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CHAPTER 2 :
FIRE POLICY (HOW? (SUM INSURED (Fire Tariff (Construction…
CHAPTER 2 :
FIRE POLICY
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HOW?
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CONTRACT OF INDEMNITY
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no loss, no liability even have fire
CONTRIBUTION
insured property with 2 insurance company, in case of fire loss both company will pay the loss to the owner proportionaly
INSURABLE INTEREST
valid if insured her/his property is owner or having insurable interest in that property must exist at the time during loss occurs
UTMOST GOOD FAITH
will voidable in the event of misrepresentation, misdescription or non disclosure of any information material
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WHICH?
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PERIL
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EXLUDED PERIL
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own fermentation, natural heating or spontaneous fire
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ADDITIONAL PERIL
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smoke damage, impact damage, damage by falling tree
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WHEN?
PERIOD COVER
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can be less 1 year but cannot more than 1 year except for the residential houses which can be insured for the period exceeding 1 year