Fire insurance: The safety net you should never avoid

Fire insurance policy gives you a coverage against damages and losses triggered by a fire. This is a necessity to shield you from unwarranted catastrophes. The best fire insurance policy will always give you a hefty coverage, provided you decide on the right add on and a good premium. As the insured, you can eligible to claim as per your pre-decided coverage in case of loss, incurred by fire.

It is important to stay prepared Fire accidents are unexpected incidents and cause massive destruction not only in terms of finances but it becomes hard to deal with the aftermath. When you own a business, you are always prone to risks and a fire eruption can instantly bring a thriving business to a standstill. So, pay attention to such risks and evade them in advance with a fire insurance policy.

What does the trade credit policy help you with? So, to get a more concrete view here is a rundown to the trade credit insurance coverage.

How to quantify the loss? When you have a good comprehensive fire insurance plan, then as per the policy terms your claim is not the measure of the loss you have faced. Rather, the loss can be analyzed only post the fire incident. So, it is best to say that when deciding on the claim amount it is advaisable to take a bigger coverage. This way, your insurer is liable to make a payment for the actual amount of loss not exceeding the maximum amount fixed under the policy.

Here’s what is covered under the policy: A comprehensive fire insurance plan can be a home fire insurance or a shop fire insurance policy.

  • The policy offers you coverage against fire-induced mishaps and the losses on immovable and movable properties.
  • From office buildings, shop, furnishing, stock & inventory, machinery, to your home and residential premises, everything is covered under the policy terms of fire insurance in India.
  • The coverage is all-inclusive and always assures you of protection for both your professional and personal possessions and properties.

While it is important to know what is covered under the fire insurance policy, it is also prudent to gauge the aspects that is not covered within the policy terms. Here is what you need to keep in mind:

  • The fire insurance does not cover compulsory excess.
  • Nuclear, radioactive, and war and war like perils or losses.
  • Losses incurred basis pollution and contamination is not covered.
  • Consequential loss, or fire owing to volcanic eruption or other nature-induced causes is not counted within the coverage.
  • Theft of any manner is not covered under the policy terms.
  • Loss or damage to electrical machinery due to short circuit is not covered. But in case the same leads to property damage by fire then that is covered under the policy.
  • Temperature fluctuation induced fire is also not accounted for.
  • Burning of Property by order of any public authority is also exempted.
  • Lastly, the policy does not provide coverage for earthquake or terrorism induced damages.

Once insured, the fire insurance policy is active for a maximum of one year from the date of inception of the cover. However, policies for a period exceeding 12 months can be issued for ‘Dwellings’ for a minimum period of 3 years. Keeping the exclusions in mind, it is always good to talk to your agent in advance, so that you can access a range of add-ons that can help you take care certain other aspects that is not covered within the policy terms.

Keeping these thoughts and overview in mind, invest in the best fire insurance for business with Akshar. We at Akshar are always ready to offer you the best guidance and a hassle-free fire insurance coverage, so that you can keep every unforeseen accidents arising from a fire’s blaze at bay.

Moreover, our in-house experts are adept to your needs and from guiding you with the policy terms and processes, we are also always on tow to help you with your claim. Claim settlement is a big hassle, unless tackled well. So, we assist you and stand through thick and thin with you to settle even the toughest of claims. Time is a priority here and we are always ready to guide you and find you help, until we can relieve you of your tensions. Get in touch with us and allow us to help you with your worries, with the right fire insurance policy.

An Agency You Can Trust

Our PURPOSE is to help families & Business, Reduce financial Risk due to unforeseen circumstances, beyond their control & make them financially secure through right kind of insurance advisory.

We speak YOUR language.
From our FAMILY to YOURS,

We Welcome You!