• The insured person/entity should have insurable interest in the subject-matter of the ‘contract, both at the time of the inception and at the time of loss.
• A contract of fire insurance covers the risk of loss resulting from fire or any cause which is a proximate cause of such loss.
• A fire insurance Policy is a contract of indemnity. It means that the insured can only recover the amount of loss subject to a maximum of the sum assured.

All moveable/ immoveable properties of the proposer on land (excluding those in transit) broadly categorised as follows:

Building (including plinth and foundations, if required):

• Whether completed or in course of construction (excluding the value of land).
• Interiors, Partitions and Electricals

Plant & Machinery, Equipment & Accessories (including foundations, if required)

• Bought New.
• Bought Second Hand

Stocks:

• Raw Material
• Finished Goods
• In process

Other Contents such as

• Furniture, Fixtures and Fittings
• Cables, Pipings
• Spares, Tools and Stores
• Household goods etc

Type of policies:

1. Fire Insurance: It is a restricted coverage policy issued for safeguarding assets against named perils mentioned under the Policy.
2. Property All Risk: It is a wider coverage policy, whereby the policy undertakes to insure losses/damages arising out of a wide array of perils. However, there are some specific exclusions under the policy which is needed to be understood before taking the policy.

Named perils such as

• Fire
• Lightning etc

Add On Coverages:

Fire policies can be extended to cover the following perils on payment of additional premium:

• Spontaneous Combustion; Omission to insure additions, alterations or extensions
• Earthquake (Fire and Shock).
• Leakage and contamination cover.
• Temporary removal of stocks etc.

Who can take the policy?

Any person / firm / organization / institution who may suffer financial loss in the event of operation of insurable perils may insure such property under the fire policy. They may be broadly categorized as under :

1. Owners of Building and contents;
2. Shop Keepers;
3. Educational/ Research Institutions;
4. Hotels, Hospitals, Clinics or such service providers;
5. Industrial and Manufacturing Enterprises;
6. Bailees, Lessor, Lessee, Banks, Financial Institutions, Mortgagors, Mortgagees

How to select the sum insured?

• current market value/and or reinstatement value of the asset;
• total sum insured should be based on reinstatement/replacement value of structure, contents, stocks, machineries, furniture, fixtures and fittings etc.

How the premium is fixed?

The premium rate to be applied on sum insured is based upon:

• The type and use of the property,
• Location of the property,
• Other add-on coverages incorporated under the policy;
• The amount of premium also depends on various other risk factors like Construction type, Age of the risk, Fire protection, Past loss experience, Deductible etc

How to claim?

The following steps should be taken in event of a loss or damage to goods insured:

• Intimate such loss / damage immediately to us so that an adjuster is deputed to assess the loss.
• Take immediate steps to minimize loss.
• Give an account of all properties damaged or destroyed with estimated amounts having regard to their values as on the date and place of loss.
• Assistance should be offered to Adjusters by providing all the necessary documents for assessment of loss and establishing liability.
• Inform particulars of all other insurances existing on the property at the time of loss.

Documents required by insurer for processing the claim:

Common Documents required under a Fire Policy Claim:

1. Duly filled-in Claim Form.
2. Fire Brigade Report.
3. Police Report / Letter of intimation to the Police Station
4. Forensic Laboratory Report on samples collected at affected site, if available.
5. Final Investigation Report.

Note: Documents required under Fire claim mentioned above is indicative only, not exhaustive. For further details please fax or e-mail to us on the following number / address Fax- 28452133 info@newindiahk.com

• The insured person/entity should have insurable interest in the subject-matter of the ‘contract, both at the time of the inception and at the time of loss.
• A contract of fire insurance covers the risk of loss resulting from fire or any cause which is a proximate cause of such loss.
• A fire insurance Policy is a contract of indemnity. It means that the insured can only recover the amount of loss subject to a maximum of the sum assured.

All moveable/ immoveable properties of the proposer on land (excluding those in transit) broadly categorised as follows:

Building (including plinth and foundations, if required):

• Whether completed or in course of construction (excluding the value of land).
• Interiors, Partitions and Electricals

Plant & Machinery, Equipment & Accessories (including foundations, if required)

• Bought New.
• Bought Second Hand

Stocks:

• Raw Material
• Finished Goods
• In process

Other Contents such as

• Furniture, Fixtures and Fittings
• Cables, Pipings
• Spares, Tools and Stores
• Household goods etc

Type of policies:

1. Fire Insurance: It is a restricted coverage policy issued for safeguarding assets against named perils mentioned under the Policy.
2. Property All Risk: It is a wider coverage policy, whereby the policy undertakes to insure losses/damages arising out of a wide array of perils. However, there are some specific exclusions under the policy which is needed to be understood before taking the policy.

Named perils such as

• Fire
• Lightning etc

Add On Coverages:

Fire policies can be extended to cover the following perils on payment of additional premium:

• Spontaneous Combustion; Omission to insure additions, alterations or extensions
• Earthquake (Fire and Shock).
• Leakage and contamination cover.
• Temporary removal of stocks etc.

Who can take the policy?

