Page 122 - Misc Ebook IC 78

The Insurance Times

The reinstatement can, however, be effected for
a total amount not exceeding the original sum
insured, under the policy, that is the liability of
the insurers will be limited to twice the
respective sum insured in any one period of
insurance and to the respective sum insured in
respect to any looses caused by the omission of
any one person.

The reinstatement premium amount is deducted
from the claim amount itself, while settling the claim.
The policy is usually valid for a year commencing
as per the financial year of the insured bank.

(iv)Retroactive Cover - The retroactive period for
Banker's Indemnity Insurance is for two years
from the date of discovery of any such loss. For
losses not sustained within a retroactive period
of 2 years, provided the insurance was in force
for the entire retroactive period, the insurer is
liable for the claim. This is called Retroactive
cover.

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