Page 374 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

Rs.25 lacs, or
Rs.50 lacs

(c) While fixing the annual discounts, the Committee
will, in addition to amount of Voluntary Deductible
Excess opted, take into account Maximum Probable
Loss figures and Fire Protection and prevention
measures.

(d) Application form in the prescribed form is to be
submitted by the Insured through its insurer to reach
TAC (HO), one month before the renewal/expiry
of the policy.

Q3. Write a note on Industrial All Risks Policy.

Ans. Industrial All Risks policy was developed to fulfil the
demand of an industrial comprehensive insurance
coverage., which covers a wide range of perils to which
an industry was exposed. The policy was introduced
with effect from 01.07.1997 after much discussion
between GIC and TAC. The salient features are:

(i) All Industrial Risks having overall Sum Insured of Rs.100
crores and above, in more than one locations in India.

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