Fire Insurance Policy
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Directors Profile
PICL Service
Introduction & Overview
The Pioneer Insurance Company Limited (PICL) is a leading “AAA” rated Non-life Insurance Company in the country operating in the private sector since 1996. A group of renowned and celebrated entrepreneurs established the company to carry out non-life insurance business in the country. Since its establishment, the PICL is maintaining its presence as the most prominent company launching innovative products and new plans in the non-life insurance industry in Bangladesh. It has recognized itself as one of the most reputed and brightest names in the sector.
Product Portfolio
Fire insurance is a contract under which the insurer in return for a consideration (premium) agrees to indemnify the insured for the financial loss which the latter may suffer due to destruction of or damage to property or goods, caused by fire, during a specified period. Fire can have catastrophic consequences, leaving homes, offices, factories, shops, and buildings in ruins and causing unimaginable damage to properties. Without proper insurance coverage, the road to recovery can be emotionally and financially overwhelming. Fortunately, in today's ever-changing world, you have the option to safeguard your home and properties through fire insurance coverage.
Coverage Period
Fire Policy is an annual policy, generally, renewable each year. Long Term policy (for a minimum period of three years) can be considered for covering "dwellings" only with suitable discounts in premium. Policy can be cancelled at any time during the currency with suitable refund of premium for the unexpired period.
Product Coverage Details
Standard Fire and Allied Perils Policy
The “Standard Fire and Allied Perils Policy” covers the following perils:
Fire
Riot, Strike and Malicious Damage
Explosion / Implosion
Aircraft Damage
Riot, Strike and Malicious Damage (RSMD)
Storm, Cyclone, Flood and Inundation (STFI)
Impact Damage
Subsidence and Landslide including Rockslide
Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
More covers can be added (Add-on Covers) by endorsement and by paying additional premium under Standard Fire and Allied Perils Policy in addition to the above covers.
Additional Risks Covered on Payment of Additional Premium
a) Riot and strike damage (RSD)
b) Explosion damage (including commercial purpose)
c) Malicious damage
d) Earthquake
e) Spontaneous combustion
f) Cyclone
g) Flood
h) Busting or overflowing of tanks, pipes etc.
i) Subsidence
j) Land slide
k) Articles dropping from aircraft
l) Subterranean fire
m) Sprinkler leakage
Properties that are Covered
All moveable/immoveable properties of the Insured on land (excluding those in transit) broadly categorized as follows:
a. Building (Excluding plinth and foundations):
Whether completed or in course of construction (excluding the value of land).
Interiors, Partitions and Electrical Installations.
b. Plant & Machinery, Equipment & Accessories (including foundations, if required)
Bought Second hand.
Bought New.
Obsolete Machinery.
c. Stocks:
Raw Material.
Finished Goods.
In process.
In trade belonging to Wholesaler, Manufacturer and Retailer.
d. Other Contents such as:
Furniture, Fixtures and Fittings.
Cables, Pipings.
Spares, Tools and Stores.
Household goods etc.
e. Specific Items such as:
Bullion, unset precious stones, curios, work of arts, manuscripts, plans, drawings, securities, obligations or documents, stamps, coins or paper money, cheques, books of accounts, computer system records etc.
Claim Process
Documents required to be submitted by the claimants for processing claims:
Loss intimation in writing within 15 days of occurrence
Original policy copy
Claim form duly filled in
Newspaper report of the incident, if any
Preliminary survey report
Final survey report
Photographs
Fire Brigade Report in case of loss/die to fire
First Information Report/Letter of intimation to the Police Station duly endorsed
Stock Report endorsement by bank where applicable
Invoice/LC copy in case of machinery import where applicable
Certificate in respect of the happening from Chairman/ward commissioner in case of Flood and Cyclone losses
Forensic Laboratory report on samples collected at affected site
Drug Inspector's Report on destruction of Drugs/Pharmaceutical items (for claim on pharma products only)
Copy of valid electricity connection where applicable
Copy of approval in case of self power generation
Copy of prior arrangement in respect of avoiding electrical short circuit
Who Can Take the Policy
Any person / firm / organisation / institution who may suffer financial loss in the event of operation of insurable perils may insure such property under the fire policy. They may be broadly categorised as under:
Owners of Building and contents such as house hold articles, furniture etc.
Shop Keepers.
Educational/ Research Institutions.
Hotels, Boarding and Lodgings, Hospitals, Clinics or such service providers.
Industrial and Manufacturing Firms.
Godown Keepers.
Bailees, Lessor, Lessee, Banks, Financial Institutions, Mortgagors, Mortgagees.
Traders in stocks.
Trustees, Charitable Institutions.
Transporters and C & F Agents.
Claim Success Stories
Largest Fire Claim Settled Taka 147 crore to Aswad Composite Mills Ltd., 100% export oriented knit readymade garments manufacturing factory in Bangladesh.
Risk Profiling, Management & Prevention Advisory Services
Prevention measures reduce the probability and impact of fire events. Standard advisories include:
Fire Safety Infrastructure
Installation of fire alarms, smoke detectors, and sprinkler systems.
Placement of adequate fire extinguishers.
Fire hydrants and water reservoirs on-site.
Electrical & Mechanical Safety
Regular inspection and maintenance of wiring, panels, and machinery.
Use of surge protectors and automatic shut-off systems.
Thermal scanning to detect overheating circuits.
Safe Storage Practices
Segregation of flammable liquids and gases.
Use of fire-resistant cabinets for hazardous materials.
Maintaining clear aisles and safe stacking heights.
Emergency Preparedness
Fire drills and evacuation plans.
Clearly marked escape routes with emergency lighting.
Training staff on first response and extinguisher use.
Risk Segregation & Design
Fire compartmentalization with fire-resistant walls/doors.
Adequate spacing between high-risk units (e.g., boiler rooms).
Smoke ventilation and suppression systems.
Pricing & Offers – Application of Rates
Rates will be applied as per tariff.
If country limit exceeds then foreign rates are available to us from overseas re-insurer subject to vetted by CRC.
Digital Convenience Tools & Supports
Customer can download Fire policy proposal form and claim form from website.
Customer will receive Fire policy renewal & Payment confirmation slip by SMS.
Value Added Services
Your Safety. Our Priority.
Our Fire Insurance Policy doesn’t just cover your losses — it empowers you with safety, prevention, and recovery services. With value-added benefits, we ensure you are protected before, during, and after an incident.
Risk Prevention Services
Comprehensive Fire Safety Audits – Expert inspection to identify and minimize risks.
Customized Risk Reports – Tailored advice for electrical, storage, and operational safety.
Fire Safety Training – Practical workshops for staff and families.
Why Choose Us for Your Fire Insurance Policy
Comprehensive Protection: Safeguard your building, stock, and valuable assets against fire and related risks.
Hassle-Free Claims: Fast, transparent settlement to get you back on track quickly.
Affordable Premiums: Plans tailored to your budget without compromising coverage.
Expert Support: Free fire risk assessment and professional advice included.
Trusted Partner: Backed by years of experience and thousands of satisfied clients.
Contact & Sales
Pioneer Insurance Company Limited
Channel: Rangs Babylonia (5th Floor)
246, Bir Uttam Mir Shawkat Sarak
Tejgaon, Dhaka-1208.
Phone: 8878901 (Hunt.)
Website: www.pioneerinsurance.com.bd
Tapan Chowdhury
Chairman
