Page 365 - Misc Ebook IC 78

Miscellaneous Insurance

'In Transit', 'Forgery or Alteration', 'Dishonesty', or
'Hypothecated Goods' , the insured has to bear 25%
of each loss or 2% of the basic sum insured
whichever is higher, but not exceeding Rs 50,000.

The excess will not apply to loss or damage arising
out of Fire, Riot, Srikes, Burglary and House
Breaking. If the claim is under 'registered Postal
Sendings', 'Appraisers', or 'Janata Agents', the
insured has to bear 25% of each claim.

(ii) Retroactive Period - 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.

(iii) Reinstatement of Sum Insured - The Banker's
Indemnity Insurance policy contains a provision for
an if the insured bank requires a higher limit of sum

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