Page 33 - Fire Insurance Ebook IC 57
P. 33
The Insurance Times
loss. Rate able proportion of the policy may be
defined as that proportion of the loss as the sum
insured under the policy bears to the total sum total
insured under all the policies.
(12) This is the subrogation condition. The insured's rights
to obtain relief/ indemnify are subrogated to the insurers,
even before they indemnify the loss. The condition
also provides that the insured shall, at the expense
of the company render help and assistance for
enforcing these rights against the other parties
responsible for the loss.
(13) The arbitration condition provides -
(i) Any dispute or difference as to the quantum to be
paid under this policy shall independently be referred
to arbitration.
(ii) No dispute can be referred to arbitration if the
company disputes or denies the liability under the
claim.
(iii) A sole arbitrator has to e appointed in writing, agreed
by both the parties.
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