Legal Challenges And Emerging Trends In Fire Insurance: Policyholder Rights, Insurer Obligations, And Dispute Resolution
- IJLLR Journal
- Apr 10
- 1 min read
Harikrishnan TP, LLM, Government Law College, Ernakulam, Kerala
ABSTRACT
Fire insurance plays a vital role in mitigating damages arising due to fire- related damages. However, there are many challenges that frequently arise between policyholders and insurance companies regarding claim settlements, policy interpretations, and obligations. So this paper examines the legal structures that govern fire insurance, the rights of policyholders, the responsibilities of insurance companies, and also the mechanisms available for dispute resolution.
The discussion starts with an introduction of fire insurance law, including its core fundamental principles, policy terms, and exclusions. It then examines policyholder rights, such as the right to fair compensation and the duty to provide relevant and accurate information. The duties of the insurers, including the duty to act in good faith and the speedy process of claims, are also discussed. Common legal disputes such as fraud denials, delayed settlements, and bad faith practices are also discussed with relevant case laws.
And furthermore, this paper also examines and discusses the various dispute settlement mechanisms, comparing litigation and alternative dispute resolution mechanisms (ADR). Lastly, emerging trends, such as the impact of climate change, regulatory developments, and advancements in climate technology, are considered. By looking into these issues, this paper provides valuable insights into the evolving landscape of fire insurance law and offers recommendations for policy improvements and fair claim practices.
