JSISLA

FIRE

MARINE

Fire

A fire insurance is a contract under which the insurer in return for a consideration (premium) agrees to indemnify the insured for the financial loss which the latter may suffer due to destruction of or damage to property or goods, caused by fire, during a specified period.
Types of losses covered by fire insurance are:-
Goods spoiled or property damaged by water used to extinguish the fire.
Pulling down of adjacent premises by the fire brigade in order to prevent the progress of flame.
Breakage of goods in the process of their removal from the building where fire is raging e.g. damage caused by throwing furniture out of window.
Wages paid to persons employed for extinguishing fire.
Types of Fire Insurance Policies:-
Specific policy.
Comprehensive policy.
Valued policy.
Floating policy.
Replacement or Re-instatement policy.

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