Nature of Fire Insurance

The occurrence of a fire will result not only in loss or damage to material property but also other consequential losses such as loss of production causing loss of profit. The function of fire insurance is to make good the financial loss suffered as a result of fire. 

Some of the insurable properties are buildings, electrical installation contents of building such as machines plant and equipment accessories, etc goods such as raw materials, goods in process, finished goods, goods in a open or in the premises, contents in dwellings, shops, hotels furniture, fixture and fittings and other movable and immovable properties.