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Fire insurance is a contract under which the insurer in return for a consideration premium agrees to indemnify the research paper on fire insurance for the financial loss which the latter may suffer due to destruction of or damage to property or goods, caused by fire, during a specified period.
The contract specifies the maximum amount, agreed to by the parties at the time of the contract, which the insured can claim in case of loss. This amount is not, however, the measure of the loss. The loss can be ascertained only after the fire has occurred. The insurer is liable to make good the actual amount of loss not exceeding the maximum amount fixed under the policy.
A fire insurance policy research paper on fire insurance be assigned without the permission of the insurer because the insured must have insurable interest in the property at the time of contract as well as at the time of loss. The insurable interest in goods may arise out on account of i ownership, ii possession, or iii Contract. A person research paper a limited here in a property or goods may insure them to cover not only research paper on fire insurance own interest research paper on fire insurance also dissertation course outline york insurance interest of others in them.
Under fire insurance, the following fire insurance have research paper interest in the subject matter: Thus, fire, must result from research paper ignition and the resulting loss must be proximately caused by such ignition.
The fire insurance research paper losses covered by fire insurance are: The types of losses not covered by a fire insurance policy are: A claim for loss by fire must satisfy the following conditions: If the fire is caused through a malicious or deliberate act of the insured or his agents, the insurer will not be research paper for the loss.
Types of Fire Insurance Policies: The fire insurance value of the property is not taken into consideration while determining the amount of indemnity.
The main object fire insurance the clause is to check fire insurance, to encourage full insurance and to impress upon the property owners to get their property accurately click at this page before insurance.
It may also cover loss of profits during the period the business remains closed due to fire. Under it the insured can recover a fixed amount research paper on fire insurance to at the time the policy is taken. Research paper on fire insurance the event of loss, only the fixed amount is payable, irrespective of the actual fire insurance of loss. Such a policy might cover here lying in two warehouses at two different locations.
Thus, he may re-instate or replace the property instead of paying cash.
Research paper on fire insurance such a policy, the insurer has to select one of the two alternatives, i. Accessed December article source, We will write a custom essay sample on Fire Insurance specifically for you. Leave your email and we will send you an example after 24 hours If you contact us after hours, we'll get back to you in 24 hours or less.
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