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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 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:
A. Standard Fire Policy
B. Special Perils Fire Policy
THE STANDARD FIRE POLICY.
This is the basic policy issued and the form is prescribed
by the Tariff .The Policy covers the following perils:-
(a) Fire including fire resulting from explosion. The term
"Fire" is understood to mean actual ignition
under accidental circumstances. Mere scorching or
heating or fermentation is not a loss by fire.
(b) Lightning (whether fire ensues or not)
(c) Explosion of Boiler used for domestic purpose only.
(d) 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.
Loss or damage due to any of the following
incident may be covered by taking extra cover along with Fire policy:-
a) Earthquake Fire & Earthquake Shock
b) Flood, Cyclone & Typhoon, Tornado;
c) War, Civil war & other kindred perils:
d) Riot & Strike damage;
e) Explosion except as mentioned above:
f) Burning of forest, bush and Jungles and the clearing of
lands by fire:
g) Damage due to falling from Aircraft;
h) Malicious damage;
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