Question

Business Services
...101
Caseler 12: Ujjala Fireworks Industries is a 44 year old Indian company incepted in the year
1974 in Sivakasi, Tamil Nadu. Under the able guidance of Shri A. Mukesh Chandreshwar
Nadar, The company emerged is one of the leading firecracker manufacturers in India
producing the unique range of fountain crackers in various forms like the coloured and
crackling ones. These crackers are known for their low emission of sound and are free from
harmful fumes. Ujjala Fireworks Industries has entered into joint venture with a private
company, Sri Sivakasi Fireworks Private Ltd. for nationwide distribution of products. The
terms of the business alliance involves pooling of resources, expertise and sharing of risk and
rewards by the enterprise. The owners of Sri Sivakasi Fireworks Private Ltd., has got their
warehouse insured against fire. But the manager has not made any arrangements related to
fire safety devices. He is not willing to install such devices because it is a costly affair. One
fine day there is outbreak of fire in warehouse due to short circuit. He doesn't took any
concrete step to control the fire. He makes a claim to the Insurance company. But, Insurance
company refused to accept his claim on certain grounds.
On the basis of the given information about Sri Sivakasi Fireworks Private Ltd., answer the
following questions:
(a) Identify the principle of insurance violated by the manager of Sri Sivakasi Fireworks
Private Ltd.
(b) Explain the principle of insurance identified in part (n). (1)​

Answer 1

Answer:

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