Page 340 - Misc Ebook IC 78

The Insurance Times

This is not very popular now a days. From reinsurers
point of view, facultative insurance is the last priority.
From the insurers point of view , when no other methods
of reinsurance accepts the proposal, they request the
reinsurer to accept them as facultative reinsurance. The
rates and conditions are not obligatory, so are mutually
bargained and accepted.

Q3.d) In rural insurance, the agricultural pump sets
are coverable by an independent policy. What
is the cover provided, the rating factors and
excess provision?

Ans. This insurance is granted on the Centrifugal Pump sets
used for agricultural purposes only. The cover is for any
unforeseen and sudden physical damage to pump sets by
(i) Fire, lightning
(ii) Riot, strike, malicious damage, terrorism
(iii) Mechanical, electrical breakdown
(iv) Burglary by violent forcible entry into the locked
enclosure where the pump is kept.
(v) Flood risk can be granted selectively, and with extra
premium.

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