As the term implies itself, this policy is design to meet the need of certain interested individual/entrepreneurs who have interests they wish to safeguard against fire.
The Corporation has 2 classes of Fire Insurance Policies to suit the different needs in this respect:
Domestic Fire, further clarified into House Owners Policy & House Holders Policy.
This Policy caters accidents involving fire only - pure fire. This does not include incidents whereby fire is caused by activity of "own" spontaneous, fermentation or heating nor undergoing process of heating. "Own" here is being referred to the Insured item itself. Besides this, fire resulting from the "act of man" or disaster except for Lightning is not defined as "Fire" for the purpose of this policy.
Also covered under the policy are damages by or the consequences water discharged or any leakage from any source of water tank.
The Policy cover could be extended to include other allied perils and this is normally applied for an inception, whereby the Insured specifically applies for the intended cover and volunteers to make additional payments besides the normal charged premium for Fire only. Practically, the common extended cover is "burglary."
The Insured is thus covered for Fire for the full amount of coverage required and Burglary in the amount required from the full cover under Fire. This portion is then charged for the Burglary rating thus having the Insured covered for Fire and Burglary.
This Policy is also very affordable for business owners giving business the chance to pursue its business ventures and at the same time giving them comfort and assurance of financial security in terms of Insurance.
This is a very attractive policy for House owners and those renting other building for dwelling purposes. Basically it is very cheap and very affordable policy. In line with its cost, the cover is quite this covered incidents ranging from property damages as a result from fire to liability implications of a fire accidents.
While the cover is more or less the same with Commercial Fire, its significant difference is the extra cover included on the loss or damaged of the household contents through the act of man and this is covered free of charge.
Also very attractive of this Policy is the "Legal Liability" implications covering damages or losses out of the use of the particular houses insured for dwelling purposes.
This applies to houses lived in by owners and those which are let out. For those living in rental building, could also buy household cover for the household contents only thus applying cover necessary as in House Owners Policy.