Page 34 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

(iv) If the parties cannot agree upon a single
arbitrator within 30 days of any party invoking
arbitration, then a panel of three arbitrators can
be appointed, where two arbitrators are selected
by the two parties, and the third is chosen by the
two selected arbitrators.

(v) Arbitration shall be conducted under the provisions
of the Arbitration and Conciliation Act, 1996.

(vi) The award by the arbitrators shall be a condition
precedent to any right of action or suit upon the
policy.

(viii)The object of this condition is to ensure that disputes
are settled quickly. Arbitration is less expensive
than litigation, and a private process. So, it avoids
undue publicity or press coverage.

(14) Every notice or other communication to the company
must be written or printed.

(15) The full sum insured has to be maintained throughout
the currency of the policy. Upon settlement of loss,
pro-rata premium from the date of loss to the date of
expiry is to be paid by the insured. The extra premium

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