What do statutory conditions outline in relation to fire insurance contracts?

Statutory conditions in fire insurance contracts detail the duties and responsibilities of all parties involved, including the insurer and the insured. These conditions are designed to ensure that both parties are aware of their obligations under the policy. For instance, they may specify the insured's requirement to maintain the property adequately, promptly report losses, and cooperate with the insurer during the claims process. Additionally, the conditions outline the insurer's responsibilities regarding the provision of coverage and handling of claims. By clearly defining these duties, statutory conditions help protect both the policyholder's rights and the insurer's interests.

The other options, while related to aspects of fire insurance, do not capture the primary purpose of statutory conditions. Coverage limits refer to the maximum amount the insurer will pay under a policy; the cost of claims relates to expenses associated with the processing of a claim; and types of coverage describe the various protections available under a fire insurance policy. However, none of these address the specific duties and responsibilities outlined in the statutory conditions.