The Fire Policy of national Insurance Company can be taken by anyone who wants to insure themselves against losses arising out of destruction and will obviously have insurable interest in the same.
The policy can be taken by an individual, be it a house owner, a shop owner or even a warehouse owner. In addition this can also be taken by corporate, companies, etc.
Under the Consequential Loss Policy of National Insurance Company, the insured will be protected against damages occurred by the following perils:
- Aircraft Damage
- Riot, Strike and Malicious Damage
- Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
- Impact Damage
- Subsidence and landslide including Rock slide
- Bursting and/or overflowing of water tanks, Apparatus and Pipes
- Missile Testing Operations
- Leakage from Automatic Sprinkler Installations and
- Bush Fire
This policy is generally issued for one year but there are certain long term Fire Policies which cover Buildings in course of construction and also for houses/flats subject to certain conditions.
There are certain exclusions to the policy and these are also general in nature. The first 5% of each and every claim subject to a minimum of Rs.10, 000 in respect of each and every loss arising out of “Act of God perils” such a Lightning, STFI, Subsidence, Landslide and Rock slide covered under the policy.
The first Rs.10,000 for each and every loss arising out of other perils in respect of which the insured is indemnified by this policy.