Page 28 - Misc Ebook IC 78

The Insurance Times

each and every loss arising from accidental external
means.

The policy excludes (a) loss or damage caused by war
and kindred perils, Nuclear risks, Riots, Strike and Civil
commotions, Earthquakes, Floods, and other natural
convulsions, and Overloading or strain. (b) loss or damage
occurring whilst being used for racing or pace making
and (c) Consequential loss, depreciation, wear and tear,
or mechanical breakdown.

The rate of premium charged is 1 to 2% of the value of
property to be covered.

A new type of Special Contingency Policy is gaining
popularity these days. This relates to Total abandonment
of One Day Cricket match due to Fire, Lightning,
Explosions, Earthquake, Rain, Flood, Storm, Riot, Strike,
Malicious Damage and Terrorist Act.

The policy covers the actual financial loss suffered by
the insured organizers. The insured has to establish the

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