Fire and Theft Insurance
If the insured property is partially or totally destroyed or damaged due to any of the risks of theft or fire, the company undertakes to compensate the insured for such loss or physical damage by paying cash, restoring the property to its original condition, or through another agreed method—provided that the company’s liability for each item of the insured property does not exceed the stated value in the policy.
- It covers damage caused by fire and lightning, and can be extended to include theft, riots and malicious acts, vehicle collisions with buildings, water leakage, storms, floods, earthquakes, and more.
- The coverage can also be extended to include legal liabilities toward the building owner and/or neighboring properties in case the insured company or institution causes damage to the building or neighboring buildings as a result of a fire.
- The purpose of this insurance is to protect the interests of the insured (the customer) and restore them to the condition they were in before the incident occurred, regardless of the extent of the damage (Indemnity).
- It helps maintain the customer's financial standing in case the goods in their company or store are damaged or destroyed due to one of the covered risks.
Some insurance policies may require precautionary measures, such as installing anti-theft alarm systems or fire extinguishing devices, and these measures may affect the cost of the insurance.
In the event of an incident, the insured must immediately notify the insurance company and provide a police report, photos of the damages, or other supporting documents. The company will then assess the damages and pay compensation according to the policy terms.
In the event of an incident, the insured must immediately notify the insurance company and submit a police report, photos of the damages, or other supporting documents. The company will then assess the damages and provide compensation according to the policy terms.
Yes, a policy can be modified to add new coverages or increase the sum insured. However, such changes may require the payment of additional premiums, depending on the terms and conditions.