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. 

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 the people to the necessity for a form of protecting against such calamities.

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 basis.

How to convert public limited company into private limited company

According to Section 231 and 232 of the Companies Act 1994 a public limited company may convert into private limited company by fulfilling the following condition:

How to covert private limited company into public limited company?

According to Section 231 and 232 of the Companies Act 1994 a private limited company may convert into public limited company by fulfilling conditions as mentioned below :

How a company is incorporated?

The promoters or the sponsors take the initiatives to incorporate a company under the Companies Act.  A three stage process is taking place in regard to incorporate of a company, such as 1. Promotion 2. Incorporation/Registration and 3. commencement of business.

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 loss.

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. 

Type of Company

To formalize your organization, first learn about and decide which business type is right for you. There are different types of company such as:

1. Private Company limited by shares

2. Public Company limited by shares

3. Company limited by Guarantee

4. Unlimited Company

Why a Company is Incorporated?

To prevent the mischief arising from large trading undertaking being carried on by large fluctuating bodies, so that persons dealing with them would not know with whom they are contracting and so might be put to great difficulty and expanse. This was a public mischief to be redressed. One difficulty relating to unincorporated bodies was regarding the power to sue or be sued. The second and most important disadvantage of the absence of incorporation was that members could not limit their liability.

Types of Meetings of the Company

The company has been conducted different types of meetings for different purpose conducting by different group of management body of the company. The following meeting has been conducted of the company:

Which Books & Registers are maintained by CS?

As required by the Companies Act 1994, the company has to maintain the following books and registers in its Head Office, which are subject to inspection as per the Companies Act and Articles of Company:

Duties and Responsibilities of the Company Secretary

The Company Secretary (CS) of a Company is the direct control by the Board of Directors as well as the Managing Director of the Company. CS performs and entrusted with the following duties and responsibilities:

Company Secretary in Practice

The company secretary is responsible for the efficient administration of a company, particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the board of directors are implemented.

What do you mean Company?

A Company registered under Companies Act is a persona juris, cannot act by itself like a natural person and as it is a miniature republic, which is composed of its members, who are its shareholders and real owners.