The commencement of coverage is the date at which insurance protection begins, indicating the starting point for the validity of an insurance policy.
An insurance contract is a legally binding unilateral agreement between an insured and an insurance company. In exchange for premium payments, the company covers specified perils or losses.
An insurance policy is a contract between an insured person or entity and an insurance company, specifying the risks covered and the premiums that must be paid to maintain the policy. It serves as the reference document to determine coverage eligibility for claims.
The Standard Fire Policy is a foundational insurance contract designed to provide coverage against fire-related damages to properties. It is essential for homeowners and businesses alike to protect their assets from unforeseen fire incidences.
