What Does FLEXA Mean In Fire Insurance?
FLEXA in fire insurance refers to Fire, Lighting, Explosion, and Aircraft Damage. These are some types of risks which are covered under the fire insurance claim. Some insurance policies, such as Standard Fire Special Perils (SFSP), the Bharat Sookshma Udyam Suraksha (BSUS) and the Bharat Laghu Udyam Suraksha (BLUS), offer financial assistance against FLEXA in fire insurance.
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- What Does FLEXA Mean In Fire Insurance?
Risks Incorporated Under FLEXA in Fire Insurance.
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Fire
Fire is one of the components incorporated under the FLEXA in fire insurance. A fire incident must be caused due to the actual flames, which can be seen easily. A mere short circuit cannot be counted as a fire incident. Every offline and online fire insurance policy provides financial protection to the insured against any loss, destruction or damages caused to the property due to fire.
Proximate cause is critical to determine if the insured property will be covered under FLEXA. In Bird v. St. Paul Fire & Marine Inc. Co., the brief facts of the case were as follows:
A fire at other premises caused an explosion which later caused another fire which later turned into a terrific blast and damaged the canal boat of the plaintiff. The boat was insured against the fire incidences. Upon examining the facts of the case, the court held that the fire was the proximate cause of the explosion. Hence, if the explosion occurred due to fire, the insurer or the defendant is liable to indemnify the plaintiff under the fire insurance policy.
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Lightning
The fire insurance policy will cover a loss, destruction or damages caused to the insured property due to lightning. The insurer does not impose any exception under this type of risk. However, the surveyor may examine the eyewitness or meteorological data while determining the cause of the event.
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Explosion
Explosion and implosion are other components of FLEXA covered under fire insurance. The policy protects the insured party in order to get recovered from the losses that have been caused due to explosion and implosion. For example, a cargo may explode if its internal pressure is more than the atmospheric pressure. Likewise, an implosion may occur if the external pressure exceeds the internal pressure. Hence, both explosion and implosion may cause a fire. Therefore, the policyholder can get indemnified under a fire insurance claim.
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Aircraft damage
The types of loss, damage or destruction caused to an aircraft due to collision of aircraft or any other aerial device will be covered under fire insurance in FLEXA.
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Exceptions of claims under FLEXA in Aircraft damage
There is no policy available under FLEXA in fire insurance to cover any damage caused to the aircraft due to travelling at supersonic or even at sonic speed. In addition, no policy under FLEXA in fire insurance does further cover any losses if the cause of damage or destruction belongs to the employee or insurer while discharging their duties during the course of their employment.
Fire Insurance Online
The policyholder can buy a Fire Insurance Policy online and get the property insured under the policy. Various insurers offer Fire Insurance Online. An individual may easily buy one by visiting their website.
Conclusion
With the passage of time, the situation changes, resulting in the amendment and drafting of new acts and codes (law). The laws are made as per the norms and conditions of society. The FLEXA in fire insurance is also a result of a historical disaster known as the ‘great fire’ of England, which gave birth to fire insurance. The 'great fire' incident, which took place in London, destroyed 80% of the residences. It was the first incident in the history of the world which sowed the seed of fire insurance. Later, RSMD, STFI and FLEXA in fire insurance were incorporated as its features.
