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Fire insurance

Fire insurance is a contract where the insurer agrees to compensate for any loss or damage caused by fire during the policy period. It is typically for one year and must be renewed. Premiums can be paid in a lump sum or installments. For a claim, there must be an actual fire-related loss and the fire must be accidental. Key principles of fire insurance include the insured having an insurable interest, utmost good faith between parties, it being a contract of indemnity, and compensation only being paid if fire is the proximate cause of loss or damage.

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FIRE INSURANCE Presented by:- Prabhu.Pr KUTCE kumarapuram
FIRE INSURANCE  Fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by fire during a specified period upon the amount specified in the policy
 Fire insurance policy is for a period of one year, after which it is to be renewed form time to time.  Premium may be paid in lump sum or installments.
 The risk covered by a fire insurance contract is the loss resulting from fire or some other cause, and which is the proximate cause of the loss.  Overheating without ignition causes damage, it will not be regarded as a fire loss within the meaning of fire insurance and the loss will not be recoverable form the insurer.
CONDITION FOR GETTING CLAIM 1. There must be actual loss. 2. Fire must be accidental and non-intentional
FUNDAMENTAL PRINCIPLE OF FIRE INSURANCE  1. Insurable interest in the subject matter  2.Utmost good faith.  3.Contract of indemnity  4. Compensation is payable only when fire is the proximate cause of damage or loss.
1. INSURABLE INTEREST IN THE SUBJECT MATTER 1. The insured must have insurable interest in the asset insured. 2. Insurable interest must be present both at time of insurance and at time of loss. 3. The insured can be a business man, partner, mortgagee etc
2. UTMOST GOOD FAITH  The insured should be truthful and honest in giving information to the insurance company regarding the subject matter of the insurance.  The insurance company should also disclose the facts of the policy to the proposer.
3. A CONTRACT OF INDEMNITY  The insured can, in the event of loss recover the actual amount of loss form the insurer  A person is not allowed to gain by insurance.
4. THE INSURER IS LIABLE TO PAY COMPENSATION ONLY WHEN FIRE IS THE PROXIMATE CAUSE OF DAMAGE OR LOSS.  Compensation is payable only if the cause of damage or loss is fire.
PUBLIC FIRE INSURANCE COMPANIES IN INDIA
PRIVATE FIRE INSURANCE COMPANIES IN INDIA