The true functions of fire insurance is to
equalize heavy fire losses of a few individuals by distributing them over
a large number of persons held
together by the ties of insurance . The
greatest advantage of fire insurance lies in a the fact of
individual enterprise and security but his this does not counteract the fire waste in any way:
on the other hand it actually
encourages the dishonest insurance to burn their own property and
realize its cash value from an insurance
company which would not be possible but
for insurance. Of course by the better system of rating and fixing premium according the actual
risk, the insurance does reduce
the fire waste to some extent.
FEATURES
OF FIRE INSURANCE: The following are the features of fire insurance:
(1)
ESSENTIALS OF A VALID CONTRACT: Like any other ordinary contract a fire insurance contract
must fulfil the essential elements of a
valid contracts. ( 3) GOOD FAITH :
A fire insurance contract being a
contract of utmost good faith requires
the insured and the insurer to disclose everything which is a the
in their knowledge and which
might affect the contract. (4) INSURABLE INTEREST : A fire policy is a valid
only if the policy holder has an insurable interest in the property insured. (5)
CONSIDERATION: Fire insurance
policy is a issued for a lawful
consideration I.e. premium.
(6) TENURE OF THE POLICY: Fire insurance policies are issued usually
for one year durations but in some cases
for shorter periods also. (7)
SCRAP: The scrap of whatever is left
of the goods or properties after damage or destroyed by fire
automatically pass on the hands of the insurer after the payments of the claim
under fire insurance. (8) SEVERAL POLICIES: In case of several policies
for the same property each insurer is a
entitled to contributions from other
insurers . After indemnifications the insurer is subrogated to the rights and the interest of the policy
holder.
(9): NO CLAIM WHEN A FIRE
IS DELIBERATE: Nothing can be recovered from fire insurance
company if the fire is caused
deliberately. (10) NO CLAIM UNDER
CERTAIN CONDITION: Fire policies generally
contain conditions exonerating
the insurer from liability under certain
circumstances like riot, civil,
disturbances, war etc., In the absence of any specific exceptions
the insurer is liable for all losses caused by the fire
whatever may be its causes. (11)
INDIRECT RISKS: The fire insurance also includes indirect risks such as
a comprehensive risks,
consequential risk caused by fire and
reinstatement or rehabilitations risks
which occur after the fire destroys the
goods or properties. (12) ASSIGNMENT:
Fire policies can be assigned
with the prior consent of the
insurer.
(13). INTIMATION OF FIRE: On
occurrence of the fire, the insurer should be intimated immediately so that he could salvage the remainder of the
property and can also determine the
amount of loss. (14) COVER NOTE: In fire insurance cover a note is a issued in advance of the policy and usually
contains the same terms and conditions
on which a policy is to be issued
. If any a loss occurs before the policy is issued. Cover
note will sufficient to prove the insurance.
(15) SETTLEMENT OF CLAIM: The claim may be settled in case or by reinstating or
rehabilitating the goods or properties
damaged by fire under the fire insurance.
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