The fire insurance is a type of insurance against the risks of fire, lightning, and explosion extended for assets mentioned in the insurance policy and which indemnifies any damages and losses caused by the occurrence of these risks. In general practice, it may be extended to cover perils such as earthquakes, strikes, lockouts, riots, and civil movements, acts of terrorism, flood, storms, landslides, vehicle impact , theft, and etc. The fire insurance may also cover, in addition to the insured's own assets, such damage amounts which the insured is liable to pay as a result of possible fire spreading into neighbours if an additional coverage is obtained for ”fire legal liability.”
This is a type of insurance offering coverage for indirect or consequential damages and losses such as business interruption, decreased turnover, increased costs, and etc. that are attributable to the occurrence of an insured peril.
The Fine Art Insurance provides coverage for your assets bearing the properties of a fine art on extended all risks basis by combining the conventional protection offered by fire and theft insurance policies with foreign and domestic transportation insurance policies under the same umbrella. The coverage provides a general umbrella protection not only where the works of art are statically present, but also when they are in transit and / or at other locations. The most advantageous aspect of this insurance policy is that, unlike the conventional insurance coverages, the excluded situations are clearly indicated in the insurance policy, and all the remaining risk groups are offered coverage under the policy.