The 3 elements of fire insurance are the 3 features of any fire insurance policy. They are
‍
1. Insurable interest. This means the policyholder must be benefitted from the business property and must suffer a loss in case of its damage/destruction.
2. Utmost faith. The policyholder must maintain good faith and should never keep secrets while disclosing information about the property. This includes mentioning all the risks associated with the business property.
3. Contract of Indemnity. This means that the policyholder can claim the fire insurance up to the sum insured and if there is no loss/damage suffered then he/she cannot claim the policy.