Fire incidence seriously affects the life and property of the people. Fire is very much destructive and can turn valuable commodities into ashes in the glimpse of an eye. Though it is unexpected but is common in our daily affairs. Every day, we hear about disastrous fire incidences. Fire incident in Tazreen Fashions on November 24, 2012 cost at least 112 lives of workers. At least 34 people died and around 70 people injured after fire incident took place at Tampaco Foils Ltd. on September 10, 2016. On January 31, 2015, minimum 13 people including 2 women died in the fire accident occurred at Nasim Plastic House. More than 7000 people were badly affected by the detrimental fire at Sattala on October 07, 2012. We can never forget about the fire at Begun Bari slum (September 20, 2012) which seriously affected at least 3,000 garments workers.

 The 2010 Nimtali fire killed at least 124 people in the old Dhaka city. Gulshan 1 DNCC market collapsed after a massive fire broke out on January 03, 2017 causing damage of commodities worth about BDT 100 crores. More than 100 shop owners and their respective salesmen, whose livelihood depends on the income from the shop, become street beggars because of the fire.
From these fire incidences it is evident that fire may take place at any place irrespective of industrial, commercial and residential complex. Fire incidence seriously affects people in two ways. Firstly, it causes severe injury of people and in many cases it takes out the lives of people. Secondly it burns to ashes valuable goods, commodities, furnitures, documents, etc. Strict compliance of fire safety manual is a way to reduce fire incidence in industrial, commercial and residential complex. However, we cannot stop fire incidence totally.
But one can stop to become street beggar in case of fire incidence by insuring their valuables against fire. It is dreadful to burn down one’s house, business place, shop, industrial machineries, industrial and commercial complex and valuable commodities but if the person has no insurance cover-up to get financial support to replace what he has lost it is even more dreadful.
Fire insurance is a way to fight against the backdrops stated in the preceding section. It helps fire victims to overcome damages caused by the fire. Fire insurance covers the losses of an individual, entrepreneur, businessman or industry-owner accrue from fire.  The fundamental purpose of the fire insurance is to afford damages to the insured in the event of loss of the insured property by fire. In fire insurance, insurance company covers the property of the insured person against financial loss by fire in return of premium. Generally insurance company receives premium from many persons but they have to pay insurance claim by only few of them. By paying minimum premium one can protect oneself (general people, businessman, industrialist, etc) economically from the harm of unexpected fire.  In Bangladesh, both the general people and businessmen are reluctant to insure their assets and properties. They only insure things which are required to be insured under statutory law such as vehicle. Paying insurance premium to be insured against damages accrue from uncertain incidence which may not happen may seem to them unnecessary.
But this approach is not coherent with the modern risk management policy. Because insurance policy provides financial security and relieves worries and thus it helps people to concentrate on their business. Fire insurance not only rehabilitates people from the injury of fire. It also provides capital. All the money (premiums collected from different insurance holders) is used as investment(s).  
Life is full of uncertainties and we should do our best to avoid or deal with it. It is better to pay some nominal premium to be secured against any catastrophe. Insurance company helps the insured person for rehabilitation after misfortune tragedy. Thus it secures an insured person from becoming almsman in case of any disaster. In Bangladesh, general people and businessmen are unwilling to make insurance contract.
Lack of confidence on the insurance company and poor consciousness about the necessities and benefits of insurance are the key factors behind this. Moreover, many people think that it is waste of money to pay to be insured against a catastrophe which has little chance to happen in life. But what we observed in many recent fire incidences that fire affected people beg government support for their rehabilitation. Besides, government assistance may not be available and sufficient. So, only fire insurance contract can help one to come back in normal life after any fire incidence.  

The writer is an Advocate and Research Officer (Law) at Bangladesh Institute of Law and International Affairs (BILIA). Email: [email protected]