Thursday, August 11, 2011

Fire Insurance Under Indian Insurance Law

Fire Insurance:

2 S (6A) in accordance with the "fire insurance" means the business is impressive, the loss or some other class of insurance business or insurance against fire or other event relevant to the contract, customarily included among the risk compared Incidentally, in the business of insurance, insurance against fire.

assured of a specific period.
Other insurance is designed to fire damage occurring due to complete or partial loss of the item.

In its strict sense, a fire insurance contract is:

1. Theory whose object is to insure against loss or damage by fire.



Fire insurance, the rule of law

There is no statutory enactment governing fire insurance as to which the Marine Insurance Act, 1963, in the case of marine insurance is regulated by.If the General Insurance Business (Nationalisation) Act, 1872.

Damaged or compensation under a policy of fire insurance for the purpose of determining the value of property destroyed by fire, the insured property, which was being measured was the value. Prima facie that the value of the property's market value before and after the loss was measured by reference.In such cases, compensation was the cost of restoration measures. [1] Lucas v.

Insurable interest

Such a person can insure property against fire.

Interest in property as well as the installation must be present at the time of loss.Thus, where the insured property is damaged by fire after it sells, he suffers no loss.

Include the risk of fire insurance policy

Insurance policy is a contract end date of issue of acceptance or perception of risk is different. Section 64 VB largely down to only the insurance company before the date of receipt of the risk premium can not.In short, the Supreme Court has assured that the final approval or insurance company for insurance in the way negotiations have progressed, depending on the bus.Some of the controversial areas are as follows:

Fire: Destruction or its own fermentation, natural heating or spontaneous combustion or undergoing any heating or drying process due to fire damage to the insured property can not be considered as loss. Such as paint, or undergoing a heat treatment factory damaged by fire in the chemicals and consequently are not covered.;u=47235

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