Gaurav Prakash (LL.M), Gujrat National Law University, Gandhinagar
ABSTRACT
A contract of indemnification between the insured and the insurer governs fire insurance. The notion of indemnity is expanded upon by the doctrine of subrogation and contribution. This article largely focuses on the idea that insurance contracts are indemnity contracts, meaning that an accident or loss cannot result in any sort of gain or profit for the insured. Insurance against fire-related losses is known as "fire insurance." The various facets of how the doctrine of subrogation and contribution functions in relation to fire insurance were initially covered in this article. It then goes into more detail on fire insurance, including a particular hazard policy, common fires, policy coverage, depreciation, and the current situation with salvage value. This analysis tries to determine the court's position on various aspects of these uses of the indemnity concept in fire insurance. While discussing foreign rulings, the role of the Indian courts is the main topic of discussion. Through individual analysis and a study of the concepts, the effects of indemnification on fire insurance contracts are addressed. After discussing the principles of subrogation and contribution, the author also offers recommendations.
Keywords: Contribution, Fire Insurance, Indemnity, Perils, Subrogation.
