Property Fire & Theft Insurance

This policy provides you with insurable protection for your assets. The shop insurance cost is also built to provide you with coverage against fires and/or thefts as a result of the explosion of natural gas or spontaneous combustion. Coverage might also be extended to cover the explosion of boilers, machines and pressure devices, riots, strikes and civil commotion, earthquakes, storms, inundation, floods, landslide, subsidence and tide, the sudden flow of water from a reservoir, the collision of an inland vehicle, or the collision of aircraft or articles falling from there. The policy can also cover the third-party liability arising from fire, removal of debris, loss of profit/rent due to fire, the burst of automatic sprinklers' pipes or the spoil of the sprinklers' heads or any leakage from it.
Property Fire & Theft Insurance

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The fire insurance policy model provides protection and security for your assets and also includes shop insurance quotes Compensation against theft losses - fires due to natural gas explosions - Automatic penetration - Boiler and appliance explosions - Strikes and civil commotion - Earthquakes, storms, and floods - Landslides, subsidence, and tides - Sudden flow of water from the reservoir - Collision of aircraft and the materials falling from them - Forced theft and violence.

What is an insurance model against fire, theft, and additional damage?

A sample fire insurance policy that covers fire, theft, and property damage from a third party as well as relieving you of liability for damage to vehicles and other property while using the vehicle.

It also includes coverage for damage resulting from attempted theft and may give you partial or full coverage if you rent a car for up to 21 days in case of theft, and personal property covers up to EGP 30,000 for damage to the contents of your car due to fire or theft.

The sample fire and additional damage insurance policy provides protection against most risks to property, such as fire, theft, and some weather damage, as well as other specialized forms of insurance such as:

  • Fire insurance.

  • Flood insurance.

  • Earthquake insurance.

  • Home insurance.

  • Property is insured in two main ways, either open risk insurance or specific named risk insurance.

The Open Risk Policy covers all causes of loss not specifically excluded in the Policy, and common exclusions for Open Risk Insurance include damage caused by earthquakes, floods, nuclear accidents, acts of terrorism, and war.

In the case of a named risk policy, it requires the actual cause of loss to be included in the insurance policy to be provided, and the most common named risks include events causing damage such as fire, lightning, explosion, and theft.

Types of Fire Insurance Policy Form

There are three types of fire and additional perils insurance available such as:

  • Covering the cost of replacement: The policy pays the cost of repairing or replacing the property of the policyholder of the same type and quality regardless of depreciation or estimate, and the installments of this type of policy depend on the value of the replacement cost and are not based on the actual monetary value.

  • Coverage of actual cash value: It provides coverage of the replacement cost minus the value of depreciation.

  • Payment of replacement cost that extends to an upper limit than the coverage limit: If property recovery costs increase, this will generally not exceed 25% of the maximum policy amount.

In the case of obtaining a fire and other perils insurance policy form, the insurance limit is the maximum amount payable by the insurance company in the event of a fire or a specific accident.

Based on the factual changes that are currently taking place, the actual amount of the policy needs to be updated from time to time, especially if your insured property or home is in a place whose prices change every period, in order to determine the actual value of the property.

According to the agreed prices, in the event of a fire, the replacement of the contents of the house is scheduled as a percentage of the value of the house, and in the event that the house contains high-value items or property, the insurance company may require that these items be specifically covered by a separate policy from other household contents.

If property damage caused by a covered loss prevents you from living in your home, insurance policies can pay for alternative living arrangements (e.g., hotel and restaurant costs) for a set period of time to compensate for the "loss of use" of the home until you can return. The limit for additional living expenses can vary but is usually set at up to 20% of the housing coverage limit.

You need to speak with your insurance company for advice on proper coverage and determine what kind of limit may be right for you.

The fire insurance policy is named the "Fire and Additional Perils Insurance Policy".

What risks are covered in the fire and other perils insurance policy form?

  • Homes, offices, shops, and hospitals.

  • Industrial and manufacturing risks.

  • Facilities located outside of industrial/manufacturing risks.

  • Machines and accessories.

  • Storage risks outside the industrial risk pool.

  • Tank farms/gas carriers located outside the city.

In addition to the above, the fire insurance policy covers the following causes of loss, for example:

  • Conflagrations.

  • Lightning.

  • Riots and strikes.

  • Terrorism.

  • Storms, hurricanes, and floods.

  • Ground landings.

  • Explosion or flood.

  • Riots and civil strikes.

Some exceptions to the Fire and Other Perils Insurance Form

For example, there are some exceptions that are not covered by the fire insurance policy form:

  • Loss or damage resulting from war, civil war, and similar perils.

  • Loss or damage from nuclear explosions.

  • Loss or damage to stocks during cold storage due to temperature change.

  • Loss or damage due to overuse of electrical or electronic devices

How can you file a claim on a fire insurance policy form?

In the event of a fire accident or a covered risk within the fire insurance policy, the policyholder must notify the insured company immediately.

Within the days permitted under the policy – approximately 15 days from the date of such loss – the insured must file a written claim stating the details of the damages and their estimated value.

Details of other insurances on the same property must also be announced.

Benefits of a Fire, Theft or Damage Insurance Policy Form for Cars

The policy model covers the following:

  • Accidental loss or damage to the vehicle from theft or attempted theft and fire.

  • Lock and replace the key in case of theft of car keys.

  • Covering some personal property in the car up to a certain amount agreed upon in the policy, in case it is damaged during an accident.

  • Cover and replace damaged child safety seats and strollers as part of claims.

  • Protection against damage to the vehicle in the event of its transport if it breaks down.