Page 72 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

highest value at risk on each day or highest value
on any day of the month, has to be submitted by the
insured latest by the last date of the succeeding. If
declarations are not received within the specified
period , the full sum insured is deemed to be
declared.

(d) The basis of value for declarations shall be the
Market Value unless otherwise agreed between
th insured and the insurer.

(e) Refund of premium on adjustment based on the
declarations/cancellations shall not exceed 50% of
the total premium.

(f) Declaration policy is not permissible for stocks in
respect of (i) Insurance required for a short period.
(ii) Stocks undergoing process (iii) Stocks at Railway
sidings.

The advantage of Declaration Policies are :
(i) The premium ultimately payable is limited to the

actual amount at risk irrespective of the sum
insured.

(ii) Irrespective of the premium eventually paid on

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