Fire insurance

What kind of risks does fire insurance cover?

Fire insurance covers much more than just damage caused by fire. It also provides compensation for material damage to your property as a result of an explosion, extreme weather conditions or theft.

When determining insured risks, two formulas can be employed, the first being a 'named perils' formula:

• storm and hail,
• snow and ice impact,
• water damage,
• glass breakage,
• natural disasters,
• theft, damage caused by an (attempted) burglary and vandalism to your business property.

A second option is coverage based on an "all risks, except" formula, which covers all risks except those that are specifically excluded.

The main difference lies in the burden of proof in the event of damage.

• With the "named perils" formula, it is up to the insured to prove that the damage is covered by one of the risks stipulated in the contract.
• With an "all risks, except" policy, all risks are insured, except those that are excluded in the contract. In such cases it is up to the insurer to prove that they can refuse a claim on the basis of an exclusion of this nature.

What should you pay attention to when taking out fire insurance?

To obtain appropriate compensation in the event of a claim, it is important that the value of your business property is accurately assessed. Correctly insured capital is the main building block of the fire insurance contracts we draw up.

No two businesses are the same; neither are the risks they face. The traditional conditions of a fire policy are often insufficient to cover your specific risks, which is why we have developed our own clauses that enable us to deliver genuine customised solutions.

It is also important to look at how risks can be avoided or minimised. We work in conjunction with external risk management and prevention consultants and translate their recommendations into practical advice tailored to your requirements.