Property Liability And Pecuniary Loss Insurance
PROPERTY, LIABILITY AND PECUNIARY
LOSS INSURANCE(PLPLI)
PU, BBA-BI 6th Semester
By Baikuntha Raj Timasina
MBA, BEd TU
Fire Insurance
2
Fire is a magnificent servant but a terrible master
Insurance that is used to cover damage caused by fire is fire insurance
Specified form of property insurance, designed to cover the cost of replacement, reconstruction or repair Policy cover damage to the building itself and may also cover the damage to nearby structure, personal property and expenses associated with not being able to live in or use the property if it is damaged. PLPLI, By Baikuntha Raj Timasina
6/29/15
3
Test book:
Harrington Scott E , Risk Management and
Insurance, Tata McGraw-Hill Publishing Company
Ltd.
Redga E Gorge, Principals of Risk Management and Insurance, Pearson Education Inc India.
Reference Books:
Indian Institute of Banking and Finance, Risk
Management, Macmillan India Ltd.
Holyoka, Julia Welpers, William, Insurance , A.I.IB.S
Publisher and Distriobuter, India.
PLPLI, By Baikuntha Raj Timasina
6/29/15
Fire Insurance contd..
4
Can only deal with the financial aspect, but even if the owner of the fire ravaged property is compensated the community is worse off to the extent of the damage sustained. PLPLI, By Baikuntha Raj Timasina
6/29/15
History
5
Fire insurance seems to have originated in western
Europe in 13th century, it was a community rather than a commercial basis.
• Later charitable donations formed the basis of any compensation, available but abuses lead to regulating legislation in the early 18 th Century
a) The great fire of London 1666
) Though the marine and life insurances were being sold before, the great fire of 1666 prompted the formation of fire insurance. Phonix is believed to be the pioneer company by 1680, though exact dates are not known.
•
PLPLI, By Baikuntha Raj Timasina
6/29/15
History
6
b.
The industrial revolution
The transformation of predominantly rural community to the
LOSS INSURANCE(PLPLI)
PU, BBA-BI 6th Semester
By Baikuntha Raj Timasina
MBA, BEd TU
Fire Insurance
2
Fire is a magnificent servant but a terrible master
Insurance that is used to cover damage caused by fire is fire insurance
Specified form of property insurance, designed to cover the cost of replacement, reconstruction or repair Policy cover damage to the building itself and may also cover the damage to nearby structure, personal property and expenses associated with not being able to live in or use the property if it is damaged. PLPLI, By Baikuntha Raj Timasina
6/29/15
3
Test book:
Harrington Scott E , Risk Management and
Insurance, Tata McGraw-Hill Publishing Company
Ltd.
Redga E Gorge, Principals of Risk Management and Insurance, Pearson Education Inc India.
Reference Books:
Indian Institute of Banking and Finance, Risk
Management, Macmillan India Ltd.
Holyoka, Julia Welpers, William, Insurance , A.I.IB.S
Publisher and Distriobuter, India.
PLPLI, By Baikuntha Raj Timasina
6/29/15
Fire Insurance contd..
4
Can only deal with the financial aspect, but even if the owner of the fire ravaged property is compensated the community is worse off to the extent of the damage sustained. PLPLI, By Baikuntha Raj Timasina
6/29/15
History
5
Fire insurance seems to have originated in western
Europe in 13th century, it was a community rather than a commercial basis.
• Later charitable donations formed the basis of any compensation, available but abuses lead to regulating legislation in the early 18 th Century
a) The great fire of London 1666
) Though the marine and life insurances were being sold before, the great fire of 1666 prompted the formation of fire insurance. Phonix is believed to be the pioneer company by 1680, though exact dates are not known.
•
PLPLI, By Baikuntha Raj Timasina
6/29/15
History
6
b.
The industrial revolution
The transformation of predominantly rural community to the