By Zafar Mohsin

INSURANCE
Insurance Risks Pure risks Speculative risks Factors which cause loss perils and hazards Physical hazard & moral hazard Insurance Intermediaries Insurance brokers and insurance agents Contracts Contractual capacity Minors Mentally unstable Drunken persons Discharge of contract if performance in both sides not satisfied Breach due to frustration , agreement or government laws

INSURANCE DOCUMENTS
Proposal forms application containing material info
Policy forms evidence of contract Warranties - conditions

Cover note issued in advance

Endorsements memo to make changes Renewal notice Claim form issued to insured Survey Report evidence / extent

INSURABLE RISKS
Financial Value measurable
Homogenous exposure similar risks Pure risks / Fortuitous

Insurable Interest
Anything against public policy cannot be insured

Principle of general insurance

Utmost good faith Uberrima Fides material facts

disclosed Insurable interest it has to cause financial loss to insured Proximity cause identify the actual cause Subrogation rights to profits from third party Contribution liable to extent of loss covered in policy Indemnity same financial position

Types of Insurance
Fire Insurance Standard policy fire & lightning & explosion but cover additional perils can be added into the policy. Motor Insurance Comprehensive vehicle policy Third party fire and theft policy Third party only *No claim discounts Marine Insurance Marine cargo insurance transportation insurance Marine hull insurance - covers the ship owner assetssuch as the ship/collisions Marine liabilities insurance covers charters, ship owners and freight forwarders liability Engineering insurance ,Burglary insurance, money insuranceetc