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Fire Insurance

  1. Fire insurance is governed by Nepal Fire Tariff 2058, Nepal.
  2. To constitute fire under  fire under fire policy, there should exist following three features:
  • There should be actual ignition.
  • It should be fortuitous/accidental in nature.
  • The property destroyed or damaged should not be on fire in general way.
  1. Standard Fire Insurance policy covers perils: FIRE, LIGHTENING and EARTHQUAKE.
  2. In addition to the above two perils, following perils can also be covered by paying additional premium:
  • Explosion/Implosion
  • Flood and Inundation.
  • Storm, tempest, cyclone and hurricane.
  • Riots, strike and Malicious Damages, Terrorism and Sabotage.
  • Spontaneous Combustion.
  • Subsidence and Landslide.
  • Aircraft Damage.
  1. Rates under Nepal Fire tariff are based on class of construction, type of commodity, type of occupancy.
  2. There is provision for various discounts on tariff rates like FEA discount, which ranges from 2.5% to 50%.
  3. Riot, Strike, Malicious Damage, Terrorism and Sabotage covers are special perils which are governed by guidelines issued by Insurance Pool, Nepal.  

There are three type of special polices that can be issued under fire section:
  1. Reinstatement Value Policy which can be issued for fixed assets only.
  2. Stock Declaration Policy which can be issued for stocks which fluctuates over the period on single location.
  3. Floating Policy for stock which is kept at more than one location.

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