Page 197 - Misc Ebook IC 78

Miscellaneous Insurance

estimate of the intrinsic value of each article lost, and
the amount of damaged sustained. If required the insured
has to take steps for the prosecution and conviction of
the guilty persons and for recovery of the property from
such persons, the expenses thereof being borne by the
insurer.

The insurer may indemnify the loss by reinstating,
replacing, or repairing the property or premises, instead
of paying the amount of loss or damage. Upon payment
of the claim, the property shall belong to the insurer.

If there are more than one policy, then during the claim,
the policy shall contribute rateable proportion of the loss
or damage.

On payment of claim, the sum insured gets automatically
reduced by the claim amount paid unless the sum insured
is reinstated by payment of a pro-rata premium.

Except for the transfer of the insured property by will
or operation of law, the policy ceases to be in force.

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