It's wise to always protect your key assets against any losses from theft, fire, and other perils
CLICK EYE TO SEE WHY FIRE COVER IS MUST
Why do you need Fire Insurance?
A fire insurance coverage not only covers the loss or damage to the building but also helps in replacing the goods that caught fire. The insurer also provides for the maintenance charges^ for those damaged machines and equipment during the fire. Fire insurance is a kind of contract between the insurance company and the insured, where the insurer assures. The policy helps the insured to cover the risk of loss of property by accidental fire cases, in exchange for an annual premium.
A fire insurance policy coves damages to the property due to fire- realted risks along with damages caused due to natural calamity, explosion, and more such perils.
Following things should be considered while deciding how much fire insurance is to be taken:
>Cost of raw and finished stock in premises
>Cost of building
>Cost of valuables, furniture and fittings at premises
>Cost of plant and machinery, and other important assets
>Cost of other reinstatement losses in event of damages
Cover huge losses or damages
Fire causes flame and smoke which can damage your office or its content. Even the water used to douse flames can destroy the office building and stocks and other goods kept there. A fire insurance policy will help in covering losses or damages and, thus, ensure your business stays afloat.
Share financial burden
If you don’t have a fire insurance policy, you would have to pay for all the losses or damages from your pocket.
There would be no one for your assistance. In some situations, a fire can lead to the complete closure of your business also. It can lead to a financial crisis which can make it tough to rebuild the office and procure machinery and other items.
Temporary accommodation
In some situations, a fire insurance policy also arranges for alternative accommodation for your business in case it is damaged by a fire. Thanks to a fire insurance policy, you can continue serving your clients.
Replace damaged goods
A fire insurance coverage not only covers the loss or damage to the building but also helps in replacing the goods that caught fire. The insurer also provides for the maintenance charges for those damaged machines and equipment during the fire.
Give a sense of security
The existence of a fire insurance policy in case of uncertain risks like fire gives you inner peace and satisfaction. Even if a fire occurred and you suffer losses, you are satisfied because you have a fire insurance policy and the insurer will reimburse your losses.
What Is Fire Insurance?
The term fire insurance refers to a form of property insurance that covers damage and losses caused by fire. Most policies come with some form of fire protection, but homeowners may be able to purchase additional coverage in case their property is lost or damaged because of fire. Purchasing additional fire coverage helps to cover the cost of replacement, repair, or reconstruction of property above the limit set by the property insurance policy. Fire insurance policies typically contain general exclusions such as war, nuclear risks, and similar perils.
When you need fire policy?
You may need fire policy in case following events happens
Due to any sort of fire, implosion or explosion
Due to any damage incurred due to air craft
Due to any natural calamity such as flood, typhoon
Due to any damage to property in case of landslide
Due to damage caused by riots or strikes
Due to damage with wild fires
Due to damage to property because of missile testing operations.
The Exclusions
Of Fire Risk
Cover
Exclusions Under Fire Insurance Policy
Damages due to nuclear perils, nuclear waste or radioactivity.
damages due to war, invasion, civil war, commotion, mutiny warlike events.
damages caused by any kind of terrorist activity.
damages/loss to any electrical machines, short circuit, apparatus etc.
damages to stock due to change in temperature.
no coverage for loss of earning, loss of delay or market loss or consequential loss.
Due to damage to property because of missile testing operations.
Don't Worry
You have
OPTIONS...
Add -on riders to cover the exclusion under standard policy
Wreckage removal clause rider.
Forest fire clasue rider
Alternate accomodation clause rider
Earthquake clause rider.
Damage to stock due to change in temperature clause rider.
Impact loss due to road/rail transit clause rider.
Architect, engineers, surveyors consultation fee clause rider.
and much more..