FIRE INSURANCE: SEAMLESS SECURITY TO YOUR VALUABLES
A huge fire broke out at Thane’s Orion Business Park recently on April 19, 2023, that left everybody in a huge shock. Once the fire broke out at 8 pm, it consequently damaged almost 90% of the entire commercial building and destroyed 21 office units, 3 four-wheelers, and 23 two-wheelers. With the assistance of a multi-agency operation involving 90 firefighters, it took 10 hours to put out the enormous fire.
The incident is unforgettable for me because I was in a very close arena when I saw the fire. I can still remember the huge sparks of fire flying high in the sky and blasting sounds at certain time intervals, as I could witness the same while I was taking a walk in the late evening. The entire neighborhood was scared to witness such a scene of huge fire flashes followed by the continuous sirens of firefighting vehicles and ambulances. The fire kept on flashing for hours and hours, and the entire area was covered in smoke. In addition, the traffic jam caused by the ongoing metro line 4 work added to the trouble.
With God’s grace, no casualties or injuries were reported, as by the time the fire ignited, the offices were already closed and the office staff had already left for home sometime before the blaze was reported to start in the parking lot around 8 pm on April 19, 2023
The owner of the building, the proprietors of the businesses, and the staff members employed there all suffered huge losses. Then, I started to wonder, "Were the building and offices there insured?" Given the extent of the harm and loss that have occurred, it will be a huge relief if the response to this question is "yes".
When it comes to protecting one's life or assets from harm or loss, insurance always plays a crucial role. Additionally, it would be a huge comfort for the owners to cope with the damage or loss due to the fire if they received compensation for the loss that happened. It is only possible if the entire business park and the offices are covered by fire insurance.
One of the business owners at Orion Business Park stated that it was a huge loss as the entire business was running from that place, and they will have to start from scratch again. Still, they do have insurance and would claim it after all the paperwork required is completed. For them, receiving compensation for the loss or damage would be like the blessings of God for the business owners, as it would be a great help in terms of funding to restart their work from scratch.
Hence, getting your property fire insured is an important part of your entire insurance plan. But there are some essential facts that you should always consider before buying any insurance plan, be it life insurance or non-life insurance.
5 keys things to know about fire insurance
1. Fire insurance is one of the strongest tools of protection against unforeseen loss or damage to movable and immovable property due to a fire incident or any other peril.
2.Properties such as buildings, plant and machinery, equipment, stock, and content like furniture and fixtures, cables, etc. can be covered under fire insurance.
3. Other perils that can be covered under fire insurance include lightning, explosions, malicious damage, natural disasters, impact damage, subsidence and landslides, and bursting of water tanks.
4. Exclusions from fire insurance coverage: loss or damage caused by war and warlike operations, nuclear perils, pollution or contamination, electrical or mechanical breakdowns, burglary, and housebreaking are excluded from fire insurance coverage.
5. A fire insurance policy is generally issued for one year and needs to be renewed again, except for your residential home, where a policy may be issued for a longer period.
Crucial facts to remember while buying a fire insurance policy
1. Carefully read and review the fire insurance policy while taking up a new policy as well as while renewing the policy annually to ensure coverage of all your buildings and locations, along with the correct address mentioned on it.
2. When it comes to goods and services, buying a fire insurance policy does not give the policyholder the right to act carelessly. Be prudent, just as you would have been if you didn't have insurance.
3. To avoid such occurrences, draft a solid emergency prevention strategy and train your staff to adhere to safety guidelines. Frequently, conduct a mock fire drill to deal with such a disaster in case of an emergency.
4. Adequate insurance is required to be adequately and fairly compensated in the event of any loss or damage. Being underinsured is as bad as being uninsured. With insufficient fire insurance coverage, you may end up being responsible for the remaining portion of any loss or damage at the time it occurs.
Avoid letting the fire destroy your goals and aspirations. Get fire insurance to protect your possessions from any accidental loss or damage.
“Don’t let the fire raze your dreams, stay insured. Even though it may appear to be the least likely event, it is imperative to have a fire insurance policy.” – Sanjay Datta
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