Page 424 - IC38 GENERAL INSURANCE

k) The Industrial All Risks Policy was designed to cover, industrial properties –
both manufacturing and storage facilities, anywhere in India under one
policy.

l) Marine insurance is classified into: marine cargo and marine hull.

m) Cargo policies are essentially voyage policies, i.e. they cover the subject
matter from one place to another.

n) Different types of marine policies include:

 Specific policy
 Open policy
 Open cover
 Duty and increased value insurance
 Delay in start up

o) Marine hull covers are essentially of two types: covering a particular voyage
and covering a period of time.

p) A public liability policy covers liability arising out of fault / negligence of
the insured causing third party personal injury or property destruction.

q) Product liability policies cover liability of the insured related to defect in
the product causing death, bodily injury or illness or even damage to the
property of third parties.

r) Professional indemnities are designed to provide insurance protection to
professional people against their legal liability to pay damages arising out of
negligence in the performance of their professional duties.

Key Terms

a) Fire insurance of Property
b) Burglary insurance
c) Money insurance
d) Fidelity guarantee insurance
e) Bankers‟ indemnity insurance
f) Jewelers block policy
g) Engineering insurance
h) Industrial All risk insurance
i) Marine insurance
j) Hull insurance
k) Liability policy

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