Product: Fire/Extraneous Policy


This policy provides cover to the insured in the event of loss or damage to property covered under it as a direct result of fire, explosion or lightning. Optionally, extraneous perils such as strikes, riots natural disasters like storm damage, flood, earthquakes and malicious damage can also be covered.

These are not covered by the regular FIRE/EXTRANEOUS POLICY. The property covered includes building, office/home furniture, equipment and electronics. Section 65 (2) of the Insurance Act 2003, states that all Public Buildings which include tenement houses, hostels, buildings occupied by a tenant, lodger or licensee and any building to which members of the public have ingress and egress for the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business, must be insured against the hazards of collapse, fire, earthquake, storm and flood. Benefits In instances where loss or damage is not total, repairs or replacement is made.

FIN Insurance may decide to either repair or replace the property. Premium paid depends on the extent of cover as well as the type of occupants - industrial, office or residential. A discount may be given based on claims history and the quality of protection i.e. fire protection, security etc. Requirements Fully filled Policy proposal form with all the details of the property to be insured. Fire and special perils insurance will continue to play a very important role in the survival of the economy.