Non-Life Insurance

Fire Insurance: It is a measure to provide financial security against the risk of fire. The necessity of fire insurance was felt for the first time in England in 1666., when one-third of the London was destroyed by fire. Fire insurance is a contract in which the insurance company promises to pay a sum of money due to loss by fire to the property during stipulated time on the consideration of a premium amount paid by the issued. This contract doesn't help in controlling or preventing fire but it is a promise to compensate the loss of fire. Thus fire insurance is taken to safeguard from the loss of property due to fire.

2. Marine Insurance: It is the oldest form of insurance. It is attempt to minimize the loss due to perils of the sea in course of sea transportation. Marine insurance is agreement where the insurer undertakes to indemnify the insured and the extent they agreed against marine losses, that is to say that incidental losses to marine adventure. Marine insurance policy mentions for which the loss may be compensated. Marine insurance covers a large no. of risks including sinking, burning of ship, astray of the ship, accident, collision, of ship, etc.

3. Motor Insurance: Insurance which compensates loss of motor or vehicles owing to accident, theft, or similar type of risks. Such insurance is like the compulsory insurance in country like Nepal. Insurance company compensates the loss of goods and amount for the death of passenger and loss of vehicles.