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.