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What is Fire Insurance? |
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Fire insurance is a form of protection against any unfortunate destruction or damage to property due to fire. Cover under the fire insurance policy can be extended to include other additional perils as detailed below at an additional cost.
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Riot and Strike |
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Malicious Damage |
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Explosion |
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Terrorism |
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Cyclone, Storm and Tempest |
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Flood |
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Impact Damage |
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Bursting & Overflowing of Water Tanks |
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Electrical Extra |
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Earthquake |
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Aircraft Damage |
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| 2) |
What can be covered
under a fire policy? |
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Under a fire policy any
business premises, private dwelling or any other tangible
property can be covered. |
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Items covered could be, for example:
buildings, furniture, electronic or electrical items,
stocks etc. |
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Further if the Insured wishes to cover
himself/herself against any loss of rent or removal
of debris after the occurrence of a loss or damage separate
amounts in respect of these additional covers should
be declared. |
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| 3) |
What does “sum
insured” mean? |
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The value represents the actual cost which would be incurred to replace/rebuild the insured property at the time of loss or damage to that property. |
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| 4) |
What are the requirements
to purchase a fire insurance policy? |
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The proposer of the policy should first and foremost have
a financial interest in the assets being proposed for insurance,
ie. he/she should stand to lose financially in the event
of loss or damage to such assets.
Secondly, the proposer should submit a proposal form (which
can be obtained by any of Eagle Representatives/Offices).
The proposal form should disclose all details, which are
true to the insured’s best knowledge and other information,
which the proposer may feel is relevant.
Any other details should be produced at the insurer’s
request, wherever necessary. |
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| 5) |
What will be the cost
of a fire insurance policy? |
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The cost of a fire insurance policy will depend on
the
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Perils to be covered |
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The value of the items covered |
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The usage of the premises proposed for
insurance |
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The location details of the premises
proposed for insurance etc
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Hence it is advisable to obtain a quotation |
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| 6) |
In the event of loss
or damage what should be the procedure to be followed? |
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If loss or damage occurs, it is the responsibility of the
insured to act with reasonable care to minimize the loss where
ever possible. In short, the insured should do everything
in his capacity to minimise the loss as much as possible as
in a situation where he/she would have acted if there were
no insurance cover.
Secondly the local police should be informed and a police
report should be obtained. The insurance company should
also be informed as soon as possible regarding any loss
that has occurred.
Please
contact Eagle Insurance for further details |
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