Explain the meaning and elements of Fire Insurance.

Explanation

Fire insurance is property insurance that covers damage and losses caused by fire. The purchase of fire insurance in addition to homeowner's or property insurance helps to cover the cost of replacement, repair, or reconstruction of property, above the limit set by the property insurance policy.



ELEMENTS OF FIRE INSURANCE CONTRACT:-


-The inside must have insurable interest both at the time of insurance and at the time of Loss.


- The contact is based on utmost good faith.


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