Contract whereby the insurer in consideration of premium.
Undertakes to compensate the insured for the loss or damage suffered because of fire.
Premium is payable in single installment.
Contracts are generally taken up for one year.
Renew the policy every year by paying the premium on time.
Claim for loss by fire is payable in such condition like:
There must have been actual fire
Fire must have been accidental, not intentional; the cause of fire being immaterial.
In contract insurance company agrees to indemnify the owner of a ship or cargo against risks.
It includes incidental to marine adventures.
Variety of risks such as collision with other ship, collision of ship with hidden rocks, fire, storm, and so on.
Entire loss is grouped into 3 categories:
Loss to the ship
Loss to the cargo
Loss of freight.
Covers the risk of loss of cargo is known as Cargo Insurance.
Owner of a ship is insured against loss on account of perils of the sea known as Ship or Hull insurance.
Shipping company may also seek insurance of the risk of loss of freight known as freight insurance.
Motor Vehicles Insurance: Insurance of passenger cars, vans, commercial vehicles, motor cycles, scooters, etc.
Health Insurance: Termed as medi-claim insurance and insurance now-a-days.
Crop Insurance: Protects the farmers from the loss suffered because of crop failure in the event of drought or flood.
Cash Insurance: Protects the banks and other business establishment against loss of money in transit.
Cattle Insurance: Death of a cow, buffalo, heifer, bull, etc. caused by accident, diseases etc.