Page 227 - Misc Ebook IC 78

Miscellaneous Insurance

(vi)Excess floating policy - This is a combination
of collective policy and a floating policy. An
employer may safeguard himself against the
unseen loss by having a floating guarantee for
any loss in excess of the individual amounts set
out in the schedule.

Q10.a) A Burglary Policy was issued for a sum of

Rs.40,00,000. A claim occurred of Rs.60,000.

It was at the time of loss, the total value of

contents was Rs.50,00,000. What is the

amount of claim payable ?

Ans.(a) Sum Insured = Rs 40,00,000

Amount of loss = Rs. 60,000

Total value of content at the time of loss = Rs. 50,00,000

So condition of Average will hold good.

Total amount of claim payable

= 40,00,000 x 60,000 = Rs.48,000
50,00,000

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