Fire Insurance
by Sushma Subramanian
1. Transit Policy
2. Kinds
2.1. Valued Policy
2.2. Valuable Policy
2.3. Specific Policy
2.4. Floating Policy
2.5. Average Policy
2.6. Excess Policy
2.7. Reinstatement Policy
2.8. Comprehensive Policy
2.9. Sprinkler Leakage Policy
2.10. Declaration Policy
2.11. Building in course of transit policy
2.12. Maximum value with Discount Policy
2.13. Rent Policy
2.14. Consequential loss policy
3. Procedure
3.1. Selection of Company
3.2. Proposal Form
3.3. Evidence of Respectability
3.4. Survey of the Property
3.5. Acceptance of Proposal Forms
3.6. Commencement of Risk
3.7. Issue of Cover Note
3.8. Issue of Fire Insurance Policy
4. Principles
4.1. Insurable Interest
4.2. Utmost Good faith
4.3. Indemnity
4.4. Causa Proxima
4.5. Doctrine of Subrogation
4.6. Warranties
4.7. Contribution
5. Settlement of claim
5.1. Notice of loss
5.2. Evidence of loss
5.3. Police Report in case of Arson
5.4. Formal Valum Form
5.5. Inspection of loss
5.6. Ascertainment of loss
5.7. Application of Average Clause
5.8. Estimating claim when more than one fire takes place
5.9. Estimating claim when accounting records are destroyed
5.9.1. Estimating claim when property is insured with more than one insurer
5.10. Payment of Claim
6. Right of control over the property
7. Riot,Strike,Malicious & Terrorism Damage
8. Features
8.1. Essentials of a valid contract
8.1.1. Indeminity
8.1.1.1. Good faith
8.2. Insurable Interest
8.3. Scrap
8.3.1. Several Policies
8.3.1.1. No claim when a fire is deliberate
8.4. No claim under certain conditions
8.4.1. Indirect Risks
8.4.1.1. Assignment
8.5. Intimation of fire
8.5.1. Cover Note
8.5.1.1. Settlement of claim
8.6. Indivisibility
8.6.1. Personal in nature
9. Scope
9.1. Fire
9.1.1. Lightning
9.1.1.1. Explosion / Implosion
9.2. Aircraft Damage
9.3. Storm
9.3.1. Impact Damage
9.3.1.1. Consideration
9.3.1.1.1. Tenure of the policy
9.3.1.2. Subsidence & Landslide including Rock Slide
9.4. Bursting/ Overflowing of water tanks, apparatus & pipes
9.5. Missile Testing Operations
9.5.1. Leakage from automatic sprinkler installations
9.5.1.1. Bush Fire
10. Conditions
10.1. Misdescription
10.2. Payment of Premium
10.3. Other Insurances
10.4. Excluded Losses
10.5. Excluded Perils
10.6. Excluded Articles
10.6.1. Collapse of Building