Page 124 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

rate
(vii)For period < 6 months - 70% of the annual
rate
(viii)For period < 7 months - 75% of the annual
rate
(ix) For period < 8 months - 80% of the annual
rate
(x) For period < 9 months - 85% of the annual
rate
(xi) For period > 9 months - The full annual rate

b. Cancellation of policies - If insurance is cancelled
at the option of (i) the Insured - the retention of
premium shall be at short period scale. And (ii the
Insurer - refund of premium shall be on pro-rata
basis.

Pro-rata refund is allowed :
(i) on account of Government order
(ii) on completion of a Building in course of completion,

and
(iii) where building is demolished.

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