A Surveyor was stated to have been deputed to assess the status/nature and quantum of the Loss and to spell-out his opinion regarding the Proximate Cause of the Loss, besides the admissibility or otherwise thereof within the purview of the Interested Underwriters' relevant Fire Insurance
Policy, with the Impact Damage Endorsement attached therewith.
In case of an Insured preferring a Claim under the Earthquake Clause of the Fire Insurance
Policy, they have the responsibility to prove that the Loss or Damage has been caused by or through or in consequence of the Earth-quake.
A premium for a one-year, 10 million yen fire insurance
contract there will be lowered by 16 percent to 4,200 yen.
Therefore, any Fire Loss or Damage to the same Machine, wherein the Fire would have been originated due to Excessive Pressure of the Electric Currents, would fall out of the liability of the Underwriters' relevant Fire Insurance
Policy as provided for in the Electrical Clause-A of the same Policy.
20 August 2010 - AM Best corrected on Thursday to "negative" from "stable" and confirmed the A- (excellent) financial strength rating (FSR) and "a-" issuer credit rating (ICR) on US Farmers Mutual Fire Insurance
Tokio Marine & Nichido Fire Insurance
Co., the largest of the six, collected 2.02 billion yen in 27,000 cases.
Under the Burglary or House-breaking Endorsement of the relative Fire Insurance
Policy, the Underwriters' Liability would be limited to the Sum Insured or the Market Value of the Subject-matter of Insurance, excluding Profit of any kind, whichever would be the less.
Mitsui Sumitomo Insurance also said it collected more 800 million yen in excess premiums for fire insurance
in 8,800 cases.
As a young lawyer, Barnes was employed by the New York Comptroller's office in 1855 to examine several fire insurance
companies located in the Wall Street area.
In a future phase of trial, the payout for three other insurance companies--Zurich American Insurance Company, Royal Indemnity Company and Twin City Fire Insurance
company--will be determined.
In this write-up, I shall endeavour to pen-down my under-standing and interpretation of certain Clauses of the Fire Insurance
Policy and their implications on Fire Insurance