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Fire Insurance Claim

Fire insurance is a kind of contract between the insurance company and the insured, where the insurer assures to cover the damages and losses caused by fire eruption. The policy helps the insured to cover the risk of loss of property by accidental fire cases, in exchange for an annual premium.

Based on the type of fire insurance policy, these 6 principles of fire insurance apply:

  1. Insurable Interest in Fire Insurance.
  2. The principle of Good Faith in Fire Insurance.
  3. The principle of indemnity.
  4. Proximate Cause of Fire Insurance.
  5. The doctrine of Subrogation.
  6. Warranties in Fire Insurance.

Be aware of these reasons it could reduce or repudiate your fire claim.

  • Noinsurable interest.
  • Getting insured on book value rather than reinstatement value
  • Not understanding the warranties of insurance policy
  • Misrepresentation of process going in the premises
  • Contents not covered separately
  • Natural weathering. …
  • Improper plumbing. …
  • The normal cracking, settlement, and bedding down of new structures due to subsidence.
  • Defective design or workmanship
  • Disposition
  • Burglary, housebreaking and theft. …

Marine Insurance Claim

Marine Insurance is a type of insurance policy that provides coverage against any damage/loss caused to cargo vessels, ships, terminals, etc. in which the goods are transported from one point of origin to another.

Principles of Marine Insurance

  • Principleof Utmost Good Faith. …
  • Principleof Insurable Interest. …
  • Principleof Indemnity. 
  • Principleof Cause Proxima. …
  • Principle of Loss Minimization.

Types of Marine Cargo Insurance

  1. a) Specific voyage policy: A specific voyage policy covers transportation of goods through inland transport, import and export for specific destinations.
  2. b) Open policy/Open cover: An open policy or an open cover is an undertaking to cover all shipments/transits that will be made during the year. At inception the insurer will have only general details of the cargoes, estimated sum insured, voyages and the quality of vessels that will be used. Specific details are provided for each shipment in the order of dispatch or in the form of periodic declarations.
  3. c) Annual Sales Turnover Policy An Annual Sales Turnover Policy has become very popular in India. This is no different from any open policy except that the rate of premium is charged only on the sales turnover (and any other components not captured by the term ‘sales turnover’). It is also known as Sales Turnover Policy (STOP) and Annual Turnover Policy (ATP) in different companies
  4. d) “Duty” Insurance Cargo imported into India is subject to payment of Customs Duty, as per the Customs Act. This duty can be included in the value of the cargo insured under a Marine Cargo Policy, or a separate policy can be issued in which case the Duty Insurance Clause is incorporated in the policy.
  5. e) Contingency Insurance( Buyer’s or Seller’s): This policy extends to cover the assured’s contingent financial interest in any goods where the assured has no responsibility to insure under the Terms of Sale or where the cover provided is more restrictive than that afforded under this policy.

The important exclusions under marine cargo policies are:

i)Loss caused by willful misconduct of the insured.

ii)Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear. These are normal ‘trade’ losses which are inevitable and not accidental in nature

iii. Loss caused by ‘inherent vice’ or nature of the subject matter. For example, perishable commodities like fruits, vegetables, etc. may deteriorate without any ‘accidental cause’. This is known as ‘inherent vice’.

iv)Loss caused by delay, even though the delay be caused by an insured risk.

v). Loss or damage due to inadequate packing.

vi)Loss arising from insolvency or financial default of owners, operators, etc. of the vessel

vii) War and kindred perils. These can be covered on payment of extra premium.

viii)Strikes, riots, lock-out, civil commotions and terrorism (SRCC) can be covered on payment of extra premium.

Engineering Claim

All Risk Insurance Claim

All Risk Policy is a product designed to cover your valuable movable equipment like laptops, mobile phones, handy-cams, jewellers, and articles of intrinsic value like paintings and the like which do not remain confined to your own home and are exposed not only to natural perils but also to perils such as theft, snatching, etc. Barring a few perils like Earthquake, War etc., the Policy offers very comprehensive protection against many perils including any accident or misfortune not expressly excluded.

Electronic Equipment Insurance Claim

This is issued on All Risk Cover basis to protect Desktop Computers, Bio-medical equipment, X-ray equipment, Audio/Video equipment, micro-processor equipment, etc. External Data Media, Increased cost of working in the event of damage.This policy is location specific therefore location of the risk is very important factor.

Machinery Breakdown(MBD) Insurance

Machinery Insurance provides insurance protection to both rotating as well as static equipment while at work or at rest against mechanical and electrical breakdown and also human error and negligence. Policy covers sudden and unforeseen loss or physical damage, necessitating its repair or replacement and resulting from Fortuitous working accidents, Tearing apart due to centrifugal forces, Shortage of water in steam boilers or pressure vessels, Overpressure or implosion, Short circuit, Defects or faults in design, materials or manufacturing, faulty erection etc.

Contractor’s Plant & Machinery (CPM) Insurance

This policy provides cover for all different types of machinery used for handing material or construction. The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy. The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.

Contractor’s All Risk (CAR) Insurance

This policy provides financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction. In case the policy period exceeds 12 months, the premium can be paid in quarterly instalments with the first instalment being more by 5% and the last instalment being paid 6 months before expiry of the policy.

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