To protect your property from loss occurrence arising from fire and lightning, it is important that we insure our properties. Fire Insurance protects businesses and homeowners against unexpected losses of real and personal property due to fire or lightning. Owner, Joint Owner, Spouse of Owner, Mortgagee and Mortgager of the property are entitled to purchase this policy.
At AMI, we provide a comprehensive coverage for your property including stocks, equipments and furnitures.Fire Insurance policies insure businesses and homeowners against unexpected losses of real and personal properties due to fire or lightning.Fire Insurance policies insure businesses and homeowners against unexpected losses of real and personal properties due to fire or lightning.
Fire policy provides the following covers.
- Building, stocks and other contents
- Movable and immovable fittings
- Tools, Furnishings and Fixtures within the premises.
- The insured can obtain compensation up to the amount of sum insured for total losses of or damage to the insured property.
- Compensation up to the actual value of the property destroyed by fire or insured perils will be paid to the insured.
- The term of the policy will be from 10 days to 1 year and can be renewed on a yearly basic
- Total sum insured may depend on the building class and current market value of the property
- Fire insurance provides coverage for the following assets based on (a) agreed value or (b) market value of the property
- Stocks & other contents
- Machinery equipment
- On stock-in-trade
- Household goods & furnitures
- The following losses of property are covered under Standard Fire Policy:
- Loss of or damage to the property directly caused by water or other extinguishing agent.
- Damage to the property during the removal of property from the burning building.
- Damage to the property due to the demolition by the firefighters in order to deter the spread of fire.
- Customer can also buy additional covers by paying additional premium
- Any person who owns a property or who has a legal obligation over safety of a property can buy the coverage
Premium Rating is calculated based on types of construction, situation and occupation.
Minimum – 0.13
Maximum – 0.35
Premium must be paid by lumps sum before policy inception
- Explosion caused
No Claim Bonus
- A No-Claim-Bonus is a discount on the insurance premium as a bonus for not having made a claim against one’s policy.