Meaning of “standard fire policy” in the English Dictionary

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"standard fire policy" in Business English

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standard fire policynoun [ C ]

uk us INSURANCE, PROPERTY

the basic agreement used in most areas of the US in which an insurance company states what it will pay if a property is damaged by fire:

Homeowner's insurance typically includes the standard fire policy as a base for coverage.

(Definition of “standard fire policy” from the Cambridge Business English Dictionary © Cambridge University Press)