Page 136 - Fire Insurance Ebook IC 57
P. 136
Fire and Consequential Loss Insurance
Important Points to Remember
Proposal form - Contents
n Details about proposer
n Coverage
n Details of property
n Details of sum insured
n Declaration by insured
Risk inspection report
Risk inspection report is required for huge risks like large factories,
industrial complexes.
Main objective
n Provide the underwriter with a complete picture of the risk so that
he is enabled to determine the rates of premium and the terms of
insurance
n Make recommendations to the insured in regard to risk
improvement and better housekeeping.
n Risk improvement may result in application of lower rates of
premium and discounts in premium. Risk improvement will
considerably reduce the loss potential and loss prevention
benefits not only the insured "but indirectly the entire
community".
n Securing valuable information about past insurance and claims
n To assess the probable maximum loss and to fix the retention
Sashi Publications - www.sashipublications.com 149
Copyright@ The Insurance Times. 09883398055 / 09883380339
