Major Classes of Insurance

Fire & Special Perils Insurance


A fire insurance policy in its standard form covers only three types of risk resulting from:

  • Fire (whether resulting from explosion or otherwise)
  • Lightning
  • Explosion of boilers or gas used for domestic purposes for lighting or heating the building as long as the building does not form part of a gas work.

    On the payment of an additional premium, the following perils are coverable under the fire policy: Storm, Flood, Burst Pipes and overflowing of water tanks, impact by vehicles, malicious damage, Earthquake damage, Aircraft damage, Bush Fire, Explosion, Tornado and Cyclone, Riot and Strike.

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    Who Requires a Fire Policy?

    This may be required by individuals and corporate organizations who may want this cover for their buildings or the contents in their buildings. However, for you to take up this type of cover, you must have insurable interest in the subject matter of insurance either as an owner or a tenant who will suffer a loss if such a building or its content is damaged due to fire or other risks that are covered by fire policy.

    Rating Factors

    The underwriters will put the following underwriting factors into considerations when rating for Fire Insurance:

  • The nature of the building and material used for its construction
  • The mode of construction of the building will have a bearing on the rate.
  • The nature of trade carried on must be ascertained before cover is granted.
  • The location or situation of risk will also have a great influence on the rate to be charged.
  • The standard of housekeeping