Download - 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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- 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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- One-sided provision. n
!avor o! the insured.
- "E#E$% O& 'S("E"S)
- Stipulation declaring all
actions increasing risk is
ground !or rescission o!contract.
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FIRE INSURANCESection 17*.
If there is no valuation in thepolicy, the easure of indenityin an insurance against re is theexpense it would be to the insuredat the tie of the coenceentof the re to replace the thing lostor in!ured in the condition in
which at the tie of the in!ury"but if there is a valuation in a
policy of re insurance, the eectshall be the sae as in a policy of
arine insurance.
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- &irst part is also known
as the Open +olic,
+rovision. Second part is
the conclusive e!!ect o!
valuation.
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FIRE INSURANCEO+E' +O%
- 'o valuation is speci!ied in the
insurance contract.
- nsured is onl, entitled to
recover amount o! A/(A loss
sustained.
- urden o! proo! reuired in
proving such loss is
+"E+O'$E"A'E O&
E$E'E.
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"eason !or such entitlement)
&ire nsurance is a contract
o! indemnit,3 thus3 insured is
entitled to receive amount
necessar, to indemni!, him
!or the value o! the propert,at time o! loss.
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Same e!!ect as that o!
#arine nsurance)
-aluation 4etween the
parties is conclusive
depending on the partial or
total loss.
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FIRE INSURANCESE/O' 175
#henever the insured desires to havea valuation naed in his policy, insuringany building or structure against re, he
ay require such building or structure tobe exained by an independentappraiser and the value of the insured$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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- 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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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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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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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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- +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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;eneral "ule)
&ire insurance ma, 4e
pledged3 h,pothecated or
trans!erred to another
even without consent o!
insurer.
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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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