[Infographic] What Does Fire Insurance Not Cover
This info-graphic titled ‘What does fire insurance not cover?’ provides us an overview of fire insurance claims.
Fire insurance policy is basically an agreement between the insurer and the buyer, where the insurer promises to pay for the loss or damages caused to the possessions of the insurer for a specific period of time. The policy is initially acquired for a period of one year and it can be renewed per year. Fire insurance safeguards property against occasional perils where the value of assets are measured based on their market value; keeping a note of factors like depreciation and also appreciation in case of inflation. Fire insurance coverage includes mishaps caused due to lightning, accidental fire, or due to explosions or implosions. It also includes coverage against man-made perils like overflowing or bursting of water tanks and pipelines, leakages from sprinklers, etc. Premium reimbursements, coverage terms and varied other conditions of the policy are influenced by the fire tariff. Also, there are various exclusions under the fire insurance policy like loss, damage or destruction caused by war, or warlike operations, aircraft damages originating out of pressure waves, etc.
For more information, please refer to the info-graphic below.