Life is filled with unexpected occurrences and they’re not all pleasant. Natural disasters like an earthquake, avalanche, storm or fire can jeopardize human life and property. IKBZ provides the Standard Fire & Allied Perils Policy to help you in these difficult times. This insurance policy protects you from the losses that may occur as a result of a fire and associated dangers.
Exception: Specific items such as bullion, priceless stones, curiosity and artwork in excess of Ks – 50,000, manuscripts, plans, sketches, securities, bonds or documents, stamps, coins or paper money, checks, account books, computer system records, etc.
Perils Covered :
This policy includes several of the above-mentioned immovable and mobile assets against loss or harm caused by fire, lightning, and home-used gas explosion.
In addition, the following kinds of losses are covered by the Standard Fire Policy:-Spoiled goods or property damaged by water or other fire-extinguishing goods.
Pulling down the fire brigade from neighboring premises to avoid the fire from progressing.
Breakage of goods in the process of their removal from the building where fire is raging e.g. damage caused by throwing furniture out of window.
Add on Covers
You can decide to extend your insurance to cover other risks: Riot, Strikes and Malicious Damage (RSMD) / Air Craft Damage / Impact Damage / Subsidence and Landslide / Earth-quake and Earth-quake shock / Spontaneous combustion / Strom, Cyclone, Tempest, Typhoon, Tornado, Hurricane (SCTTTH) / Flood and Flood / War Risk
Properties that are not covered:
Loss or damage to insured property caused directly or indirectly by or as a result of fire: theft during or after the occurrence of a fire ionizing radiation or contamination ionizing radiation and contamination by radioactivity i.e. fermentation, natural heating, spontaneous combustion, heating, drying process i.e. the burning of property by any public authority and subtlety
Every people can face unseen and unexpected risk every times (by fire).When you face the loss ,you cannot get the peace of mind. So, you can possess the happy life with peace of mind by keeping insurance policy in our Global World.
Every owner of properties can buy fire insurance policies (including ordinary fire) for his safety and asset protection.
Fire Insurance is designed to safeguard construction, machinery, furniture and merchandise inventory from the danger of fire.
It is essential that we insure our properties to safeguard your property from fire and lightning losses. Fire Insurance protects companies and homeowners from unexpected losses owing to fire or lightning of actual and personal property. The property’s owner, joint owner, owner’s spouse, mortgagee and mortgager have the right to buy this policy.
At AMI, we provide a comprehensive coverage for your property including stocks, equipments and furnitures. Fire Insurance policies insure businesses and homeowners against unexpected losses of real and personal properties due to fire or lightning.
Fire policy provides the following covers.
- Construction, stocks and other content
- Movable and immovable fittings
• In-house tools, furnishings and fittings.
- The insured may receive compensation for total loss or damage to the insured property up to the amount insured.
The insured will receive compensation for the real value of the estate damaged by fire or insured hazards.
- The term of the policy will be from 10 days to 1 year and can be renewed on a yearly basic
- Fire insurance covers the following assets based on (a) accepted value or (b) market value of the property
- Stocks & other contents
- Machinery facilities
- On stock-in-trade
- Household products & furniture
- The following property losses are covered by the Standard Fire Policy:
- The property was damaged when the property was removed from the burning building.
- Property damage caused by the firefighters ‘ demolition to prevent the spread of fire.
Reference from AYA insurance , Myanmar Times , www.i-kbz.com , ggipinsurance.com