Fire Insurance Report - Insurance Law

8/11/2019 Fire Insurance Report - Insurance Law

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FIRE INSURANCE


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FIRE INSURANCE

Section 172.

A contract of reinsurance is not aectedby any act of the insuredsubsequent to theexecution of the policy,

which does not violate itsprovisions, even though itincreases the risk and is

the cause of the loss.


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FIRE INSURANCE

- Exception to Section 170

- An action which will

increase the risk over the

thing will not matter as

long as the action is notagainst the insurance

stipulation.


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FIRE INSURANCE

- One-sided provision. n

!avor o! the insured.

- "E#E$% O& 'S("E"S)

- Stipulation declaring all

actions increasing risk is

ground !or rescission o!contract.


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FIRE INSURANCESection 17*.

If there is no valuation in thepolicy, the easure of indenityin an insurance against re is theexpense it would be to the insuredat the tie of the coenceentof the re to replace the thing lostor in!ured in the condition in

which at the tie of the in!ury"but if there is a valuation in a

policy of re insurance, the eectshall be the sae as in a policy of

arine insurance.


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FIRE INSURANCE

- &irst part is also known

as the Open +olic,

+rovision. Second part is

the conclusive e!!ect o!

valuation.


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FIRE INSURANCEO+E' +O%

- 'o valuation is speci!ied in the

insurance contract.

- nsured is onl, entitled to

recover amount o! A/(A loss

sustained.

- urden o! proo! reuired in

proving such loss is

+"E+O'$E"A'E O&

E$E'E.


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FIRE INSURANCE

"eason !or such entitlement)

&ire nsurance is a contract

o! indemnit,3 thus3 insured is

entitled to receive amount

necessar, to indemni!, him

!or the value o! the propert,at time o! loss.


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FIRE INSURANCE

Same e!!ect as that o!

#arine nsurance)

-aluation 4etween the

parties is conclusive

depending on the partial or

total loss.


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FIRE INSURANCESE/O' 175

#henever the insured desires to havea valuation naed in his policy, insuringany building or structure against re, he

ay require such building or structure tobe exained by an independentappraiser and the value of the insured$sinterest therein ay then be xed asbetween the insurer and the insured. %hecost of such exaination shall be paid for

by the insured. A clause shall be insertedin such policy stating substantially thatthe value of the insured$s interest in suchbuilding or structure has been thus xed


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FIRE INSURANCESE/O' 175

In the absence of any change increasing the riskwithout the consent of the insurer or of fraud on the

part of the insured, then in case of a total loss undersuch policy, the whole aount so insured upon theinsured$s interest in such building or structure, as

stated in the policy upon which the insurers havereceived a preiu, shall be paid, and in case of a

partial loss the full aount of the partial loss shall beso paid, and in case there are two or ore policiescovering the insured$s interest therein, each policyshall contribute pro rata to the payent of suchwhole or partial loss. &ut in no case shall the insurer

be required to pay ore than the aount thus statedin such policy. %his section shall not prevent the

parties fro stipulating in such policies concerningthe repairing, rebuilding or replacing of buildings orstructures wholly or partially daaged or destroyed.


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FIRE INSURANCE- +rivate6 ndependent

Appraiser ma, 4e hired 4, the

insured at his own expense.

-

+urpose) &or the valuation o! hispropert,.

- nsurance ompan, ma, also

use adusters !or thevaluation o! the propert, o!

the insured.


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FIRE INSURANCE

- Amount o! valuation shall 4e

stated in the insurance polic,provided that it is approved 4,

4oth parties.


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FIRE INSURANCEA++A/O' O& /8E &"E 'S("A'E

+O% ' ASE O&)

1. /otal oss without an, impediment.

-. 9hole amount stated in the polic, shall4e paid.

2. +artial oss without an, impediment.

-. &ull amount o! partial loss shall 4e paid.

*. /wo or more polic, contracted.

-. oss shall 4e paid pro rata.


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FIRE INSURANCE/O/A OSS

- Exists when result o! !ire is such as

to render the propert, wholl, un!it

!or use as a 4uilding however

valua4le it ma, 4e as mere material.

+A"/A OSS

- Exists when result o! !ire stillrenders a propert, usa4le up to a

certain extent.


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FIRE INSURANCE

oncept o! o-nsurance.

- n partial loss3 insurer is

reuired to give !ull

indemnit, stated in the

polic, even though

propert, is inadeuatel,

insured.


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FIRE INSURANCE

oncept o! o-nsurance

- lause reuiring the insured

to maintain insurance to an

amount eual to the value orspeci!ied percentage o! the

value o! the insured propert,

under penalt, o! 4ecoming

co-insurer to the extent o!

such de!icienc,.


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FIRE INSURANCE

oncept o! o-nsurance

- A percentage o! the propert,

shall 4e paid 4, the insured

and the remaining percentagewill 4e paid 4, insurance.

- /his results in reducing the

recover, in case o! partial

loss to 4ut a portion o! the

sum named in the polic,.


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FIRE INSURANCE

- +rovision is open to "e4uild

lause.

- /he insurer ma, 4e given theoption to reinstate or replace

the damaged or destro,ed

propert, or an, part thereo!3

instead o! pa,ing the amount

o! loss or damage.


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FIRE INSURANCE#ust 4e)

1. $one within the time stipulated in

the polic,.

2. ommunicated to the insured to

take e!!ect.

- A!ter electing to re4uild3 the insurer

can 4e compelled to per!orm the

repair !ull, even though the cost ma,exceed the original insurance amount

except i! a limit is stated in the

polic,.


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FIRE INSURANCESE/O' 17:

'o policy of re insurance shallbe pledged, hypothecated, ortransferred to any person, r or

copany who acts as agent for orotherwise represents the issuingcopany, and any such pledge,hypothecation, or transfer

hereafter ade shall be void andof no eect insofar as it ay aectother creditors of the insured.


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FIRE INSURANCE

;eneral "ule)

&ire insurance ma, 4e

pledged3 h,pothecated or

trans!erred to another

even without consent o!

insurer.


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FIRE INSURANCE

Exception)

/rans!er o! a polic, o!

!ire insurance to an,

person or compan, who

acts as agent or

represents the insurer.


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THANK YOU!

Date post:	02-Jun-2018
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