Fire insurance
Indian fire insurance, like all other insurance policies in India, is considered a federal issue. The Tariff Advisory Committee, which is a Statutory Body, issued the All India Fire Tariff on March 31, 2001, which governs all India fire insurance policies. The commercial fire insurance India policy provides protection to buildings, machinery, offices and contents. The purpose is to alleviate the risk of loss borne by the insured due to the breakout of fire. The insured is expected to minimize the loss as much as possible by taking all feasible steps.
How is Fire Insurance Premium Calculated?
To calculate the amount of premium for a fire insurance policy, the property is evaluated to know its market value. There are a number of other factors that are taken into consideration, such as the type of policy the insured has opted for.
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What documents are Required for fire Insurance?
The documents that the policyholder is required to produce while claiming for the loss include a report of the fire brigade, a true copy of the policy along with the schedule, past claims experience, a claim form and photographs.
To get a Fire Insurance Cover, An Individual also needs to fill up the following information in the Policy Form.