Page 77 - Fire Insurance Ebook IC 57

The Insurance Times

wall may be treated as part of the plant value or as a
mere boundary wall. In the event of a loss, the surveyors
have to consider the heading under which the loss fall.
So, this clause provides a clarification to prevent future
disputes.

d. Omission to insure, additions, alteration or
extension clause - If this clause is incorporated at the
time of issuing the policy, the insurance is extended to
cover Buildings, Machinery, Plant, Furniture and
Fittings ( not stocks) , which the insured may erect
or acquire within the currency period : (a) at/ within
the described premises and (b) for use as factories.

The salient features of this policy are :
(i) The liability under this extension shall not exceed

5% of the sum insured.

(ii) Additional premium of 5% of the sum insured at
the policy rate is collected in advance.

(iii) The insured shall notify each additional insurance

as soon as it comes to their knowledge and pay

additional premium thereon from the date of

inception.

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(iv) Following this advice of additional insurance,

cover under this extension is fully reinstated.

(v) No liability shall be attached to the insurers if the

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