Also referred to as a basic or named perils policy.

Fire insurance policy means. Fire insurance means insurance against any loss caused by fire. The basic version of a fire insurance policy covers the cost of replacement reconstruction or repair beyond what is outlined in the holders property insurance or homeowners policy. Fire insurance is a legal contract between an insurance company and the policyholder which guarantees that any loss or damages caused to the policyholders property in a fire will be paid by the insurance company.

Standard fire insurance policies provide coverage against financial loss or property damage caused by a fire or other covered perils. There are different forms of policies for different types of policies. The policy is not complete and additional forms and endorsements are added so that it can cover numerous direct and indirect risks.

Section 2 61 of the Insurance Act defines fire insurance as follows. Fire insurance is a contract to indemnify the loss suffered by the insured. Policy known as the 165-line policy because of the standard form used in most states.

A fire policy containing an Average Clause is called an Average Policy. It only covers the risks to your home and contents that are named in your policy. Fire insurance means insurance against any loss caused by fire.

Definition of Ignition in Insurance. The Standard Fire Policy is Section I-property coverage of most package policies such as the homeowners and Special Multiperil. If there is a fire in your home this policy will cover any damages to its outer structure.

It provides the foundation for property insurance coverages. Fire insurance business means the business of effecting otherwise than incidentally to some other class of business. A standard policy provides less coverage than a comprehensive policy.