Page 390 - Fire Insurance Ebook IC 57
P. 390
Fire and Consequential Loss Insurance
(i) Easier handling as regards staff resources.
(ii) Multi-disciplined expertise .
(iii) Single policy requirement reduces administration
cost.
(iv) Single renewal document reduces administration
cost.
(v) Ease of review.
Q7. Discuss the standard coverage, exclusions,
claims, availability of various policies in the
US market.
Ans. The practice of property insurance in the US is
characterized by certain unique features:
(a) The commercial property coverage is provided by
Insurance Services Office Inc (ISO) or the
American Association of Insurance Services (AAIS)
for their member insurance companies.
These national insurance advisory organizations also
file these forms with the regulatory authorities in
various states on behalf of their members. They also
file the manual rules which the insurers follow (e.g,
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