A contract of insurance comes into being when an insured person seeking to enter into a contract with the insurance company or by accidental fire or electricity, etc. The blast him against property damage compensation primarily a contract and therefore operates as a contract by general law. However, that certain insurance transactions as extremely confident, insurance interest, indemnity, subrogation and contribution, etc. All these theories are common in insurance contract law is governed by specific principles, such as features.
Fire Insurance
Two S (6A) according to the "fire insurance" business, effective business means insurance business otherwise than incidentally to some other class, by the contract of insurance against loss or fire or other incident, customarily risk to include in the contingency insured against in fire insurance business.
According to Halsbury, the insurance contract by which the insurer agrees to the idea of compensation is assured to a certain extent and some terms and conditions against loss or damage by fire, which assured the property during may be subject to a specific period.
Thus, fire insurance contract whereby a person seeking insurance protection, to enter into a contract with the insurance company or fire or lightning, explosion, etc. This policy is relevant to a property and other insurance is designed indemnity against loss of property by the damage it caused to the item to the full or partial loss by fire.
Its strict sense, a fire insurance contract is one:
1. Whose principle object is to insure against loss or fire losses.
2. Insurance companies limit the liability of loss or damage sustained by the insured limit and not necessarily being limited by the amount insured is:
3. In addition to liability protection under the contract started or not interested in the destruction of insured property insurer.
Laws Governing Fire Insurance
No statutory law governing marine insurance, fire insurance case the Indian Marine Insurance Act, 1963 is regulated by, as is. Indian Insurance Act, 1938 mainly insurance business is not so much fire and other insurance contract law concerning a general or special theory of regulation dealt with as well. So the General Insurance Business (Nationalisation) Act, 1872. In the absence of any legislative law on the subject, the subject of fire insurance in India's courts and judicial decisions of English courts opinion of jurists still have to deal with trust.
Value of the property damaged or compensation under a policy of fire insurance for the purpose of determining destroyed by fire, this insurance, which was being measured was the value of the property. Prima facie the value of the property's market value before and after the loss was measured by reference. However, in cases where such method of evaluation applied to insure the market price did not represent the real value of the property where the property as a home or business to carry insurance, as used, was not. In such cases, compensation was the cost of restoration measures. Lucas v. New Zealand Insurance Company Ltd [1] In the case where the insured property was purchased and held as an income producing investment, and therefore the court held that the fire proper measure of compensation for property damage restoration was the cost.
Insurable interest
As a person who is so interested in a property for their existence and destruction are taking advantage of the bias is said to have insurable interest in the property. Such a person may insure property against fire.
Interest in property loss at inception as well as the two must exist. If the contract does not exist at the beginning of this insurance is not related to the subject if it can not exist at the time of damage, he suffers no damage and no compensation is needed. Thus, where the insured sells the property after it has been damaged by fire, he suffers no damage.
Risks covered under fire insurance policy
The date of conclusion of insurance contract to continue the policy of acceptance or perception of risk is different. Section 64-VB only lays down that the first premium from the insurance company broad exposure to the date of receipt can not accept. Rule 58 of Insurance Rules, 1939, speaks about the sub-section view of Section 64 VB since that date to the value at risk allows the insurer the premium paid (!) In advance. If you desire a specific date was not a proponent, the proponent about the period it was possible to negotiate with the insurance company. OK, so the Supreme Court is the final approval of the guarantee or insurance company for insurance in which the negotiations have progressed just depends. Although the risk of driver who takes the fire insurance policy cover, but are not completely covered under the policy. Some of the controversial areas are:
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