Page 147 - Fire Insurance Ebook IC 57

The Insurance Times

Q2. What is the objective of risk inspection
report.

Ans. For huge manufacturing risks like large factories, huge
plants or industrial complexes with a large number of
different blocks, a risk inspection report is submitted by
the insurer's engineers.

The main objective of the report is
(a) To 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 cover.
(b) It facilitates the easy identification of the various
blocks and drafting of the policy and preparation of
the schedule and the specification.
(c) To make recommendations to the insured in regard
to risk improvement and better housekeeping, which
may result in application of lower rates of premium,
discounts, lower loss potential and higher loss
prevention benefits.
(d) It presents the opportunity of securing valuable
information of past insurance, claims history and
the insured's normal standing.

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