Page 314 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

premium, not exceeding 50% of the premium
paid on such insurance can be arranged. If no
declaration is received, no refund is admissible.
If any damage occurs giving rise to a claim, such
return is made in respect of said damage in case
the Insured has opted not to reinstate the sum
insured.

(i) Important policy conditions - The policy ceases
if : (i) The business be wound up or carried on by a
liquidator or receiver or permanently discontinued.
(ii) The insured's interest ceases otherwise than by
death. (iii) Any alteration is made in the business or
premises whereby the risk of damage is increased
unless the insurance is continued by endorsements
by insurers. (iv) Notice is to be given to the Insurer
and additional premium to be paid if required.

In happening of any damage, which may give rise
to a claim, the insured shall :
(i) Give a notice.
(ii) Take measures to avoid or minimize loss.

Sashi Publications - www.sashipublications.com 327

Copyright@ The Insurance Times. 09883398055 / 09883380339