Fire insurance is a contract where the insurer agrees to compensate for any loss or damage caused by fire during the policy period. It is typically for one year and must be renewed. Premiums can be paid in a lump sum or installments. For a claim, there must be an actual fire-related loss and the fire must be accidental. Key principles of fire insurance include the insured having an insurable interest, utmost good faith between parties, it being a contract of indemnity, and compensation only being paid if fire is the proximate cause of loss or damage.

1. FIRE
INSURANCE
Presented by:- Prabhu.Pr
KUTCE kumarapuram

3. FIRE INSURANCE
 Fire insurance is a contract whereby the insurer, in
consideration of the premium paid, undertakes to
make good any loss or damage caused by fire
during a specified period upon the amount specified
in the policy

4.  Fire insurance policy is for a
period of one year, after which
it is to be renewed form time
to time.
 Premium may be paid in lump
sum or installments.

5.  The risk covered by a fire
insurance contract is the loss
resulting from fire or some
other cause, and which is the
proximate cause of the loss.
 Overheating without ignition
causes damage, it will not be
regarded as a fire loss within
the meaning of fire insurance
and the loss will not be
recoverable form the insurer.

6. CONDITION FOR GETTING CLAIM
1. There must be actual
loss.
2. Fire must be
accidental and non-intentional

7. FUNDAMENTAL PRINCIPLE OF FIRE INSURANCE
 1. Insurable interest in the subject matter
 2.Utmost good faith.
 3.Contract of indemnity
 4. Compensation is payable only when fire is the
proximate cause of damage or loss.

8. 1. INSURABLE INTEREST IN THE SUBJECT
MATTER
1. The insured must have insurable
interest in the asset insured.
2. Insurable interest must be present
both at time of insurance and at
time of loss.
3. The insured can be a business
man, partner, mortgagee etc

9. 2. UTMOST GOOD FAITH
 The insured should be truthful and honest in giving
information to the insurance company regarding the
subject matter of the insurance.
 The insurance company should also disclose the facts
of the policy to the proposer.

10. 3. A CONTRACT OF INDEMNITY
 The insured can, in the event of
loss recover the actual amount of
loss form the insurer
 A person is not allowed to gain by
insurance.

11. 4. THE INSURER IS LIABLE TO PAY
COMPENSATION ONLY WHEN FIRE IS THE
PROXIMATE CAUSE OF DAMAGE OR LOSS.
 Compensation is payable only if the cause of damage or
loss is fire.

12. PUBLIC FIRE INSURANCE
COMPANIES IN INDIA

13. PRIVATE FIRE INSURANCE
COMPANIES IN INDIA