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The following are some of the more common types of fire policies: Specific Policy : A specific policy is one where the insurer undertakes to make good the loss up to the amount specified in the policy, irrespective of the value of the property. For example, if a property worth Rs. 2,00,000 is insured for Rs. 1,00,000  but the actural loss is only Rs. 1,50,000 he can only recover the actual loss if it is equal to or less than the value of the policy, but if his loss is more than the sum insured, he can recover only the amoount of policy. Valued Policy : A valued policy is usually taken where it is not easy to determine the value of the property. For example, works of art, pictures, sculptures etc., whose value cannot be determined easily. In the case of total loss in the valued policy the insurer undertakes to pay the value of the property as mentioned in the policy, or the declared value, irrespective of its actual or market value. Such policies are however, not very common in fi...

It is a document containing the written contract between the insurer and the insured setting forth the terms and conditions under which the insurance is issued, the particulars of the property insured, risks and hazards covered, the sum assured, the cost or the rate of premium and the period. The risk on the fire policy commences from the moment of time the cover note or the deposit receipt, or the interim protection note is given and continues for the term covered by the contract of insurance. It is the practice to allow a certain number of days as days of grace within which a fire policy may be renewed after the expiration of the term. In such a case, if a fire should occur within this time the insured would be entitled to recover damages. The days of grace only apply when the insured has the intention to renew the policy, failing which, the policy expires on the day the period runs out. If however, it is expressly stipulated in the policy that unless the renewal premium is paid and ...

The following are the fundamental principles essential for a valid contract of fire insurance. A contract of indemnity : Its object is to place insured as far as possible in the same financial position after a loss as that occupied immediately before the loss. The insured can recover only the amount of actual loss subject to the sum assured. Insurable Interest : In fire insurance the insurable interest must exist at the time of effecting the insurance as well as at the time of the loss. The interest, however, may be legal or equitable or may arise under a contract of purchase or sale. The following have been held to have insurable interest in the subject matter : Owner Mortgagee Trustee Executor Warehouseman Common Bailee Pledgee Person in lawful possession Finder Insurer Commission Agent where the agency is couppled with interest and  Tenants who are liable to pay rent after a fire.It should however, be noted that persons can insure only to the extent of such limited interest. ...

Subject matter of fire insurance may be of any kind of movable and immovable property having pecuniary value. The property intended to be insured must be properly described. As per fire insurance, it is governed by Tariff, the following are the examples of insurable property such as : Building Electrical installation in buildings Contents of buildings such as machinery, plant and equipments, accessories etc. Good (raw materials, work in progress, semi finished goods, finished goods, packaging materials) in factories and godowns. Good in open Contents in dwellings, shops, hotels, etc. Furniture, fixture and Fittings  Pipelines (including contents) located inside or outside the compound etc.

A contract of fire insurance is a contract by which the insurer undertakes, for a consideration in the form of a payment of money either in lump sum or installments, to indemnify the insured against the consequences of a fire, or the loss or injury as arising therefrom during an agreed period and up to a certain amount. The contract is to be found embodied in a document known as the "policy of the fire insurance " and usually for a period of one year and renewed each year. A few notable definitions are reproduced below : " A contract whereby the insurer in consideration of the premium paid undertakes to compensate the insured for any loss that may result due to occurrence of fire ". " Fire Insurance is a contract of indemnity against loss or damage to property arising from fire during  an agreed period of time. Here the insurer undertakes to indemnify the insured against financial loss caused directly as a result of fire". " A contract of fire insuran...

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The significance of automobile insurance is lost on many vehicle owners till the time they are unfortunate enough to run into some kind of loss bearing event involving their vehicles. Such folks apparently see insurance as an expense and not as an investment as they ideally should. This reasoning has strong fundamental basis for it speaks of a situation where one can actually make good on certain damaging losses that may otherwise remain so. There are different types of auto insurance covers to choose from and in this respect a good agent or broker can work with the customer to decide the cover options that provide the best protection at a price that is affordable to the customer. However the customer would stand to gain considerably in the long run if he takes the trouble of understanding certain basic factors that determine the cost of his auto insurance cover. Deductible Deductible is the amount that the policy holder agrees to pay in the event of a claim. Moreover by choosing a hig...