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FIRE INSURANCE:
The transaction of Fire Insurance business in Bangladesh is governed in accordance with Part-II B of the Insurance Act 1938.
The subject matter of Fire Insurance of Asia Pacific General Insurance Co. Ltd. may be any property having intrinsic value; e.g. building, furniture, fixture & fittings, plant and machinery goods and merchandise.
The scope of Fire Insurance may be considered under the following headings:
- Standard Fire Policy
- Special Perils Fire Policy
The Standard Fire Policy:
The basic policies issued as per form prescribed by the Tariff. The Policy covers the following perils:-
- Fire including fire resulting from explosion
- Lightning (whether fire ensues or not)
- Explosion of Boiler used for domestic purpose only
- Explosion of Gas used for domestic purpose only or for lightning or heating in a building not forming part of gas work.
In addition, loss or damage caused by smoke, by water used for extinguishing the Fire and by action taken by the fire Brigade in putting out the fire is also covered.
Perils not covered under normal Fire Policy:
Loss or damage due to any of the following incident may be covered by taking extra cover along with Fire Policy: -
- Earthquake Fire & Earthquake Shock
- Flood, Cyclone & Typhoon, Tornado
- War, Civil War & other kindred perils
- Riot & Strike damage
- Explosion except as mentioned above
- Burning of forest, bush and Jungles and the clearing of lands by Fire
- Damage due to failing from Aircraft
- Malicious damage