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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, Volcanic eruption, Hurricane, Typhoon, Tornado, Wind-Storm, Tsunami and Tidal Wave |
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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 which has a monetary value 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, subject to policy conditions. |
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| 4) |
Am I adequately insured for a possible loss? |
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If the loss is arising from an insured peril & the Sum Insured equally represent the correct value to replace/rebuild the damaged property, the cover taken is adequate. |
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| 5) |
Do I need to revise the Sum Insured time to time with the inflation? |
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Yes. It is advisable & discreet enough to ensure that your property is being adequately insured for a proper value. |
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| 6) |
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, i.e. he/she should stand to lose financially in the event of loss of or damage to such assets.
Secondly, the proposer should submit a proposal form. 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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| 7) |
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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| 8) |
Can I insure/renew my Lapsed Fire policy? |
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Yes. But it depends on the circumstances of the policy. Hence advisable to obtain a fresh quotation or contact AVIVA NDB for further details. |
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| 9) |
How do I pay my renewal/new policy premium? |
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At any AVIVA NDB branch
Pay online
Bank Transfer
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| 10) |
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 AVIVA NDB Insurance PLC for further details |
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| 11) |
Do I Need to produce my original Policy at a time of a claim? |
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No not at all times. But depending on the circumstances of the event, the company may ask for a copy of the policy, which is the basis of legal contract between the insurer & the insured. |
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Fire Insurance