Kinds of Fire insurance policies


Comprehensive Policy 

Here, the insurer undertakes to indemnify the insured not only for fire risk but also for all other risks like burglary theft, riot, lightning, flood etc. It is also known as All Risk Policy. However, it does not mean to cover each and every risk. There are certain exclusions also.

Building in Course of Construction Policy 

This policy covers the loss or damage caused by fire to buildings while they are in course of construction. The policy is useful for the contractors who have taken a contract to construct a huge building, township or a colony

 Transit Policy 

Goods in transit by road or rail is covered under this policy. The risk commences with the loading of goods on rail or motor truck and terminates as soon as they are unloaded from the motor truck or at the railway station. Only the transit risk caused by fire is covered under this policy

 Maximum Value with Discount Policy

Under this policy no declaration or adjustment of policy is required because the policy is taken for a maximum amount and full premium is paid thereon. At the end of the year in case of no loss, one third of the premium paid is returned to the insured. It provides insurance coverage for maximum amount.

Blanket Policy 

This type of policy covers both fixed and current assets of insured manufacturers. No distinction between fixtures machinery, building and stock is made

Sprinkler Leakage Policy 

This policy provides protection to the subject.matter due to water accidentally discharged from automatic sprinklers installed in the factory

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