💨 Abstract

Fire insurance in India is a specialized property insurance that protects against financial losses from fire and related risks, such as malicious damage, lightning, riots, and explosions. It is crucial for businesses, especially those dealing with hazardous materials, to have fire insurance to cover damages and potential losses. The policy assigns a set value to the property or item and provides a fixed compensation amount upon loss, regardless of the actual value of the loss.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