The general exclusions under fire insurance policy
There are nine exclusions under the policy. They are: Read more
Guide for Fire Consequential Loss Insurance
Concept of Insurable interest in insurance
The requirement of insurable interest gives legal validity to insurance contracts and distinguishes them from wagers. It may be defined as the legal right to insure, where the right arises out of a pecuniary relationship between the insured and the subject matter of insurance. The destruction or damage to the latter involves the insured in financial loss. Absolute legal ownership is a clear example of insurable interest. Read more
Perils covered under the Fire insurance policy
The following are covered under the Fire Policy in India :
Read morePrinciples of indemnity in Insurance
The objective of the principle is to place the insured, as far as possible, in the same financial position after a loss, as that occupied by him, immediately before the loss. Read more
Concept of Utmost good faith in insurance
In insurance contracts, the legal doctrine of utmost good faith applies. The insured has the duty to disclose all material facts, which have a bearing on the insurance. A breach of this duty may make the contract void or voidable.
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