MANAGEMENT

Detailed explanation-1: -On the outbreak of a fire the insured is under an implied duty to observe good faith towards the insurers and the in pursuance of it the insured must do his best to avert or minimize the loss.

Detailed explanation-2: -Insurance contracts are created solely as a means to provide protection from unexpected events, not as a means to make a profit from a loss. Therefore, the insured is protected from losses by the principle of indemnity, but through stipulations that keep him or her from being able to scam and make a profit.

Detailed explanation-3: -A fire policy covers property damage such as furnishings, office building, machinery, stock, etc. due to a fire accident. Besides, fire perils, a burglary insurance policy also provides coverage for the damages caused due to any natural calamity, explosion, bursting of the water tank, etc.

Detailed explanation-4: -Fire insurance is a form of property insurance that offers extra compensation for loss or damage to a building that has been damaged or destroyed by a fire. Fire insurance can be capped at a rate lower than the expense of the damages incurred, necessitating the purchase of a separate fire insurance policy.