Fire insurance
It is a type of insurance that provides compensation for damage caused by accidental fire to your home and belongings.
Anyone who has an insurable interest (e.g)
- the owner
- co-owner
- spouses
- the person who mortgaged the property recipients of deposit
- officially responsible for the security of the property (residential user)
- Immovable Assets (Residential Building)
- movable property (Furniture, goods, business equipment, equipment)
Types of buildings | Property that can be insured |
Residential and similar buildings | Food products |
Storage facilities | Chemical |
shop | Animal Feed and Medicines |
Factories/Workshops | Home Decorations |
| Consumer goods Remark (Except for items packed in plastic boxes, fiber boxes, iron boxes, and metal boxes) |
- Goods temporarily deposited
- Gold metal, Silver and Gemstones
- Artwork worth more than 300 Kyats
- Ancient literature, Manuscript painting sketches, Cast images
- Savings certificate, securities certificate; Contract documents
- stamps, Banknotes Account books, Business books
- Coal
- Explosive materials
- Cost of construction and installation of the building (Pledge Area Estimation PAE)
- Buying / selling / current price of products
- Purchase value of furniture
- Cost of purchase and installation of equipment
Note. do not exceed the above specified values. (With the consent of the insured, it may be kept lower than the specified value.)
Anyone who has an insurable interest (e.g)
- the owner
- co-owner
- spouses
- the person who mortgaged the property recipients of deposit
- officially responsible for the security of the property (residential user)
- Immovable Assets (Residential Building)
- ရွှေ့ပြောင်းနိုင်သော ပစ္စည်း(ပရိဘောဂ၊ ကုန်ပစ္စည်း ၊ လုပ်ငန်းသုံးပစ္စည်း၊ စက်ကိရိယာ)
- Goods temporarily deposited
- Gold metal, Silver and Gemstones
- Artwork worth more than 300 Kyats
- Ancient literature, Manuscript painting sketches, Cast images
- Savings certificate, securities certificate; Contract documents
- stamps, Banknotes Account books, Business books
- Coal
- Explosive materials
- Application of classes (4 classes are identified.)
- Application of building class (4 types of classes are identified.)
- Product type; Easy to burn
- Additional interest rate
- If the fire rate of the surrounding area is higher than the fire rate of the originally insured building in any area, the average of the two fire rates will be considered.
- If the building is first class, (25) feet; 50 feet away from the second and third classes will be verified and calculated by looking at whether there is/isn't a building.
Short period rate
| 10 days | 1/8 of the annual premium |
| Less than 15 days | 1/6 of the annual premium |
| 1 month | 2/8 of the annual premium |
| 2 months | 3/8 of the annual premium |
| 3 months | 4/8 of the annual premium |
| 4 months | 5/8 of the annual premium |
| 5 months | 6/8 of the annual premium |
| 6 months | 6/8 of the annual premium |
| For more than 6 months, you must take the full annual premium. |
Benefits of Fire Insurance
For buildings
For Materials
Additional Covers
Along with fire insurance, you can also purchase the following additional protections.
| No. | Additional Covers | Premium rate |
|---|---|---|
| 1 | SRCC | 0.06% |
| 2 | Explosion | 0.10% |
| 3 | Theft | 0.25% ~ 1.5% |
| First Class Building | 0.25% | |
| Second Class Building | 0.50% | |
| Third Class Building | 0.75% | |
| Fourth Class Building | 1% ~ 1.50% | |
| Separated according to building class, a discount (10%) is given on top of the paid premium. | ||
| 4 | Flooding | 0.10% |
| 5 | Storm | 0.20% ~ 0.25% |
| 6 | Earthquake | 0.10% |
| 7 | War Risk | 0.10% |
| 8 | Landslide | 0.10% |
| 9 | Automatic ignition | 0.80% |
| 10 | Damage by land vehicles | 0.10% |
| 11 | Damage caused by aircraft | 0.10% |
No Claim Bonus
If there is no claim case in first year, if the policy is renewed for the second year, the lower of the first and second year premiums will receive a (25%) discount on the premium.
Compensation – Fire insurance compensation will be paid in full for Total Loss and if only a partial area is damaged, it will be paid based on the percentage of the damaged part.
Cases which are not eligible for claim - Insured property is the direct or indirect result of fire as a result of the following: There is no claim for damages for indirect or consequential loss or damage.
Contact
-
No 13, Room (B-1), Ground Floor Lakeken Street, Pazundaung Township Yangon, Myanmar, PO-11171
-
09777884834
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info@karkwalpar.com
