Specific Fire Policy
What is a specific insurance policy?
A specific policy is a type of insurance policy that provides limited coverage against loss. It can refer to a basic-form policy that covers damages from fire, windstorm, explosion, riot, aircraft, vehicles, theft, or vandalism.
Key Features:
Key Features Of Specific Fire Policy
- Financial Protection
- Perils Covered
- Principle of Indemnity
- Coverage Limits
- Policy Duration
- Premium Calculation
- Add-on Covers
- Business Interruption Coverage
- Exclusions
Limited Coverage
- Insurance:A specific policy in insurance might cover a defined set of risks (e.g., fire, theft) or have a pre-set limit on the amount of coverage, unlike a broader policy that might cover a wider range of potential losses. For example, a fire insurance policy with a specific coverage amount will only pay up to that limit, even if the actual loss is higher.
- Governance/Security:A specific policy in governance or security focuses on a particular aspect or area, like email security, remote access, or a specific system, rather than a general policy covering all security aspects.
Distinguishing from Broad-Form Policies:
- Broad-form policiesor open-perils policies offer a wider range of coverage and fewer limitations compared to specific policies.
- Specific policiesare designed to address particular needs and risks, often with more detailed guidelines and procedures.
Examples of Specific Policies:
- Insurance:
- An accident policy, which covers only accidental bodily injuries.
- A bailee policy, which covers goods in a bailee’s possession.
- An accident policy, which covers only accidental bodily injuries.
- Governance/Security:
- A remote access policy that specifies the use of a company-approved VPN for offsite access, rather than covering all types of remote access.
- A system-specific policy for a firewall or web server.
- A remote access policy that specifies the use of a company-approved VPN for offsite access, rather than covering all types of remote access.
- General:
- A policy on a particular topic, such as “Equal Opportunities Policy” or “Anti-Bribery Policy”.
- A policy on a particular topic, such as “Equal Opportunities Policy” or “Anti-Bribery Policy”.
