Various Policies issued in Aviation Insurance in India
Aircraft (Flight & Ground Risks) Policy : The cover provided by the policy is to replace or make good accidental loss of or damage to the aircraft including standard components…
Concept of Hit and Run Accident in Motor Insurance
Hit and Run Accident is a motor accident arising out of the use of a motor vehicle or motor vehicles the identity whereof cannot be ascertained in spite of reasonable…
The general exclusions under fire insurance policy
There are nine exclusions under the policy. They are:
Concept of Insurable interest in insurance
The requirement of insurable interest gives legal validity to insurance contracts and distinguishes them from wagers. It may be defined as the legal right to insure, where the right arises…
Various Types of alarm systems used for fire fighting
Mechanical device for signalling the occurrence of an unwanted condition, such as a fire, burglary, or the unnecessary activation of a fire-suppression system so that a corrective action may be…
Why Motor Third Party Insurance in compulsory in India
Section 146 of the Motor Vehicles Act, 1988 provides that no person shall use ( except as a passenger), or allow any other person to use, a motor vehicle in…
Perils covered under the Fire insurance policy
The following are covered under the Fire Policy in India :
Concept of Reinstatement value in Insurance
This is the value at which the damaged property can be reinstated or replaced by a similar property, without deducting depreciation. Agreed value is also sometimes mutually agreed upon by…
Rights of third parties against insurers in Motor Insurance on insolvency of the insured
Sec 150 of Motor Vehicle Act, 1988 provides for the rights of Third parties in the event of the insolvency of the insured or in the event of winding up…
Various acts relating to General Insurance Business in India
Various legislations and acts influencing transaction of general insurance business in India and also loss minimization and risk management :