Indian Fire Insurance, India Fire Insurance, Fire Insurance India

By: EconomyWatch   Date: 26 May 2010

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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 India Fire Insurance Premium Calculated?

To calculate the amount of premium for an Indian 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.

What is the Procedure of an Indian Fire Insurance Claim?

  • The insured is expected to inform the insurance company at the earliest and within 24 hours.
  • The insurance company appoints a claim representative who surveys the fire damaged property. The insured needs to provide the claim representative all the relevant information.
  • The degree of actual loss is evaluated by the claim representative.
  • The processing of the claim takes a maximum three weeks.

    • What Documents are Required for Indian 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.

    Indian Fire Insurance: What is the Concept of “utmost faith”?

    Under this concept, the policyholder is expected to reveal the true details while filing the claim. There should not be any misrepresentation of facts or figures, since incorrect information will lead to the policy being declared as void.

    To get a fire insurance India cover, an individual also needs to fill up the following information in the policy form:

  • Name, occupation and address.
  • Subject matter description – which allows for identification in case of a fire.
  • Information about the area where the property is situated.
  • The purpose for which the property is being used.
  • Whether the property is already insured.
  • Personal insurance history.

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