History Of Fire Insurance
The Poor Relief Act was passed in England in 1601 A.D., which paved the way to establish fire insurance. During this event, letters known as “briefs” from the church were read, requesting donations from the public to assist people who had suffered losses due to fire. From September 2nd to 5th, 1666, there was a big fire in Londonâ€“a historical disasterâ€“in which 80 percent of the city was destroyed in 3 days, laying the foundations of fire insurance as people know it today.
The first fire station was built in 1680 by builder Nicholas Barbon, and only buildings were insured. The Traders Exchange was established in 1708 by Charles Povey to ensure transportable commodities, merchandise, and stocks against loss or damage. It was the first to include both the structure and its contents in its coverage.
Features Of Fire Insurance Policy
Offer & Acceptance Any contract must include this clause. After the insurance company accepts the offer, the property will be insured under a fire insurance policy.
Payment of Premium An owner must pay the premium well in advance to ensure that the risk is covered.
Contract of Indemnity Fire insurance is an indemnity contract, which means the insurance provider is only responsible for the amount of actual loss. The fire insurance policy will be void if any misrepresentation, misdescription, or non-disclosure of material facts.
Utmost Good Faith When insuring a property, the owner must provide the insurance company with all pertinent information. In the event of misrepresentation, misdescription, or non-disclosure of any material facts, the fire policy will be void.
Insurable Interest The fire insurance policy will only be valid if the person insuring the property is the owner or has an insurable interest in it. At the time of loss, such an interest must exist.
Contribution In the event of a fire, a person who ensures his property with two insurance companies will be reimbursed proportionately by both insurance companies.
Period of fire Insurance The duration of the insurance must be mentioned in the policy.
Deliberate Act If a property is damaged or destroyed by fire due to the owner’s intentional act, the policy will not cover the damage or loss.
Claims To be eligible for fire insurance reimbursement, the owner must contact the insurance company as quickly as possible to calculate the loss.
Ensuring the Property under Fire Insurance Procedure
Filling of the proposal form When an individual or a business wants their property insured, they must fill out a proposal form. There are columns on the form for information regarding the property that needs to be insured, and the proposal contains information about the property, its location, and its contents.
Inspection of the property A qualified inspector visits the location of the property to analyze the risk of liability and future claims.
Payment of premium The primary determinant of the premium amount is the entire worth of assets and building. While calculating the premium, the market worth of the building and the purchase value of all the contents are taken into accountâ€”an individual or business pays a premium for an insurance policy.
Instead of proposal approval, a cover note/policy statement is issued A cover note is a temporary document issued by an insurance firm that serves as proof of coverage while the permanent insurance policy is awaiting issuance. A cover note is not the same as an insurance certificate or policy paperwork.
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