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Features of Fire Insurance
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Features of Fire Insurance

Features of fire insurance

  1. Fire insurance contract is a contract of indemnity. The insured cannot claim anything more than the value of the goods or properties lost or damaged by fire or the amount of policy whichever is less.
  2. . It should fulfill all essentialities required for a valid contract.
  3. It is a contract of utmost good faith in which the insurer and the insured must disclose all material facts related with the subject matter of the insurance.
  4. Fire insurance policy is issued for a lawful consideration.
  5. A fire policy is taken generally for one year and it can be renewed according to the terms of the policy.
  6. In fire insurance the insured must have insurable interest in the goods or properties insured against fire, both at the time of taking the policy and also at the time of incurring loss and the claim is filed for compensation.
  7. Fire policies cover loss against fire.
  8. We can assign the fire policy with the prior permission of the insurer.
  9. The scrap left after the fire, automatically passes in the hands of the insurer alter the payment of insurance claim.
  10. The cause of the tire is immaterial for admitting the fire insurance claim. At the same time if the fire is caused due to fraud or misconduct on the part of the insured, the loss will not be indemnified.
  11. On occurrence of fire, the insurer should be intimated immediately so that he could protect the remainder of the property and can also determine the amount of loss.
  12. The claim may be settled in cash or the goods or properties damaged are reinstated.
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