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

Insurance Law - An Indian Perspective


"A disaster for insurance that otherwise would be financially devastating to be purchased to protect against."

This will help you your own health, home, and guard against financial risks every day.

Insurance in India started in the nineteenth century without any regulation. Some British insurance companies dominating the market serving mostly large urban centers: the colonial era was a typical story. After independence, it took a dramatic turn. Insurance was nationalized. First, life insurance companies were nationalized in 1956, and the general insurance business was nationalized in 1972. It was only in 1999 that private insurance companies have been in the insurance business, with a maximum of 26% of foreign holdings allowed to return.

Extended far beyond the concepts of insurance coverage is a tangible asset. Now the sudden changes in currency exchange rates, the risk of loss due to political unrest, including liability for negligence and damages can be.

Bank with your offer to assure the State Bank of India brings a new dynamism in the game. Collective experience of other countries in Asia have already deregulated their markets and allowed foreign companies to participate. If the experience of other countries is any guide, the Life Insurance Corporation and General Insurance Corporation's dominance is not going to disappear any time soon.
For the purpose of all life insurance, property and a variety of business risks, from which he feared the loss is offset against the owner. Are mainly two types of insurance: life insurance and general insurance. General insurance Fire, marine and miscellaneous insurance against theft or theft insurance, fidelity guarantee, employer's liability insurance and motor vehicles, livestock and crops means includes insurance.

Life insurance in India

"Life insurance is a heartfelt love letter ever written.

It is a hungry baby crying in the night calms. The heart of a bereaved widow relieves.

Is comforting whisper in the dark quiet hours. "

Life insurance in India made its debut well over 100 years ago.condition of the money to pay the money agreed on the duration of human life at a special event contingency specified in the way of the sand.

Better than other forms of life insurance savings!

"There is no death life insurance exalts life. And defeats death.

The premium we pay for freedom of living after death. "

Saver life insurance guarantee full protection against the risk of death through the savings. Life insurance on death, the full sum assured is payable (with bonuses wherever applicable) whereas in other savings schemes, only the amount (with interest) is payable saved.

can be done any contingency. A life insurance policy, a commercial on the generally accepted as security for loans.

Non-life insurance

"Every asset value and safety of the general insurance business is related to the economic value of assets."

Non - life insurance as fire insurance, marine, accident, medical, automotive and home insurance means other than insurance. Assets owner's efforts, as the building, vehicles, machinery and other tangible property that can be built through.
Some of General Insurance policies are:

Property Insurance: Home is the most important rights.The property and insurance and provides protection for the benefit of the family.

Health insurance: The cover, the sudden illness or accident takes care of medical expenses after the hospital provides.
Personal Accident Insurance: This insurance policy life or injury (partial or permanent) due to an accident that provides compensation for the loss. This treatment and the hospital for treatment, including reimbursement of the cost of using facilities.

Travel insurance policy covering the insured against various eventualities while traveling abroad. This personal accident, medical expenses and repatriation, loss of checked baggage, passport etc. covers insurance against

Liability Insurance: This policy in its official capacity of any wrongful act arising from claims made against him by the director or officer or other professionals against loss indemnifies.