Page 38 - Fire Insurance Ebook IC 57
P. 38
Fire and Consequential Loss Insurance
ascertain the cause and extent of loss/damage to
minimize the damage and to protect the salvage. The
rights conferred by the condition are exercisable by
the insurer at any time until notice in writing is given
by the insured declining claim or such claim is finally
determined or withdrawn.
(v) Till when rights conferred by the condition are
exerciseable - The right of abandonment confers
certain rights on the insurers in the event of a claim.
These rights are necessary for the insurers to ascertain
the cause and extent of loss or damage, to minimize
the damage, and to protect the salvage.
The rights conferred by the condition are exercise able
by the company at any time until
(i) written notice is given by the insured that he would
make no claims or
(ii) such claim is finally determined or withdrawn.
(vi) Reinstatement condition - The 'reinstatement'
condition provides that the company may pay the value
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