Page 388 - Fire Insurance Ebook IC 57
P. 388
Fire and Consequential Loss Insurance
insured.
(iv) Explosion of domestic boilers or of gas used for
domestic purposes or for heating and lightning.
Llyods policy does not have an arbitration condition.
Disputes are settled in court.
Other Perils written in the Fire market are:
(i) Accidental damage cover for underground and
overhead services like pipelines and electric lines.
(ii) Simple leakage of oil or other liquids from storage
tanks.
(iii) Theft damage to buildings.
(iv) Escape of molten metal.
These covers are not granted freely. The underwriter
has to weigh the risks, raise queries, arrange inspection,
if required, and then decides to grant cover.
Machineries, Buildings, Accessories, Furniture, Fixtures,
Fittings and electrical installations are advised to be
covered on the reinstatement value basis.
The other available clauses are 401
(i) Escalation Clause
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