Page 371 - Misc Ebook IC 78
P. 371
Miscellaneous Insurance
phosphate, very heavy machineries etc, the total loss
for them is practically impossible. The proposer, in these
cases chooses a maximum probable percentage of the
full value of the property as the sum insurance beyond
which there is almost negligible chance of burglary. If
the insurers agree to such a request, a First Loss Policy
is issued.
(iv) Fixing of sum insured - The Sum Insured under this
insurance represents a maximum probable loss of the
property that might be possible to be burgled. Burglary
beyond this limit would be practically impossible. For
certain bulk commodities stored in loose like sulphur,
rock phosphate, very heavy machineries etc, the total
loss for them is practically impossible.
The proposer, in these cases chooses a maximum
probable percentage of the full value of the property as
the sum insurance beyond which there is almost
negligible chance of burglary. If the insurers agree to
such a request, a First Loss Policy is issued.
The policy insures the property for a specific sum only,
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