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Fire & Allied Perils Insurance
Fire & Allied Perils Insurance: Protect our Property From Fire Damage
Fire & Allied Perils Insurance is a type of property insurance that provides coverage for damages or losses caused by a range of perils, with fire being the primary focus.
This type of insurance is designed to protect against financial losses resulting from the destruction or damage of property due to fire and other specified perils. Here are key points to understand about Fire & Allied Perils Insurance:
Primary Coverage – Fire
The primary focus of this insurance is on coverage against damage or destruction caused by fire. It includes protection for the insured property, such as buildings, contents, and assets, against fire-related risks.
In addition to fire, these policies typically cover a variety of allied perils or additional risks. These can include perils such as lightning, explosion, earthquake, flood, storm, riot, strike, malicious damage, and impact damage (e.g., damage caused by vehicles).
Named Perils Coverage
Fire & Allied Perils Insurance is often a named perils policy, meaning it specifically lists the perils covered. The policy will detail the events or circumstances under which coverage is provided.
Coverage for Fire and Allied Perils
The fire insurance policy covers both immovable and movable property, including buildings, plant and machinery, furniture, fixtures, fittings, contents, stocks / stock in process, raw material, goods held in trust or in commission, including stocks at suppliers’ / customers’ premises, and machinery temporarily removed from the premises for repairs due to fire or any of the perils listed below: lightning.
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Frequently Asked Questions
Why is fire insurance crucial for my business?
Fire insurance provides vital financial protection, safeguarding your business against unexpected losses due to fire and other allied perils. It ensures that sudden mishaps, such as the loss of property, stocks, and machinery, do not translate into financial catastrophes by offering monetary assistance for rebuilding and restoring destroyed properties.
What compensation options are available in the event of a loss?
Fire insurance offers flexible compensation options. In the event of a partial loss, payments for repairs or replacements are provided. Policies with a reinstatement value provision reimburse the cost of reinstatement upon completion, subject to the overall sum insured. The insurance company may also choose to repair or replace the damaged property.
What types of perils are covered under fire insurance?
Beyond fire damage, fire insurance protects your assets against a spectrum of perils, including lightning, explosions, aircraft damage, riots, land slips, storms, cyclones, and more, ensuring that your business is shielded from various unforeseen events that could disrupt operations and financial stability.
Does fire insurance cover both movable and immovable property?
Yes, fire insurance covers both immovable and movable property, such as buildings, plant and machinery, furniture, fixtures, fittings, contents, stocks, raw materials, and goods held in trust or commission, even including stocks at suppliers’ or customers’ premises and machinery temporarily removed for repairs.