Fire insurance
Get ready to shell out more for motor, health & fire insurance
You may soon have to shell out more to buy motor, health or fire insurance. Concerned over the high level of losses in general insurance and pressured by a government direction to move further towards market-linked pricing, insurers are planning to raise premiums by an initial 2-5% and further up gradually, sources said. Some of the hike will be inflation-linked, but a major portion will be due to the new pricing strategies adopted by insurers after assessing risks. 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.
Read moreThe basic principles that govern Fire insurance
The basic principles that govern Fire Insurance are:
Utmost good faith – 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. The duty of disclosure continues throughout the policy period. Read more
Fire Insurance: Operative clause under fire policy
The Operative Clause of fire policy consists of three parts, preamble, perils covered and limitations. Read more
Fire Insurance: Basic principles essential to Govern Fire insurance
The basic principles that govern Fire Insurance are:
Read moreGeneral Insurance: How interested is the insured: The aspect of Insurable Interest and its Transferability
While effecting a renewal of a Fire Policy issued by some other Company, it was observed that the name of the Insured in the original policy was different from the person who came to us for renewal of the policy. On enquiry, he showed me an endorsement which read that “On request of the Insured, with effect from ___, this policy is transferred in the name of ____(The person who wanted to renew the policy). Read more
Is Actual ignition requisite for a spontaneous combustion loss
Spontaneous Combustion is nitpicky issue in Fire insurance. It is a matter of great concern for industries that deal with substances that are prone to spontaneous combustion like Read more
Commercial – Standard Fire and Special Perils Policy from Universal Sompo General Insurance Co. Ltd.
Safety orientation reduces fire hazards in a property
Very few people would disagree with the benefits of safety education. Many cities have already seen how fire figures and fatalities have been reduced after the implementation of such programmes. Read more