Fire safety companies - Types of Fire Insurance Policy available

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 28, 2011 -- Fire safety : Valued policy: The policy named as valued policy is the one that has agreed value of the property mentioned. The value mentioned in the policy need not be the actual value of the property. In a fire event the insurer has to pay only the agreed value as mentioned in the policy.

Unvalued policy: The policy named as unvalued policy does not include the value of the property at the time of policy taken. In a fire event the value is calculated based on assessment. Unvalued policy is also known as Open policy.

Specific policy: This policy is insured for specific sum of amount. In a fire event this specific amount will be paid by the insurance company to the policy holder whereas the actual value is not considered in this policy.

Average policy: This policy has average clause value. The insurance company will pay only the portion of the loss by the insured amount to the actual value of the property.

Floating policy: This policy refers covers the fluctuating risk of goods for supply in different locations. This policy is taken with one sum and one premium by the owner of the organization whose goods are lying at different locations.

Stock declaration policy: In this policy 75% of the premium has to be paid to the insurance company in advance. This policy covers the stock where fluctuations in the value happen throughout the contract term. The insured should specify the maximum liability of the insurance company. Final premium and average stock is calculated at the end of the year.

Loss of profit policy: This type covers the loss of profit which happens due to fire.

Standard fire policy: This covers the direct loss caused by burning or lighting.

Reinstatement policy: This policy is also known as Replacement policy, where the insurance company pays more than the actual cost of the property destroyed by fire such that it covers the cost of replacement the mentioned property.

Schedule policy: This policy insures the value of many properties under specific terms and conditions.

Sprinkler leakage policy: As the name indicates this policy covers the loss caused by leakage of liquid or water.

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