Page 27 - Fire Insurance Ebook IC 57

The Insurance Times

(b) Un occupancy of the building for a period
of more than 30 days (c) Transfer of insurable
interest unless by will or operation of law.

(4) The insurance does not cover any loss or damage
to property which at the time of loss is insured under
any marine policy. However the policy covers the
excess beyond the amount payable under the marine
policy. This is known as Marine clause.

(5) Termination Condition: The insurance may be
terminated at any point of time by the insured and
the premium be refunded at short period scale on a
fifteen days notice. The insurer can also terminate
the policy on fifteen days notice and refund the
premium for the unexpired term on pro-rata basis.

(6) This condition is divided into two parts. The first
part of the condition plays down the duties of
the insured in the event of loss /damage and
the procedure to be followed by him. The
requirements are

(a) immediate notification of the loss to the company
(b) submission of the written claim statement giving

detailed particulars of the loss/damage within fifteen

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