fire insurance

Fire insurance

The concept of Fire insurance also began from Europe around 15 th Century.It actually was foundede after the great fire of Londan 1666 which destroyed about 13,000 houses which was a big calamity.Dr.Nicholas Barban opened a Fire insurance company in 1710 in the name sun Fire office'which provided security aganist destruction of properities by fire later in 1720.British Gov passed Rules to control Fire insurance business.The first Legal offfice for fire insurance was estiblish in english in 1801.Which was called fire insurance office.In this way,Fire insurance has has become mordeniged to meet different needs.

princilpe of insurance

(1).Princilpe of co-operation : Insurance is a co-operative device.If one person is providing for his own losses.It cannot be strictly an insurance because in insurance,the lossses are shared by group of persons who are willing to co-operative.In accident period the person were willing sharing the loss at the time of damage.They collected enough funds from the society and paid to the dependents of the person suffering property losses.