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- Title
Fire Insurance Claims: Some Insights.
- Authors
Rao, A. V. Narsimha
- Abstract
Fire insurance is a part of general insurance. There is no specific law to deal with fire insurance like the Marine Insurance Act, 1963, which deals with marine insurance business and Motor Vehicles Act, 1988 that deals with motor vehicles insurance business. The Insurance Act, 1938 defines fire insurance as the business affecting contract of insurance against the loss by or incidental to fire. It also covers damages or losses suffered, while controlling the fire. With an additional premium, the fire insurance contract also covers the consequential losses. Many disputes arise when claims are filed improperly with insurance companies against the losses suffered due to fire. Important reasons for such disputes may be noncompliance to the terms and conditions of the contract and failure to abide by the general principles of insurance like good faith and doctrine of mitigation of loss. This article gives insight into fire insurance contracts and issues relating to payment of claim.
- Subjects
FIRE insurance lawsuits; INSURANCE claims; INSURANCE policies; FIRES; BUSINESS insurance; INSURANCE law
- Publication
ICFAI Journal of Insurance Law, 2008, Vol 6, Issue 2, p32
- ISSN
0972-7876
- Publication type
Article