FIRE INSURANCE POLICY
Risk is part of life. Every human activity has some element of inherent risks. Although insurance is not about eliminating risk, it helps to sooth or cushions the impact of the loss resulting from a risk occurring.
INSURANCE, can be defined to mean “ a contract which is binding legally and also being entered into by two different parties, in which one party undertakes to bear the risk of another, providing compensation and/or indemnity to the other party who normally pays some money premium to the first party. When such risks are inherent from fire outbreaks, such an insurance policy is called a fire insurance policy.
The two parties involved in the business of insurance are the insurance company, which can also be referred to as the insurer, the professional risk bearer and the other party can be referred to as the insured, the person, corporate body or organization that seeks insurance protection.
Fire insurance policies are more elaborate this day and cover much more than fire. Here are some of the risks covered by fire insurance policies. Fires, lightning, explosions, implosions, damages resulting from riots, strikes, malicious and terrorist attacks, storkm cyclone, tempest, typhoon, hurricane, tornado, flood and inundation, impact damage, subsidence, landslides and rockslides, bursting and/or over flowing of water tanks, apparatus and pipes, the list continues.
Buying a fire insurance policy is one of the steps to take while preparing for a fire disaster. It saves you from losing everything when a fire outbreak occurs.
INSURANCE, can be defined to mean “ a contract which is binding legally and also being entered into by two different parties, in which one party undertakes to bear the risk of another, providing compensation and/or indemnity to the other party who normally pays some money premium to the first party. When such risks are inherent from fire outbreaks, such an insurance policy is called a fire insurance policy.
The two parties involved in the business of insurance are the insurance company, which can also be referred to as the insurer, the professional risk bearer and the other party can be referred to as the insured, the person, corporate body or organization that seeks insurance protection.
Fire insurance policies are more elaborate this day and cover much more than fire. Here are some of the risks covered by fire insurance policies. Fires, lightning, explosions, implosions, damages resulting from riots, strikes, malicious and terrorist attacks, storkm cyclone, tempest, typhoon, hurricane, tornado, flood and inundation, impact damage, subsidence, landslides and rockslides, bursting and/or over flowing of water tanks, apparatus and pipes, the list continues.
Buying a fire insurance policy is one of the steps to take while preparing for a fire disaster. It saves you from losing everything when a fire outbreak occurs.
posted by passyjango @ 12:58 PM
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