Page 100 - Misc Ebook IC 78

The Insurance Times

be burgled. Burglary beyond this limit would be
practically impossible. For certain bulk commodities
stored in loose like sulphur, rock phosphate, very heavy
machineries etc, the total loss for them is practically
impossible.

The proposer, in these cases chooses a maximum
probable percentage of the full value of the property as
the sum insurance beyond which there is almost
negligible chance of burglary.

If the insurers agree to such a request, a First Loss
Policy is issued. The policy insures the property for a
specific sum only, which is the estimated maximum likely
loss in any one occasion. The sum insured is expressed
as a percentage of the full value.

First loss policy may be issued only under the
following circumstances :
(i) Acceptance is only considered in case of large

warehouse and stores where the value of stock is
considerable and where stocks involved are of

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