Reinsurance Coverage of Saman Re for Fire Insurance
Fire insurance compensates losses caused by fire to the insured’s property (movable and immovable). In Fire policies, only physical damages to the property are covered, not personal injuries. However, third-party liability coverage is purchasable separately under fire policies. Like other insurance policies, fire policies adhere to insurance principles such as indemnity, subrogation, utmost good faith, and insurable interest.
Most people are unaware of the precise definition of “fire” in terms of insurance legislation. In the insurance practice, damage by fire is not covered unless the fire is positioned in a built-in place, such as a heater or stove as long as a flame accompanies it.
One of the primary risks covered by fire insurance is the actual damage caused by fire itself. This includes the destruction of structures, personal belongings, and business assets. Additionally, fire insurance often extends its coverage to damages resulting from smoke, soot, heat leakage, ash, or water used to extinguish the fire. This comprehensive approach ensures that policyholders are protected not only from the direct impact of flames but also from the secondary effects that can compound the losses.
Risks Covered by Fire Insurance
This type of insurance compensates material damages caused by fire, explosion and lightning to all properties of natural and juridical persons. In addition to that, extended coverage under fire policies are also purchasable.
Add-on covers include:
- Earthquake & Volcano.
- Coastal Flood & Flood.
- Storms & Thunderstorms.
- Water Pipe Bursting and Debris Caused by Snow and Rain.
- Plane & Helicopter Crashes.
- Glass Breakage.
- Burglary.
- Strikes, Riots and Civil Commotion (SRCC).
- Pressure Vessel Explosion.
Different types of Fire Insurance Policies
- Residential Buildings Fire policy.
- Industrial Units Fire Policy.
- Warehouse Fire Policy.
One of the services provided by Saman Reinsurance Co. is offering reinsurance coverage in the line of fire insurance, we are honored to work with insurance companies in the form of both Treaty and Facultative reinsurance.
