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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   Fixture

What can be covered?

  • Private dwelling houses, Schools, Colleges, Universities, Hostels, Hospitals, Banks, Offices, Shops, Hotels, Restaurant etc.
  • Industrial / Manufacturing Risks
  • Utilities located outside industrial/manufacturing risks
  • Machinery and Accessories
  • Storage Risk ( Warehouses and Godowns in private of public occupation  /or, outside the compound of industry)

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
  • Terrorism Activities

Add on Cover

This additional coverage can be extended to include other perils by the additional premium;

  • Riot   Strike Damage
  • Aircraft damage
  • Cyclone   Flood
  • Impact damage
  • Subsidence landslide
  • Bursting or overflowing of tanks
  • Explosion

Note

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

Pre-requisite for the Policy

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

Note

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

Industrial All Risk Insurance Policy

Eligibility

All Industrial risks(other than risks ratable under Petrochemical Tariff) having a certain overall Sum Insured and above under one policy and in one location in Bangladesh shall be eligible for Industrial All Risks Policy.

Policy

The policy form given at Annexure-2 consists of;
Material Damage only and covers all risks/perils other than those which are specifically excluded.
(When a Financial Institute is involved as joint insured an agreed Bank clause at Annexure-4 is to be attached)

Application/Proposal

An application/Proposal in the format given in Annexure-I duly completed along with the inspection report of the Insurance Company Engineer/Professional Surveyor has to be submitted by the Insured to the Insurer.

Risks Cover

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

Equipment Insurance

  • Consequential Loss following Fire

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
  • 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

The following terms and conditions are applicable for compliance of Fire(IAR) Tariff In respect of Textile, Jute Mill, Garments Factory, Spinning/Composite Mills, Sweater Factory, Hosiery and Thread Factory, Knitwear/Denim/Textile Dyeing/Textile Printing/Textile Finishing Factory, Power Loom Factory, Woolen Factory, Sericulture Mills using natural and Synthetic materials:-

  • Self-insurance applicable to IAR Policies.
  • Additional Self-insurance for more than one recoverable loss within the past 3(Three) years.
  • All project must be surveyed.

Note

  • Our nearest Branch Office may be approached for complete details.