Page 296 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

department of the business (whether affected by the damage or
not) to the relative annual turnover thereof.

Returns of premium

n If the Gross Profit earned (or a proportionately increased multiple
thereof, if the Indemnity Period exceeds 12 months) during the
accounting period of 12 months most nearly concurrent with the
period of insurance is less than the sum insured a pro-rata return
of premium is made in respect of the difference.

n The refund is subject to a maximum of 50% of the premium paid
and to declaration of figures, as certified by the Insured's auditors
within 12 months' after the expiry of the policy.

n If any damage has occurred giving rise to a claim, such returns is
made in respect only of said damage in case the Insured has
opted not to,reinstate the sum insured.

Policy conditions

The Policy ceases if ;
a. the business be wound up or carried on by a liquidator or receiver

or permanently discontinued or;
b. the insured's interest ceases otherwise than by death or,
c. any alteration is made in the business or premises whereby the

risk of damage is increased unless the insurance is continued by
endorsement by insurers. (Condition 1)

Notice shall be given to the company and if required, an additional
premium paid, if the rate of premium payable under the policy is
increased. (Condition 2)

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