Fire insurance Flashcards
When did the Tooley Street Fire occur?
22nd June 1861
Where did the Tooley Street Fire break out?
Warves and Warehourses in London
Who caused the great fire of London?
A bakery belonging to the King’s baker
Thomas Farriner
Standard Fire Policy covers?
Actual Ignition, lightning and domestic gas explosions
What are Combined Policies ?
Combination or separate policies for efficiency and conservation
What is Reinstatement Insurance?
When the Insurer pays more than the actual worth of property destroyed by fire
What are Consequential Loss Policies?
They cover losses other than material policies that can disrupt business activities
Combined Policies
This is the combination of separate insurance policies for efficiency and conservation
Consequential Loss Policies
Covers losses other than material losses that can disrupt business activities
Reinstatement Policies
In the event of a loss, the insurer pays more than the actual value of the property
Who is a fire surveyor?
Advises the insured on the possible causes of fire
What is the work of the Fire Offices Conmittee
They produce minimum premium rates
Sprinkler Leakage Policies
Provides coverage against a situation where the installed sprinkler accidentally goes off, causing water damages
What is fire waste?
Extent of damages sustained through the fire
