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  • ANNUAL POLICIES

    The policy known as deterioration of stock insurance or stock spoilage insurance is a form of consequential loss cover granted in the engineering department for stocks contained in large cold stores. The cover is against the risk of deterioration and contamination following breakdown of the refrigeration plant machinery. In Indian market it is customary to [&hellip...
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  • TYPES OF PLANT AND MACHINERY TECHINICAL ASPECTS

    From time immoral the human efforts have always been aimed at utilizing all available resources to de more and more work. Man invented a number of machines to convert the energy available form natural resources into mechanical work for useful purpose. Energy available in nature can be form a large of source the major ones [&hellip...
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  • RIGHTS AND DUTIES OF PARTIES

    The most important point to remember is that it is the duty of the insured to observed good faith towards the insurers when an insured to observed perils operates as also during the currency of the policy. It is to be appreciated that it is not mere occurrence of the perils insured but the suffering [&hellip...
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  • BASIC PRINCIPLES OF LAW

    The general of the general law contract discussed in the previous lesson the contract of fire insurance is also subject to certain special principles evolved under common law through judgments given by English courts during the last 200 years. 1) Utmost good faith 2) Insurable interest 3) Indemnity subrogation and condition Some of these common [&hellip...
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  • MOTOR TARIFFS

    For the transaction of motor business in India in accordance with the provisions of part II-b of the insurance act 1938, the tariff advisory committee have . insures may restrict the cover under the standard B policy form without reduction in premium or they may increase the premium for the same or restricted cover without [&hellip...
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  • PUBLIC LIABILITY INSURANCE (NON – INDUSTRIAL RISK) POLICY

    this class of business is governed by a market agreement which applies to non industrial risks such as:- 1) hotels , motels, club houses, restaurants , boarding and lodging houses, flight kitchens 2) residential premises 3) exhibitions, fairs and fetes, stadia 4) permanent amusement parks 5) deposits, warehouses, god owns, shops, tank farms and similar [&hellip...
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  • CLAIMS-LEGAL ASPECTS

    losses have to be settled within the framework of the insurance contact, taking into account its terms an conditions, its limitations and restrictions, insurers observe good faith and ensure that restrictions , insurers observe good faith and ensure that as far as possible losses are settled according to the spirit of the insurance contract rather [&hellip...
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  • 1.LEGAL DECISIONS BY NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION-FIRE INSURANCE DISPUTE

    1)M/S Subash trading company Orissa Vs new India assurance Co Ltd balsore Orissa –appeal no 203/2005 DOJ 24/5/12-amount disputable under fire insurance policy the claim of flood was filed with the insurance for Rs 622520/- but the surveyor submitted the report for the lower amount with the comment that the 56 sugar bags were empty [&hellip...
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  • UNDERWRITING RATING AND THE PROPOSAL FORM

    An underwriting of the interruption risk peculiar to consequential loss insurance is important. the insurance wish to ascertain the full extent of possible interruption to the business in order to give the best possible service to the insured and at the same time to ensure that their own interests are protected. the extent to which [&hellip...
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  • CARGO CLAIMS OF MARINE INSURANCE

    Any analysis of marine insurance claims involves answers to questions of cause of loss or damage and quantification which means assessment of loss or damage and quantification, which means assessment of loss or damage which constitutes the claim. if the cargo or part it is lost or missing evidence wii be sought from the carrier [&hellip...
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