fire insurance

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Presentation Transcript

Perils of fire insurance : 

Perils of fire insurance

INTRODUCTION : 

INTRODUCTION A contract of fire insurance can be defined as a contract under which one party ( the insurer) agrees for consideration (premium) to indemnify the other party (The insured) for the financial loss which the latter may suffer due to damage to the property insured by fire during a specified period of time and up to an agreed amount.

Perils of fire insurance : 

Perils of fire insurance Fire Lightning Explosion/implosion Aircraft damage Riot, strike and malicious damage Storm, cyclone, typhoon, flood, hurricane, tornado etc. Impact damage Landslide/rockslide Bursting/overflowing of water tanks Missile testing operations Leakage from automatic sprinklers Bush fire

Fire : 

Fire Destruction or damage to the property insured by its own fermentation natural heating or spontaneous combustion or its undergoing any heating or drying process cannot be treated as damage due to fire.

Lightning : 

Lightning Lightning may result in fire damage or other types of damage, such as a roof broken by falling chimney struck by lightning or cracks in a building due to lightning strike. Both fire and other types of damage caused by lightning are covered by the policy.

Explosion/implosion : 

Explosion/implosion Explosion is defined as a sudden, violent burst with a loud report. And explosion is caused by inside a vessel when the pressure within the vessel is exceed the atmospheric pressure acting externally on its surface An implosion means bursting inward or collapse. This take place when the external pressure exceed the internal pressure. This policy, however does not cover destruction or damage caused to the boiler (other than domestic boiler)

Aircraft damage : 

Aircraft damage The loss or damage to the property by fire (or otherwise) directly caused by aircraft and other aerial device and/or articles dropped there from is covered.

Riot, strike and malicious damage : 

Riot, strike and malicious damage The act of any person taking part along with others in any disturbance of public peace (other than war, invasion, mutiny, civil commotion etc.) is construed to be a riot, strike or a malicious activity.

Storm, cyclone, typhoon, flood, hurricane, tornado, etc : 

Storm, cyclone, typhoon, flood, hurricane, tornado, etc Storm, cyclone, typhoon, flood, hurricane and tornado are all various types of violent natural disturbances that are accompanied by thunder or storm wind or heavy rainfall.

Impact damage : 

Impact damage Impact by any rail/road vehicle or animal by direct contract with the insured property is covered. However such vehicles or animals should not belong to or owned by the insured or occupier by the premises their employees. While acting in the course of their employment.

Landslide/rockslide : 

Landslide/rockslide Destruction or damage caused by the subsidence of part of the site on which the property stands or landslide/rockslide is covered. While subsidence means sinking of land or building to a lower level, landslide means sliding down of a land usually on a hill.

Slide 12: 

bursting/overflowing of water tanks, apparatus, and pipes Loss or damage to property by water or otherwise on account of bursting or accidental overflowing of water tanks, apparatus and pipes is covered. Missile testing operations Destruction or damage due to impact or otherwise from trajectory/projectiles in connection with missile testing operations by the insured or anyone else is covered.

Slide 13: 

Leakage from automatic sprinklers, installation Damage caused by water accidently or leaked out from automatic sprinklers installation in the insured’s premises is covered. Bush fire This covers damage caused by burning, whether accidental or otherwise, of bush and jungle and the clearing of lands by fire, but excluding destruction or damage caused by forest fire.

Add-on covers: : 

Add-on covers: Earthquake Earthquake is the first add-on cover included. The percentage of the damage done due to earthquake as per various zones in shown as under Terrorism Terrorism cover is the separate cover only in conjunction with RSMD i.e. Riot Strike Malicious Damage

CASE STUDY : 

CASE STUDY Bajaj Allianz General Insurance Company is a dynamic partnership between two giants: Bajaj Auto Ltd. India's largest 2 & 3 wheeler giant and diversified into Auto Finance, Steel, etc. & Allianz AG, Germany the world's largest insurance company with 700 subsidiaries across 70 countries.

Analysis of case study: : 

Analysis of case study: Single policy covering all risks related to home Complete coverage at reduced and very competitive premium rates Simple and quick documentation Related items get covered under respective sections No strain on pockets of insured Customized cover option available Benefits on sectional discount which will reduce the premium

thank you : 

thank you