Page 155 - Fire Insurance Ebook IC 57
P. 155
The Insurance Times
regulations and has to be maintained in efficient
working condition at all times.
f. Endorsements - There are numerous forms of
endorsements.
Most common are :
(i) Change in the name of the insured.
(ii) Incorporation of a Bank's name or of a financial
institution.
(iii) Change in the address or location of the property
insured.
(iv) Alteration in the risk.
(v) Variation in the sum insured.
( vi) Alteration in the period of insurance.
g. Renewal notice - This is generally issued to the insured
30 days in advance of the expiry date of the policy and
is purely a reminder as a matter of business courtesy.
It is not legally binding on the insurer and an insured
cannot plead non-receipt of this notice as an excuse to
make the insurers liable for any loss. A renewal notice
gives a brief detail of the policy.
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