MANAGEMENT

Detailed explanation-1: -Revenue Loss: Revenue loss refers to the loss incurred on day-to-day items, such as stock of goods, reduction in sales, etc. Fire insurance policy aims to indemnify all these losses and get the business back on track by providing for coverage for these abnormal losses.

Detailed explanation-2: -Fire insurance policies provide payment for the loss of use of the property as a result of a fire. They also often provide additional living expenses if the fire caused uninhabitable conditions. Finally, they provide for damage to personal property and nearby structures.

Detailed explanation-3: -The principle of indemnity ensures that there is no profit to the insured after the claim, and he/she only retains his/her financial position as it was before the loss. Estimation of indemnity will consider all the ways and methods to ensure this application in every insurance contract including fire Insurance.

Detailed explanation-4: -Fire insurance means insurance against any loss caused by fire. Fire insurance has no direct relation to saving but is always a question of indemnity for property. The principle of indemnity, which arises under common law, ensures that the insured does not recover more than actual loss suffered by him/her.

Detailed explanation-5: -Fire insurance coverage includes mishaps caused due to accidental fire, lightning, implosion or explosion, etc. And also, man-made perils such as bursting of water tanks and pipelines or overflowing, leakages from water sprinkles, and so on.