Any person / firm / organization / institution who may suffer financial loss in the event of operation of insurable perils may insure such property under the fire policy. They may be broadly categorized as under :

1. Owners of Building and contents;
2. Shop Keepers;
3. Educational/ Research Institutions;
4. Hotels, Hospitals, Clinics or such service providers;
5. Industrial and Manufacturing Enterprises;
6. Bailees, Lessor, Lessee, Banks, Financial Institutions, Mortgagors, Mortgagees

How to select the sum insured?

• current market value/and or reinstatement value of the asset;
• total sum insured should be based on reinstatement/replacement value of structure, contents, stocks, machineries, furniture, fixtures and fittings etc.

How the premium is fixed?

The premium rate to be applied on sum insured is based upon:

• The type and use of the property,
• Location of the property,
• Other add-on coverages incorporated under the policy;
• The amount of premium also depends on various other risk factors like Construction type, Age of the risk, Fire protection, Past loss experience, Deductible etc

How to claim?

The following steps should be taken in event of a loss or damage to goods insured:

• Intimate such loss / damage immediately to us so that an adjuster is deputed to assess the loss.
• Take immediate steps to minimize loss.
• Give an account of all properties damaged or destroyed with estimated amounts having regard to their values as on the date and place of loss.
• Assistance should be offered to Adjusters by providing all the necessary documents for assessment of loss and establishing liability.
• Inform particulars of all other insurances existing on the property at the time of loss.

Documents required by insurer for processing the claim:

Common Documents required under a Fire Policy Claim:

1. Duly filled-in Claim Form.
2. Fire Brigade Report.
3. Police Report / Letter of intimation to the Police Station
4. Forensic Laboratory Report on samples collected at affected site, if available.
5. Final Investigation Report.

Note: Documents required under Fire claim mentioned above is indicative only, not exhaustive. For further details please fax or e-mail to us on the following number / address Fax- 28452133 info@newindiahk.com

• The insured person/entity should have insurable interest in the subject-matter of the ‘contract, both at the time of the inception and at the time of loss.
• A contract of fire insurance covers the risk of loss resulting from fire or any cause which is a proximate cause of such loss.
• A fire insurance Policy is a contract of indemnity. It means that the insured can only recover the amount of loss subject to a maximum of the sum assured.

All moveable/ immoveable properties of the proposer on land (excluding those in transit) broadly categorised as follows:

Building (including plinth and foundations, if required):

• Whether completed or in course of construction (excluding the value of land).
• Interiors, Partitions and Electricals

Plant & Machinery, Equipment & Accessories (including foundations, if required)

• Bought New.
• Bought Second Hand

Stocks:

• Raw Material
• Finished Goods
• In process

Other Contents such as

• Furniture, Fixtures and Fittings
• Cables, Pipings
• Spares, Tools and Stores
• Household goods etc

Type of policies:

1. Fire Insurance: It is a restricted coverage policy issued for safeguarding assets against named perils mentioned under the Policy.
2. Property All Risk: It is a wider coverage policy, whereby the policy undertakes to insure losses/damages arising out of a wide array of perils. However, there are some specific exclusions under the policy which is needed to be understood before taking the policy.

Named perils such as

• Fire
• Lightning etc

Add On Coverages:

Fire policies can be extended to cover the following perils on payment of additional premium:

• Spontaneous Combustion; Omission to insure additions, alterations or extensions
• Earthquake (Fire and Shock).
• Leakage and contamination cover.
• Temporary removal of stocks etc.

Who can take the policy?

Any person / firm / organization / institution who may suffer financial loss in the event of operation of insurable perils may insure such property under the fire policy. They may be broadly categorized as under :

1. Owners of Building and contents;
2. Shop Keepers;
3. Educational/ Research Institutions;
4. Hotels, Hospitals, Clinics or such service providers;
5. Industrial and Manufacturing Enterprises;
6. Bailees, Lessor, Lessee, Banks, Financial Institutions, Mortgagors, Mortgagees

How to select the sum insured?

• current market value/and or reinstatement value of the asset;
• total sum insured should be based on reinstatement/replacement value of structure, contents, stocks, machineries, furniture, fixtures and fittings etc.

How the premium is fixed?

The premium rate to be applied on sum insured is based upon:

• The type and use of the property,
• Location of the property,
• Other add-on coverages incorporated under the policy;
• The amount of premium also depends on various other risk factors like Construction type, Age of the risk, Fire protection, Past loss experience, Deductible etc

How to claim?

The following steps should be taken in event of a loss or damage to goods insured:

• Intimate such loss / damage immediately to us so that an adjuster is deputed to assess the loss.
• Take immediate steps to minimize loss.
• Give an account of all properties damaged or destroyed with estimated amounts having regard to their values as on the date and place of loss.
• Assistance should be offered to Adjusters by providing all the necessary documents for assessment of loss and establishing liability.
• Inform particulars of all other insurances existing on the property at the time of loss.

Documents required by insurer for processing the claim:

Common Documents required under a Fire Policy Claim:

1. Duly filled-in Claim Form.
2. Fire Brigade Report.
3. Police Report / Letter of intimation to the Police Station
4. Forensic Laboratory Report on samples collected at affected site, if available.
5. Final Investigation Report.

Note: Documents required under Fire claim mentioned above is indicative only, not exhaustive. For further details please fax or e-mail to us on the following number / address Fax- 28452133 info@newindiahk.com