Fire Insurance is governed by All India Fire Tariff effective from 31.3.2001 issued by Tariff Advisory Committee, a Statutory Body. It is a commercial policy covering building, offices, machinery, contents and personal belongings of the office. It mitigates the risk of loss of customers arising from fire breakout. The insured should take all possible steps to minimize the loss.
Calculation of Fire Insurance Amount/Premium:
The market value of the property is considered while insuring the sum. The amount of premium depends on a number of factors and individual policies of different insurers.
Fire Insurance Claim Procedure:
- Individuals/corporates must inform insurer as early as possible , in no case later than 24 hours.
- Provide relevant information to the surveyor/claim representative appointed by the insurer.
- The surveyor then analyzes the extent/ value of loss or damage.
- The claim process takes anywhere between one to three weeks.
Documents Required for Fire Insurance Claim:
List of Some of Insurance Companies Offering Fire Insurance:
- True copy of the policy along with schedule.
- Report of fire brigade.
- Claim Form
- Past claims experience
- Fire and Special Perils Policy (Material Damage)
United India Insurance Co.
- Standard Fire and Special Perils Policy
Terms and conditions may vary in different insurance companies