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What is the definition of Fire insurance? What are types of Fire insurance seen? What is Fire insurance clauses?

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What is the definition of Fire insurance?

Fire insurance is a legal insurance contract that guarantees compensation for damages or losses against accidental loss/injury covered under fire policy. It coverage includes accidents caused due to accidental fire, lightning, implosion or explosion, etc.

Most of time, the policy is initially purchased for a period of one year and is renewed annually.

What are types of Fire insurance?

Here is list of some of types of fire insurance policies in India. They are:
  • Valued Policy
  • Valuable Policy
  • Specific Policy
  • Average Policy
  • Floating policy
  • Excess Policy
  • Declaration policy
  • Reinstatement Policy
  • Comprehensive Policy
  • Consequential Loss Policy

What is insurance clauses?

An insurance clause is a contractual provision that establishes what insurance one or more parties must procure in connection with an agreement.

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