What Is Fire Insurance
Fire insurance is contract between the insurance company and the policy holder wherein the insurance company undertakes, in exchange for a premium, indemnify the loss or damage caused to the specified property of the insured by fire or lightning.
It is a contract of a specified period in which company compensates for the actual loss caused by fire or lightning, which in no case exceeds the maximum limit of the insured amount.
the owners of big buildings,factories,business,premises, and residential houses etc.Take fire insurance to get compensation if their is any loss to them due to fire.
Characteristics
1- In fire insurance company promises to insure to indemnify the loss due to fire.
2-Both company and the insured have to disclose everything,which they know and can affect the contract.
3-The risk covered by the contract is due to fire or any course,which may be the approximate cause of damage.
4-Fire insurance contract is renewed year after year.
5-The insured cannot transfer the rights of insured sum to another person without the permission of insurer.
POLICIES OF FIRE INSURANCE
1-Specified policy.
2-Valued Policy.
3-Floating policy.
4-Consequential loss policy.
5-Average policy.
6-Full valued policy.
7-Rent insurance policy.
8-Blanket policy.
Fire Insurance Companies
1) AXA
2) Zurich Insurance Group
3) China Life Insurance
4) Berkshire Hathaway
5) Prudential plc
6) United Heath Group
7) Munich Re Group
8) Assicurazioni Generali S.p.A.
9) Japan Post Holding Co., Ltd.
10) Allianz SE
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