By this insurance policy, properties are insured against fire and related dangers. Covered dangers are: :
Main dangers: Fire, explosion, lightening
Additional dangers: Flood, earthquake, storm, avalanche, airplane and helicopter crash, cracks of water pipes, snow and rain waste, theft by breading locks and glass, earth sinkhole and drift, hit of external objects, explosion of under-pressure industrial containers, etc.
Hedges of this policy are classified into 4 categories:
Fire of residential units
This policy covers residential houses, buildings, installations, and furniture, and additional dangers may be covered by extra premium.
Upon Apartments Acquisition Act, board of directors of complexes must insure the buildings; otherwise, board is responsible in case of accident.
Fire of industrial center
This policy covers all industrial risks of factories including fire, explosion, lightening, and additional dangers. The properties that can be insured include buildings, machinery, installations, raw materials, ongoing goods, finished goods, tools and equipment, fixed and office furniture, etc. These (movable or unmovable) properties must be insured by day price to prevent Relative Rule subject of article 10 of Insurance Act.
Fire of non-industrial centers
This policy covers all trade centers including stores, repair stations, public places, administrative buildings, transportation agencies, recreational and sport centers, etc. against fire and related dangers. This policy also covers building, installations, inventory, fixed furniture and decoration.
Fire of (private and public) warehouses
This policy is issued by two methods:
1. Fixed amount policy:
By this method, damages are calculated by amounts mentioned in the policy and insurance rules, considering public and private conditions.
2. Floated amount policy (declaration):
Complexity of activities in industrial units and large volume of imported and exported commodities, and inflation encourages owners to insure them to protect their capitals against fire.
Accordingly, insurer obligates to pay maximum insurance inventory according to his documents and books at the end of each month, maximum up to half of next month. In this case, exact premium is calculated proportional to the declared capital at the end of policy period.