Nature of Fire Insurance

The occurrence of a fire will result not only in loss or damage to material property but also other consequential losses such as loss of production causing loss of profit. The function of fire insurance is to make good the financial loss suffered as a result of fire.&nbs...

Definition of Fire Insurance

Fire insurance has not a long history. The real establishment of fire insurance came only after the great fire of London in 1066. This fire lasted for four days and nights burning over 436acres of ground and destroying over 13,000 buildings was the most disastrous fire in history and forcibly awakened...

Principles of Insurance

Many insureds do not understand a common fundamental legal principle known as the "Principle of Indemnity Principles of Insurance. These are five principles of insurance that are important to understand to ensure that your insurance policies are covered on the correct basi...

What is Notice of Abandon?

Notice of abandon is a formal notice of relinquishment or unconditional surrender of all rights to a property, cargo, or ship by its insured owner to the insurer in the event of a constructive total los...

What is Fire Insurance?

A Contract of fire insurance includes a contract that insures the property therein described against loss or damage by fire and against loss or damage from other hazards that may be insured under a license to transact fire insurance. ...