what matters are covered by fire insurance?
Fire insurance is a type of insurance to protect your personal property such as office, shop, home, factory, and apartment buildings, from any losses or damages caused by a fire. Fire insurance is an agreement between an insurance company and the policyholder.
Which principle of insurance is more relevant under fire insurance?
Proximate cause is very important in fire insurance. The principle of proximate cause has already been discussed in detail. The insurer always takes the proximate cause while paying the claim.
Which risk is not covered under standard fire and special perils policy?
Perils not covered: Riot, Strike or Malicious Damage losses arising out of: total or partial cessation of work. Permanent or temporary dispossession resulting from order of the Government.