What is Fire Insurance?
Fire insurance covers losses from damage caused by fire, storms, or explosions. It was introduced in Britain after the Great Fire of London in 1666.
Types of Fire Insurance
- Domestic premise insurance: taken by house owners to cover houses and their contents.
- Special peril insurance: taken by property owners against losses from floods and storms.
- Business premise insurance: covers loss to business buildings.
- Consequential loss insurance: covers loss of profit resulting from a business being interrupted by fire, during the period the premises or stock are out of action.
