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The insurance arises due to need of general insurance in the first place. However today, we can have three branches of insurance:
The usability made its branches spreads to Property, person, interest, liability, cross border trade, shipping, air lines services, motor vehicle, industry, face of uncertainty like weather, crop failure, and risk associated with love stocks.
The premium is determination depends on accessing the risk based on past experience and probability of the peril of occurring in the future and the experiences.
The Tariff Advisory Committee (TAC)
governs the rate making of several classes of insurance that are seen important to commerce and trade in India.
In India Fire Insurance covered regulated by Tariff Advisory Committee (TAC) o the rate.
The Fire hazards covered under the policy got 12 different types with 15 conditions associated with.
Unique policy coverage issues such as risk of consequently damage, replacement value policy, multi-location policy and industrial all risk cover.
12 different hazards:
Floater Policies: Different locations covered under the fire policy
Declaration policy: Frequent fluctuation of stocks covered under the policy.
