Fire Insurance

Fire Insurance Policy

Fire insurance is a contract under which the insurer in return for a consideration (premium) agrees to indemnify the insured for the financial loss which the latter may suffer due to destruction of or damage to property or goods, caused by fire, during a specified period.

We Cover

  • Buildings
  • Machinery and Accessories
  • Stock and Stock in process
  • Contents including furniture

What can be Covered?

  • Dwellings, Offices, Shops, Hospitals
  • Industrial / Manufacturing Risks
  • Utilities located outside industrial/manufacturing risks
  • Machinery and Accessories
  • Storage Risks outside the compound of industrial risks
  • Tank, farms located outside the compound of industrial risks

Perils Covered

  • Fire
  • Lightning
  • Explosion Boiler or gas used for domestic purpose only

The policy does not cover any loss if loss or damage to property due to

  • Spontaneous combustion fermentation
  • Burning of property by order of any Public Authority
  • Its undergoing any heating or drying process
  • Explosion of boilers (other than domestic boilers)
  • War or war like operations
  • Defective design workmanship, defective materials

Add on Cover

  • Riot & Strike Damage
  • Aircraft damage
  • Cyclone & Flood
  • Impact damage
  • Subsidence landslide

These additional covers are available by payment of additional premium.

Note

  • Particulars of cover liability and exclusion given above are not complete or exhaustive.
  • Our nearest Branch Office may be approached for complete details.

Conditions

In respect of Textile & Jute Sector

  • 10% Self insurance applicable
  • All project above 5 corer Sum Insured to be surveyed

Household Insurance

 

Hotel Owners All Risk Insurance

 

Consequential Insurance Policy

Pr-requisite for the Policy

This policy can be taken only if a Standard fire and Special Perils Policy exists for the risk.

What can be Insured?

  • Net profit due to the stoppage of business as a result of an insured peril
  • Standing charges which continue to accrue in spite of stoppage of business

Note

  • Particulars of cover liability and exclusion given above are not complete or exhaustive.
  • Our nearest Branch Office branch may be approached for complete details.

Industrial All Risk Insurance Policy

The scope of the cover can be divided into two sections

Section 1

  • Fire & all covers
  • Burglary and theft
  • Machinery breakdown / Boiler explosion / Electronic

Equipment Insurance

Section 2

  • Consequential Loss following Fire.

Section 1

Excluded causes

  • Faulty design materials workmanship and construction
  • Interruption loss due to failure of gas electricity and water supply
  • Collapse or cracking of buildings
  • Larceny fraud or dishonesty
  • Willful negligence on the part of insured
  • War group of perils
  • Nuclear group of perils
  • Property removed to other locations exceeding 60 days

Section 2

  • Insured's lack of sufficient capital
  • Any restrictions imposed by any public authorities
  • Loss of business due to cancellation of order / Lease
  • Damage to boilers machinery economizers and data equipment

Conditions

In respect of Textile & Jute Sector

  • 10% Self insurance applicable
  • Additional 10% self insurance for more than one recoverable loss within 3 years
  • Deductible of 10% loss but minimum BDT. 500,000 (Five Lac) irrespective of perils
  • All project above 5 corer Sum Insured to be surveyed.

Operational Package Insurance

 

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