*PRESENTATION*

PRESENTED TO:-

PROF.KHURSHEED AHMED

PRESENTED BY:-

IQRA HAFEEZ

(Mi12BBA014)

FIRE INSURANCE

INTRODUCTION

• INSURANCE:-INSURANCE IS THAT EQUITABLE

TRANSFER

OF RISK OF LOSS,FROM ONE PERSON TO

ANOTHER IN EXCHANGE FOR PAYMENT.

FIRE INSURANCE:-

• FIRE INSURANCE IS USED TO COVER DAMAGE TO A PROPERTY CAUSED BY FIRE

• “BASICALLY THE NATURE OF FIRE INSURANCE IS PROPERTY INSURANCE.”

HISTORY OF FIRE INSURANCE

• FIRE insurance  - as we know it today - can be traced to the Great Fire of London of 1666 that ravaged London from Sunday, 2 to Wednesday, 5 September.

• The Great Fire cost London an estimated £10million, at a time when its annual income was just £12,000.

 

Nicholas Barbon's Fire Office 1680

Friendly Society 1683

Hand-in-Hand 1696 

• LATER ON Charleston residents  1735 - 1741

JOINT STOCK COMPANY

• IN NORTH AMERICA 1792

• BY 1810 MORE THAN 70 INSURANCE CO. CHARTERED IN U.S.A

CHICAGO FIRES1871 - 1959

GREAT CHICAGO FIRE 9,10 OCT 1871

DESTROYED 2000 ACRES TOTAL LOSS 90-100 M$ INSURANCE CO. 200 BANKRUPT 68

IN PRESENT ERA

EARLY IN 1960 THE GOVT.SECTORS PROVIDE THIS INSURANCE.

 SOUTHSIDE FIRE DEPARTMENT IN GEORGIA 1961.

CONCLUSION

• To make a long story short, Preventing fire losses has always been more important to the insured than to the insurer. Although a particular fireloss may not be statistically significant to an insurance company, to the owner involved such a loss is not only a direct financial issue but it also impacts many otherimportant business aspects, such as employee moral,access to suppliers and the economic health of thecommunity.