Fish-in-Pond Insurance

Applicable to Fry/Fisher lings/Fish in stock ponds and Breeders in fresh water only and not marine fisheries or to brackish water fish. Fish of Rohu, Catla, Mrigal, Common carp, Silver carp and any other recognized breed may be covered. The policy cover the entire period crop viz., fry to fingerling – 3 months in rearing pond, fingerling to fish stage – 12 months in stocking pond, breeds age 1 year to 5 years – 12 months period in breeder ponds. The value will depend on the cost of fry/fingerlings, cost of input, other incidental expenses. Profit not to include in valuation. Indemnity 80% to 100% of the value on the basis of stage wise expenses as per valuation tables subject to salvage. The Policy covers total loss or destruction of fry/fingerlings/fishes in pond due to accident or disease. The cover is granted for fisheries in pond and other fresh water project. Among others cover also includes risk of pollution, poisoning and malicious act by third parties, riot and strike, earthquake, explosion, damage by aircraft, flood, famine, drought and such other natural calamities. The Policy can be extended to cover fish rearing ponds against Fire, lightning, riot, storm, tempest, flood, malicious damage and earthquake.

Fitness for purpose

Sale of Goods Act 1979, s. 14(3), implies that when goods are sold by a trader, they must be reasonably fit for the buyer’s own particular purpose, provided the buyer made his purpose known (expressly or by implication) and reasonably relied on the seller’s expertise. Where goods are bought for their usual purpose, notification of the buyer’s purpose is implied. Fitness for purpose is also an aspect of satisfactory quality.

Five freedoms of the air

Allow scheduled international services: The privilege to fly across the territory of another contacting State.The privilege to land for non-traffic purposes.To put down passengers, mail and cargo in the territory of the State whose nationality the aircraft possesses.To take on passengers, mail and cargo destined for the territory of the State nationality of whose the aircraft possesses.To take on passengers, mail and cargo destined for the territory of any other contracting State and to put down passengers, mail and cargo coming from any such territory.F.O.B. (Free on Board) : A shipment term. The seller is responsible for loss or damage to goods until they are placed on board the vessel for onward carriage. Thereafter the buyer becomes responsible and he has therefore the option to insure where he likes.

Fixed amount option

Settlement option in a life insurance policy wherein the insurance company uses policy proceeds plus interest to pay the beneficiary either annually or semiannually until the proceeds plus interest are all gone. Also called fixed payment option .