Fire Insurance Policy for Non-Industrial Centers

Non-industrial centers include all commercial stores, repair shops, hospitals, public places, office buildings, real estate agencies, medical centers, foodstuff and protein stores, educational institutes, service centers, and other similar centers or cases. Buildings, installations, fixed furniture, stock, and decoration of each of the centers could be insured with Bimeh Iran (Iran Insurance Co.) at the day price against the risks of fire, explosion, lightning and additional risks.
Capital relative rule


If a property has been appraised at a price below the real value of insurance, the insurer should be responsible proportionately to the amount it has insured at the real value of property. Any property has a current and real price and the policyholder should be bound to insure his property at that price. If a policyholder does not insure his property at the real price, this means that he has not insured all of his property; he will pay lower insurance premium and will receive less indemnity for the incurred damages. This rule which is called damage relative rule or the rule of balance of the insured amount and the damage is applied and implemented for preserving rights of the insurer and also observation of balance and fairness in the rights of policyholders. But if the insurer and the policyholder (insured) agree that according to a specified formula such as first loss insurance in fire insurance, the object of insurance is insured at an agreed value that is lower than its real value, the insurer should not be authorized to apply capital value rule.