The need for fire insurance arises out of three basic facts:-

• The existence of material properly susceptible to damage or destruction by fire or other peril.
• The fact that material property has intrinsic value measurable in terms of money recognized by the economic beliefs of society.
• The fact that the occurrence of a fire will result not only in loss of or damage to material property but also other consequential losses such as loss of production covering loss of profit.

The function of fire insurance is to make good the financial loss suffered as a result of fire.

The fire insurance is one of the oldest forms of insurance and considered as a basic requirement for security. The fire insurance policy is meant to cover erected fixed assets whist lying in a particular location and declared accordingly for insurance.

Examples of insurance property

1. Building, Electrical installation in buildings contents of buildings such as machinery.
2. Plant and equipment, accessories etc.
3. Goods (raw materials in process, semi-finished, packing materials etc.

In factories, godowns.

4. goods in the open, content in dwellings, shop, hotels etc.
5. Furniture, Fixture and fittings.
6. Pipelines (including content) located inside or outside the compound.

The policy covered the risks of fire and lightning.Package policy will also be provided to cover other risk such as explosion, riot, strikes, terrorism etc.

Fire policy can also be extended to include so called ‘special perils’ for example it becomes customer to include water damage group of perils (Flood, Storm etc.) and natural calamities (earthquake, landslide etc.) in fire insurance.

Standard fire and special perils policy, covered basic perils like fire, explosion / implosion, aircraft, impact damage and riot and strike malicious damage (RSMD)

Extension cover will be provided for terrorism.

Flood risk is also covered by paying additional premium, storm, cyclone, typhoon, tempest, hurricane, tornado, inundation risk can also be covered.

To suit the varying requirements of different clients,

Floater policies, declaration policies, Floater declaration, Reinstatement value policies also available.