What Are The Main Features For Fire Contract?

The main essentials of the fire insurance contract are as follows
1- Contract of indemnity
The insured can claim the actual loss caused to the property by fire, remaining of course within the insured amount.
2- The insured cannot make a profit from contract
A policy holder cannot get an overvalued fire policy of his property.
3- Prescribed period
The fire contract insurance is for a specified period of time usually one year.
4- The limit of liability
In case the insured policy is destroyed by fire the policy holder cannot claim the market value of the property.

5- Payment of the claim
Payment of the insured property damaged by the fire as per contract is made to the person or persons' named in the policy as insured.
6- Interest of the policy
If the fire insurance contract covers the building, then the claim in the event of loss will be met of the building only.
7- Assignment of policy
The assignment without the consent of the company is void at law.
8- Consequential losses
The consequential loss unless specified covered under the contract are not a part of the fire loss.
9- Direct loss and damage
10- Insurable interest
11- Absolute good faith