Topic:- Fire Insurance with

Examples.
By
Rajmani Giri
FIRE INSURANCE

The fire insurance that is used to cover damage to a

property caused by fire , fire insurance is a specialised
from a insurance beyond property insurance and is
designed to cover the cost of replacement reconstruction
or repair beyond what is covered by the property
insurance policy.
Risk covered under fire insurance :-

Fire
lightening
Explosion
1. Air craft Damage
2. Riot,strike & Terrorism damage
3. Impact Damage
Risk not covered under Fire Insurance

War
Invasion
Civil War
Revolution
Rebellion
Military Power
• Typhoon
Elements of fire insurance contract

Features of General contract

Proposal
• Acceptance
• Commencement of risk
• Cover Note
 Who Can Buy The Policy?

This Policy can be bought by both Retail and Corporate customers.

What Does The Policy Cover?

This policy covers various assets like Building, Plant & Machinery,
Some examples Stock,
of SBI fire Furniture, Fixtures and other immovable and movable assets against
loss or
insurance damage due to the following:
What Are The Key Benefits Of The Policy

Indemnity on Market Value Basis.

Optional Benet – Replacement Value or Reinstatement
Value Basis.
Multiple options - Stocks on Declaration Basis or Floater
Basis or Floater Declaration Basis.
Standard cover for all types of Customer Segments.
• General exclusions from the policy:

War and war like perilsHigh value items like gold ,

precious stones, unless specifiedLoss of earning due to
market uncertaintiesLoss due to theft, in amidst
occurrence of any perilProperty not in the premises
• What Is The Duration For This Policy?
• The Policy Tenure is 1 Year and can be taken on short
Period Basis also.
• How Is The Sum Insured Calculated?
• 4 Property can be insured on Market Value or
Replacement Cost Basis.
• 4 Stock can be covered only on Market Value Basis.
Some examples of ICICI fire insurance

• WHY ICICI LOMBARD GENERAL INSURANCE COMPANY

LTD.?

• Expertise in risk minimization and mitigation

• Special value added services team dedicated
• for risk advisory and safety installations
• Best in the industry re-insurance mechanism
• Speedy claims settlement with single documentation
• Financial strength and supreme claims paying capacity
• Comprehensive Product Offering:

Standard fire and special perils policy:

Standard fire insurance policies

provide
coverage against financial loss or
property damage
caused by a fire or other covered
perils.
Offered by ICICI Lombard to cover specific
needs:

Architects, Surveyors & Consulting Engineers fees

• Forest Fire
• Impact Damage by your own vehicles etc.
• Spontaneous combustion
• Omission to insure Additions, Alterations or Extensions
• Earthquake (Fire & Shock)
•Thank you.