{"id":322,"date":"2020-04-12T09:22:37","date_gmt":"2020-04-12T09:22:37","guid":{"rendered":"https:\/\/sudhirkumarjain.com\/shop\/?p=322"},"modified":"2020-04-13T09:23:03","modified_gmt":"2020-04-13T09:23:03","slug":"insurance-issue-of-the-week-27-fire","status":"publish","type":"post","link":"https:\/\/sudhirkumarjain.com\/shop\/insurance-issue-of-the-week\/insurance-issue-of-the-week-27-fire\/","title":{"rendered":"Insurance Issue of the week 27 (fire)"},"content":{"rendered":"<p><strong>Excess for one event under three different Fire Insurance policies <\/strong><\/p>\n<p>An owner of a factory insured its assets (Building, Plant &amp; Machinery and Stock) through\u00a0 3 different polices from 3 different Insurers. The sum insured under each policy is more than Rs 100crs, therefore, the minimum excess is Rs 5 lakhs.\u00a0 \u00a0A fire took place and claim has arisen under each policy and total claim amount is Rs 20 lakhs. The question is raised whether each Insurer will apply the excess of Rs 5 lakhs for assessing their liability as a result the insured may get the claim only Rs 5 lakhs (Rs 20 lakhs- Rs 15 lakhs)\u00a0 as the total excess would be\u00a0 Rs 15 lakhs.<\/p>\n<p>No, it is not properly interpretation of the \u201cexcess clause\u201d under exclusions of All India Fire Tariff as it is \u201cEvent Based\u201d therefore the minimum excess Rs 5 lakhs should be divided in the proportion of sum insured under each policy. The principle of contribution should be applied in such claims.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Excess for one event under three different Fire Insurance policies An owner of a factory insured its assets (Building, Plant<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-322","post","type-post","status-publish","format-standard","hentry","category-insurance-issue-of-the-week"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/comments?post=322"}],"version-history":[{"count":1,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/322\/revisions"}],"predecessor-version":[{"id":323,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/322\/revisions\/323"}],"wp:attachment":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/media?parent=322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/categories?post=322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/tags?post=322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}