Fire Insurance

Introduction:

Fire insurance is a contract by which the insurance company agrees on payment of premium to indemnify the insured, up to an agreed amount, against financial loss by fire which may arise during a particular period to the subject matter. It is a contract of indemnity which is usually in the form of policy. The fire insurance contract is for a period of Dfa Ho one year and often is cancelable by either party before the term has expired. Fire insurance company not only grants protection to policy holders against the fire risk but also renders valuable part in the reduction of fire waste. They spend money on fire prevention techniques and conduct research in order to find out means for minimizing the chances of losses.